PUBS and restaurants face a “cliff edge” unless Rachel Reeves axes a looming tax hike, anxious bosses have warned.

Some 170 hospitality chiefs – including booze giants like Greene King, Fuller’s and Wetherspoons – are demanding further business rates relief at the Budget.

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A 75 per cent business rates cut is due to end on April 1 and will saddle the already-struggling sector with £914million in fresh levies.

In their letter to the Chancellor, the bigwigs write: “In recent months the hospitality sector has become increasingly worried about the onrushing business rates cliff edge that hits the economy on April 1 next year.

“This Budget is the last chance to prevent bills quadrupling for high streets across the country.

“We are asking you to grasp this opportunity to deliver your manifesto commitment to fix business rates and protect businesses.”

Without action, the bosses warn that more venues will be forced to close, leading to job losses and holes in high streets.

UK Hospitality’s Kate Nicholls said: “This 170-strong cohort of business leaders across hospitality shows just how important addressing business rates is at the Budget.

“Inaction will lead to bills quadrupling and more venues shutting their doors for good, which will rob our towns and cities of vital community hubs.

A government spokesperson said: “We’re supporting businesses, including hospitality, through pledges to cap corporation tax at 25 per cent, make the business rates system fairer, and to publish a business tax roadmap so that future investments can be planned with confidence.”

In today’s newsletter:

• Indonesia’s new president takes office

• Israel attacks Hizbollah-linked financial institutions

• Crypto has designs on real estate

Good morning. Prabowo Subianto was sworn in as Indonesia’s president yesterday with ambitious plans to boost growth while claiming a bigger international role for south-east Asia’s largest economy.

The former military general takes over from Joko Widodo eight months after a landslide victory in February’s presidential election. His swearing-in ceremony was attended by leaders and senior officials from more than 30 countries, including Singapore’s Prime Minister Lawrence Wong, Philippine President Ferdinand Marcos Jr and Chinese vice-president Han Zheng.

The inauguration caps a remarkable turnaround for Prabowo. The former commander of the country’s feared special forces was dismissed from the military and once banned by the US for the alleged kidnapping of democracy activists. He has always denied the accusations.

Prabowo won over millions of Indonesians with the backing of the highly popular Widodo and by promising policy continuity as well as free school lunches, a massive programme expected to cost $28bn.

But he has already indicated a departure from his predecessor in everything from government spending to foreign policy. Here’s what to know about the Prabowo presidency.

Here’s what else I’m keeping tabs on today:

• Economic data: Malaysia reports advance third-quarter GDP.

• Monetary policy: China’s central bank announces its one-year loan prime rate decision.

• Energy transition: Singapore International Energy Week begins with speakers including industry executives and energy ministers from Tanzania, Cambodia, Laos, Australia and New Zealand, discussing energy security and transition plans.

• Samoa: The 2024 Commonwealth heads of government meeting begins in Apia, Samoa, the first to take place on a developing Pacific Island.

Five more top stories

1. Businesses and households in major economies are struggling to bounce back from the era of high inflation as precarious growth prospects and political uncertainty weigh on their confidence. Although economic activity remains relatively firm, confidence indicators have slid sharply or remain stuck in negative territory, according to research for the FT.

2. Israel has launched a wave of air strikes across Lebanon after its military said it would target Hizbollah-affiliated financial institutions. The attacks will further heighten Lebanese fears that Israel is expanding its offensive against the Iranian-backed militant group beyond military infrastructure.

3. Elon Musk’s pledge to dole out money to registered voters who sign his petition backing free speech and the right to bear arms has garnered scrutiny for potentially violating election rules. The billionaire entrepreneur, who has become one of Donald Trump’s biggest corporate backers, awarded a $1mn cheque on Saturday to an audience member at a rally in Harrisburg, and another at an event in Pittsburgh yesterday, as he campaigned in Pennsylvania.

• Trump’s vulgar rally: The Republican candidate fuelled further questions about his state of mind on Saturday by delivering off-colour remarks during an event in Pennsylvania.

• More US election coverage: Is Kamala Harris losing support among Black men? Trump has made inroads with a traditionally Democratic demographic that will be crucial in the election.

4. Shares in nuclear energy companies surged to record highs last week after Amazon and Google struck landmark deals to deploy the first small modular reactors (SMRs) in the US. Investors regarded the agreements as evidence that a nuclear renaissance is gathering pace, after a slump following the Fukushima accident in Japan in 2011.

5. Members of Boeing’s largest labour union will vote on Wednesday whether to end a costly strike that has crippled production for more than a month. The vote will take place on the same day that the stricken US plane maker is due to report its results for the third quarter. Here’s more on Boeing’s critical week.

House & Home

Buying blockchain-listed “slices” of properties is slowly gaining popularity among crypto fans as high house prices in large cities like London and New York make buying real property unaffordable for many. But there are a host of issues. Not least, investors complain, difficulties selling tokens and problems arising from tenant issues. Can this nascent but troubled market find its feet beyond the crypto crowd?

We’re also reading . . . 

• Nikon: The Japanese company’s chipmaking equipment has escaped US export restrictions to China, but the situation is volatile. “The rules [on export controls] could get changed tomorrow,” president Muneaki Tokunari told the FT.

• ‘If you cough, you’re off’: Pilita Clark wonders why it is so hard to follow this first rule of flu season office etiquette.

• Artificial intelligence: Here’s how AI companies are infusing their chatbots with more personality.

Chart of the day

The Japanese yen has fallen sharply in recent weeks, hitting levels not seen since before a sudden surge in the summer that reverberated across global markets. Here’s what’s driving the Japanese currency’s slide.

Take a break from the news

Meet China’s most famous foreigner: Canadian comedian Mark Rowswell, better known by his Chinese name Dashan. Rowswell rose to prominence doing stand-up in perfect Mandarin, and is now touring the country in a Chinese-language production of The Shawshank Redemption. “His almost mythological status, like many myths, is tied up in the soul of a nation,” writes Shanghai correspondent Thomas Hale in this must-read profile.

A MAN who grew up living in a “rough” council house and later became a millionaire explains how he manages to take his wife on six holidays a year.

Karl Hudson, 33, from Newcastle, sometimes works 18-hour days and is such a workaholic he even took his laptop on his honeymoon.

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The entrepreneur built his SEO successful business by launching a website from his parents’ bedroom.

He created Searcharoo back in 2008 and has been “involved with multiple businesses to help investors get their websites ranked.”

Karl, a proud Geordie who still lives in his home town, lives in a £350,000 house with their two Yorkshire Terriers with wife Charlotte, also 33.

The Geordie credits his ambition to “growing up in a rough area in a council home”.

Karl said: “Despite the area we lived in, I had a great upbringing and my SEO journey actually started in that house.

“My dad, who worked as a life coach, needed help with designing a website and with 14-year-old me being a big fan of computer games, he called on me for some help.

“Back in those days it was a lot of trial and error, with a big emphasis on error – it was the perfect way to learn.”

He also said that when he started his career he “didn’t need much in terms of financial backing”.

Karl said: “When I started SEO, it was hugely different [to how it is now].

“You were capable of just spamming and things would rank, the trickiest part is all of the algorithm changes and trying to test what is working, because Google doesn’t tell you.

“So networking with other people, testing and sharing ideas, is what I’ve done for many years to help give me the edge, which has definitely helped contribute to my success.”

The couple live in a and are travelling in Australia and Bali during a four-week honeymoon, following their wedding in July this year.

While Karl reinvests much of his earnings, he occasionally likes to treat himself to fun toys, too – his latest purchase is a £35,000 Ford Ranger Wildtrak, while his wife drives a £55,000 BMW X5, which the entrepreneur paid for.

His success grew through various investments and agencies, as well as the entrepreneur’s own personal website.

The 33-year-old lives a luxury lifestyle but admits his career takes a toll on his marriage because he can never really switch off.

Karl said: “We’ve had six holidays in this year alone – visiting places such as Thailand, Poland, Vietnam, Spain and the Philippines.

But the work doesn’t stop. If I have to jump on the laptop while we’re out there, then I’m going to do it because that money means the next trip will be even better.

“My work allows us to have the finer things in life, which she definitely enjoys. I’ll never change.”

“My constant working can cause issues and arguments,” said Karl, who got married earlier this summer.

“My wife knows that I can get absorbed in the job but that this is a sacrifice we have to make to live the life we now have.”

Karl says extreme dedication is necessary for anyone who wants to succeed in business.

While he has been with Charlotte for the past eight years as a partner, he’s also her employer – she’s a content manager at Searcharoo.

Karl believes his financial success is down to his resilience, something he thinks today’s generation struggle with.

He said: “I’ve had some days in my career where I’ve been working for 18 hours straight but it doesn’t phase me.

“I find it impossible to switch off as I love what I do. I’m not one to flash the cash, though – I’m actually quite a reserved person.

“The harder you work the more you get. Unfortunately, with how easy technology has made everything, I fear that the younger generation has lost that fire.

“Gen Z expects everything to be handed to them but that’s not the real world – I’ve got out exactly what I’ve put in.

“Younger lads wouldn’t dream of working on holiday but if they want a life like mine, it’s part of the grind.”

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A SNEAKY little-known hack letting you save hundreds on your next long haul fight has been revealed.

Stats reveal that British airfares in 2024 were a staggering 66 per cent higher than nine years earlier, according to the Office for National Statistics.

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But not all hope is lost – Brits with wanderlust can still fly out on the cheap and save up to an eye-watering 55 per cent travelling as far away as Asia, Australia or New Zealand, according to The Times.

The first thing to note is to book directly with a Chinese airline – though you often have to present all your passport details here instead of when checking in.

Research found by analysing economy return flights from London to ten destinations over ten days in January shows Chinese carriers offered the best deal in eight out of ten cases.

Chinese airlines were found to be between 15 and 34 per cent cheaper on average.

But flyers will find their comfort may be compromised, seeing long layovers for example.

Destinations studied included Auckland, Bali, Bangkok, Beijing, Brisbane, Ho Chi Minh City, Kuala Lumpur, Seoul, Sydney and Tokyo.

The cheapest Auckland return flight with Air New Zealand was £1,653 – totalling 27 hours and 30 minutes, including a four hour stop in Vancouver.

But China Southern Airlines was offering the same journey from London for just £1,330 with a six hour layover.

It’s not just flying to Oceania that’s a bargain – travelling to Tokyo with Japan Airlines via Madrid from London will set you back £996 – and the flight is 19 hours long.

If you opt to fly with China Eastern Airlines via Shanghai, you can save 29 per cent even though the journey time is an hour and 45 minutes shorter and costs just £705.

A direct British Airways (BA) flight to Seoul, South Korea costs £1,154 with Korean Air and takes 12 hours and 25 minutes.

The same flight with Air China, which takes you through Beijing only lasts an hour and a half longer – but costs just £539.

It’s thought that Chinese airlines can flog cheaper tickets because their operating costs are lower.

But political reasons also affect rising costs for customers.

Two years ago, Moscow banned EU, British and Canadian airlines from using its airspace in response to western-imposed sanctions.

This meant these airlines had to take longer and pricier diversions.

On the other hand, China, who is friendly with Russia, was able to use Russian airspace and has enjoyed keeping costs low for consumers.

The CEO of Dutch flag carrier KLM recently called on the EU to impose their own tariffs on Chinese airlines in a bid to level the playing field.

Marjan Rintel said last week: “[Using Russian airspace] sometimes saves two to four hours.

“You see that reflected in the price and, of course, the costs are higher for us.”

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A LOTTERY winner has been left in “shock” after underestimating the incredible Postcode Lottery prize that he had just bagged.

George Mounsey, one of the winners from Derbyshire, received “unbelievable” news after discovering the cheque value, thinking he had only received £30k.

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After realising the true value of the winnings, George immediately asked: “When does this go in the bank”.

George with his partner, Margaret Blurton, has since considered investing in a caravan but has admitted their still too stunned to finalise any spending.

This is not the first luck the pair have received, after the couple rekindled their romance from when they were teenagers after an unlikely meet-cute in a supermarket.

Tragically, Margaret lost her son and daughter to cancer but admitted that her four grandchildren, two great-grandchildren and rest of the family “will get better Christmas presents this year”.

George said: “We might even get a bigger turkey”.

He was not the only one in the winning group to underestimate the offering.

Paul Rowland, who works with the prison service national distribution centre, originally saw the number two on the cheque and assumed he had won £20,000.

Little did he know that there would be a long row of zeros waiting for him to cash in from the enveloped cheque.

Breaston has now been dubbed “millionaire street” with the three next-door neighbours all taking home an incredible £200,000 cheque after DE72 3BC bagged the lucky draw.

The total £1 million jackpot was shared out with an additional bungalow owner, Paul White, as well as another anonymous local.

Alison Browne, a freelance exam coordinator, described the win as “life-changing” and now plans to celebrate with her husband, Tim.

The pair hope to fulfil their lifelong goal of hopping on to the Orient Express as well as a trip to the Rockies in Canada.

Alison said: “Never in my wildest dreams did I think we would win this much.”

Tim has revealed he even hopes to treat his wife to a puppy that could keep their current Pointer, Finlay, company.

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