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

The UK government has launched a Regulatory Innovation Office aimed at helping speed up approvals for new technologies in fields such as biotechnology and autonomous vehicles.

Science secretary Peter Kyle said the new body in the Department for Science, Innovation and Technology would take innovation in areas including space, self-driving cars and lab-grown meats “by the scruff of its neck” and drive them through the regulatory process. 

“I’m sure there will be a bit of kicking and screaming, but if we get this right, we could be the seed that starts to change the culture of regulation in our country,” he told the Financial Times.

But investors and industry experts in novel foods warned that in order to be effective, RIO would need to be matched with substantial new investment in the UK’s under-resourced regulators in the Budget and next Spending Review.

Since Britain took back responsibility for regulation from Brussels after leaving the EU, its regulators have been forced to take on significant extra work in areas such as medical devices, food safety and artificial intelligence.

The National Audit Office, the public spending watchdog, has reported on the difficulties faced by regulators, such as the Food Standards Agency (FSA) and the Health and Safety Executive, in recruiting new staff to meet their expanded post-Brexit roles.

In its election manifesto, Labour said RIO would help co-ordinate the UK’s regulatory landscape, “update regulation, speed up approval timelines and co-ordinate issues that span existing boundaries”.

On a visit to inspect start-ups at the Translation & Innovation Hub at Imperial College London, Kyle said RIO would initially concentrate on four key areas: autonomous vehicles; digital healthcare; space; and biotechnology, including pest-resistant crops and cultivated meats.

The remit has seemingly narrowed from before the election, when Tulip Siddiq, now City minister, said RIO would “promote innovation in regulation across sectors”. Kyle said financial services would potentially be “in scope” as RIO’s remit expanded.

The government said on Monday it had started the search for someone to act as RIO chair but gave no details of its future budget or staffing levels.

Kyle said the body was likely to win more funding and staff if it proved to be effective in driving growth. He added: “The Budget is coming up and Spending Review is going to be in spring; these will address the fundamental and underlying funding settlements for all areas of the public sector.”

Investors and industry experts in novel foods welcomed the announcement of RIO alongside £1.6mn for a “sandbox” at the FSA as a test bed in which to explore how to better regulate novel food technologies.

Businesses in the sector have complained about a lack of resources at the FSA, saying it is much harder to deal with than rival agencies in the US and Singapore.

Cai Linton, co-founder and chief executive of Multus Biotechnology, which develops nutrients for the lab-grown meat industry, told Kyle on the visit that “companies have failed” because of regulators taking too long to grant approvals.

“US or Singapore regulators will talk you through the regulatory process, tell you what data they will need. With the FSA, they say: ‘We can’t give you answers until you submit a full dossier.’ That can kill a company,” he said.

Ed Steele, founder of Hoxton Farms, a start-up making lab-grown animal fat that has previously criticised the FSA, welcomed the new sandbox. “It’s a big sign of intent and I hope is the start of regulatory reform,” he said. 

Andrew Bennett, policy lead at Form Ventures, a venture capital fund specialising in start-ups in areas with novel regulations, also welcomed both RIO and the FSA sandbox as “much-needed institutions” to support growth.

But he warned that they would need support, adding: “It’s critical RIO doesn’t just become merely the next well-intentioned regulatory initiative to fall short; it must be backed — politically in DSIT and financially by the Treasury — to deliver a genuine step-change in urgency and outcomes.”

Linus Pardoe, UK policy manager at the Good Food Institute Europe, said the FSA sandbox sent “a clear message” on the government’s commitment to monetising innovation, but added the regulator still required adequate resourcing.

In a report last year the non-profit think-tank calculated that the FSA would need a £30mn increase in its budget, which has stood at roughly £140mn since 2021, just to make up for recent budget freezes.

“To fully realise the potential of cultivated meat, ministers must also provide a long-term boost to the FSA’s budget, enabling regulators to complete robust risk assessments within statutory timeframes,” he said.

THE second Amazon Prime Day event for 2024 has just begun.

For the next 48 hours, Prime subscribers can get their hands on thousands of exclusive deals.

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Sign up to Amazon Prime

The exact date the event falls on this autumn is the 8th and 9th October – in other words, right now.

The 48-hour sale event will be exclusively available for Prime members, offering deep discounts on everything from Fire TVs and Echo devices to the best anti-wrinkle face creams and Dyson Airwrap dupes.

Bargain hunters will be able to score big savings on thousands of items, ranging from tech gadgets and beauty buys to home appliances and toys.

Of course, the timing of the event makes it ideal for organised Christmas shoppers to stock up on gifts, decorations and more for a fraction of the normal cost.

When is Prime Day 2024?

The next Prime Day event will be the Big Deal Days sale event in October.

The sale will kick off at midnight on 8th October and run to midnight on 9th October.

While the annual sale event has traditionally taken place every July, in 2022 Amazon also hosted two Prime Day events in July and October.

The double whammy gave bargain-hunters even more opportunities to shop for discounts as a Prime member.

The last Prime Day event for 2024 took place on 16-17 July and Prime members enjoyed thousands of discount across all categories.

How do I get access to Amazon Prime Day deals?

If you don’t want to miss out on the Amazon Big Deal Days event you will need to become a Prime member.

Signing up for a Prime membership is easy and comes with lots of perks including next-day delivery and access to Prime Video and Amazon Music.

The Prime membership comes with lots of additional perks, including free next-day delivery (and even same-day delivery in certain postcodes).

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Amazon Prime costs £8.99 a month, or £95 for an annual membership.

But if you are brand-new to Prime you can sign up for a 30-day free trial, giving you free access to the sale when it launches next month.

However, you will need to cancel your membership before the 30-day trial ends to avoid the ongoing £8.99 monthly fee.

How long will Prime Day 2024 last?

Prime Day events normally take place over two days and this is something that has been in place since the event was launched in 2015.

Deals normally kick off from midnight on the first day to midnight on the second day, with a combination of ‘lightning’ offers, appearing while stock lasts, and longer deals running for the duration of the sale. 

We recommend keeping a very close eye on the Prime Day deals hub on Amazon’s website, which will highlight the best offers as they go live.

You can also check out the Best Prime Day deals according to our team of Sun Shopping experts.

Amazon Prime vs Black Friday: which is best?

Prime Day was originally launched in 2015 to celebrate Amazon’s 20th birthday but has since evolved into an annual mega sale that is similar to Black Friday or Cyber Monday.

But in terms of length, scale and discount quality, Black Friday is the reigning deals period of the year.

You’ll find terrific price drops during both sales – and it’s not impossible that some Prime Day offers may well match those you find during Black Friday in November.

A great way to check whether the deals are as good as they appear over Prime Day is by using price tracking sites like camelcamelcamel which allows you to search the price history for any items sold on Amazon.

Other price comparison sites such as Idealo and PriceSpy are also helpful and allow you to compare and track across multiple retailers.

What were the best Prime Day deals in July?

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Sign up to Amazon Prime

Amazon teased shoppers with early exclusive deals that primarily focused on Amazon’s branded devices.

One of the hottest was the ‘seriously impressive’ 55-inch Fire TV slashed from £549.99 to £329.99.

Other highlights in the July Prime Day event included deep discounts on the Shark Cordless Stick Vacuum Cleaner, which was reduced from £279.99 to £159.99, and the Philips L’OR Barista Sublime Capsule Coffee Machine, which was slashed from £109.99 to £49.99.

Amazon Prime Day: Our 10 best deals

Amazon Prime Day runs until midnight on Wednesday (9th October). Here’s our pick of the best deals for Prime subscribers.

*If you click on a link in this boxout we will earn affiliate revenue

1. Amazon Fire TV Stick, £16.99 (was £44.99) – buy here
2. Xinwld Wireless Earbuds, £24.99 (was £99.99) – buy here
3. Apple AirPods Pro (2nd generation), £179 (was £229) – buy here
4. Ring Battery Video Doorbell, £59.99 (£99.99) – buy here
5. Maybelline Lash Sensational Mascara, £7.79 (was £12.99) – buy here
6. Silentnight Comfort Control Electric Blanket, £35.99 (was £42.99) – buy here
7. COSRX Advanced Snail 96 Mucin Skin Serum, £12.15 (was £23.99) – buy here
8. Philips OneBlade 360, £34.99 (was £54.99) – buy here
9. Olay Regenerist Collagen Peptide 24 Eye Cream Without Fragrance, £17.33 (was £38) – buy here
10. Remington Keratin Protect Hair Straighteners, £52.76 (was £119.99) – buy here

We’ll be keeping a close eye out for some of the best deals so remember to check back to snag these deals

We’ve rounded up more great offers here:

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Amazon Prime Day dates through the years

Here’s a run-down of the dates that Amazon Prime Day has taken place since its inception in 2015:

• 2015: 15 July
• 2016: 12 July
• 2017: 11 July
• 2018: 16-17 July
• 2019: 15-16 July
• 2020: 13-14 October
• 2021: 21-22 June
• 2022: 12-13 July
• 2022: 11-12 October
• 2023: 11-12 July
• 2023: 10-11 October
• 2024: 16-17 July

Want to find more savings on your online shopping? Then head to Sun Vouchers where you can get discounts and voucher codes from hundreds of top retailers including B&Q, Boots, Iceland, Lookfantastic, Dunelm, Adidas, Marks & Spencer and more.

TGI FRIDAY’S rescue deal has left a bad taste — for hundreds of restaurant workers who will miss out on redundancy pay and hard-earned tips.

A total of 1,012 jobs have gone after administrators said the sale to Breal Capital and Calveton would cause 35 eateries to close.

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Impacted staff were also told the firm would not be responsible for redundancy pay, accrued holiday or tips.

The burden will instead go to the taxpayer, via the Insolvency Service.

The majority were on zero hours contracts.

One employee said anonymously: “I did 35 hours last week and earnt tips because I was telling customers we were fine and going to be saved.

“Now I’m not getting paid for any of it.”

The turmoil and anger has come just days before the Government is to unveil its Employment Rights Bill on Thursday, which will reform workers’ rights.

Labour is also planning to ban “exploitative” zero hours contracts — although the details of this will still be consulted on.

Under current law a zero hours worker who has not been with a firm for more than two years cannot claim redundancy pay.

Staff should be able to claim 100 per cent of tips earned, under a law passed last week.

But restructuring sources said that it would be up to workers applying to The Insolvency Service — with their claims and ­evidence of tips earned — suggesting that it will be difficult to recoup the cash.

The union Unite said last night: “The way in which workers have been treated across TGI Fridays is a ­national disgrace.

“Our members are being told that they may not even be paid wages for work done.”

The deal by the firm that owns Byron Burger, will keep open 51 locations across the UK and save more than 2,000 jobs.

GET A PORTER

LUXURY online fashion site Yoox Net-A-Porter has been offloaded to a German rival.

The sale by Swiss firm Richemont, the owner of Cartier and Van Cleef & Arpels jewellery, to Mytheresa comes after years of heavy losses.

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Net-a-Porter, set up by Dame Natalie Massenet, was a jewel in the British fashion scene before an ill-fated merger with Italian rival Yoox.

Luxury online groups boomed in lockdowns but have been undone by the market’s slowdown.

Farfetch almost went bust last December while Matches Fahion folded in March.

THAMES MUDDIES WATERS

WORRIES around the future of Thames Water threaten to dampen the big splash Labour hopes to make at its investment summit next Monday.

Global investors, tech tycoons and City bigwigs including Aviva boss Amanda Blanc; Octopus Energy founder Greg Jackson and Google’s Eric Schmidt will be at the event at London’s Guildhall, held two weeks before the Chancellor delivers her growth-focused Budget.

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Thames Water is scrambling to raise cash and refinance debt from investors, who require the regulator to sign off their plan to hike customer bills.

Behind the scenes investors are lobbying the Government to warn of a “domino effect” if water companies are deemed uninvestable by the pension funds and infrastructure investors the Chancellor is looking to win over.

A spokesperson for the Global Infrastructure Investor Association said: “It’s essential to ensure this country is an attractive investment destination.”

PUB group Amber Taverns, which has 178 sites across England, Scotland and Wales, has been sold to a private equity firm.

Epiris already owns Big Table Group, which includes Cafe Rouge and Las Iguanas restaurant chains.

CHANGE OF BOSS AT LEWIS

THERE is more change at the top of John Lewis just three weeks after Tesco veteran Jason Tarry arrived as chairman.

The department store to grocery chain yesterday revealed chief executive Nish Kankiwala will be stepping down by March next year.

Mr Kankiwala, former boss of Hovis, was brought in on a two-year contract to boost the boardroom’s retail experience when Dame Sharon White, former Ofcom regulator, had the top job at John Lewis.

By contrast Mr Tarry spent 33 years working at Tesco, including the last six as boss of Britain’s biggest retailer.

John Lewis said that the “role of chief executive will not be directly replaced and Jason will chair the executive team as well as the partnership board”.

PADS ON THE RISE

HOUSE prices rose for the third month in a row in September — going up by 0.3 per cent.

Average property prices cost 4.7 per cent more than a year ago after rising to £293,399, according to Halifax stats.

It is £108 shy of the £293,507 record set in June 2022, when the market was boosted by a post-pandemic surge and before the mini-budget provoked mortgage mayhem.

Property experts said hopes of interest rate cuts are fuelling the market revival.

RIO GOES MINING IN NEW YORK

LONDON-listed mining giant Rio Tinto is exploring a trans-Atlantic takeover of a New York-listed lithium miner.

The approach for Arcadium Lithium marks a welcome step-change from British miners being snapped up by their overseas rivals.

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Lithium, a silvery white metal, is of increasing importance in the global push for greener energy, as it is needed in electric vehicles and battery storage.

Arcadium Lithium, which has mining operations in Argentina, China, Canada and Australia, counts car giants Telsa, BMW and Toyota as clients.

Shares in Arcadium Lithium bounced by a third yesterday.
It valued the company at £3.3billion — a marked improvement for a company which had slumped by 60 per cent since the start of the year amid weakening demand in China.

Some of its investors are viewing Rio Tinto’s approach as opportunistic and have signalled they will reject a lowball bid.

Good morning. In today’s newsletter:

• India bails out the Maldives

• The year that changed Israel

• HTSI interviews Kim Kardashian

But first we turn to China, where investors are preparing for the resumption of a scorching rally in Chinese stocks when markets reopen today after a week-long holiday.

Goldman Sachs has upgraded its expectations for Chinese equities, telling investors that shares could go a further 15 to 20 per cent higher after a historic rally triggered by Beijing’s pledge to do more to stimulate the economy.

Strategists at the US investment bank said the measures announced so far by Chinese authorities “constitute a more substantial policy stimulus that contrasts with the sporadic and modest easing measures over the past few years”.

But they cautioned that “the market requires confirmation” of the sizeable fiscal stimulus that many expect Beijing to unleash.

Investors will be watching closely today when Chinese authorities are expected to outline a series of fiscal measures to complement the monetary policy stimulus blitz they launched at the end of September. Here’s what market participants are expecting.

And here’s what else I’m keeping tabs on today:

• Economic data: Taiwan publishes September inflation data and Japan reports provisional trade statistics for the month.

• State visit: South Korean President Yoon Suk Yeol begins a state visit to Singapore.

• Results: Samsung Electronics and LG Energy Solution post quarterly earnings.

Five more top stories

1. India unveiled a $760mn bailout for the Maldives after the cash-strapped Indian Ocean archipelago turned to New Delhi to stave off a sovereign default. The bailout cements India’s central role in supporting the Maldives’ economy despite attempts by its president — who was elected last year on an “India Out” platform — to deepen ties with China.

2. Oil prices surged above $80 yesterday as fears grow of an escalating conflict in the Middle East and possible supply disruptions in the US Gulf of Mexico from a major hurricane. There are signs that hedge funds, many of which had been betting on oil extending this year’s falls, are beginning to adjust their positioning.

• Middle East news: Militants fired on Israel from multiple fronts as the country marked the first anniversary of Hamas’s deadly October 7 attack.

• Storm fears: Hurricane Milton strengthened to a category five storm as it moved across the Gulf of Mexico yesterday, threatening to bring heavy rainfall and life-threatening storm surges to the west coast of Florida.

3. Exclusive: Seven & i Holdings is hunting for ways to boost its share price and bolster its defences ahead of what the 7-Eleven owner believes is a looming second takeover bid from Alimentation Couche-Tard. Alongside other plans, the Japanese group is considering accelerating the sale of its stake in its financial services arm, Seven Bank, as well as selling its supermarket business.

4. Thai investor Central Group has struck a deal with Saudi Arabia’s Public Investment Fund to own jointly the company behind upmarket London department store Selfridges. The deal follows the collapse last year of Central’s previous partner Signa after it ran into financial difficulties.  

5. Donald Trump’s transition team co-chair has warned that people appointed to the former president’s next administration must prove their “loyalty”. Howard Lutnick, who is also head of investment firm Cantor Fitzgerald, told the FT that Trump would execute his agenda at a “speed no one’s ever done before” if he was elected again in November.

The Big Read

Yesterday marked the first anniversary of Hamas’s deadly October 7 attack on Israel. Over that year, Israelis have seen an initial outpouring of compassion gradually curdle into censure and condemnation, especially as the death toll and suffering of Palestinian civilians in Gaza became apparent. The international criticism has led many Israelis to retreat inwards, feeling abandoned by a world “gone crazy” that seems to care little for the hostages still in Gaza.

We’re also reading . . . 

• Will Google be broken up?: The potential remedies in the US antitrust case could transform the search giant. But equally it could prove too little, too late.

• The false promise of regime change in Iran: Military intervention is not the way to bring about the fall of the Islamic republic, writes Gideon Rachman.

• Jane Street: Here’s how a quirky and opaque New York firm generated net trading revenues of more than $10bn for four consecutive years.

Chart of the day

A strong rally in the renminbi is testing Beijing’s currency management policies, after China’s stimulus plans and the US Federal Reserve’s embrace of lower interest rates sent Asian currencies surging against the US dollar.

Take a break from the news

“She understands her position within culture in a way that so many other people in the public eye just don’t,” says British singer Charli XCX of Kim Kardashian. HTSI speaks to the reality queen-turned-retail mogul, whose $4bn apparel empire is moulding a new generation of shoppers.

Additional contributions from Gordon Smith and Tee Zhuo

THERE is just one day to go until our team of experts take your calls in The Sun’s Winter Fuel SOS campaign.

We will be helping the thousands of pensioners worried about paying their energy bills this winter, with tips and advice on how to make cash go further.

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Our Winter Fuel SOS crew will be able to help answer your questions tomorrow. But you can also email them now.

Contact us on behalf of friends and relatives of pension age – with their permission – as we want to reach as many people as possible.

Ten million OAPs are set to lose the £300 Winter Fuel Payment due to government cutbacks.

It comes in the same month that households are hit by a ten per cent rise in bills as the Energy Price Cap shoots up.

On this page are our experts who’ll be taking calls tomorrow . . . 

SIR STEVE WEBB

PENSIONS ­Minister 2010-2015, Steve oversaw the introduction of automatic enrolment.

Joined consultancy Lane Clark & Peacock in 2020 and campaigned to secure £2billion for women who were underpaid the state pension.

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MARTYN JAMES

AN award-winning consumer rights expert, journalist and broadcaster with two decades of experience in newspapers.

He will take questions about problems with energy bills and how to deal with complaints.

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ELISE MELVILLE

ENERGY expert at comparison website uswitch.com, Elise cares about demystifying the energy market and helping consumers find the best deals tailored to their needs.

She will be on hand to help with energy-saving tips.

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ADAM STACHURA

THE associate director for policy at Age Scotland, Adam is part of a team that offers advice and tips to older people on their winter fuel issues.

The charity works to improve the lives of over-50s north of the border.

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EMILY SEYMOUR

AS Energy Editor for consumer group Which? since 2020, Emily has been at the forefront of its campaigns to help people manage their bills.

She regularly appears on TV and radio to offer consumer advice.

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JOE RICHARDSON

DIRECTOR of operations at Octopus Energy GB, the largest electricity supplier in the UK.

His 2,000-strong team are responsible for looking after all aspects of the business’s award-winning customer ­service.

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TARA EVANS

HEAD of Consumer at The Sun.

She has almost two decades of experience and will be joined by Sun Savers Editor Lana ­Clements and our very own Consumer Champion Laura Purkess.

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BARONESS ROS ALTMANN

EXPERT on later-life issues.

Government’s Business Champion for Older Workers 2014-15 and Pensions Minister from 2015-2016.

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Awarded a CBE in 2014 for her work on pensions and retirement planning.

JONATHAN CHESTERMAN

DEBT advice policy manager at StepChange debt charity – the largest provider of free and impartial debt guidance in UK.

Jonathan will help to answer readers’ debt queries on their energy bills.

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BEN GALLIZZI

THE specialist at uswitch.com is focused on helping customers to manage their home energy usage.

The energy market can be complex but Ben sorts through the information to offer you practical tips to cut your bills.

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FRAN McSWEENEY

HEAD of services at Independent Age, a charity supporting older people facing financial hardship.

Fran and her team of advisers run a national helpline to provide help on income, costs and housing issues.

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JENNY ROSS

FOR six years Jenny has edited Which? Money mag, during which time she has helped consumers to tackle the cost-of-living crisis, make their cash go further and avoid scams.

Jenny is a go-to for pension help.

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