Budget expected to contain £40 billion of tax hikes and spending cuts

📍 Top line: Chancellor Rachel Reeves is expected to unveil a budget on October 30 that includes £40 billion in tax hikes and spending cuts, according to the FT. The move aims to stabilise the UK's public finances and ensure continued support for key public services, particularly the NHS. The strategy is seen as a response to ongoing fiscal challenges, including government overspending.

⬆️ Potential tax hikes:

• Increase in Employer National Insurance Contributions: Could raise billions by taxing businesses more.

• Capital Gains Tax Increase: Likely to target higher earners and investors.

• Tax Rises for Non-Doms: Changes to tax rules for non-domiciled individuals living in the UK.

• Private Equity Executives Tax: Higher taxes on carried interest or income of private equity executives.

⬇️ Potential spending cuts:

• Real-Term Cuts to Government Departments: Public services outside of protected areas (e.g., NHS) may face budget reductions.

• Welfare Cuts: Reductions in certain welfare benefits to curb overspending.

BBC to cut 130 jobs as part of £700 million savings plan

📍Top line: BBC News is cutting 130 roles, reducing its budget by 4%, and axing programmes like HardTalk as part of efforts to save £700 million annually, amid wider restructuring plans to shed 500 jobs by 2026.

🔎 In-depth:

• Job Cuts: 130 roles will be axed, with 185 closed and 55 new positions opened.

• Savings Target: BBC News aims to save £24 million per year, contributing to a total of £700 million in annual savings.

• Programming Cuts: HardTalk will end after 27 years, the Asian Network's bespoke news service will shut, and BBC radio overnight news bulletins will be replaced by World Service summaries.

• Staff Reactions: Staff expressed dismay, with some describing the mood as "pretty miserable."

• Impact on Journalism: Criticism from Stephen Sackur and the National Union of Journalists over the damage to journalistic content.

• Financial Pressure: Cuts are driven by a 30% real-term reduction in income over a decade, a licence fee freeze, and falling income from households paying the licence fee.

Elsewhere in business:

🍺 BrewDog founder James Watt has slammed plans by Sir Keir Starmer and Rachel Reeves to raise capital gains tax, warning it would "destroy entrepreneurial spirit" and hurt the UK economy. As BrewDog considers an IPO potentially netting Watt £370m, he warned that higher taxes would drive top entrepreneurs abroad, dealing a severe blow to economic growth.

📉 Eon Productions, the company behind the James Bond films, saw its profits drop by 75% last year due to the ongoing gap between Bond releases. Pre-tax profits fell to £225,000, down from £900,000 in 2022, while no new 007 film has been released since No Time to Die in 2021.

UK records substantial increase in male worklessness

📍 Top line: More men in Britain have dropped out of the workforce than in any other G7 nation, according to OECD data, sparking concerns over the country’s worklessness crisis. Male labour force participation has fallen from 84% in 2009 to 80.9% in 2023—the largest decline among G7 countries. In contrast, the US saw a 1.9% drop, while France and Germany experienced no change.

Figures from the Office for National Statistics show that 3.9 million working-age men were economically inactive by mid-2023, with 754,000 more men out of the workforce compared to 2009. The vast majority of this increase came after the pandemic, with 601,000 men dropping out since February 2020.

Elsewhere in the economy:

🚗 The RAC has issued warnings about unregulated websites reselling driving test slots at exorbitant prices, with some learners paying up to four times the official fee. Due to long waiting times—about four and a half months—many learners turn to brokers who exploit the demand by using automated bots to book and resell slots quickly. While a test booked directly with the DVSA costs £62 to £75, some third-party sites charge as much as £195.

💷 UK wage growth slowed to 4.9% in the three months to August, down from 5.1% in July, according to data from the Office for National Statistics (ONS). This decline was expected by analysts and suggests a cooling in pay pressures within the economy. Including bonuses, wage growth was even lower at 3.8%, though this figure was skewed by large one-off public sector bonuses last year.

Deutsche Bank has opened applications for its 2025 Graduate Programme based in London. The scheme is designed to provide successful candidates with exposure to a range of projects and professional training to develop the skills you need to grow your career. The programme is open to applicants who have graduated or are expected to graduate with a 2:1 or higher. Apply now here.

Apple launches new iPad mini

📍Top line: Apple has launched a new iPad Mini, powered by the A17 Pro chip and AI-driven features, three years after its last release.

🔎 In-depth:

• Price: Starts at £499

• Performance: Powered by the A17 Pro chip, the same as in last year’s iPhone 15 Pro models.

• AI Features: Supports Apple Intelligence AI features, including more natural Siri interactions and photo editing tools like Clean Up.

• Display & Camera: 8.3-inch Liquid Retina display and a 12-megapixel rear camera.

• Storage: 128GB of storage, double that of the previous model.

• Apple Pencil Support: Compatible with both the Apple Pencil Pro (£129) and the more affordable Apple Pencil (USB-C, £79).

• Battery Life: Apple claims all-day battery life.

Elsewhere in tech:

🔌 The UK government is considering implementing a universal charging standard for all new electronic devices, such as USB-C, following the European Union's 2022 law mandating a common charging standard by December. This policy could alleviate the confusion of multiple chargers, making it easier for users to keep their devices charged.

🌐 Praxis, a project aimed at building a city with fewer regulations for tech sectors like crypto and artificial intelligence, has announced a $525 million funding pledge. Backed by firms such as GEM Digital and Arch Lending, Praxis aims to create a tech-forward utopia that reduces regulatory barriers for companies in AI, crypto, biotech, and energy. With a futuristic yet classically designed city concept, the project plans to house 10,000 people on 1,000 acres. A final location is expected to be chosen by early 2025, potentially in Latin America or the Mediterranean.

⚽️ Thomas Tuchel has officially signed a contract to become the new manager of the England national football team. The German coach, who has been unemployed since leaving Bayern Munich last summer, takes over from Gareth Southgate, who stepped down after England's loss to Spain in the Euro 2024 final. At 51, Tuchel previously led Chelsea to Champions League victory in 2021 but was dismissed from his role the following year.

💉 A groundbreaking cervical cancer treatment has slashed the risk of death by 40%, according to a decade-long study by UCL researchers. The trial found that adding a short chemotherapy course before standard chemoradiation reduced death and cancer relapse risks. Described as the biggest breakthrough in over 20 years, the simple tweak using existing, affordable drugs could soon become standard care for patients globally, offering new hope against cervical cancer.

💰 Elon Musk has donated nearly $75 million to boost Donald Trump’s bid for the White House, becoming one of Trump’s biggest backers this election cycle. The Tesla CEO, who endorsed Trump in July, sees the 2024 race as a final chance to save US democracy. "If Trump doesn’t win this election, it’s the last election we’re going to have," Musk said on Tucker Carlson’s show on X last week.