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One missing and five rescued after boat capsizes

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One missing and five rescued after boat capsizes
BBC crews search for the missing person BBC

Crews from Surrey Fire and Rescue, Surrey Police and the coastguard are at the scene

A man in his 60s is missing after five people were rescued when a rowing boat capsized on the river at Walton-on-Thames.

Crews from Surrey Fire and Rescue Service and the police attended the scene at Sunbury Lock, near Wheatleys Eyot, at about 08:51 BST on Friday.

Rescue teams appealed for members of the public to avoid the area while the search continued.

“Our crews are on site, working with the coastguard, Surrey Police and other agencies. Five individuals were rescued, and work is ongoing to locate a sixth,” a fire service spokesperson said.

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Adrian Harms/BBC Emergency vehicles and workers are seen standing in a car park in front of a wooden building. Some are wearing hi-viz clothing and others in plain dark clothes.Adrian Harms/BBC

Rescue teams have asked members of the public to avoid the area

Three of the five people rescued were taken to hospital for further checks, an ambulance service spokesperson said.

Surrey Police confirmed that of the six adults who had entered the water, “five of those people have since been accounted for”.

“Sadly, we believe a man in his 60s may still be in the river,” the force said in a statement.

“His relatives have been informed and are being kept updated.”

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UGC The river is seen flowing fast in a photograph which looks like it has been taken from a jetty just visible in the foreground. The sky is blue and an island with trees on is seen further down the river.UGC

Police say inquiries to establish the exact circumstances of how the boat capsized are ongoing

‘Very distressing’

Inquiries to establish the full circumstances of what happened are ongoing, they added.

Ch Insp Andy Jenkins said: “This is a very distressing time for all involved and we continue to support our partners in the search for the missing man.

“Our enquires to establish the exact circumstances of how the boat capsized remain underway but at this time we do not believe there to be any suspicious circumstances or third-party involvement.”

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The Ending of ‘We Live in Time’ May Destroy You

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The Ending of 'We Live in Time' May Destroy You

Warning: This post contains spoilers for We Live in Time.

We Live in Time ends like it begins—with one crucial difference. Eggs just collected from the coop are being cracked into glass bowls on their way to becoming breakfast. Only this time, instead of a woman named Almut cooking for her sleeping partner Tobias, it’s Tobias cooking with their daughter, Ella. He teaches the young pupil how to crack the eggs on a flat surface just as Almut, a celebrated chef, taught him during an early date. Another key difference: an adorably scruffy dog stands at their feet. It’s a callback to a conversation the couple had, after learning that Almut’s ovarian cancer had recurred and was incurable, about how dogs can help children heal from loss. 

It’s a poignant bookend that speaks to the ways we keep our loved ones with us even after they’re gone. Almut had been terrified that she’d be forgotten, or that her kid would think of her as nothing more than a dead mom. The scene telegraphs Tobias’ commitment to showing Ella that her mom had a life outside of their world. 

But it’s the penultimate scene that begs further dissection. And it’s one that a lot of people might be about to dissect as We Live in Time begins to play in theaters on Oct. 11: Since the movie’s premiere at the Toronto International Film Festival in September, the A24 weepie from Brooklyn director John Crowley has garnered mostly positive reviews. In a cinematic landscape that has seen movies aimed largely at female audiences racking up box-office wins, and with a beloved and respected leading duo in Florence Pugh and Andrew Garfield, it’s clear that the appetite for a tear-jerking romance has hardly waned in the half century since Ryan O’Neal held Ali MacGraw on her deathbed in Love Story.

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Read more: We Live in Time Asks Too Much of Us

But unlike that iconic film, We Live in Time does not take us to Almut’s death bed. It handles her death metaphorically, clearly alluding to it while keeping her final breaths offscreen and leaving the flatlining monitors to the imagination. It’s hardly novel in doing so—in fact, it harkens back to a long tradition of off-screen expirations, particularly in romantic and family dramas. And, perhaps counterintuitively, this figurative approach ends up being more sob-worthy than its more literal alternative.

We Live in Time
Grace Delaney, Andrew Garfield, and Florence Pugh in We Live in TimeCourtesy of A24

In this scene, Pugh’s Almut, now quite ill, is in Italy for a major European cooking competition when she comes upon an ice skating rink. It’s a made-for-the-movies coincidence: Al had been a competitive skater as a teenager until the death of her skating-enthusiast dad made it too painful to continue. After completing a recipe, she abruptly walks off the competition floor—taking off her chef’s hat like she knows it’s for the last time, because it is, walking up to her family in the stands, moving toward a glowing light that signifies the impending peaceful transition to the other side—we cut to their little family at the rink. She’s demonstrating her skills for the novice Ella (Grace Delaney), as Tobias looks on proudly. Then we see her on the opposite side of the rink. Dad and daughter wave to mom from afar, and she waves back, smiling beatifically. They are saying goodbye. There is a sense of acceptance. No one is sobbing. The scene ends, and we understand in a figurative sense that she is dead.

One one level, this is the stuff of extreme cheese. It left me rolling my eyes even as tears trickled out of them. And yet, on another: thank the lord almighty for sparing us from having to watch Al’s jagged last breath, taken between hollowed-out cheeks and Hollywood’s best not-quite-a-corpse makeup—and having to watch her loved ones watch it happen. We are even spared the immediate aftermath: the coffin being lowered into the earth, the child alone in a corner while well wishers three heads taller schmooze and nosh, the widower donating sweaters to Goodwill.

The movie has, until this point, been rather forthright about the pain of advanced cancer and the treatment that ravages a body in trying to stave off death. Hair loss, nausea, exhaustion, bruising, random bloody noses, the interruption to intimacy. It’s all so awful that Almut considers forgoing treatment altogether so that she can try to really live for six months rather than suffer for 12. It’s about the indignities, too. In one scene, she looks on as another chemo patient nods off to sleep during an infusion, her red wig moving out of place as her head falls toward her shoulder. A nurse comes by and tenderly moves it back into place: the woman doesn’t need to be embarrassed on top of everything else, the nurse knows; her job goes beyond the purely physical.

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But We Live in Time stops short of bearing witness to death. It’s in good company in screenwriter Nick Payne’s choice to opt for metaphorical subtlety, especially when it comes to young moms and cancer. Any millennial pop-culture enthusiast worth their salt sobbed over the ending of Stepmom (1998), when Susan Sarandon’s dying mother insists on taking a family photo that includes the young stepmother (Julia Roberts) she’s given grief to throughout the movie. The two women hold hands as the Nikon flashes, “Ain’t No Mountain High Enough” prompts the viewer to cry and smile simultaneously and the photo fades to black, signifying her death, the family moving on but holding her memory dear. In the 1988 tear duct obliterator Beaches, Barbara Hershey’s Hillary sits in an Adirondack chair in the salty air. She hugs her young daughter then returns to watching a yellow sun sink against a mauve sky. Her BFF C.C. (Bette Midler) smiles in her direction, “The Wind Beneath My Wings” triggers the lacrimal glands, and someone literally rides off into the sunset on a white horse. Cut to black funeral limos. In Spike Lee’s Crooklyn (1994), we see Alfre Woodard’s Carolyn weak in a hospital bed receiving her final farewell kisses from daughter Troy (Zelda Harris) shortly before we see Troy in her PJs, refusing to dress for the funeral.

Other films take the tack of film-it-or-it-didn’t-happen. Terms of Endearment (1983) shows us the death of Debra Winger’s cancer-stricken but still very pretty mother of three: her hand falls limp beside her hospital bed, the camera panning up to the faces of her mother (Shirley MacLaine) and estranged husband (Jeff Daniels), taking in the loss. In 2016’s Other People, Molly Shannon’s matriarch dies 49 seconds into the movie—the screen is black and we can only hear the sounds of her family members, pig-piled on the bed around her, sobbing; we don’t see the moment of her death but the millisecond after. In last year’s Maestro, Bradley Cooper’s Leonard Bernstein embraces Carey Mulligan’s pale, weak, headscarf-wearing Felicia Montealegre as she flutters her eyelids and groans quietly; the camera cuts to the window overlooking the verdant green lawn and the sea. Moments later, he’s running onto that same lawn to embrace his children in their grief.

Maestro
Felicia Montealegre (Carey Mulligan) in a headscarf, back toward the camera, with Leonard Bernstein (Bradley Cooper) and their children shortly before her death in MaestroCourtesy of Netflix

There is no one right way to depict death on screen. Movies are about life, and death is a part of life. If you’ve lost a loved one to cancer or something like it, then the movies are either a perpetual trigger, or inexpensive therapy, or both. If you can’t bring yourself to access that grief without an external prompt, you can knowingly sit yourself down for a film that promises to demagnetize them through sheer will and swooning violins. There is a thin line between gratuitous and tasteful, maudlin and real, and that line is not located in the same place for every viewer. A wet cheek competition between Beaches and Terms of Endearment is bound to be too close to call.

But in the case of We Live in Time, I felt simultaneously spared the retraumatization of reliving painful memories shot for shot, and invited to access those same memories to fill in the movie’s intentional gaps. One might argue the scene lacks the gut-punch of Winger or Shannon or Mulligan fading away before our eyes; it is a PG moment in an R-rated movie. The film has given us sex and childbirth, why stop short of death? 

But for a movie defined by grief and loss, whose trailer promises to lift you up, tear you to shreds, then expel you from the theater a little more wizened to the way life giveth and then taketh away, this channeling of Tara Lipinski at death’s door ultimately works. It continues in the long cornball tradition of “did you ever know that you’re my hero,” of Marvin and Tammy dancing playfully on Ms. Sarandon’s grave. A reprieve without sacrificing a release. The memories get folded into the mundane like eggs into pancake batter. Life goes on. It has to.

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What we learned from the Post Office boss

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What we learned from the Post Office boss
PA Media Post Office chief executive Nick Read arriving to give evidence to the Post Office Horizon IT inquiryPA Media

All eyes were on outgoing Post Office chief executive Nick Read this week as he spent three days in front of the inquiry into the Horizon IT scandal.

Mr Read replaced former boss Paula Vennels in 2019 and was brought in to “right the wrongs of the past”.

Wrongful prosecutions may have stopped, but he still had questions to answer about how much the organisation has really changed when he gave evidence.

Mr Read had taken leave of absence from his day job to prepare for the inquiry.

Unlike the appearance of his predecessor, Paula Vennells, there were no tears. But there were some key revelations.

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Here are five things we learned from his evidence.

Told not to ‘dig into’ the past

It has become clear that, either by accident or design, Mr Read was not made aware of the scale of the challenge facing him at the Post Office.

Between 1999 and 2015, hundreds of sub-postmasters were wrongly prosecuted when faulty Horizon accounting software made it look as though money was missing from branches.

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When Mr Read took the top job in September 2019, the organisation had just lost one High Court judgement to a group of those wrongfully prosecuted sub-postmasters and was about to lose another.

However, there was no reference to the ongoing legal challenges in his job description. The flawed IT system Horizon was not mentioned once.

In fact, the Post Office’s top lawyer reportedly told Mr Read not to “dig into” what had happened in the past.

He was even told there was no “huge PR risk”. He said the organisation was partly in denial, partly in paralysis.

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Regarding the people who came before him, Mr Read told the inquiry that many of the Post Office’s former leaders “appear not to have been held to account”.

Frustrated about his own pay

Mr Read’s leadership has been dogged by controversy about his own remuneration. His former HR director claimed he was “obsessed” with getting a pay rise.

He admitted he had been “frustrated at times”, had repeatedly lobbied for more money, and even took legal and PR advice from friends.

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Mr Read said it never became a distraction, but did apologise for how “poor” it looked given so many victims are still waiting for compensation.

Claims about bullying, misogyny, and pay had come from people who had left under a cloud, he said.

He even alleged, in his written witness statement, that one of those people, former chair Henry Staunton, had fallen asleep in board meetings.

Government using Post Office as a ‘shield’

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New figures released this week show that £363m has already been paid out to former sub-postmasters in financial redress, but many are still waiting.

Before Mr Read began giving his evidence, the inquiry chair emotionally revealed that another victim passed away last week without ever receiving the money she was owed.

The Post Office boss said it was of “deep regret” to him that the process was taking so long. He blamed bureaucracy, not prejudice or penny pinching.

He said it was “astonishing” that it was his organisation managing some of the schemes, given the lack of trust people have in the Post Office.

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Could the government be using the Post Office as a “shield” to remove itself from compensation decisions? “That could be a description, yes,” he admitted.

Getty Images Red Post Office sign, with Bureau de Change on a smaller sign hanging underneath itGetty Images

Staff implicated by the scandal still working

For many sub-postmasters, the continued employment of people who investigated them or were at the Post Office at the height of the scandal is a bone of contention.

Mr Read revealed three employees are still being investigated as part of Project Phoenix. That means they’ve been accused of wrongdoing.

He also admitted a “handful” of investigators were still with the organisation – albeit in different roles now.

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The chief executive wanted to assure the inquiry he would not ignore specific allegations and would ask people to step back from roles if it helped with sub-postmaster confidence.

However, when he was shown meeting notes suggesting ministers were happy for the Post Office to be more robust and not worry about employment tribunals, Mr Read was forced to admit they had struggled to “move people on” from the organisation.

Contract for sub-postmasters is ‘heavy-handed’

“Where has the money gone?” It is one of the many, as yet, unanswered questions in this scandal.

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Mr Read was repeatedly questioned about the whereabouts of the cash put up by sub-postmasters to cover apparent shortfalls in their branch accounts. The boss put a new figure on the missing money: £36m.

Mr Read said he was annoyed it was proving difficult to work out.

He expressed surprise at survey results suggesting sub-postmasters are still facing problems and using their own savings to make losses good.

Meanwhile, inquiry lawyers pointed to new sub-postmaster contracts which still refer to the Post Office’s investigatory powers, including evidential interview processes under caution. Mr Read admitted this might be “heavy-handed”.

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Mr Read’s evidence might now be complete, but he has several months left in the role. He assured the inquiry he would spend the time working to bring about more change. Sub-postmasters will be watching closely.

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Travel

The pretty Europe train ride that goes through medieval cities, ancient castles and beer spas

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Max Molyneux took a pretty European train ride that goes through medieval cities and ancient castles

STARING at the gigantic copper cauldron where the King of England used to bathe, I kick myself for ­forgetting my swimmers.

It’s not often you get the chance to share the same hot tub as the supreme ruler of the British Empire.

Max Molyneux took a pretty European train ride that goes through medieval cities and ancient castles

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Max Molyneux took a pretty European train ride that goes through medieval cities and ancient castlesCredit: Supplied
Max's journey began in Prague

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Max’s journey began in PragueCredit: Getty

I’m in a spa town deep in a Bohemian forest, unearthing areas of the Czech Republic I’d never heard of.

For three exciting days I would be exploring this beautiful central European country entirely by rail.

My journey begins in Prague. The beautiful capital city on the Vltava River is packed with history.

Climbing the hill up to Prague castle is a must.

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The fortress is the largest castle complex in the world. Inside its towering walls are historical buildings and museums including the Old Royal Palace and the city’s gothic temple, St Vitus Cathedral.

That evening I catch a train west.

Unlike those in the UK, trains in Czechia run smoothly and are dirt cheap.

Prague is soon far behind as the IC 558 train trundles along, following the Berounka river’s meandering path through the countryside.

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I catch snapshots through the window.

Paddle boarders punt down the river.

The ‘ultimate city break’ just a few hours from the UK with beer spas and lager for £1.50

Giggling kids tumble down a giant inflatable slide at a village fete.

As the sun sets the train pulls into the serene spa town of Marianske Lazne in the deep Bohemian forest.

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Since local monks discovered the mineral-rich springs in the early 19th century, people have been coming here to drink, bathe in, and even inject the healing water and gases that bubble out of the ground.

The town’s heyday was in the Victorian era when spa treatments were popular among high society.

One such spa obsessive was King Edward VII, who visited Marianske Lanze nine times for weight-loss treatments in a purpose-built room at the Nové Lázně spa.

The hotel is still there and for a hefty price, guests can book a session in the large copper bath he used.

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My own treatment takes place at the Falkensteiner hotel and spa, a five-star resort with a 2,500sq metre spa complex, 162 rooms, heated pool, excellent restaurant and stylish bar.

After a buffet breakfast, I’m ushered into a dimly lit wood-panelled room where a bath of warm water the colour of milky tea is waiting.

Max at a beer spa

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Max at a beer spaCredit: Supplied

The slightly sparkling mineral-rich water is pumped directly from the hotel’s own Alexandra Spring, 800 metres away.

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The treatment is said to widen blood vessels, lowering blood pressure and improving circulation to relax the mind and body.

The health benefits of spa treatments like this are taken seriously.
Drinking fountains dotted around the town deliver water from the local springs.

Iron-rich and metallic- tasting it is believed to help alleviate inflammation. I hope it does, because it tastes revolting.

Staying at the spa resort hotels is pricey.

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But there are plenty of cheaper hotels in the town and treatments at the spa complexes are available for walk-in customers too.

Czechs are the world’s most prolific beer drinkers, consuming 184.1 litres of it each every year.

Nowhere is this obsession more obvious than in my next stop, the city of Pilsen.

It’s just over an hour away by rail and my train ticket costs the equivalent of £6.

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Home of the world-famous Pilsner beer, the town is swimming in the stuff and by the end of the day, I will be too — literally.

Among the most popular brews is the famous Pilsner Urquell. The first ever pilsner beer, it has been brewed here since 1842.

A tour of the Pilsner Urquell brewery is fascinating.

The 90-minute walk-through shows the original brewing method and vats from the early 19th century.

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Then, the modern, vastly scaled-up operation, where staggering amounts are brewed, bottled then shipped worldwide.

The tour ends in the miles of subterranean tunnels where the beer was once stored.

Here, brewmasters keep the traditional method alive, brewing the Pilsner in oak barrels.

Comparisons are regularly made to the modern method to ensure it tastes authentic.

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And you can judge for yourself, with a glass of cold Pilsner poured straight from the barrel at the end.

I head off to soak up some more beer, this time through my pores.

On the outskirts of Pilsen, at the Purkmistr Brewery, an interesting mash-up has spawned the “beer spa” — a big wooden bathtub full of warm, hoppy lager, minus the alcohol (it dries out the skin).

Submerged up to my neck in barley, hops and yeast with a large keg of pilsner within arm’s reach and Oasis’s Wonderwall playing over the complex’s sound system, I feel I have achieved lager-nirvana.

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The serene spa town of Marianske Lazne is deep in the Bohemian forest

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The serene spa town of Marianske Lazne is deep in the Bohemian forestCredit: Getty
Pilsen is home to the world-famous Pilsner beer

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Pilsen is home to the world-famous Pilsner beerCredit: Getty

GO: Czech Republic

GETTING THERE: Wizz Air flies from Luton to Prague from £17.99 each way.

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See wizzair.com.

For Czech Railway ­tickets see https://cd.cz.

STAY THERE: One night’s B&B at the 5* Falkensteiner Hotel & Spa is from £162.45 per night.

For more information see falkensteiner.com.

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Money

Households to get cost of living payments of up to £500 this month – how to check if you’re eligible

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Households to get cost of living payments of up to £500 this month - how to check if you're eligible

HOUSEHOLDS across England can get up to a whopping £2,665 worth of cost of living payments this month.

The money comes via the Household Support Fund (HSF) which is worth £421million in total.

Households could be entitled to some free cash

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Households could be entitled to some free cashCredit: Getty

The fund has been split up between councils in England who are in charge of distributing their allocation before the end of September.

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What you can get depends on where you live, as each local authority has been given its own unique amount.

Now households across England are being offered a collective of £2,665 cost of living payments – with up to £500 per household depending on your location.

The government recently encouraged state pensioners who have just missed out on a Winter Fuel Payment to claim money from the Household Support Fund where they live instead.

Discussing the fund, the government said: “Over a million pensioners will still receive the Winter Fuel Payments, and our drive to boost Pension Credit take up has already seen a 152per cent increase in claims.

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“Many others will also benefit from the £150 Warm Home Discount to help with energy bills overwinter while our extension of the Household Support Fund will help with the cost of food, heating and bills.”

Below is a list of councils known to be offering support and how much:

  • Brent: £500
  • Blackpool: £300
  • Rutland: £200
  • Herefordshire: £500
  • Sunderland: £220
  • Bracknell Forest: £315
  • Rotherham: £250
  • Wiltshire: £200
  • Cambridgeshire: £110

You will only receive the payment if you were found to have been eligible after applying.

Anyone who qualifies for help will have received an email telling them.

Martin Lewis issues warning to anyone aged under 22 – do you have £2,000 in a forgotten account

A maximum of one payment will be made per household and any payments are being made direct into bank accounts.

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Some councils started distributing help in April and have already depleted their share, so you might have missed out for now.

The Household Support Fund has been extended multiple times since its inception in October 2021, so it may be extended again though.

There are currently a number of councils offering help via the HSF.

Leicestershire Council is handing out payments worth £300 to thousands of households.

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Households in Stockport can claim up to £315 worth of free supermarket vouchers to help with the cost of living.

Meanwhile, Wokingham Council is handing out grants worth up to £140.

If you want to check if you are eligible for help, contact your local council.

You can find what council area you fall under by using the Government’s council locator tool.

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How else to get help with the cost of living

If you’re not eligible for the Household Support Fund in your local area, it’s worth checking if you qualify for benefits.

Recent figures from Policy in Practice reveal millions of people aren’t claiming the extra help when they could be.

In total, £23billion went unclaimed over the last financial year, with £8.3billion worth of Universal Credit not claimed for.

You can apply for benefits on the Government’s website.

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It’s not just extra money you get from benefits either, with a number opening up additional perks.

Those on Universal Credit can get help covering the cost of childcare, for example, while those on Pension Credit can get a free TV licence.

Those on the Guarantee Credit element of Pension Credit also qualify for the Warm Home Discount – a £150 discount off energy bills once a year.

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You may also be able to get grants to cover your energy bills if you’ve fallen into arrears.

A number of energy firms offer grants to struggling customers, including Scottish Power, Octopus Energy and British Gas.

If you’re struggling to pay your bills, speak to your supplier to see if they can give you any help.

Household Support Fund explained

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Sun Savers Editor Lana Clements explains what you need to know about the Household Support Fund.

If you’re battling to afford energy and water bills, food or other essential items and services, the Household Support Fund can act as a vital lifeline.

The financial support is a little-known way for struggling families to get extra help with the cost of living.

Every council in England has been given a share of £421million cash by the government to distribute to local low income households.

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Each local authority chooses how to pass on the support. Some offer vouchers whereas others give direct cash payments.

In many instances, the value of support is worth hundreds of pounds to individual families.

Just as the support varies between councils, so does the criteria for qualifying.

Many councils offer the help to households on selected benefits or they may base help on the level of household income.

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The key is to get in touch with your local authority to see exactly what support is on offer.

And don’t delay, the scheme has been extended until April 2025 but your council may dish out their share of the Household Support Fund before this date.

Once the cash is gone, you may find they cannot provide any extra help so it’s crucial you apply as soon as possible.

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Observer falls outside Scott Trust’s ‘core responsibilities’, minutes from 1993 suggest

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Observer falls outside Scott Trust's 'core responsibilities', minutes from 1993 suggest

New evidence has come to light from a Scott Trust meeting that appears to support Guardian Media Group senior management’s contention that The Observer does not have the same protections in place as The Guardian.

GMG is owned by the Scott Trust whose purpose, as set out in 1992, is “to secure the financial and editorial independence of The Guardian in perpetuity”.

The Observer was bought by GMG in 1993 and the company is now in talks to sell the world’s oldest Sunday newspaper title to Tortoise Media, prompting fierce opposition from staff and from leading UK cultural figures.

Press Gazette has seen notes from a meeting of the Scott Trust that year which appears to support the contention that the body always intended for The Observer to be treated differently from The Guardian (which the Scott Trust has owned since 1936).

The joint Guardian and Observer NUJ chapel passed a motion of no confidence in their owners on 19 September saying the proposed sale of The Observer was a “betrayal of the Scott Trust’s commitment to The Observer as part of the Guardian News and Media Family”.

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And three former editors of The Observer this week noted in a letter to the Scott Trust that when The Guardian bought the title in 1993, then chair of the trust Hugo Young said: “The trust safeguards will be fully extended to The Observer, which will be edited independently of The Guardian and retain its separate character.”

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But Press Gazette has seen a note from the minutes of a 1993 meeting of The Scott Trust which said: “Mr Young felt that although we would want it to succeed, and it would have the benefits conferred to it as any other company owned by the trust, The Observer couldn’t be viewed in the same light as The Guardian.

“Mr Jonathan Scott [another member of the Trust] said that The Observer fell outside the Trust’s core responsibilities and agreed while every effort should be made to make it profitable, it shouldn’t be to the detriment of The Guardian.”

Guardian Media Group management believes that the Hugo Young quote used in the letter from former Observer editors related only to editorial independence.

In a statement accompanying the 2023/2024 Guardian accounts current chair of the trust Ole Jaco Sunder said: “We must be honest about areas of the business that are not part of our future growth and adapt.”

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Meanwhile, Press Gazette understands that the 70 Observer staff who would transfer across to Tortoise Media are finally set to get more information.

Staff are concerned about their job security and want to know who is funding the bid for The Observer. They are also concerned that promised investment of £5m per year will be insufficient to support the title as a standalone business.

Around 80 leading UK cultural figures have signed an open letter to the Scott Trust describing proposals to sell The Observer as “a betrayal” of liberal journalism.

Press Gazette understands that further disclosure from Tortoise Media to Observer staff has been hampered by the fact negotiations have been ongoing but that it is now able to share more details next week.

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Speaking on his Media Confidential podcast this week, former Guardian editor and Scott Trust member Alan Rusbridger noted that the Scott Trust’s publicly stated “subsidiary purpose” is “in promoting the causes of freedom in the press and liberal journalism, both in Britain and elsewhere”. He said: “That is code for The Observer.”

Guardian Media Group’s 1993 annual report described The Observer as a “natural stablemate” of The Guardian and noted that it was integrated into the business “in such a manner as would protect its long term future”.

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our “Letters Page” blog

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Business

Reeves should resist the temptation to ditch IFRS

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I fear that in the Budget this month UK chancellor Rachel Reeves may be seduced by the proposal your distinguished contributing editor Andy Haldane puts forward for jettisoning International Financial Reporting Standards — the accounting rules for public companies (Opinion, FT Weekend, August 5).

Deriding these standards as probably “not . . . among the finest inventions of the human mind”, Haldane contends that they have materially damped business investment in the EU and the UK, and delayed decarbonisation. The suggestion is that by decreeing they be ditched the chancellor could boost investment, raise gross domestic product, cut carbon emissions and burnish her reputation for cutting red tape — and all this without spending government money. On the face of it, a very tempting addition to her other measures due to be announced on October 30.

I normally find Haldane’s pieces persuasive. But not this time, because he seriously misunderstands the current form and past development of international, UK and US financial reporting standards (admittedly, not a quick and easy read for a non-accountant). This negatively impacts the force of his statistical work and the heroic inferences he seeks to draw.

And he has turned a blind eye to the significant body of rigorous peer-reviewed analysis of relevant data by independent experts, which presents a markedly contrary picture and concludes that, by reducing information asymmetry in financial markets and increasing transparency, adoption of IFRS has lowered the cost of capital and stimulated, rather than eroded, funding of business investment.

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Haldane’s suggested policy would be counter-productive. The chancellor would do well to resist this tempting policy choice.

Geoff Meeks
Emeritus Professor and Fellow
Judge Business School, University of Cambridge, Cambridgeshire, UK

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