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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Surely to goodness you know how this works by now:

Tell us by email what you think those three charts represent, being sure to put QUIZ in the subject line. We’ll draw one correct entry at random and send that person a quiz-exclusive T-shirt.

FTAV reserves the right to name correspondents so if you shun the limelight or are in witness protection or whatever, be sure to tell us. The entry deadline is Monday sunrise or thereabouts, London time, and the judge’s decision is final.

A STUNNING 3-bedroom coastal home in Devon worth over £2 million could be yours in the Omaze Million Pound House Draw.

One lucky winner will get the keys to this beautiful contemporary home – you can purchase entries from as little as £10.

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Devon Omaze Million Pound House Draw

This two-tiered West Country residence comes complete with countryside views, a guest annexe and a heated pool.

In addition to the property itself, the Omaze winner will receive £250,000 in cash to help them settle in.

Along with the prize comes huge financial flexibility: the winner has the option to move straight into this gorgeous Devon retreat, rent it out, or even put it back on to the market.

An estimated monthly rental income of £4,000 means that this home could also serve as a seriously lucrative investment.

One of the most attractive aspects of the Million Pound House Draw is that there are no hidden costs.

Not only will you not have to worry about paying stamp duty, but mortgage fees and conveyancing costs are also covered.

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The house also comes with all the furnishing included, so you’re completely free to move in without digging into that quarter-million cash prize.

This luxe three-bed and two-bath home is situated in the scenic town of Exmouth, which is 12 miles from Exeter, Devon’s second-largest town.

It strikes the perfect balance between coastal living and quick city access.

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Devon Omaze Million Pound House Draw

You’ll get amazing countryside views thanks to the floor-to-ceiling glass that’s in every room, which fills each space with natural light.

The property is also close to Orcombe Point, a UNESCO World Heritage site famous for its dramatic landscape.

Then there’s the annexe, which contains its own kitchen area and boasts stunning views: the perfect place for guests to stay.

Anyone who works from home will also be happy to find a dedicated study space, with Scandinavian-inspired decor and space-saving ladder shelving.

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Devon Omaze Million Pound House Draw

What’s more, by entering early, you’ll give yourself a chance to win not one but two luxury cars.

Alongside the dream Devon home and the £250,000 cash prize, early entrants are also in the running to win BOTH a Porsche Cayenne E-Hybrid and a Porsche Boxster S. 

The Cayenne is a perfect family four-by-four, while the Boxster is a sleek sports car. The total cost for both cars totals over £170,000.

The Omaze Draw isn’t just about changing one lucky winner’s life, however, it also makes a significant impact on society.

A minimum donation of £1m from the Devon House Draw will be given to Campaign Against Living Miserably (CALM). 

CALM’s mission is to help people struggling with life find hope and a reason to stay. 

This substantial contribution will help fund CALM’s suicide prevention helpline for six months, allowing the organisation’s staff to answer over 80,000 calls and provide crucial support to those in their time of need. 

Terms and conditions: Over 18s and UK residents only. No purchase is necessary. Visit omaze.co.uk for full terms and to enter. House closes 27/10/2024.

A FAMILY of five have visited more than 20 countries in their motorhome, going as far north as Norway and as far south as Turkey.

Known as the Roaming Radfords, Steve and Lyndsay have been holidaying in a motorhome since 2007, when their eldest son Eddie was just a year old.

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The husband and wife team, who live in Milton Keynes, have explored countries like France, Spain, Belgium, Germany, Denmark, Portugal, Sweden, Norway and Morocco.

Even renting an RV on their trip to America so they could explore the country in a motorhome.

Their most recent trip took them to Turkey where they spent six weeks exploring the country with their three sons, Eddie, Harry and George.

The family regularly shares their caravanning tricks, tips and travel videos on their YouTube channel, the Roaming Radfords.

And with more than 17 years of experience, it’s safe to say they know the must-have gadgets every budding caravanner needs.

Steve and Lyndsay told Sun Online Travel: “If you’re planning a holiday to warm countries like Morocco, Spain and Turkey, having aircon is essential.

“I wouldn’t want to go to Morocco or Turkey without aircon, so definitely invest in that.”

It’s not just aircon budding caravanners will need to invest in if they want to enjoy holidaying in warmer countries.

They added: “Most brand-new motorhomes come fitted with 3 Way Fridges, which means they can work on battery, electricity plugin or gas.”

While this may sound ideal, Steve and Lyndsay know from experience that 3 Way Fridges don’t work well in hot weather.

They encouraged holidaymakers to consider upgrading to a compressor fridge because they work better in warmer climates.

Lyndsay said: “Three Way Fridges stop working properly when you reach temperatures like 30C.

“We’ve been woken up in the middle of the night with the smell of rancid chicken because the fridge wasn’t cool enough, so definitely upgrade to a compressor fridge if you can.”

With three teenage sons, and a YouTube Channel, Steve and Lyndsay need to stay connected to the internet while on the road, which is why they have a Starlink.

Starlink is an alternative to traditional broadband, beaming connections via SpaceX satellites.

It’s useful for remote areas left in the slow lane for on-the-ground broadband upgrades.

Steven and Lyndsay said: “Six weeks is a long time to be away from your friends when you’re a teenager, so we made sure to have a Starlink.

“It also enables us to upload our YouTube videos and keep in touch with the business we own back in the UK.”

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Their last recommendation isn’t technically a gadget but for the Roaming Radfords it’s a necessity.

Steve said: “One of my favourite things – and my family laugh at me for this – is a 6ft plastic table.

“Once you pop up the table, you’ve got a lovely big area where everyone can eat and sit.

“It also attracts people, so other holidaymakers can come and enjoy the space.

“Honestly it’s one of my favourite things and one of our best investments.”

Later this month, Steve and Lyndsay will be sharing even more tips at the Motorhome & Caravan Show at the NEC in Birmingham.

On October 15, 16 and 17, the couple will also be talking about their caravan adventure through Turkey, which they went on last summer.

Why caravan holidays are so underrated

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CARAVAN park holidays are a British staple.

And with the cost of living crisis wreaking havoc on Britain’s purses, more of us are turning to them for an affordable break.

Josie O’Brien, Senior Digital Writer on Fabulous, weighs in on why she thinks caravan holidays are seriously underrated…

WHEN I was a child, my mum used to collect the £9.50 holiday vouchers in The Sun.

She’d use them to book a couple of nights away at a caravan park during the school holidays.

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As an adult, I fully appreciate the convenience of a humble caravan holiday.

No faffing about with passports, no luggage limits and no bog-standard hotel breakfast of stale toast and grey eggs. 

I still love caravan holidays as an adult.

In a world of doing everything for the ‘gram, a caravan park brings you back to basics.

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There’s no obligation to get dressed up, no stress to fit a million picturesque excursions in one week and I don’t find myself flustered in tourist hot spots like abroad. 

I love going to coastal caravan parks and strolling along the beach parade.

My highlight is always fresh mussels, ice-creams and classic pubs to grab an afternoon tipple in. 

And then, of course, there’s the cost.

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Staying in a caravan is definitely way cheaper than my international trips. 

With no expensive hotel bills and the ability to cook my own meals, I’m spending hundreds less than I would abroad.

I’ve had some of my best and most relaxing holidays in caravans. Maybe I’ll buy my own one day.

Meanwhile, these are the top-rated holiday parks with on-site waterparks and pools.

And this holiday park has been named as one of the best in the country.

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Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Japan’s new prime minister Shigeru Ishiba has promised to help households cope with rising prices, in effect starting his campaign to voters ahead of a snap general election this month.

But Ishiba also told lawmakers in his first policy address on Friday that he would decisively conquer deflation, highlighting the delicate policy environment as Japan tries to engineer an exit from decades of virtually stagnant prices and low growth.

Ishiba’s pledges closely match the policy agenda of his immediate predecessor, Fumio Kishida, who stepped down in August. But in the face of historically low approval ratings and volatile financial markets, Ishiba, who was chosen by the ruling party to be its leader, will be forced to carry them out in what analysts called a “zero honeymoon” environment.

“It’s necessary that we provide support to those reeling from rising prices until a virtuous cycle of growth and redistribution is certainly in motion, where pay hikes outpace inflation and companies invest proactively,” Ishiba said.

He also called for restoring trust in politics, saying the government had a responsibility to earn the public’s “understanding and empathy”.

Ishiba’s first full speech to parliament followed his swearing-in as prime minister on Tuesday. The selection of the 67-year-old party veteran for the top job triggered a 5 per cent drop in Japanese stocks, and, following a flip-flop on monetary policy, the sharpest one-day sell-off in the yen in two years.

Japan will begin campaigning next week for a general election on October 27, in which analysts predict the ruling Liberal Democratic party will face the combined challenge of public concern over the economy and a reinvigorated opposition.

“Things have become really bad really quickly for Ishiba,” said Tobias Harris, founder of political risk advisory firm Japan Foresight. “He’s had literally no honeymoon. But we knew that the LDP was divided. If you start off in a position where you are heading off a party rebellion, you do not really have much room for manoeuvring.”

During his bid for leadership of the LDP, Ishiba said he favoured higher corporate taxes, a heavier levy on capital gains, a rebalancing of the US-Japan relationship and the creation of an “Asian Nato”.

None of those proposals featured in Friday’s speech. Instead, the 30-minute address to the lower house suggested a continuation of the “Abenomics” platform of the late former prime minister Shinzo Abe, over which there is less dispute within the ruling party.

Nicholas Smith, chief Japan strategist at CLSA, said the result would probably be to calm investors’ fears of drastic policy changes and ultimately benefit markets.

Analysts pointed out that Ishiba needed to build consensus within a party that is still reeling from a corruption scandal and win over a sceptical electorate.

In effect, that means maintaining policies that have guided the party for most of the past decade and improving corporate governance reform and other policies that have drawn global investors back to Japanese markets.

“Japan’s economy is in a situation where policymakers cannot now avoid the general contours of the Abenomics policy mix,” said Izumi Devalier, head of Japan economics at Bank of America.

As the 30 October UK Budget approaches, speculation and uncertainty about potential reforms are rampant.

The Labour government, facing significant political and manifesto constraints, appears to be gearing up for major tax policy announcements, despite not running on a tax reform mandate.

The Office for Budget Responsibility has warned UK debt is on an unsustainable path, and chancellor Rachel Reeves has pledged no return to austerity and no changes to major taxes like income tax, National Insurance (NI) and VAT.

This leaves her with little room for manoeuvre in addressing the daunting task of an apparent £22bn ‘fiscal black hole’.

By focusing on the fiscal black hole without a clear roadmap, the government fostered a backdrop of fear ahead of its first Budget

This approach has created a fertile ground for rumours and conjecture, unsettling clients.

By focusing on the fiscal black hole without a clear roadmap, the government inadvertently fostered a backdrop of fear three months ahead of its first Budget.

Stability and predictability are crucial for sound financial decisions, yet the current approach offers neither. The recent dip in UK consumer confidence, highlighted by the latest British Retail Consortium data, reflects this uncertainty, especially among older generations who fear the Budget’s impact.

Confidence among business leaders in September was also at its weakest since December 2022, according to the Institute of Directors’ Economic Confidence Index.

I have written to the chancellor expressing the immense pressure financial advisers are under

This vacuum has led to speculation about potential policy reforms, particularly regarding pensions. Over the past months, theories have ranged from plausible to alarming, affecting those planning for retirement.

I have written to the chancellor expressing the immense pressure financial advisers are under to second guess potential Budget outcomes due to the lack of government communication regarding pension plans, and to ask that any reforms to pension policy are introduced with a clear roadmap, ensuring the public is well-informed and well-prepared for changes.

Advisers tell me they have been inundated with calls from concerned clients, many of whom are at risk of making knee-jerk decisions that could derail their long-term plans.

Advisers have been inundated with calls from concerned clients, many of whom are at risk of making knee-jerk decisions

Who knows what actions might have been taken by those choosing not to take the counsel of an adviser. The current approach seems likely to result in foreseeable harm to retail customers.

So, where might the ‘tax axe’ fall?

Labour seems to have adopted the Tory strategy of freezing income tax thresholds for at least the next three years, which will continue to raise revenue as earnings increase.

Additionally, the government may reassess inheritance tax reliefs, potentially removing, capping or redefining benefits like agricultural property relief and business relief.

This is all very well but think tanks don’t have the experience of implementation

Alarmingly, given pensions have only recently seen major reforms to the lifetime allowance and tax-free cash entitlement, reports from think thanks and research houses are urging HM Treasury to consider restrictions on the 25% tax-free cash lump sum on pensions or changes to pensions tax relief.

This is all very well but think tanks don’t have the experience of implementation and, without consultation and clear communication, such plans could lead to unintended consequences and ill-considered withdrawals.

The government must provide more clarity on long-term pension policy to prevent speculation and poor decisions. Denying access to previously promised benefits would distress savers who have structured their retirement strategies around existing rules.

Advisers, who are on the frontline fielding calls from anxious and confused clients, need clear assurances about long-term policy

There is more recent speculation that the government may remove the NI exemption on employer pension contributions. While this may be more politically acceptable after the backlash over the winter fuel policy, as it does not directly impact consumers, it is not a pro-growth policy.

In time, the move would risk impacting working people due to employers potentially passing on the increased costs by reducing the level of contributions they make on behalf of employees.

Similarly, the benefit of salary sacrifice arrangements used by employees will yield a lower eventual pension contribution impacting what they put away.

The government must balance managing expectations with encouraging business investment, consumer spending and investor confidence

Financial planners, who are on the frontline fielding calls from anxious and confused clients daily, stopping them from making hasty decisions, such as prematurely withdrawing pension funds, need clear assurances about long-term policy direction ahead of fiscal events.

With the UK showing no growth in June or July and waning sentiment, the government must balance managing expectations ahead of 30 October with encouraging business investment, consumer spending and investor confidence.

Steven Levin is chief executive of Quilter

Good morning. For the first time since the 18th century, the sun will set on the British empire. When the UK formally cedes sovereignty of the Chagos Islands to Mauritius, there will once again be a point in the day where all of the UK’s remaining overseas territories (and the UK itself) will be in darkness.

Betrayal of British interests? Glorious feat of diplomacy? Something else entirely? Some thoughts on that in today’s newsletter.

Notorious BIOT

The agreement over the British Indian Ocean Territory gives the UK and the US a 99-year lease over the US-UK military base in Diego Garcia with an option to extend it further. It has been welcomed by US secretary of state Antony Blinken and President Joe Biden.

Yet according to James Cleverly and his campaign proxies, the UK decision is a betrayal of vital British interests.

Or, if you prefer the version of events advanced by Tom Tugendhat and Robert Jenrick, it cedes power to China, and, in addition to being the fault of Labour, is also the fault of Cleverly, the former foreign secretary who started the ball-rolling on the talks in 2022 that led to this treaty!

No, it’s really the fault of Liz Truss, the prime minister at the time, but also, somehow, Keir Starmer. So say some, I would say, slightly confused allies of Cleverly, who are looking to deflect blame somewhere, anywhere, other than the desk of their chosen candidate for the Conservative leadership.

Who’s right? Well, bluntly, in terms of global rivalry, Mauritius, along with Eswatini, are the only former British colonies in Africa who are not part of China’s Belt and Road Initiative. It seems more likely that Mauritius will continue to stay outside the BRI and not fall into China’s influence if the UK is paying it money to rent a military base on a long-term lease, than if the UK is not giving it money and is insisting that it is not going to honour its half-a-century-old promise to cede the Chagos Islands.

There are many, many things you can reasonably say about Truss but I don’t think being insufficiently hawkish on China is one of them.

There’s a historical irony here: until now, the 50-year period in which the archipelago and its residents have been politically contested has been one in which Labour governments have done their utmost to first dispossess and uproot the Chagossians. During that time Conservative governments have been the ones recognising the scale of the problem.

Back in 1965, when the then-Labour government drastically reduced the UK’s global military commitments, they hived off the 58-island archipelago from the rest of what is now Mauritius ahead of negotiations over the terms of Mauritius’ independence. The UK pledged to return the islands as and when it was no longer needed by the US military, knowing full well at the time that this promise was unlikely to be made good on.

Harold Wilson’s government then embarked on a systematic programme of uprooting and dispossessing the Chagos Islanders — dismissed in a government memo at the time as “some few Tarzans and Man Fridays whose origins are obscure” — which continued to run until 1973. It was not until defeat in court and the arrival of another Conservative government, that of Margaret Thatcher, in 1982, that proper compensation was paid to the islanders directly.

Under New Labour, the government used the royal prerogative — powers held by the executive that do not require parliamentary approval — to overturn court verdicts that ruled the Chagossians’ expulsion was unlawful. The UK created a marine protection area which, according to a Foreign Office official quoted in a cable published by the Guardian and WikiLeaks in 2010, would ensure there would be “‘no human footprints’ or ‘Man Fridays’ on the British Indian Ocean Territory uninhabited islands”. (If you want more on this, do check out Andrew Jack’s excellent Big Read from back in 2015.)

The last Conservative government in 2016 announced a further programme of compensation. It was the last Tory administration that started the ball rolling on this set of negotiations.

Ultimately, this deal has been welcomed by the White House. The talks were initiated by a Conservative government. Tory MPs were hardly shy of criticising aspects of the Truss government at the time, yet Cleverly, Tugendhat and Jenrick have, remarkably, only now objected. Both Cleverly and Tugendhat held relevant ministerial roles at the time, to boot. The deal has rather more continuity with Conservative approaches to the archipelago than to Labour’s much grubbier history.

Call me unduly cynical but it feels as if the biggest change here is that it suits the perceived self-interest of some Conservatives to censure the government no matter what, and the interest of others to attack Cleverly.

Now try this

One final recommendation from Birmingham: it’s one of the places blessed with a Boston Tea Party, a lovely small West Country chain that sadly has yet to come to London. If you are lucky enough to live near one, you should give them a visit.

However you spend it, have a wonderful weekend!

Top stories today

• Making shirt-shrift of reality | Only five MPs registered free clothing from external donors in the entire decade before the last financial year, according to FT analysis of the Commons register of interests. Keir Starmer’s allies claimed garment gifting from wealthy backers was not irregular. “All MPs get gifts,” the prime minister told reporters last month.

• Free vote on assisted dying | MPs are to be granted a free vote on legalising assisted dying in the UK by the end of the year, after a bill to give terminally ill people “choice at the end of life” is presented to parliament.

• Pensions in the Budget firing line? | Investment experts are warning of a potential tax raid on pensions by UK chancellor Rachel Reeves in this month’s Budget, as the UK government seeks to close a £22bn hole that it has identified in the public finances.

• All fired up | The UK government has announced up to £21.7bn of support to get the country’s first carbon capture and storage projects up and running, in a big moment for the nascent industry but one that highlights the costs involved.

• ‘I am not going to make those mistakes’ | Reeves has attacked her predecessor for cutting back on planned investment as she cleared the way for billions of pounds of extra capital spending in the Budget.