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Deep fissures are laid bare in the US

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Democratic presidential nominee vice-president Kamala Harris

This is an on-site version of the White House Watch newsletter. You can read the previous edition here. Sign up for free here to get it on Tuesdays and Thursdays. Email us at whitehousewatch@ft.com

Good morning and welcome to White House Watch. Let’s talk about the split screen in America and Wall Street’s giddiness over coming deregulation.


America’s deep fissures were palpable yesterday as the nation processed the election results.

Reporting from Arizona and Nevada, the two states yet to call the presidential race, the FT’s Myles McCormick and Chris Grimes found both ecstasy and desolation. As Republicans teemed with excitement over Donald Trump’s win, Democrats appeared completely gutted.

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Trump’s supporters were fired up about the president-elect’s agenda, and eager for him to enact his policies ASAP. With Republicans set to take control of the Senate — and a solid chance they’ll keep the House of Representatives — the party will have significant legislative power.

Bruce Parks, chair of the Washoe county Republicans in Nevada, told Myles that he looked forward to Trump making good on his promises to increase oil production, shut the border, deport undocumented workers.

Meanwhile, Democrats were conducting a postmortem [free to read].

Matt Bennett, co-founder of centrist Democratic think-tank Third Way, told the FT’s Lauren Fedor:

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The Democratic brand is pretty bad. The country has shifted pretty far to the right, and we were not aware of how deep the problem ran.

The voters that we lost . . . looked at Democrats and said: they don’t understand my life. I don’t want them representing me.

Now they need to figure out how to get it together in the years to come. Democrats must craft an agenda that proves the party understands voters’ biggest concerns, said Obama White House alumnus Ken Baer: “We need a generational change. We have had a gerontocracy of 80-year-olds running the Democratic party since Obama left. We need new blood and new leaders.”

When it came down to it, Democrats lost on the economy.

Charles Franklin, a non-partisan pollster and director of the Marquette Law School Poll, told me that the “most pervasive” issue in Wisconsin and nationwide was the cost of living:

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People saw their financial situation now is considerably worse than it was four years ago.

You can argue about the macro economic indicators, but you can’t argue with people’s subjective feelings of how they’re doing, and that’s clearly worse.

Transitional times: the latest headlines

Democratic presidential nominee vice-president Kamala Harris
Democratic presidential nominee vice-president Kamala Harris delivered her concession speech at Howard University © AP

What we’re hearing

With Trump’s White House return in sight, US bankers, private equity titans and other financial services executives are drooling over the prospect of deregulation and the chance to boot Biden’s aggressive watchdogs.

While Trump hasn’t said yet who will take the top financial roles in his administration, financial services companies are anticipating industry-friendly picks.

Republicans are expected to usher a more permissive approach to everything from bank capital requirements to takeovers and consumer protection rules in the financial services sector. They’re also likely to allow a new wave of financial products.

After leading the regulatory charge, Securities and Exchange Commission chair Gary Gensler has become the bane of the industry’s existence. With a new leader atop the SEC, money managers think Republicans will change rules that Gensler and other regulators have pushed through, and drop other contentious proposals.

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Jack Inglis, chief executive of the Alternative Investment Management Association, told my colleagues: “We anticipate that the administration’s approach to financial regulation will be much more restrained and targeted . . . particularly when it comes to the SEC agenda.”

Many are also hoping Trump’s picks will adopt a more relaxed attitude to M&A than current antitrust officials Lina Khan and Jonathan Kanter. This could spur a dealmaking spree, and in turn boost investment bank earnings and invigorate private equity firms.

But it’s not an entirely rosy picture. Vice president-elect JD Vance has praised some parts of Khan’s agenda. Trump was also all over the place on antitrust, blocking AT&T’s acquisition of Time Warner because of his hatred for CNN, and he’s recently pledged to prevent Nippon Steel’s acquisition of US Steel.

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Citi revamps pay for wealth bankers

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Citi revamps pay for wealth bankers

More bonuses will go to those who move client assets into investments, and less to those who sell new loans

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Money

Popular Cadbury advent calendars slashed to just £1.25 at bargain supermarket – it’s the cheapest around

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Popular Cadbury advent calendars slashed to just £1.25 at bargain supermarket - it’s the cheapest around

THE popular Cadbury advent calendars have been slashed to a mere £1.25 at a bargain supermarket.

A savvy chocolate fan shared the bargain find on the popular Extreme Couponing and Bargains UK Facebook group, where users frequently post the best deals they find in stores across the country.

Popular Cadbury advent calendars slashed to just £1.25 at Iceland

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Popular Cadbury advent calendars slashed to just £1.25 at IcelandCredit: Facebook
They are in a buy one get one free deal

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They are in a buy one get one free deal

Iceland shoppers are raving after a country-favourite advent calendar has been slashed to only £1.25.

In their ‘Deal of the Week’, Iceland is offering a buy one get one free deal on their 24-day Cadbury Dairy Milk calendar for £2.50.

This equates to only £1.25 for each calendar.

Comparatively, Aldi are selling the same calendar for £1.99 and Asda for £2.

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And on the even pricier side, Sainsbury’s and Ocado have priced the calendar at £2.25.

The shopper’s Facebook post to the UK bargain group received hundreds of likes and comments from fellow chocolate fans.

One user said: “Ooh I need this!”

Another commented: “In-store offer too, I grabbed a few today.”

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And: “I got 4 of these today!”

The user who initially made the post was unsure whether it was just online and not in-store.

Four ways to save money on your weekly shop in Iceland

One commenter said that it was a maximum of six calendars per person in store.

On the calendar’s product information on the Iceland website, it says that prices and promotions may vary for those online.

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It’s also recommended to check your local store before visiting.

Elsewhere, B&M shoppers are rushing to buy festive chocolate treats that are perfect for kids’ Christmas Eve boxes.

The bargain retailer’s festive selection box has social media users going wild as they plan ahead for Christmas.

The find was posted on the NewfoodsUK Facebook group and it quickly amassed over 3,000 likes and 1,000 comments.

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One user wrote: “I love these and will definitely buy two for my sons’ Christmas Eve boxes. I love creating their boxes.”

Of course, do bear in mind it’s still pretty early in the year and further deals will no doubt be released in the coming weeks.

It always pays to compare prices so you know you’re getting the best deal.

Prices can also vary day to day and by what deals are on at the time, plus remember you might pay for delivery if you’re ordering online.

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You can compare prices on platforms like Google Shopping and Trolley.co.uk.

How to save money on Christmas shopping

Consumer reporter Sam Walker reveals how you can save money on your Christmas shopping.

Limit the amount of presents – buying presents for all your family and friends can cost a bomb.

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Instead, why not organise a Secret Santa between your inner circles so you’re not having to buy multiple presents.

Plan ahead – if you’ve got the stamina and budget, it’s worth buying your Christmas presents for the following year in the January sales.

Make sure you shop around for the best deals by using price comparison sites so you’re not forking out more than you should though.

Buy in Boxing Day sales – some retailers start their main Christmas sales early so you can actually snap up a bargain before December 25.

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Delivery may cost you a bit more, but it can be worth it if the savings are decent.

Shop via outlet stores – you can save loads of money shopping via outlet stores like Amazon Warehouse or Office Offcuts.

They work by selling returned or slightly damaged products at a discounted rate, but usually any wear and tear is minor.

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Business

The Trump economy: How big? How beautiful?

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Unlock the Editor’s Digest for free

If Donald Trump’s campaign promises about things such as immigration, the dollar, trade and tax policy are realised, the US will start an economic experiment without recent precedent. Today on the show, Katie Martin, Rob Armstrong and Aiden Reiter make their best guesses about a very confusing and unfamiliar future. Also, we short incumbents and go long the American project.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer

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You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com.

View our accessibility guide.

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Pensioner cost of living payments worth up to £210 landing on doormats NOW – will you get one?

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Pensioner cost of living payments worth up to £210 landing on doormats NOW - will you get one?

HUNDREDS of pensioners are set to receive a cost of living payment voucher up to £120 on their doorstep.

For those who need a little bit of help this Christmas, the Household Support Fund offers some assistance to low income households.

The Household Support Fund is worth £421million and is set to be shared across the UK

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The Household Support Fund is worth £421million and is set to be shared across the UKCredit: Getty

The Household Support Fund is worth £421million and aims to help with gas, electricity, and food during the winter months.

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It’ll be split across local authorities that will individually decide who is eligible.

All households issued the support will be offered the vouchers automatically so there’s no need to reach out to the council.

Wakefield Council has set aside some money for pensioners receiving a council tax reduction but not pension credit.

They have recently released the conditions of their eligibility scheme.

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To qualify for the voucher from this council you must live in Wakefiel,d be over the age of 16 and not living with family or friends, be responsible for the rent, receive a low income, and have no access to other public funds.

How much will I get?

For pensioners who still receive the Winter Fuel Allowance you should receive £80 worth of supermarket voucher.

This will be issued between November 6 and November 15.

If you are pensioner who no longer gets the Winter Fuel Allowance you could receive a supermarket voucher of £130.

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The voucher should also arrive between November 6 and November 15.

For other households in receipt of Council Tax Support there should be £80 heading your way.

This will get to you between December 2 and December 11.

The vouchers should arrive within seven days with a set of instruction of how to redeem it.

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What will the fund cover?

The aim of the fund is to support with rising living costs, especially for those who don’t receive other forms of support.

It’ll cover the costs of food, housekeeping and other essential bills like gas and electricity.

Items like clothing can be covered, including school uniforms, and beds and bedding.

It can’t be spent on non-urgent items, cash payments, mortgage costs, or rent.

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What if I don’t live in Wakefield?

The Household Support Fund will be accessible all around the country.

The £421million fund budget will be spread across each council but each authority will decide its own eligibility.

Not all councils have published what they plan to do with the Household Support Fund budget yet.

If you’re keen to find out what support is available to you, you can contact your local council and ask if there is any help on offer.

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For those unsure which council they should contact, you can find your council area by using the Government’s council locator tool via gov.uk.

The Sun recently shared a guide and interactive map to help you find out what you may be able to claim.

Other help on offer

You might be able to get some support from you energy firm if you haven’t receive a Household Support Fund voucher.

For example, British Gas is handing out up to £1,700 worth of grants to UK households.

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This is through the company’s Individual and Families Fund and is accessible to people living in England, Scotland, and Wales – even if you’re not a British Gas customer.

To be eligible to get this support you must have been given help from a money advice agency in the last six months and .

You’ll also need to have not received a grant from The British Gas Energy in the last six months.

Other energy companies have their own support network for customers.

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These include OVO, Boost, E.On, E.On Next, EDF, Scottish Power, Octopus, Shell Energy, SSE and Utilita.

How has the Household Support Fund evolved?

The Household Support Fund was first launched in October 2021 to help Brits pay their way through winter amid the cost of living crisis.

Councils up and down the country got a slice of the £421million funding available to dish out to Brits in need.

It was then extended in the 2022 Spring Budget and for a second time in October 2022 to help those on the lowest incomes with the rising cost of living.

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The DWP then confirmed a third extension of the scheme through to March 31, 2024.

Former chancellor Jeremy Hunt extended the HSF for the fourth time while delivering his Spring Budget on March 6, 2024.

In September 2024, the Government announced a fifth extension.

The Household Support Fund will be accessible all around the country

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The Household Support Fund will be accessible all around the countryCredit: Getty

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UK braces for policy flashpoints with Trump’s US

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Sir Keir Starmer may have sent his “hearty” congratulations to Donald Trump on his victory in the US presidential election this week, but there are a number of policy areas where the UK government is poised to clash with the incoming Republican administration.

The prime minister will need to strike a balancing act: maintaining goodwill with the next White House to work together on thorny global issues, while ensuring he does not alienate domestic voters who largely take a dim view of the president-elect.

Whitehall insiders are also bracing for personality clashes, particularly with Elon Musk, who is tipped for a prominent role in Trump’s team and has revelled in using his social media platform to goad Starmer and criticise the UK.

Tariffs

Economists have warned Trump’s threat to impose 10-20 per cent tariffs on all imports into the US — and 60 per cent tariffs on Chinese goods — would hit UK trade and investment.

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A sector-by-sector analysis by the Centre for Inclusive Trade Policy at Sussex University forecast Trump tariffs could cause a £22bn annual hit to UK exports, with key sectors such as fishing and petroleum facing sharp declines.

“Most UK industries . . . will face steep challenges if the US goes ahead with the proposed tariffs,” said UKTPO economist Nicolò Tamberi, though he added textiles “may see gains from trade shifts due to reduced Chinese competition in the US market”.

The National Institute of Economic and Social Research said tariffs of 10 per cent would cut forecast GDP growth by 0.8 percentage points next year, and cause a 1.4 percentage point reduction in 2026.

Ahmet Kaya, principal economist at Niesr, said higher prices would hit lower-income households hardest. “Trump’s proposed tariffs would be yet another shock to the UK economy,” he added.

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The prospect has sent shockwaves through Whitehall. “This has the potential to be as problematic for us as Brexit,” said one British government figure.

Foreign and defence

Trump has pledged to “end wars”, a noble ambition that poses problems for a world currently enmeshed in multiple conflicts.

The UK’s steadfast support for Ukraine under successive Tory and Labour administrations could be severely undermined by the president-elect, who has indicated his desire for Kyiv to agree a swift deal with Moscow, triggering anxiety about the prospect of him pressing Ukraine to accept terms.

While Starmer has promised the UK will raise defence spending to 2.5 per cent of GDP — compared with 2.3 per cent currently — there are questions over whether European states could provide plug the military and financial gap if the US, which has provided a major proportion, pulls back.

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Trump’s position will also have a bearing on Israel’s conflicts with Hamas in Gaza and Hizbollah in Lebanon, although it remains to be seen how much leverage he will have over Israeli Prime Minister Benjamin Netanyahu.

The UK government has increasingly stepped up pressure on Israel to ease the humanitarian crisis in the region and to show restraint towards Iran to avoid spiralling conflict in the region.

Dr Burcu Ozcelik, senior research fellow at the Rusi think-tank, said: “If the election results indicate, at least partially, American voters’ repudiation of the Democratic party’s policies in Gaza and the failure to negotiate a ceasefire deal, it is difficult to see how a Trump administration will pivot to improve the situation.”

Nato

Trump has previously expressed ambivalence about Nato. Any move by him that cast doubt on Article 5 — the principle of collective defence that lies at its heart — could force Britain and Europe to shoulder far more of the burden of securing their own region, above and beyond current planned increases.

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While the prime minister would like to focus expenditure on vote-winning areas like the NHS and education, he may yet be forced to pour even more cash into Britain’s armed forces.

Strategic rivalry between the US and China is meanwhile likely to intensify under Trump, which could have consequences for London.

During his first term, Trump pressured Britain to fall into line on Beijing, such as banning technology manufactured by Chinese company Huawei from the UK’s 5G rollout.

Technology

Governments around the world are drawing up rules to govern how AI is developed and used, making the next few years key to the safe rollout of the rapidly-evolving technology.

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Trump has said he plans to scrap the Biden administration’s Executive Order on AI — which was tied closely to the UK’s AI Safety Summit last year.

The move would put the US on a collision course with the UK government on regulation, one UK-based technology lobbyist warned. “To me, the downsides are quite significant” for the UK’s role in tech, they added.

Big Tech companies are likely to be emboldened by Trump to fight against European-style regulation of the industry, such as the UK’s Online Safety act and new Digital Markets Unit regulator.

Policing of online activities is an area where Musk, Trump’s top tech industry ally, has already clashed with the UK. The X owner repeatedly likened the UK to the Soviet Union for its policing of offensive speech after far-right riots spread across the country in August.

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Climate

An avowed climate change sceptic, Trump promised while campaigning to increase drilling for fossil fuels in the US and vowed to repeal the Inflation Reduction Act, Joe Biden’s flagship legislation to encourage investment in clean energy.

Labour ministers are privately aghast at Trump’s approach to climate change but some believe that Europe could become a relatively more attractive place for low-carbon investment in the coming months.

The Starmer government will pitch Britain as one of the most politically stable countries in the world with a more interventionist approach to green energy than the previous Tory administration.

Trump’s victory will also overshadow the UN COP29 climate talks in petrostate Azerbaijan next week, given the president-elect’s promise to withdraw from the 2015 Paris agreement — as he did during his first term in the White House.

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Starmer is attending the COP talks in Baku but other major political figures such as French President Emmanuel Macron and EU president Ursula von der Leyen had already dropped out even before the US election.

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I’ve found the ‘city of the future’ – it has the UK’s cheapest beers and A-listers love it

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One expert has called Wrexham the city of the future

A MAN who has visited all 76 cities in the UK has called Wrexham a “city of the future” for tourists thanks to its A-list glow-up.

Travel guide creator Peter Naldrett, who lives in Sheffield, believes Wrexham will be an upcoming tourist destination in the next few years.

One expert has called Wrexham the city of the future

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One expert has called Wrexham the city of the futureCredit: Alamy
Travel writer Peter Naldrett visited every UK city for his new book Bright Lights, Big Cities, which was published earlier this year

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Travel writer Peter Naldrett visited every UK city for his new book Bright Lights, Big Cities, which was published earlier this year
Actors like Paul Rudd (pictured) have been spotted at games and sharing pints with fans in local pubs

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Actors like Paul Rudd (pictured) have been spotted at games and sharing pints with fans in local pubsCredit: PA

Wrexham – home to just under 45,000 people – was given city status in 2022 after winning the Queen’s Platinum Jubilee Civic Honours.

Peter, who visited every UK city while researching his book, Bright Lights, Big Cities, wouldn’t be surprised if Wrexham became a tourist magnet in the next few years.

Talking exclusively to the Sun Newspaper, he said: “The city of the future is Wrexham and quite unusually it’s all about football.

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Wrexham AFC had a Hollywood buyout and the football is actually going brilliantly well with promotions for the Welsh side.

“This, coupled with the TV show, means more people are coming to every game, selling out stadiums.

“The knock-on effect for hotels and restaurants will be an upward spiral for maybe the next five or 10 years.

“If everything goes well, I think visitors could see a museum opening, like the Wrexham Story, or some activities for the kids.”

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Surrounded by beautiful mountains and Welsh valleys, Wrexham has already been rising in popularity among holidaymakers.

The interest in Wrexham as a holiday destination has a lot to do with its football team and its celebrity owners, actors Ryan Reynolds and Rob McElhenney.

Since the buyout from the Hollywood stars, the Red Dragons have been promoted back to the football league for the first time in 15 years.

Nuremberg Christkindlesmarkt takes place in the Hauptmarkt, the central square of Nuremberg’s old town.

They filmed the whole thing for a popular Disney+ series called Welcome to Wrexham, bringing wider appeal to the town, attracting people from beyond the UK.

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And some of their celeb pals like Paul Rudd and Hugh Jackman have been spotted watching games in the Welsh football stadium.

Until these potential attractions open, there are plenty of other places for visitors to enjoy, including amazing walks, water sports and crucially, some very cheap pints.

In 2022, according to Wales Online, Wrexham was the cheapest place in the UK to get a beer.

They reported that the average cost of a pint in the town was “just £2.09 – almost £4 cheaper than the nation’s most expensive spot” which, of course, was London.

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If you’re not a big drinker, there are plenty of outdoor activities in the surrounding areas.

Away from its football fame, there are plenty of other outdoor attractions in the Welsh city, including Llangollen aqueduct

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Away from its football fame, there are plenty of other outdoor attractions in the Welsh city, including Llangollen aqueductCredit: Getty

One of those is the Llangollen aqueduct, which visitors can kayak over, while sampling the breathtaking surrounding views.

There’s also the Clwydian mountain range and Dee Valley area of outstanding natural beauty, which both have walks to suit every ability.

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The Dee Valley website says that the area “is an outstanding place to explore on foot” with some “challenging long-distance routes that are of national importance”.

For the less outdoorsy, there’s plenty to do in the town as well, including National Trust property Erddig.

The Grade-I listed property features a 17th century country house, a restored walled garden and outbuildings.

There are also play areas and places to eat, making it an excellent place for a family day out.

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Although Wrexham itself isn’t coastal, it’s not too far from it, with Talacre beach in Flintshire less than an hour’s drive away.

Here’s one other football ‘town’ Brits can visit

RICHMOND in south-west London also rose to fame thanks to fictional football team AFC Richmond.

The London district was used as one of the filming locations for the hit television show Ted Lasso, which stars Jason Sudeikis.

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The award-winning show is all about an American with no football knowledge taking over an English football club because the owner wants to spite her ex-husband.

Thanks to the show’s success, there’s a Ted Lasso tour to spot all the filming locations, including Paved Court Road which was used as the exterior shot of Ted Lasso’s home.

Actress and tour guide Emmy McMorrow was the first person to run these bespoke tours and has been swamped with bookings from US tourists.

The Kent town of Margate was featured in the new Hollywood blockbuster Empire of Light, starring Olivia Colman.

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Meanwhile, a magical beach in the UK where Harry Potter was filmed has been called a “surfer’s paradise” by fans of the franchise.

Wrexham is also home to some of the cheapest pints in the country, perfect for afternoons spent watching the footie at the pub

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Wrexham is also home to some of the cheapest pints in the country, perfect for afternoons spent watching the footie at the pubCredit: Alamy

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