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The Morning Briefing: AJ Bell strengthens leadership team; BareRock launches counselling programme

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The Morning Briefing: Phoenix Group scraps plans to sell protection business; advisers tweak processes

Good morning and welcome to your Morning Briefing for Thursday 10 October 2024. To get this in your inbox every morning click here.


AJ Bell strengthens senior leadership team

AJ Bell has strengthened its senior leadership team with two appointments as it continues to grow.

Ryan Hughes joins as managing director of AJ Bell Investments, while Stephen Westgate has been hired as group corporate development director.

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They will both report to AJ Bell CEO Michael Summersgill.


BareRock launches counselling and wellbeing programme

Professional Indemnity Insurance (PII) provider BareRock has launched a counselling and wellbeing support programme for its advice firm policyholders.

The programme aims to support the mental health and wellbeing of individuals within BareRock’s club member firms who are dealing with the strain of high-stress complaint situations, by covering the costs of professional counselling.

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Under the new initiative, BareRock will fund up to 10 one-hour counselling sessions per claim, subject to a £2,000 cap.


If Starmer targets ‘the broadest shoulders’, most clients will be in his sights

It won’t have escaped your attention that the new Labour government’s first Budget falls on 30 October — the eve of Halloween – writes Money Marketing features editor Maria Nicholls.

Unlike the newspapers, I’ll spare you too many spooky puns, she says. But allow me just this little one: people are frightened.

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Prime minister Keir Starmer and chancellor Rachel Reeves have warned of “pain” and “difficult decisions”. It seems they’re preparing us for the worst.



Quote Of The Day

It’s a push-me-pull-you month for inflation, which is likely to keep the Bank of England on track for a rate cut in November

Sarah Coles, head of personal finance, Hargreaves Lansdown, assesses the situation ahead of the BoE decision next month.



Stat Attack

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New research from Legal & General shows almost two thirds of retirees wait until the final year before retirement to plan their pension income.

Key findings include:

 35%

Nearly one in three retirees felt financially unprepared as they entered retirement.

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72%

acknowledge the critical importance of financial planning for a satisfying retirement.

62%

of retirees with a pension pot only start planning their pension income in the final year before retirement.

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Source: Legal & General 



In Other News

Canada Life has enhanced its parental and family friendly policies for staff within the UK and Isle of Man.

From 1 January 2025, Canada Life colleagues will be eligible for 26 weeks of paid maternity leave or 16 weeks of paid paternity leave, including adoptive parents and the parents of children born through surrogacy.

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In addition, staff undergoing fertility treatment and their partners will be offered the opportunity to take an additional ten days of paid leave a year.

Canada Life is also introducing additional support for staff who have recently experienced pregnancy loss, offering paid time off to both parents during this difficult time.

The enhanced parental and family friendly policies will be available to Canada Life colleagues from their first day.


Evelyn Partners has appointed senior hire Vanessa Lee to its Northern private client tax team.

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With more than 27 years’ experience, Lee has a focus on advising high-net-worth individuals, families, family offices and trustees on a wide range of complex tax and dispute planning.

She has previously held senior positions at leading professional services firms including BDO and EY.

Based in Evelyn’s Leeds office, Lee will also work with tax teams in Harrogate, Manchester and Newcastle on all aspects of private client tax and succession issues.

Head of tax at Evelyn Partners, Tom Shave, said: “Vanessa’s appointment comes at a time of significant growth and investment for Evelyn Partners’ professional services business.

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“Our ambitions in the north of England are underpinned by the recent acquisition of Haines Watts offices in Leeds, Manchester and Newcastle.

“A key aspect of our strategy is in attracting senior talent like Vanessa who will bring a new dimension to our business.”


HSBC targets senior bankers in cost-cutting plan (Financial Times)

China steps up checks of wealth management products after $149bn outflow (Bloomberg)

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Ukrainian patriotism and profits spur boom in war bonds (Reuters)

Did You See?

What are we to make of the news the Financial Conduct Authority is to review consolidation in the advice market? asks Nic Cicutti.

The regulator has written to advice and investment firm bosses noting an increase in the acquisition of firms or their assets over the past two years.

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It warned that, while industry consolidation can provide benefits, various types of harm can occur where this is not done in a ‘prudent manner’.

However, Cicutti says, the FCA stepping in now “seems a spectacular example of shutting the stable door after multiple horses have bolted”.

“I think it’s a case of too little too late,” he added.

Read Cicutti’s full article here.

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CISI appoints Neil Atkinson as board member

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CISI appoints Neil Atkinson as board member

The Chartered Institute for Securities & Investment (CISI) has appointed Neil Atkinson as a new member of its board.

The board of directors is comprised of representatives who are typically drawn from the financial services sector and meet four to five times a year.

Atkinson is Euroclear managing director (MD) and global client executive. Prior to that he was HSBC MD, global head, platform solutions.

He has over 30 years financial services experience and specialises in capital markets, post trade, financial market infrastructure and clearing and settlement.

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Atkinson is a CISI chartered fellow, member of the CISI membership and international committees, and has received a Leader Coach Accreditation from the Association for Coaching.

CISI chair Michael Cole-Fontayn said: “We are delighted to welcome Neil to the CISI board of directors.

“We look forward to his support and leadership as we continue to grow our global membership, promoting lifelong learning, qualifications, standards, trust and the importance of professionalism.”

In July 2024, the CISI announced it is working with The Institute and Faculty of Actuaries (IFoA) to support actuaries in their understanding of ethical issues when deploying artificial intelligence (AI).

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This means the IFoA’s 32,000+ members can now study for the CISI certificate in ethical AI.

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I tried the new McDonald’s Halloween menu before anyone else – fans of the Toffee Latte are in for a treat

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I tried the new McDonald’s Halloween menu before anyone else - fans of the Toffee Latte are in for a treat

MCDONALD’S is switching up its menu just in time for Halloween, including adding two never-before-seen hot drinks.

The home of the Big Mac is also known for its extensive drinks menu, which includes a range of shakes, coffees and frappes.

The menu will feature three new items and several returning fan favourites

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The menu will feature three new items and several returning fan favourites

The fast-food chain frequently treats fans to a number of limited edition drinks, including the brand-new Twix Latte which was launched last month.

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Now, the home of the Golden Arches is adding two more hot drinks for Halloween.

A new Toasted Marshmallow Latte and Toasted Marshmallow Hot Chocolate will be available from October 16.

Meanwhile, fans of the popular Mozzarella Dippers will be excited brand-new Cheese Bites will be coming to a restaurant near you on the same day.

One popular breakfast item has also been given an upgrade this autumn.

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The iconic McDonald’s Hash Brown will be available in a new Mini size with the same crispy exterior and soft fluffy interior we all know and love.

I got an exclusive invite to try three of the new menu items before anyone else ahead of their public debut next week.

I’ve always been a fan of a coffee in the morning, so I was keen to give the new Toasted Marshmallow Latte a taste.

The coffee is strong but the toasted marshmallow flavoured syrup and dusting satisfy any sweet tooth.

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It’s very similar to the popular Toffee Latte but has been given an autumnal twist.

It’s the perfect drink for a cold winter’s morning and I’m sure commuters will be queuing to grab one before they head into the office.

The whipped cream on top felt indulgent at first, but it melted quickly into the warm coffee, giving it a surprisingly smooth texture.

I’d give it a 4 out of 5.

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Those who don’t like coffee are also covered as the fast-food giant has launched a Toasted Marshmallow Hot Chocolate, which has the same marshmallow syrup and flavoured dusting.

When I take a sip my mouth is filled with the rich chocolate, which is sickly sweet.

Fans of a Starbucks Classic or White Hot Chocolate will love it but I found it overpoweringly sugary.

Overall I’d score it a 3.5 out of 5.

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What’s joining the McDonald’s menu?

The Halloween menu items are:

  • Cheese Side – £2.49
  • Cheese Side Sharebox – £6.79
  • Toasted Marshmallow Latte – £2.59
  • Toasted Marshmallow Hot Chocolate (Only available in Large) – £2.19
  • McCrispy® Deluxe – £5.99
  • McCrispy® Deluxe Medium Meal – £7.79
  • Halloween M&M’s® McFlurry® – £2.19
  • Halloween M&M’s® McFlurry® Mini – £1.59
  • Galaxy® Caramel McFlurry® – £2.19
  • Galaxy® Caramel McFlurry® Mini – £1.59
  • Toffee Apple Pie – £1.99
  • Mini Hash Browns Single Portion – £1.49
  • Mini Hash Browns Sharebox – £2.99

The Toasted Marshmallow Latte costs £2.59 while the Toasted Marshmallow Hot Chocolate is only £2.19.

Fans of the Toffee Latte will love the new Toasted Marshmallow Latte

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Fans of the Toffee Latte will love the new Toasted Marshmallow Latte

I’m a big fan of McDonald’s Cheese Melt Dippers, so I had high hopes for the brand-new Cheese Bites.

And I’m pleased to say I was not disappointed.

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The mozzarella and emmental flavours hit my taste buds as soon as I bit into one of the bite-sized pieces.

Meanwhile, the smoky caramelised onion flavoured breadcrumb coating added a sophisticated flavour to what is otherwise, essentially, a lump of cheese.

The Cheese Bites have a strong mozzarella and Emmental flavour

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The Cheese Bites have a strong mozzarella and Emmental flavour

The Cheese Bites come with a BBQ Dip, but I don’t think they needed it as they packed a serious punch on their own.

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I’d rate them a solid 4.5 out of 5.

They come in portions of five for £2.49 or a sharebox of fifteen for £6.79.

Last up were the new Mini Hash Browns.

I have always been a sucker for a Hash Brown, so I was keen to give the new Mini version a try – and they did not disappoint.

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The outside is extra golden and crunchy, as you would hope with any good Hash Brown.

But because they’re smaller than the original there is more batter, which makes them extra crunchy.

Inside the potato is still soft and fluffy while melting in the mouth.

I’d say they are better than the original Hash Brown and would give them a score of 4.5 out of 5.

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Unlike the Cheese Bites, the Hash Browns do not come with sauce – but I think they are much tastier when dipped in tomato ketchup or brown sauce.

I definitely think it’s worth getting a dip to go.

Maccies fans can pick up five for £1.49 or a sharebox of 15 for £2.99.

Does McDonald’s often change its menu?

It is not unusual for McDonald’s to make changes to its menu across its 1,400 stores.

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Just last week the fast-food chain confirmed that it was bringing back the much-loved McRib burger which had not been seen in the UK for nearly ten years.

Meanwhile, last month saw the return of McDonald’s popular Monopoly game.

To celebrate the launch it added six new items to its menu, including the never-before-seen Twix Latte.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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GPE reports spate of lettings in positive trading update

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GPE reports spate of lettings in positive trading update

The company’s rent roll now stands at £109.6m, up 2% since the start of April.

The post GPE reports spate of lettings in positive trading update appeared first on Property Week.

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Eight big changes to workers rights including maternity and sick pay – what the shake up means for you

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Eight big changes to workers rights including maternity and sick pay - what the shake up means for you

MILLIONS of workers are set to receive enhanced sick pay, maternity benefits, and stronger job protections under new Labour proposals.

The Employment Rights Bill, unveiled this morning, will grant sick pay from the very first day of illness.

Business Secretary Jonathan Reynolds said the Employment Rights Bill will elevate the baseline of employment rights and improve living standards nationwide

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Business Secretary Jonathan Reynolds said the Employment Rights Bill will elevate the baseline of employment rights and improve living standards nationwide

Pregnant women and new mothers will also benefit from stronger protections when returning to work.

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Zero hour contracts and fire and rehire practices, long deemed exploitative, are also set to be abolished.

Business Secretary Jonathan Reynolds said the Employment Rights Bill will elevate the baseline of employment rights and improve living standards nationwide.

In a statement this morning, he said: “This is a pro-worker, pro-business plan.

“The government will tackle head-on the issues within the UK labour market that are holding Britain back.

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“The Plan to Make Work Pay sets out a vision for modern and fair employment protections that will set the country up for the future.”

Details of many policies in the Bill will now go through a consultation process.

The government added that it expects the new rules to come into force in 2026.

Shadow Chancellor Rachel Reeves vows action on minimum wage at Labour conference

For now, we’ve outlined exactly what’s on the table and what it means for you.

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Parental and bereavement leave

Currently, only individuals legally classified as employees are eligible for paternity leave.

To qualify, one must have been continuously employed by their employer for at least 26 weeks leading up to any day in the “qualifying week,” the 15th week before the baby’s due date.

This means those classified as workers are not entitled to paternity leave and must use their annual leave to take time off.

The Employment Rights Bill aims to change this by introducing day-one entitlement to paternity leave and unpaid parental leave.

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It will also improve maternity protections for expecting and new mothers.

This includes protection from dismissal whilst pregnant, on maternity leave and within six months of returning to work.   

Plus, the Bill will also establish a statutory entitlement to bereavement leave.

At the moment, there is no legal right to paid time off for bereavement in the UK, but employers can offer it voluntarily.

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Flexible working

Flexible working is a way of working that suits an employee’s needs, for example having flexible start and finish times, or working from home.

Currently, all employees have the legal right to request flexible working. 

An employer can refuse an application if they have a good business reason for doing so.

However, the Employment Rights Bill will give employees the right to flexible working as default.

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The move is said to increase the likelihood of a request for flexible working arrangements to be granted.

However, if an employer can prove this work pattern is “unreasonable” they might still be able to deny it.

At the moment, it’s not clear how these reasons will be interpreted.

Sick pay

Under current statutory sick pay rules, only those earning an average of over £123 a week are eligible.

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Those who qualify receive £116.75 per week if they are too ill to work.

Your employer pays this amount for up to 28 weeks, with payments starting after the first three days of leave.

However, the Employment Rights Bill proposes eliminating the earnings threshold to qualify.

It will also ditch the three-day waiting period before workers begin receiving payments.

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THE SUN SAYS

LABOUR’S new workers’ rights reforms are focused on the wrong thing…

Euan Blair made a fortune and created hundreds of jobs by ingeniously exploiting one of his own dad Tony’s biggest ­mistakes. His insight is worth reading.

He seemingly realised the ex-PM’s zeal to get half our school pupils to university was folly.

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Because even a top-flight degree doesn’t guarantee them a job, let alone a lucrative and fulfilling career.

Euan’s hugely successful start-up matches young talents with apprenticeships at big employers without the need for three expensive and sometimes pointless years at uni.

And when he now says Labour’s new workers’ rights reforms are focused on the wrong thing, he’s hit the nail on the head again.

Angela Rayner may think it’s vital to let more people work from home, do a four-day week or ban the boss from calling after 6pm.

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None of that will matter a jot if the tsunami of AI sweeps away their job and millions more.

This Government, Euan says, is in danger of “fixing the problems of yesterday” while losing sight of tomorrow’s.

The future, he says, rests on reskilling workers for the looming tech revolution.

You can read about it here. We hope they do so in No10 too — and take notice.

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Unfair dismissal 

Dismissal is when your employer ends your employment – they do not always have to give you notice.

If you have been with the company for at least two years, you have the right to receive a written explanation, which should be in the form of a letter or email.

The law states that it is always unfair if you are dismissed for an “automatically unfair” reason.

You can also challenge your employer if they dismiss you for a discriminatory reason.

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If you were dismissed for a different reason and have worked for your employer for less than two years, you do not have the right to challenge it.

However, the Employment Rights Bill promises day one protection from unfair dismissal.

According to officials, around nine million workers who have been with their employer for less than two years will benefit from this change.

Probation periods

A probation period is a designated timeframe at the start of an individual’s employment, during which they can be dismissed with little or no notice if deemed unsuitable for the role.

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Currently, there are no specific rules on the duration of these periods, which typically range from three to six months in the UK.

However, the Employment Rights Bill proposes introducing a statutory probation period for new hires, with the government consulting on a nine-month duration.

The government asserts that this will allow for a thorough assessment of an employee’s suitability for a role while reassuring employees that they have rights from day one.

It suggests this initiative will enable businesses to take chances on new hires and give more people the confidence to re-enter the job market or change careers, ultimately improving their living standards.

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Zero hour contracts

A zero hour contract, also known as a casual contract, is an employment agreement where the employer does not guarantee a minimum number of working hours for the employee.

At the same time, the employee is not obliged to accept any work offered.

The Employment Rights Bill promises to ditch zero hour contracts in their current form.

This legislation will provide casual workers the right to a guaranteed hours contract if they have worked regular hours over a defined period, thereby offering greater earnings security.

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However, the government has confirmed that individuals who prefer to remain on zero hour contracts will still have the option to do so.

Fire and rehire

Fire and rehire, also known as dismissal and re-engagement, is a practice where an employer sacks employees and rehires them on different, often less favourable, terms and conditions. 

This approach is typically employed when employers seek to implement changes to employment contracts that employees might not voluntarily accept.

Currently, fire and rehire is not outright illegal in the UK.

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However, the Employment Rights Bill will ban the practice in all but extreme circumstances.

Minimum wage

Currently, there are two different minimum wage rates that all workers across the UK are entitled to: the National Minimum Wage and the National Living Wage.

The National Minimum Wage (NMW) is the minimum pay per hour for workers who have left school.

Right now, 18 to 20-year-olds must earn at least £8.60 an hour.

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Meanwhile, the National Living Wage is the minimum wage for those over 21, and is slightly higher.

It was previously only available to those over 23, but this was adjusted to 21 and over in November 2023.

It’s currently worth £11.44 an hour.

Young workers aged 18 to 20 are expected to see a substantial increase in their statutory rate as the Employment Rights Bill will direct the Low Pay Commission to remove all age bands that set lower minimum wages for younger staff.

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When was the minimum wage introduced?

THE first National Minimum Wage was put in place in 1998 by the Labour government.

It originally applied to workers aged 22 and over, and there was a separate rate for those aged 18-21.

A separate rate for 16-17-year-olds was introduced in 2004, and in 2010, 21-year-olds became eligible for the adult rate of the National Minimum Wage.

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The rate is set by the Government each year based on recommendations by the Low Pay Commission (LPC).

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Brookfield trumps SEGRO with £557m agreed takeover of Tritax Eurobox

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Brookfield trumps SEGRO with £557m agreed takeover of Tritax Eurobox

The offer represents a 28% premium over the market price of Tritax EuroBox shares at the end of May.

The post Brookfield trumps SEGRO with £557m agreed takeover of Tritax Eurobox appeared first on Property Week.

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Nando’s launches never-seen-before spice flavour based on a famous fizzy drink

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Nando's launches never-seen-before spice flavour based on a famous fizzy drink

NANDO’S has just unleashed a never-before-seen spice flavour, inspired by a popular fizzy drink.

The chicken chain is set to launch a new spice combining their PERi-PERi with Fanta Orange Zero Sugar.

Nando's is launching a weird new flavour based on a popular fizzy drink

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Nando’s is launching a weird new flavour based on a popular fizzy drink
The exclusive new flavour will be available at all UK stores

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The exclusive new flavour will be available at all UK stores

Launching in time for spooky season, the Nando’s x Fanta collab sits on the PERi-ometer between Mild and Medium.

This is the first new spice flavour Nando’s has launched in two years.

The zesty, fruity flavour comes with just a hint of chilli, perfect for anyone who loves a fizzy kick with their wings.

The new menu, including the Fanta spice, lands in restaurants on Tuesday, October 15 and will be available at all locations across the UK and Ireland.

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You can find your nearest restaurant using the locator tool on the chain’s website.

The unique flavour will be on the menu until spring so fans have a while to give it a go.

This flavour sensation is the centrepiece of Nando’s Halloween menu.

The chain is also launching a series of in-restaurant parties, giveaways, and experiences to embrace the spooky vibes.

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NEW MENU TREATS

The Fanta spice is not the only addition hitting chains this Halloween.

Nando’s is also introducing several brand-new menu items.

For starters, there’s the Cheesy Garlic Pitta, inspired by a staff hack.

The ‘best Nando’s’ that has views of the tallest tower in the world

It features a toasted sourdough pitta, loaded with melted cheddar cheese, garlic, spring onions, and a touch of PERi-PERi.

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Next up is the Cheesy Chickle Burger, which includes a grilled chicken breast, smothered in melted cheddar cheese, PERi-Ketchup, and Garlic PERinaise.

It’s topped with crisp lettuce and herby pickles, all packed into a soft Portuguese roll.

For sharing (or not), Nando’s is rolling out the All-in Platter for Two, while a new dip, the Churrasco PERinaise, brings even more heat to the table.

New Menu items

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Here’s a list of all the menu items set to hit Nando’s this spooky season:

Nando’s x Fanta Spice – A sweet and tangy orange flavour with a hint of PERi-PERi, available on the PERi-ometer between Mild and Medium.

5 Nando’s x Fanta Wings – Chicken wings flavoured with the new Nando’s x Fanta spice.

Priced at £7.25/ £12.95 two regular sides

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Cheesy Garlic Pitta – A toasted sourdough pitta stuffed with melted cheddar cheese, garlic, spring onions, and a hint of PERi-PERi, served with red pepper chutney.

Priced at £4.75.

Cheesy Chickle Burger – Grilled chicken breast with melted cheddar cheese, PERi-Ketchup, Garlic PERinaise, lettuce, and herby pickles in a soft Portuguese roll.

Priced at £9.25 on its own/ £14.95 for two regular sides

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All-in Platter for Two – A new sharing platter with a selection of Nando’s favourites.

Priced at £33.75

Churrasco PERinaise Dip Pot – A new dip combining PERinaise with Churrasco sauce for extra flavour.

Priced at £1

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Nando’s isn’t the only place spicing things up this spooky season.

The Sun can reveal that McDonalds will also be launching a new menu in time for Halloween.

The fast food giant will be adding three new items next week as well as upgrading a breakfast favourite and its popular Hash browns.

Meanwhile, it’s no surprise Brits love a cheeky Nando’s, but one man loves it so much he flew 690 miles for less than three hours just to get his Nando’s fix.

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Elsewhere, fans have hit out at the chicken chain over a cheeky price hike after prices shot up by a third in three years, yet portions only seem to be shrinking.

How to save money on your takeaway

TAKEAWAYS taste great but they can hit you hard on your wallet. Here are some tips on how to save on your delivery:

Cashback websites– TopCashback and Quidco will pay you to order your takeaway through them. They’re paid by retailers for every click that comes to their website from the cashback site, which eventually trickles down to you. So you’ll get cashback on orders placed through them.

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Discount codes – Check sites like VoucherCodes for any discount codes you can use to get money off your order.

Buy it from the shops – Okay, it might not taste exactly the same but you’ll save the most money by picking up your favourite dish from your local supermarket.

Student discounts – If you’re in full-time education or a member of the National Students Union then you may be able to get a discount of up to 15 per cent off the bill. It’s always worth asking before you place your order.

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