In this episode of the Weekend Essay podcast, Lois Vallely recounts her experience with a recent email hack and discusses the growing prevalence of phishing scams. She highlights the vulnerabilities financial firms face and shares practical advice on protecting sensitive information better. Join Lois as she emphasizes the importance of being aware of cyber risks and adopting proactive measures to ensure cybersecurity in both personal and professional settings. Listen now:

As Labour reaches 100 days in government we take stock of how Sir Keir Starmer and his team have performed. Host Lucy Fisher is joined by Political Fix regulars Robert Shrimsley, Miranda Green and Jim Pickard to assess Labour’s stumbles – as well as its achievements – as the party gets to grips with power. The panel also examines what made it into Labour’s flagship workers’ rights legislation – finally published this week. Plus, after the surprise elimination of moderate candidate James Cleverly from the Tory leadership race, how is the final stretch of the contest shaping up between rightwingers Kemi Badenoch and Robert Jenrick?

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UK ministers fire starting gun on landmark worker rights reform

Robert Jenrick vs Kemi Badenoch: meet the next Conservative leader

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This Tory leadership ballot suits nobody, only perhaps Keir Starmer

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Presented by Lucy Fisher. Produced by Clare Williamson with Mischa Frankl-Duval. The executive producer is Manuela Saragosa. Audio mix and original music by Breen Turner. Andrew Giorgiades and Rod Fitzgerald were the studio engineers.

The FT’s head of audio is Cheryl Brumley.

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A WOMAN has revealed how she landed a huge £1 million jackpot – only to be told she couldn’t claim it due to a little-known Lotto rule.

Terri Picton-Clark, 72, said she and husband John, 72, decided to pick up a Lucky Dip ticket while they were on their way to browse a hardware shop.

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The grandmother, who works at an equine therapy centre, said:  “On our way to our kitchen appointment, we stopped off to get some petrol and John bought a Lottery ticket – he always buys a Lucky Dip.

“He said to me, ‘you never know, we might win the Lottery’, to which I replied ‘Oh, you always say that!’.”

The following Monday, John returned to the garage shop to check his winnings – but was confused by the cashier’s response.

The employee purportedly said: “You are going to have to call Camelot, you’ve won too much money.”

For small lottery prizes, winners can normally claim their earnings from the shop where they bought the ticket.

At the time of Terri and John’s win, larger prizes – between £500 and £50,000 – needed to be claimed at participating Post Office branches, though these now have to be claimed online.

Because of this rule, Terri quickly twigged that the couple may have landed a huge prize – but little did she know quite how big.

Recalling John’s phone conversation with the lottery operator, she said: “I was working on a Zoom call when John came in waving the ticket about, and I mouthed to him ‘what are you doing?’ but continued the call, ignoring him.

“We were thinking it was around £50,000, but when Camelot confirmed it was £1 million, John was very calm as usual and I was the one jumping up and down!”

Despite the confusing rule delaying the couple claiming their prize, they were delighted with the result.

Terri said: “John gave the shop assistant at the garage who sold him the ticket £100 and said to her, ‘make sure you don’t do anything sensible with the money’.”

The pair then enjoyed a few bottles of champagne, with Terri joking: “John didn’t get up until 3pm the next day!”

They have since used some of the money to support family and friends.

The horse lover and amateur ballroom dancer said: “We’ve helped friends who are home-schooling their children.

“We bought another laptop for them to make things a little easier and we also bought one for my grandchild to help my son.

“To be able to tell friends who have always been there for you that you can help them feels amazing.”

The couple also shared that they were thinking of either a trip to Antarctica or a skiing holiday with the grandkids.

Terri said: “I would love to go again, if I can still do it! John has never been on a winter holiday.”

John and Terri first met 25 years ago while working together, but their relationship didn’t work out with Terri describing John as “the one that got away”.

However, shortly after the huge Beast from the East storm, the estranged lovers reunited.

Terri continued: “I came home from a really dreadful date and wondered if that was all there was out there for me.

“I went back on the dating site for one last look and came across John who was stranded in the same area due to the blizzard.

“I thought to myself, ‘I know him’, so I messaged him and asked if he remembered me.

“He replied and said, ‘Of course I remember you and you’re looking even better than you did all those years ago!’

“We met up that weekend and the rest is history.”

Terri won five ballroom and two Latin titles during her amateur dancing career.

What are my chances of winning the lottery?

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EVERYONE wants to know how to beat the odds and win the lottery.

But unfortunately, the lottery is a game of luck and there are no tips or tricks that can guarantee you’ll take home a top prize.

The odds show how likely you are to win any particular prize – the lower the number, the better the odds.

For example, odds of 1 in 10 are better than odds of 1 in 100 or 1 in 1,000.

There are several major lottery games in the UK including Lotto by the National Lottery, Camelot’s EuroMillions and Thunderball.

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Chances of winning the Lotto

Lotto by the National Lottery is a game where you pick six numbers from 1 to 59. You can play up to seven lines of numbers on each slip.

The game costs £2 to play per slip.

The odds of winning any prize on the Lotto are 1 in 9.3.

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But to win the jackpot on the Lotto, the odds are considerably slimmer.

To bag the top prize, you need to have six matching balls. The odds of doing this and scooping the jackpot are currently 1 in 45,057,474.

The next highest prize of £1,000,000 is for getting five main matching balls plus the bonus ball.

The odds of taking home the million pound prize are 1 in 7,509,579 – far higher than the jackpot, but still unlikely.

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The odds of taking home £1,750 for getting five main numbers without the bonus ball are 1 in 2,180, while you have a 1 in 97 chance of bagging £140 for getting four main numbers.

Your chances of taking home £30 for getting 3 main numbers are much better at 1 in 97.

And you have a roughly 1 in 10 chance of getting a free lucky dip for 2 matching numbers.

Chances of winning the EuroMillions

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The EuroMillions costs £2.50 to play and is open on Tuesdays and Fridays.

To play, you must pick five numbers from 1-50 and two “Lucky Stars” from 1-12. Players with the most matching numbers win the top prizes.

Your chance of bagging the EuroMillions jackpot is even slimmer than winning the top Lotto prize.

This is because it generally has higher jackpots on offer, meaning it attracts more attention.

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Currently, the odds of matching five numbers and two lucky stars – the top win – stand at 1 in 139,838,160.

The average jackpot prize is £57,923,499, according to EuroMillions.

The odds of winning the second top prize for matching 5 balls and a lucky star, which is typically around £262,346, are 1 in 6,991,908.

The chances of taking home the third prize for five matching balls, with an average payout of £26,277, are 1 in 3,107,515.

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For four matching balls with two lucky stars, it’s 1 in 621,503, and for four balls with one lucky star, it’s 1 in 31,076. These come with an average prize of £1,489 and £95, respectively.

Chances of winning the Thunderball

Thunderball is another game run by National Lottery where you pick five numbers and one “Thunderball”. It costs just £1 to play and you can enter up to four times a week.

The jackpot of £500,000 for matching five balls plus the Thunderball is 1 in 8,060,598.

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Your odds of bagging the next highest prize of £5,000 for matching five balls is currently 1 in 620,046, while the chances of winning £250 for four balls plus the Thunderball is 1 in 47,416.

You have the best chance of winning £3 for matching the Thunderball, with odds of 1 in 29.

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The costs of a private school education are due to increase from next year when VAT becomes chargeable on fees.

From January 1, a 20 per cent VAT rate will be levied on private schools, including boarding services.

The government believes the move is “tough but necessary” and will help secure additional funding for improving state school provision. About 6 per cent of schoolchildren in the UK are educated in the private sector.

Some private schools may choose not to pass on the full brunt of the VAT bill. But parents who cannot absorb further fee increases may have to consider alternative options. Other schools have warned they would not have the cash reserves to shoulder the VAT burden.

Data suggests state schools nationally have enough capacity to absorb pupils leaving the private system. However, experts warn that in some locations there is likely to be heavy competition for in-demand schools.

Are you worried about your ability to pay VAT on fees? Have you taken action to mitigate the problem? Has your child’s school done enough, in your view, to help parents facing a financial crunch? The FT would like to hear your experiences. Please contact us in confidence at laura.hughes@ft.com.

With the current pension landscape changing significantly in line with increases in life expectancy in the UK, planning for a sustainable retirement income is of utmost importance. The State Pension (Tier 1) presents fiscal challenges for the UK government so as longevity increases, the eligible age also increases. In an attempt to alleviate financial difficulties in later life, here are some useful tips to consider when planning retirement income in workplace pensions (Tier 2) and private/personal pensions (Tier 3).

Tier 2 – Workplace pensions

These schemes offer the dual benefit of employer contribution and tax relief to pension contributions. For individuals automatically enrolled into a workplace pension, the minimum contribution from employers is 3% and 5% for employees (8% minimum total contribution) for the 24/25 tax year.

Drawing from your workplace pension

The benefit of joining a Defined Benefit (DB) pension scheme is that it offers an indexed link, and guaranteed pension income for life. The normal retirement age to access pension income is usually set at 60 – 65 but depending on the rules of the scheme, you might be able to access your pension from age 55. DB schemes generally offer better income levels with no investment risk to individuals. In the event of employer insolvency, the Pension Protection Fund (PPF) ensures that members receive a portion of their benefits.

Access to Direct Contribution (DC) pension pots is usually through income/pension drawdown. With investments in this scheme linked to the stock market, there is the risk that funds may increase or decrease in value. Access to pension pots in this scheme is set to a minimum age of 55. However, you may be able to draw your pension early based on the rules of the scheme or if you are retiring early due to ill-health. Pension scheme payments that are made earlier than the minimum age may attract tax charges of up to 55%

Tier 3 – Private/Personal pensions

Personal pensions – these represent a DC scheme where individuals are able to make regular payments or lump sum payments to a chosen pension provider who will invest the money on their behalf. The amount paid into this scheme will help to determine the size of your pension pot but such investments are susceptible to market risks and usually attract administration charges by the pension provider. Contributions made to private pensions benefit from tax relief of 20%, which makes them a good savings option.

Self-Invested Personal Pensions (SIPP)– SIPPS provides a tax-efficient savings account which offers individuals flexible ways in which to invest their own savings based on their risk tolerance. Money can also be paid in as a lump sum or on a regular basis and tax reliefs of 20% (basic rate taxpayer), 40% (higher rate taxpayer) or 45% (additional rate taxpayer) are applied on SIPPs contributions for those under the age of 75 and are UK residents. SIPPs are also accessible to non-tax payers and offers a tax relief of 20%. Tax reliefs for SIPPs are capped at £60,000 for the 24/25 tax year, with any pension payments above that limit subjected to a higher rate of income tax. Unlike personal pensions, SIPPS provide greater choice and control over the ways in which funds are invested. Investment choices include shares, bonds, exchange-traded funds and unit trusts. The variety of options available with SIPPs indicate the potential for a higher level of return on investments, which also increases the risk of the investment.

Drawing your private pension

The age at which these pensions can be taken is usually at age 55 (although this is expected to rise to 57 by 2028). Lump sum payments can be taken but only 25% of this amount will be tax free. A useful option would be purchase an annuity, which is a life policy that converts money from a pension fund into a guaranteed income for a fixed duration or until death.

Other option

Lifetime ISA (LISA) offers an attractive retirement savings option for individuals between the ages of 18 and 40, and can be used to complement existing pension savings. It currently allows savings of up to £4,000 per year with the added benefit of a government bonus of 25% (up to £1,000 per year). For example £250 on contributions of £1000. It must be noted however that the £4,000 LISA limit is included in your annual Individual Savings Accounts (ISAs) limit of £20,000 for the 24/25 tax year.

Iran has urged oil-rich Gulf states to remain “neutral” after Tehran fired a barrage of missiles at Israel last week, as it pursues a diplomatic drive in the region amid fears that the Middle East is sliding to all-out war.

The Islamic republic has cautioned its Arab neighbours, who worry about getting caught in the crossfire, not to “facilitate” an Israeli response such as allowing Israel’s war planes to use their airspace, said an Iranian official.

A flurry of regional diplomacy came after Prime Minister Benjamin Netanyahu’s government vowed a “deadly” response to Iran’s ballistic missile attack and intensified its offensive against Hizbollah in Lebanon.

But Riyadh and Abu Dhabi in particular worry that if Iran feels it is under grave threat, it could lash out at them, potentially striking their oil infrastructure if Israel targets the republic’s energy facilities.

“The Iranians could threaten to hit the Saudi oil infrastructure, so that is a concern. The kingdom doesn’t want an escalation, but it is prepared for that eventuality,” said Ali Shihabi, a Saudi commentator close to the royal court.

Iran was seeking to maintain a fragile rapprochement with arch-rivals such as Saudi Arabia and the United Arab Emirates, delivering the message that they should discuss their “differences” and “misunderstandings” to resolve regional issues, said Arab and Iranian officials.

“It’s a tricky situation for Saudi Arabia, and the Iranians know that. There’s a balance between Israel degrading Hizbollah and Iran, and things getting out of control,” Shihabi said.

Both Iran and Gulf states are keen to keep diplomatic channels open as the regional crisis intensifies. Saudi Crown Prince Mohammed bin Salman this week held talks with Iran’s foreign minister Abbas Araghchi, who made a rare trip to Riyadh to discuss the “latest regional developments”, the Saudi state news agency said.

Araghchi then flew to Qatar, which has good relations with Tehran, while also hosting the US’s biggest military base in the Middle East.

Last week the Iranian diplomat held talks with Gulf foreign ministers on the sidelines of a meeting of the six-member Gulf Cooperation Council in Doha — the first time in years that such talks had taken place at a GCC gathering. Two Arab officials described the meeting as “conciliatory” and “co-operative”.

The Iranian official said Tehran had not threatened Gulf states. But he said the message was twofold: “persuading them to help them bring a ceasefire in the region, and warning them that if Israel attacks Iran they should not in any way facilitate that attack”.

Saudi Arabia and the UAE have for several years sought to calm their long-running acrimony with Iran. But they still view the Islamic regime as a malign actor in the region and are wary of the threat it poses.

In 2019 — as the Gulf powerhouses backed former US president Donald Trump’s maximum pressure campaign against the Islamic republic — Iran was blamed for a missile and drone assault that temporarily knocked out half of Saudi Arabia’s oil output, as well as the sabotage attacks on two tankers in the Gulf.

But Saudi Arabia restored diplomatic relations in March 2023, establishing a cold peace between the two adversaries. It has also been seeking to extract itself from its conflict with the Iranian-backed Houthis in Yemen, a major point of friction.

Both Riyadh and Abu Dhabi have sought to remain on the sidelines of the wave of regional hostilities that erupted after Hamas’s October 7, 2023 attack on Israel. They have pressed for a ceasefire, while joining other Muslim states in condemning Israel’s conduct of its war.

Since the Hamas attack triggered war with Israel, the UAE has cautioned Washington that it did not want any US assets in the Gulf state to be used against Iranian targets.

That reflected concern in Abu Dhabi about the degree to which the US would commit to defend the UAE from any subsequent counterstrike from Iran or the Houthis.

For similar reasons, neither the UAE nor Saudi Arabia joined a US-led maritime task force that has attempted to counter Houthi attacks on shipping in the Red Sea.

“As long as the Americans are hedging on their security commitments to the region, the region will have to hedge to protect itself,” said a person familiar with the UAE’s thinking.

Riyadh did, however, provide assistance to the US as American forces and their allies intercepted missiles that Iran fired at Israel in April, western diplomats said. It is not clear what that entailed.

“They are caught between the two regional bullies, Israel and Iran, with neither appealing to their visions of the region,” said Sanam Vakil, director of the Middle East and North Africa programme at Chatham House.

Israel’s relentless pounding of Hizbollah — Iran’s most powerful proxy — has exemplified the bind in which the two states find themselves, she added.

Saudi Arabia and the UAE have long considered Hizbollah a “terrorist” organisation. They see it as a destabilising force, not just in Lebanon but across the region, and it serves their interests to see the group weakened.

They accuse the militant movement of training and supporting the Houthis — who in the past have fired missiles and drones at Saudi Arabia and the UAE — and stoking instability among Shia populations in their countries.

The Gulf states and Hizbollah were also on opposing sides in Syria’s civil war, with the former backing Sunni rebels and the latter fighting alongside Iranian and Russian forces in support of President Bashar al-Assad’s regime.

In 2017, Riyadh warned it would treat Lebanon — which historically received billions of dollars in Gulf aid — as a hostile state as long as Hizbollah remained in its government.

The Saudis and Emiratis have for years fretted about the Shia group’s dominance over Lebanese politics at the expense of the Sunni parties they traditionally backed, reducing Riyadh’s political influence in Beirut.

But the concern in Riyadh and Abu Dhabi is the destabilising impact of Israel’s expanding offensive.

“There is no love lost between Hizbollah and Saudi, but Lebanon is a sovereign state and this is a very dangerous precedent that the Israelis are setting. They are making it complicated for everybody,” a Saudi official said.

The official said Israel’s actions in the Palestinian territories and Lebanon “have created a growing sense of anger [in the Arab world]”.

“So the question is can anyone take the political step of making a compromise? At the moment it is down to Israel.”

Abdulkhaleq Abdulla, an Emirati politics professor, said the Gulf also worried about emboldening Netanyahu and his far-right allies in Israel.

“We benefit from [Israel] weakening Iran and its proxies but we see the cost of emboldening Netanyahu,” he said “We’re entrapped in this . . . We have two devils. One is just as bad as the other.”