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Kamala Harris and Donald Trump make last-ditch push for votes

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Kamala Harris with local restaurant owner Diana de La Rosa, representative Alexandria Ocasio-Cortez and governor Josh Shapiro during a campaign stop in Reading, Pennsylvania, on Monday

Kamala Harris and Donald Trump raced across key battleground states in the final hours of campaigning in a last-ditch push for votes, as Americans prepared to head to the polls on Tuesday in one of the closest presidential elections in modern history.

The US vice-president said America was ready for a “fresh start” and claimed the momentum was with her as she held her final rally outside the Philadelphia Museum of Art in Pennsylvania, the biggest prize among the swing states that will decide the election.

“So America, it comes down to this. One more day, just one more day in the most consequential election of our lifetime. And the momentum is on our side,” Harris said.

Trump also campaigned in Pennsylvania, promising supporters in Pittsburgh a new “golden age” for the country if he were to win a second term in office.

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The Republican former president later staged his final rally in Grand Rapids, Michigan, with a sprawling speech that ended past 2am.

“This is the last one,” he said of the event as he urged supporters to vote. “If we get out our people, it’s over, there’s nothing they can do about it . . . To make you feel a little guilty, we would only have you to blame.”

According to the Financial Times poll tracker, Harris holds a 1.5 percentage point lead over Trump nationally. But among the swing states, the vice-president has a narrow lead only in Michigan and Wisconsin, while Nevada is even and Trump has a small edge in Pennsylvania, North Carolina, Georgia and Arizona.

The US dollar nudged down on Tuesday morning against a basket of currencies including the pound and Japanese yen. Futures trading indicated that the 10-year Treasury yield, which has recently moved in line with Trump’s election odds, was set to decline for a second day.

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Senior Harris campaign officials said they were on track to win a close contest and believed undecided voters were moving to their side, but they also acknowledged that it could take days to get a final result.

“We are very focused on staying calm and confident throughout this period,” Jen O’ Malley Dillon, the Harris campaign chair, told reporters on Monday afternoon.

Kamala Harris with local restaurant owner Diana de La Rosa, representative Alexandria Ocasio-Cortez and governor Josh Shapiro during a campaign stop in Reading, Pennsylvania, on Monday
From right, Kamala Harris with local restaurant owner Diana de La Rosa, representative Alexandria Ocasio-Cortez and governor Josh Shapiro during a campaign stop in Reading, Pennsylvania, on Monday © Jacquelyn Martin/AP

In the Lehigh Valley region of Pennsylvania, which has a large Puerto Rican community, Harris sought to boost her support among Latinos after a comedian at a Trump rally in New York made offensive comments about the Caribbean island and US territory last month.

“I don’t believe people who disagree with me are the enemy . . . we are fighting for a democracy right now,” she said.

Harris was supported by Alexandria Ocasio-Cortez, the progressive New York member of the House of Representatives, and by rapper Fat Joe, who attended the rally and urged Latinos to support Harris. “Where is your orgullo? Where is your pride?” the rapper said.

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After days of vitriolic and angry campaign rallies that focused more on his grievances against his political foes and bizarre vows to “protect” women, Trump struggled to recalibrate his message on the economy and immigration.

In Reading, Pennsylvania, Trump spoke in front of female supporters holding up pink signs that read: “Women for Trump.”

Supporters hold ‘Women for Trump’ signs behind the Republican nominee as he speaks during a rally in Reading, Pennsylvania, on Monday
Supporters hold ‘Women for Trump’ signs behind the Republican nominee as he speaks during a rally in Pennsylvania on Monday © Chip Somodevilla/Getty Images

In Pittsburgh, former Fox News host Megyn Kelly, with whom Trump openly feuded a few years ago, appeared at his rally to endorse him, while Joe Rogan, the podcaster with a large male following, also announced his support.

“A vote for Trump means your groceries will be cheaper . . . your pay cheques will be higher, your streets will be safer and cleaner, your communities will be richer and your future will be brighter than ever before,” Trump told the crowd in Pittsburgh.

Trump’s efforts to project a more positive message to voters were undermined when JD Vance, his running mate, called Harris rubbish during a campaign stop in Atlanta, Georgia, earlier in the day.

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“In two days, we are going to take out the trash in Washington, DC, and the trash’s name is Kamala Harris,” JD Vance said.

In Grand Rapids, Trump called Harris a “very low IQ person” and a “radical left lunatic who destroyed San Francisco”.

Meanwhile, the first results of the election were released in the tiny hamlet of Dixville Notch, New Hampshire, shortly after midnight local time, with Trump winning three votes and Harris winning three.

Some people who attended Trump’s Pittsburgh rally had travelled long distances. Renée Hughes, a retiree, flew from Sitges, Spain, to vote and attend the rally in her hometown.

“We have to get our country back,” she said. “We have become an embarrassment. Trump is a real person. He gets us, the normal people, not the elites.”

Holly Gallogly, a retired teacher from Pittsburgh, on the other hand, said: “I voted for Trump in 2016 and 2020, but in the past few months I have moved to become undecided because I struggle with the hate rhetoric.”

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Bolt drivers win right to holiday and minimum wage

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Bolt drivers win right to holiday and minimum wage

Thousands of drivers working for ride-hailing and food delivery app Bolt have won a legal claim to be classed as workers in the UK rather than self-employed.

The ruling means drivers could be entitled to holiday pay and minimum wage, which lawyers said could lead to compensation worth more than £200m.

Bolt said it was reviewing its options, including grounds for appeal.

It pointed out that the findings of the Employment Tribunal were confined to drivers who were not on multiple ride-hailing apps.

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About 10,000 current and former Bolt drivers took legal action against the Estonian-headquartered firm at a London employment tribunal.

They argued they were formally workers under British law.

Bolt said it had “always supported” the “choice” of drivers “to remain self-employed independent contractors”.

But the tribunal found that “overwhelmingly, the power lies with Bolt”.

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“There is nothing in the relationship which demands, or even suggests, agency” on the part of the drivers, it said.

The tribunal added that “the supposed contract between the Bolt driver and the passenger is a fiction designed by Bolt – and in particular its lawyers – to defeat the argument that it has an employer/worker relationship with the driver”.

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Money Marketing Weekly Wrap-Up – 04 Nov to 08 Nov

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Money Marketing Weekly Wrap-Up – 04 Nov to 08 Nov

Money Marketing’s Weekly Must-Reads: Top 10 Stories

This week, Tony Wickenden explores tax planning strategies in the wake of the recent Budget, and Mattioli Woods expands with its acquisition of Stockport-based Cullen Wealth. Discover more highlights below:



Tony Wickenden: Tax planning in the wake of the Budget

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In his post-Budget analysis, Tony Wickenden discusses recent tax changes affecting pensions relief, capital gains tax (CGT), and inheritance tax (IHT). The government has introduced a new £1m allowance for business and agricultural property, which applies to estate assets and lifetime transfers. This change, aimed at balancing tax revenue and taxpayer behaviour, is less severe than anticipated, suggesting a compromise approach. Wickenden also highlights the role of careful estate planning and professional advice in maximising reliefs and minimising potential IHT liabilities.

Mattioli Woods acquires Stockport-based Cullen Wealth  

Mattioli Woods has acquired Stockport-based Cullen Wealth, enhancing its presence in the Northwest and strengthening its wealth management and employee benefits services. This acquisition aligns with Mattioli Woods’ focus on serving mass affluent clients, business owners, professionals, and corporates. Deputy CEO Michael Wright praised Cullen Wealth’s dedication to client service, seeing the acquisition as a strategic fit for Mattioli Woods’ growth. Founder Richard Cullen expressed confidence that the partnership will drive innovation and expand offerings for their clients.

Rate of employer National Insurance contributions raised to 15%

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In the Autumn Budget, Chancellor Rachel Reeves announced an increase in employer National Insurance contributions, raising the rate by 1.2 percentage points to 15% from April 2025. The secondary threshold will be lowered to £5,000, while the Employment Allowance will double to £10,500 to aid small businesses. These changes aim to generate £25 billion annually. Employers are advised to review their benefits and consider salary sacrifice schemes to offset rising NIC costs and better manage expenses.

Close Brothers and SEI sign platform tech deal

Close Brothers Asset Management (CBAM) has partnered with SEI to adopt the SEI Wealth Platform and SEI Data Cloud, aiming to strengthen its tech and data capabilities. This move supports CBAM’s strategic growth goals, enhancing services for wealth management professionals and clients. The partnership, chosen after a rigorous selection, also includes adopting Objectway’s Portfolio Management Solution and outsourcing order execution to Winterflood Business Services. SEI, which serves other major firms, welcomed CBAM’s commitment to integrated tech-driven expansion.

Reaction as Bank of England cuts base rate again

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The Bank of England has cut the base rate by 0.25%, bringing it to 4.75%, with an 8:1 vote from its Monetary Policy Committee (MPC). Experts express mixed reactions, noting potential impacts on inflation and borrowing costs. Fidelity’s Ed Monk warns that while inflation is now below target, borrowing costs may not drop swiftly due to rising market interest rates. Hymans Robertson’s William Marshall and Hargreaves Lansdown’s Sarah Coles anticipate a cautious pace in future rate cuts due to inflation concerns.

Cover story: Trade Body 2.0 – Does the platform sector need a new voice?

Momodou Musa Touray, senior reporter, examines the need for a dedicated trade body for the platform sector in the UK with the newly launched Platforms Association. This group aims to unify the sector and address issues like regulatory compliance, platform requirements, and operational efficiencies. Despite support from several major platforms, the sector remains divided, with some preferring the UK Platform Group. The Platforms Association’s goal is to provide a unified voice, especially on regulatory matters, to support industry growth and stability.

Stamp duty on second homes rise to 5% from tomorrow

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Chancellor Rachel Reeves announced a rise in the stamp duty surcharge on second homes and investment properties from 3% to 5%, effective from 31 October 2024. The move is part of the Autumn Budget, aiming to raise revenue while supporting first-time homebuyers. Industry responses include concerns from mortgage professionals about the impact on the buy-to-let market, with Zoopla’s Richard Donnell predicting reduced demand. ARLA Propertymark urges the government to support landlords amid the growing shortage of private rented homes.

Billy Burrows: New pensions IHT trap could fuel demand for annuities  

The 2024 Budget introduces a significant change to pensions, as unused pensions and death benefits will be subject to inheritance tax (IHT) from April 2027. This could shift the trend away from pension drawdown, which has been favoured for passing wealth, towards annuities. Annuities, particularly joint-life ones, offer secure, guaranteed income, and may become more appealing for those seeking to reduce pension fund values and provide peace of mind to surviving partners, helping to solve the “annuity puzzle” of low demand despite their efficiency. William Burrows runs the Annuity Project and is a financial adviser at Eadon & Co.

Leader: The CII and the PFS are at it again. Will this feud ever end?

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Lois Vallely reports on the ongoing feud between the Chartered Insurance Institute (CII) and the Personal Finance Society (PFS), which continues to stir controversy. Recently, the CII appointed several of its executives to the PFS board, raising questions about governance and transparency. This move follows a long history of attempts by the CII to exert control over the PFS and its member funds, leading some to call for the PFS to separate or form an independent body.

Rachel Reeves announces 40% relief on business rates

Chancellor Rachel Reeves has announced a 40% business rates relief for the retail, hospitality, and leisure industries in 2025/26, capped at £110,000 per business. This is a reduction from the current 75% discount, which will expire in April 2025. The British Retail Consortium had called for a 20% cut, highlighting the sector’s disproportionate business tax burden. However, local councils depend heavily on business rates revenue, raising concerns about alternative funding to maintain local services. The relief is seen as a positive but insufficient solution.

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K3 Advisory completes £2m annuity deal

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Surge in people accessing pensions without advice

K3 Advisory has completed a £2m annuity buy-in transaction with a pension scheme.

The deal, completed in July, secured the benefits of 16 pensioners and three deferred members.

The undisclosed pension scheme is within the mechanical and electrical industry.

Legal & General was the insurer to the scheme. Schroders, a strategic partner to K3, provided investment advisory services and Mills & Reeve acted as the Trustees’ legal advisors.

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K3 Advisory, founded in 2018, is a specialist independent bulk annuity and consolidator advisory business.

The business, backed by the Vestey Holdings Group, provides trustees and scheme sponsors with advice and brokering services to secure a smooth and effective transfer of liabilities to an insurer or consolidation vehicle.

K3 Advisory senior actuarial consultant, John Mayer, said: “This transaction is a great example of how swift and efficient these exercises can be if schemes are prepared, and industry relationships and collaborations work well.

“It’s always pleasing to be able to deliver security for members of small schemes and this scheme was a brilliant example of this. A fantastic result all round.”

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CryptoCurrency

Bitcoin Google search spike after Trump victory signals new investor interest

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Bitcoin Google search spike after Trump victory signals new investor interest


Trump’s election win sparked a surge in searches, indicating increased retail investor interest in the digital asset.



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CryptoCurrency

What is proof-of-history, and how does it work?

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What is proof-of-history, and how does it work?


Learn how proof-of-history works and what advantages and challenges it brings to the Solana Blockchain.



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CryptoCurrency

Alchemy Pay expands US compliance with four new state licenses

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Alchemy Pay expands US compliance with four new state licenses


Alchemy Pay’s new MTL licenses in Minnesota, Oklahoma, Oregon and Wyoming bring its total to eight US state licenses.



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