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Tiger-backed French fintech Qonto seeks €5bn valuation in share sale 

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Alexandre Prot

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French fintech Qonto is talking to investors about a sale of existing shares that could value it at €5bn, the latest of such deals as companies seek to reward employees and early backers in the face of a weak market for listings.

The neobank has been exploring selling at least €200mn in stock held by employees and early investors and has held discussions with several funds, according to people familiar with the matter.

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Qonto, already one of France’s most valuable technology companies, is seeking a valuation of about €5bn, the people said. But they cautioned that no price had been set yet, and said it was unclear if any agreement would be reached. 

Qonto was last valued at €4.4bn during a 2022 funding round in which it raised €486mn from investors including Tiger Global, TCV and Tencent. The company declined to comment on the latest share offering.

The sale would make Qonto the latest fintech company to turn to the secondary market at a time when exits for founders and investors are difficult because the IPO market remains tepid.

A successful deal would make Qonto one of the few European fintechs to increase their valuation in recent years after higher interest rates and shifting investor sentiment battered the sector, ending a period of hypergrowth that had pushed fundraising levels to a record in 2021.

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Revolut, Europe’s largest tech company, in August closed a $500mn sale of employees shares, with its value growing from $33bn to $45bn. Other UK fintechs Monzo and GoCardless are also targeting similar deals.

David Sainteff, partner at Global Founders Capital, said several European fintechs were well-positioned for secondary sales because they had reached a more mature stage, had developed scale and lenders were benefiting from higher rates.

“Since 2021, many early employees have recognised that opportunities for liquidity events may be limited and IPOs postponed,” Sainteff said. “We’re likely to see more and more employee share sales at successful companies, as these firms will need to attract, retain and motivate top talent.”

Qonto was founded in 2016 by entrepreneurs Alexandre Prot and Steve Anavi with the aim of providing better financial services to other entrepreneurs.

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It provides a suite of services including invoice management for more than 500,000 small and medium companies in France, Spain, Italy and Germany. The fintech does not have a banking licence but provides credit through partnerships with other institutions.

Qonto’s growth has been fuelled by entrepreneurs, sole traders and small companies, but it has in recent years sought to attract bigger clients, as well as offering software services.

The group has also embarked on a European expansion, announcing earlier this year that it would launch in Austria, Belgium, the Netherlands and Portugal. 

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Crushing women’s rights was always leitmotif of Taliban rule

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A woman protester scuffles with a member of the Taliban outside a school in Kabul

In “No silver bullet” (Books, Life & Arts, FT Weekend, October 26) Charles Clover reviews the memoir of the Afghan media mogul Saad Mohseni, recounting his battle to establish his TOLO TV channel as an independent voice in post-2001 Kabul.

Clover says Radio Free Afghanistan is perhaps the best of the memoirs of Afghanistan so far published, “simply for Mohseni’s perspective on the quixotic and ultimately failed American effort to bring democracy and rid the country of the Taliban”.

My assessment of the events that followed 9/11 is there was an urgent need for a power-sharing agreement in Afghanistan. But instead precious months were wasted as UN prevarication delayed the meeting between representatives from the main Afghan political groupings, the US and its key allies and some regional representatives that eventually took place in Bonn in late November 2001.

By this time the militia forces under the newly restored commanders of the Northern Alliance, the ground forces partnering the US air campaign to dismantle the Taliban regime and target al-Qaeda, had taken Kabul.

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Such “facts on the ground” underpinned Northern Alliance’s demands for control of all key government ministries, including interior and defence. This led to the intensification of factional and ethnic divisions that contaminated appointments at local level, and prevented the development of national institutions acting in the interests of all Afghans. Moreover the organised criminal syndicates that ran the opium trade were protected by connections at the highest levels in government ministries.

The outcomes from the Bonn meeting, initially poorly understood by the US and its allies, set the trajectory for the eventual return to power of the Taliban while betraying Afghan hopes for actual political change.

The fact that TOLO’s female announcers survive, something Clover references at the end of his review, is really no more than a fig leaf for the Taliban. The crushing of girls’ rights to attend secondary and tertiary education and the denial of any role for Afghan women in public life, including now banning women from raising their voices in public, is back as the leitmotif of the Taliban’s brutal imposition of their social engineering project.

Barbara J Stapleton
Former Political Adviser; and Deputy to the EU Special Representative for Afghanistan, Oxford, Oxfordshire, UK

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I tested warm wines that are latest drinks craze… winner was packed with spice & will get people talking at Xmas parties

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I tested warm wines that are latest drinks craze… winner was packed with spice & will get people talking at Xmas parties

WARM wines are becoming the hot new drink craze this season.

And they don’t have to be super sweet or full of cinnamon – Marks and Spencer has just launched English Mulled White.

So as temperatures drop, drinks expert Helena Nicklin tries out simmering new arrivals and also suggests some of the best non-traditional wine styles ideal for making your own mulled vino all year round.

English Pink Mulled Rose

£25 for 1.5L, englishpink.co.uk

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This charming wine is sweet but beautifully balanced

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This charming wine is sweet but beautifully balancedCredit: Supplied

YOU may think that pastel wine is only for drinking poolside or in the summer, so prepare for something very different indeed.

A mulled, posh English pink from a pouch?

I was not expecting to like this – but how wrong I was.

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A charming blend of creamy Pinot Blanc with strawberry-scented Pinot Noir.

t’s sweet but beautifully balanced and not at all cloying with subtle, well-judged notes of cinnamon and vanilla.

Fab when it’s chilly out and proof it can be enjoyed near the fire as well as in the sun.

It is a tad pricey, but it is unusual, plus you’ll be buying British.

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RATING: 4/5

Visit the world’s first mulled wine spa this Christmas – with hot tub full of festive plonk

M&S Mulled White Wine

£6.50, M&S and Ocado

Think baked pears in pastry with a dusting of white chocolate

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Think baked pears in pastry with a dusting of white chocolateCredit: Supplied

WHO knew mulled wine could be so lovely when white too?

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This white warmer has vanilla and mulled spice flavours and the makers suggest it is ideal served with a slice of lemon.

Easy to warm, just empty the contents into a pan and gently heat until hot.

Or you can microwave a mugful for 60 seconds for a nightcap.

I would drink this subtly sweet, rounded white over a red version any day.

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Think baked pears in pastry with a dusting of white chocolate.

It won’t be for everyone but it is a guilty pleasure – a great talking point for parties, and it is inexpensive to boot.

RATING: 5/5

Dry Rosé: Specially Selected Corsican Ile De Beauté Rosé

£3.21 on offer, Aldi

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This Corsican beauty is an absolute steal, costing just over £3 a bottle

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This Corsican beauty is an absolute steal, costing just over £3 a bottleCredit: Supplied

IF you want to mimic the style of the hot English pink but would prefer to spend a little less, I would suggest a dry rosé with a bit of texture, some subtle strawberry and a slick of saline.

This Corsican beauty will do the job perfectly.

And it is an absolute steal, costing just over £3 a bottle at the moment.

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So if you don’t like the results, you haven’t wasted too much money.

It will certainly stand up to a bit of heat and gentle spice in the pan and can play with whatever mulled wine additions you fancy.

Serve in heat-proof clear mugs to show off the colour.

RATING: 4/5

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Fruity Rosé – Nice Drop White Zinfandel

£4.15, Asda

This wine is top value and would be great to serve to guests at any cold-weather party

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This wine is top value and would be great to serve to guests at any cold-weather party

FUN and super fruity – sweeter rosé styles such as white Zinfandel are a great choice for more tropical, mulled pinks.

So, if you want liquid fruit salad in a glass, why not have a go at warming up this unpretentious, Nice Drop Californian cracker with some cinnamon sticks and orange peel?

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For a another talking point, you could also garnish with slices of peach then serve.

This would be a great one to serve to guests at any cold-weather gathering or festive party.

It is top value too, so well worth giving it a try.

A proper guilty pleasure!

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RATING: 3/5

Spicy Shiraz: Kooliburra Australian Shiraz

£4.15, Aldi

This is one for your classic Christmas do and you won't have to splash out too much for your guests

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This is one for your classic Christmas do and you won’t have to splash out too much for your guestsCredit: Supplied

SHIRAZ is a great grape for mulling yourself thanks to its velvety, fruity body and generous notes of plum jam with a kick of peppery spice.

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If you happen to have any glasses remaining in an opened bottle, warming this wine up would be a good way to use it.

Stock up to enjoy it for the seasonal parties.

This will give you plenty to go round for your guests, without splashing out too much.

Less sweet than a Primitivo would be but packed full of flavour.

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This is one for your classic Christmas do.

Or get practising by drinking it now.

RATING: 5/5

Extra Special Fiano Terre Siciliane

£6.25, Asda

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Whether you drink this wine chilled or warmed, it is ravishingly refreshing

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Whether you drink this wine chilled or warmed, it is ravishingly refreshingCredit: Supplied

ALWAYS a crowd-pleaser, Fiano is an Italian grape that appeals to all kinds of white wine drinkers.

It is one that seems to suit everyone and this option from Asda, currently with 50p off, is very well priced.

Also, it is “just tropical enough” to cope with a heat injection thanks to its orange and pineapple vibes.

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Chilled or warmed, it is ravishingly refreshing and you won’t need to worry about whether it will withstand a little heat.

Adding spice and fruit will bring out that orange peel note too, so serve with a fresh slice of whatever you have to hand.

RATING: 2/5

Cheeky Chardonnay: Andrew Peace Masterpeace Chardonnay

£6.50, Tesco

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This cheeky Chardonnay from Australia is ripe and round with lashings of peach and melon

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This cheeky Chardonnay from Australia is ripe and round with lashings of peach and melonCredit: Supplied

IF a mulled white sounds like it could be more your thing and you fancy simmering a pan of your own pale plonk to give it a try, this could be a good bet.

To go DIY, I recommend finding a seriously fruity Chardonnay from a warm climate without too much oakiness which will stand up well to being warmed.

This cheeky Chard from Australia fits the brief.

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It is ripe and round with lashings of peach and melon.

It will love a bit of cinnamon spice or star anise and will forgive the saucepan treatment.

Give it a try and see how you get on.

RATING: 3/5

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Chocolatey Primitivo: M&S Primitivo Puglia

£7, M&S

This is a proper, curl-up-by-the-fire red that makes a mulled wine with that similar cosy vibe

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This is a proper, curl-up-by-the-fire red that makes a mulled wine with that similar cosy vibeCredit: Supplied

MORE traditional mulled wines made with red vino do best with bold, fruity styles that do not have too much tooth- drying tannin.

Primitivo grapes, from Puglia in sunny southern Italy, are like this with flavours of Morello cherries, chocolate and spice.

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This one has a sweeter, ripe fig-in-chocolate flavour that loves a bit of mulled spice.

A proper, curl-up-by-the-fire red that makes a mulled wine with that similar cosy vibe.

Heat it gently in a pan and throw in all the traditional mulled red trimmings and spices – cinnamon, cloves, oranges and cardamon.

RATING: 4/5

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Helena Nicklin tries eight wines and rates them all out of 5

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Helena Nicklin tries eight wines and rates them all out of 5

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Canada braces for second Donald Trump presidency

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Donald Trump’s emphatic victory in the US presidential election has caused jitters north of the border in Canada, a close ally with a trading partnership worth about $1.3tn a year.

In his congratulatory message to the president-elect, Prime Minister Justin Trudeau reminded Washington that Canada and the US have “the world’s most successful partnership” and that they “are also each other’s largest trade partners and our economies are deeply intertwined”.

Meanwhile Chrystia Freeland, the finance minister, told reporters in Ottawa that while there were a “lot of anxieties” after Trump’s victory, “Canada will be absolutely fine”.

Ottawa had first-hand experience of Trump’s “America First” trade policy during his previous administration. In 2017 the former president insisted on renegotiating the two-decade old North American Free Trade Agreement, which he described as a “disaster” that, along with China, had hollowed out the US manufacturing sector.

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Trump also accused Trudeau of being “two-faced” during tense 2019 talks on Nato defence spending, with Canada’s contributions to the alliance still below the minimum of 2 per cent of GDP.

Canadian defence spending is likely to remain a sticking point. Mélanie Joly, minister of foreign affairs, said on Wednesday that Canada would be tripling its defence budget. “We want to strengthen the Nato alliance, and Canada will continue to contribute,” she said.

But Trudeau told a Nato summit in July that the 2 per cent target would not be reached until 2032.

Agriculture is another area that caused problems between the two neighbours. Trump railed against Canadian protections on dairy products during his presidency, tweeting in 2018: “Canada charges the US a 270% tariff on Dairy Products! . . . Not fair to our farmers!”

Canada’s Digital Services Tax Act, which places a 3 per cent tax on global technology companies, mostly based in the US, could also be an area of concern in the upcoming Trump administration.

Canadian officials are keen to play down any possible friction, pointing out that the two countries along with Mexico signed the US-Mexico-Canada Agreement, which replaced Nafta, during Trump’s last term. 

“Our trading relationship today is governed by the trade deal concluded by President Trump himself and his team. That’s really, really important,” Freedland said this week.

She and other officials have also been meeting US counterparts throughout the year to bolster trade continuity. Candace Laing, president of the Canadian Chamber of Commerce, on Wednesday issued a statement pointing out that the two countries share “an impressive $3.6bn in daily trade” and “tariffs and trade barriers that will only raise prices and hurt consumers in both countries”.

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Goldy Hyder, president of the Business Council of Canada, said Trump’s strong mandate offers Canada opportunities. “We can enhance energy security, drive economic growth, boost shared prosperity and establish ourselves as the global standard for innovation and economic co-operation,” he said.

But there is nervousness in Ottawa. Trump has threatened to impose duties of 10-20 per cent on imports from all trading partners. With the USMCA agreement up for review in 2026, it could be subject to change under his presidency. 

Trudeau on Thursday re-established the cabinet committee on Canada-US relations to focus on “critical” bilateral issues. After its first meeting on Friday, Freedland, its chair, said the group would meet “often and early next week”, and added that Trump and his pick for trade representative, Robert Lighthizer, have described USMCA as a “model trade deal and I agree with them”.

“We know our trading relation is strong and mutually beneficial . . . We are the most important export market for the US by a long shot,” she said.

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If Trump were to impose his proposed 10 per cent blanket tariffs, it would hit about one-tenth of US imports from Canada between 2026 and 2027, said Tony Stillo, Canadian director of the Oxford Economics think-tank. 

“A second Trump presidency will likely also lead to greater global uncertainty so it will be important to expect the unexpected, particularly when it comes to tariffs,” he warned.

Stillo added that if tariffs were imposed, Canada would likely respond with proportional retaliatory and, in some cases, targeted levies that would hit Republican state governors as a way to put pressure on Trump.

Government officials are meanwhile keen to highlight areas in which the US and Canada are co-operating, such as on China.

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François-Philippe Champagne, minister of innovation, science and industry, said Canada was now more “strategically integrated” with the US on critical minerals, the cross-border automotive industry and green energy supply chains.

“Everyone [in Washington] is talking about security, that is the paramount topic. [Also] supply chain resiliency — they understand that we are their key strategic partner,” he said.

This week Ottawa ordered Chinese-owned social media company TikTok to close its Canadian office based on “national security grounds” and “advice from partners”, Champagne added.

The Trump presidency is also good news for Canada’s oil and gas sector, which sends most of its products to the US.

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“Energy is the cornerstone of our trade relationship. That just got truer,” said Heather Exner-Pirot, a policy director at the Macdonald-Laurier Institute, an Ottawa-based think-tank.

After US President Joe Biden scrapped the $8bn Keystone XL pipeline in June 2021, maintaining an integrated North American energy system and bidirectional energy flows “is increasingly in focus”, said a spokesperson for Enbridge, a Calgary-based multinational pipeline and energy company.

Ultimately, Canada’s relations with its more powerful neighbour would depend on Trump’s approach to the rule of law, said Errol Mendes, professor of law at Ottawa university. 

“If it turns out to be a shift towards autocracy, Canada is in very deep trouble on trade, international security, migration and social conflict internally and externally,” he warned.

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Urgent warning to first-time buyers after Budget tax hike – five ways you can beat soaring costs

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Urgent warning to first-time buyers after Budget tax hike - five ways you can beat soaring costs

FIRST-TIME buyers face paying £1,400 MORE in tax to buy a home after Rachel Reeves’ Budget.

The Chancellor had promised to make it easier to get on the housing ladder – but experts are now warning that the changes to stamp duty will force thousands to delay making the move.

First-time buyers face paying £1,400 MORE in tax to buy a home after Rachel Reeves’ Budget

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First-time buyers face paying £1,400 MORE in tax to buy a home after Rachel Reeves’ BudgetCredit: Alamy
In her first Budget, Reeves revealed a hit to anyone buying a second home by increasing stamp duty charges from 3 to 5 per cent

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In her first Budget, Reeves revealed a hit to anyone buying a second home by increasing stamp duty charges from 3 to 5 per centCredit: Rex

Home movers will also be hit with a £6,400 bill after April next year.

Rosie Murray-West explains what is happening and the impact on the housing market.

THE HIDDEN CHANGE

IN her first Budget, Rachel Reeves revealed a hit to anyone buying a second home by increasing stamp duty charges from 3 to 5 per cent.

But she was less vocal about changes to stamp duty relief for first-time buyers from April 1, 2025.

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At present, first-time buyers pay stamp duty on any property over £425,000, but this will dip back to £300,000.

Other buyers pay the tax on properties above £250,000 and this will return to £125,000.

The tax is set at 5 per cent of the property price above the threshold, rising to 10 per cent for any part over £925,000.

First-time buyers will receive no extra relief if the home they buy is worth over £500,000, instead of the current £625,000.

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FIRST-TIME BUYERS HIT

DESPITE promises that things would be easier, brokers say the changes will have a negative impact on first-time buyers.

From April next year, a first-time buyer purchasing an average price property worth £328,000 will now face £1,400 in upfront costs.

Eight key takeaways from Labour’s budget

A home-mover buying the same price property will pay £6,400 in stamp duty from April 2025, up from £3,900 at present.

Mortgage broker John Fraser-Tucker says: “This change could force many to delay their dreams of home ownership.”

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The change puts stamp duty thresholds back to the levels they were before Liz Truss’s 2022 “mini-budget”.

Movers buying a £425,000 home will pay an extra £2,500 in stamp duty, a total of £11,250.

First-time buyers, who currently pay no stamp duty, would pay £6,250 on a £425,000 home.

Andrew Greenwood, of Leeds Building Society, says the change means London first-time buyers will need to keep renting for an an extra year to save up for the tax.

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“Our country needs to develop a long-term, joined-up plan to improve stability in the housing market if we are to solve the problem,” he said.

Government watchdog the Office for Budget Responsibility says that the amount of stamp duty paid to HMRC per year will go from £14.1billion to £25.4billion in five years’ time.

Upcoming changes will have a negative impact on first-time buyers
Upcoming changes will have a negative impact on first-time buyers

HOW IT WILL ALSO AFFECT MOVERS

AS well as stamp duty, other costs faced by buyers are also increasing.

Property expert Karen Noye, from wealth manager Quilter, predicts that a rush of buyers trying to beat the stamp duty deadline could cause a hike in house prices, meaning homeowners will need to borrow more.

The Budget also means the cost of borrowing will likely be more expensive, despite this week’s bank rate cut.

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Gilt yields — the amount the Government must pay to borrow money — rose after Reeves said she would borrow more cash to fund her Budget, and these can push up mortgage rates.

Mortgage broker David Hollingworth, from London & Country, says that even after the base rate cut, fixed-rate mortgages could still “nudge up” if higher market rates persist, which would make funding a house purchase more expensive in the short-term.

According to financial data service Moneyfacts, the average two-year fixed rate mortgage was at 5.38 per cent this week, up from 5.36 per cent on October 11.

A 25-year mortgage on a £328,000 property with a ten per cent deposit would cost £1,792 a month.

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IT’S BAD NEWS FOR RENTERS TOO

Renters’ Rights Bill contains protections for tenants that could push up costs

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Renters’ Rights Bill contains protections for tenants that could push up costsCredit: Alamy

THE Budget was also bad news for those who need to rent a property until they can save enough for a deposit, as many believe rents are set to rise too.

Reeves added a stamp duty surcharge on those buying second homes, while the recently announced Renters’ Rights Bill contains protections for tenants that could push up costs.

Stuart Collar-Brown, of estate agency membership body Propertymark, says landlords will exit the market leaving fewer homes and higher rents.

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Finally, champions of first-time buyers noted the omission of the Freedom To Buy scheme from the Budget.

The scheme was unveiled before the Labour victory, with Starmer promising it would get 80,000 people on to the housing ladder, with the Government acting as a guarantor for those unable to save big deposits.

“The failure to implement the Freedom To Buy scheme, a cornerstone of their manifesto, is likely to have left aspiring homeowners feeling deeply disillusioned,” says John Fraser-Tucker, from Mojo Mortgages.

The scheme offered a glimmer of hope, particularly for those struggling to save large deposits in high-demand areas.”

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ACT FAST TO BEAT THE RISING COSTS

IF you want to save thousands in stamp duty by buying before the April 1 deadline, meticulous preparation and quick thinking are key.

Nicholas Mendes, from mortgage broker John Charcol, gives his top tips for first-time buyers wanting to get a purchase across the line before the stamp duty increase hits.

 GET A MORTGAGE IN PRINCIPLE: Before you even view a property, check how much you can borrow by talking to a mortgage broker or lender.

This can strengthen your position as buyers and enable you to act quickly when you find a suitable property.

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You should also budget for other costs at this point, including legal fees, surveys and moving expenses, to ensure complete financial readiness.

RESEARCH THE LOCAL MARKET: Knowing how long it takes properties to sell in your area will help with negotiations, while signing up with local agents can help you get in first with the deals.

An agent can help identify suitable properties and alert buyers to new listings as soon as they become available.

ENHANCE YOUR CREDIT SCORE: Banks are often more cautious with first-time buyers, so your credit score – which shows a lender how you manage your money now – is particularly important.

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Avoid making new credit applications in the months leading up to your mortgage application, as each inquiry can temporarily lower your score.

Ensuring all bills and debt repayments are made on time is crucial, as missed payments can significantly impact your score.

 CUT DOWN ON YOUR SPENDING: Lenders check your recent bank statements for regular outgoings, so now is the time to cut down on anything you can.

This means avoiding large transactions that might be hard to explain.

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If you have regular monthly subscriptions, it might also be wise to cancel any unnecessary ones.

 HAVE DOCUMENTS READY: Mortgage lenders require a detailed view of your financial health, so getting your finances in order is essential.

“Begin by gathering key documents such as recent payslips, tax returns and bank statements from the last three to six months, and any other evidence of income.

It’s also helpful to have documentation on hand for any other sources of income, such as bonuses, freelance work or government benefits.

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Sleepy Welsh village which was once a busy port has beautiful coastal paths and cosy pubs

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We explored the beautiful Pembrokeshire Coast in Wales

SINKING into the snug sofa in our cottage, Welsh tea in hand, I let out a satisfied sigh after a weekend of coastal walks, delicious food, and the best company.

My partner Emily, our sausage dog Forrest and I had spent the past couple of days exploring the rugged Pembrokeshire coastline, sampling local delicacies, and uncovering the charms of the village of Solva.

We explored the beautiful Pembrokeshire Coast in Wales

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We explored the beautiful Pembrokeshire Coast in WalesCredit: Getty
Pastel painted buildings in Solva's Main Street

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Pastel painted buildings in Solva’s Main StreetCredit: Alamy

We stayed in the dog-friendly Alma Cottage, one of the many luxury retreats offered by Coastal Cottages, which has more than 500 properties across Wales.

Set in a quiet no-through lane, the beautifully converted old fishing house combined traditional stone charm with modern comforts.

The spacious living room was perfect for unwinding after our adventures, with a sprawling sofa and two armchairs that were hard to get up from due to their outrageous comfort.

Upstairs, two big bedrooms offered stunning views of the coast, while the functional shower room completed the perfect cottage experience.

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Plus, we were welcomed with a thoughtful touch: a dog bowl for Forrest that made us feel right at home.

On arrival, we were delighted by a Welsh hamper worth £40, filled with local treats including Welsh cakes from Tan Y Castell Bakery, Pembrokeshire black forest jam, and lemon sherbet white chocolate.

Solva itself is a picture-postcard coastal village with a fascinating history.

Formed in a “drowned valley” by a meltwater channel, the village was once a bustling port in the 1800s, with capacity for 30 vessels.

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Though the industry has faded, reminders of Solva’s past remain, such as the stone lime kilns still visible at the head of the beach.

Today, the village has a relaxed, almost sleepy feel, with as many dogs as people, making it a perfect spot for Forrest to explore.

Underrated towns you need to visit

From the Cambrian Inn, where we had a hearty lunch of fish and chips washed down with Welsh beer Butty Bach, to the Print House Café, where we enjoyed a coffee, nearly every shop, pub, and restaurant welcomed Forrest with open arms.

A bracing two-and-a-half hour walk along the Pembrokeshire Coast Path took us to St Davids, the smallest city in the UK.

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You wouldn’t know it was a city until you go round a corner and find the magnificent St Davids Cathedral, home to the shrine of St David, Wales’ patron saint.

We also visited Chapel Chocolates for some indulgent award-winning treats.

The convenient £1.60 T11 bus delivered us back to Solva in just ten minutes.

Back in the village, we stopped for a couple of London Prides at The Ship, a pub where we learned about the old dividing line that once separated sailors from their captains — still seen in the notch at the bar.

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Cold-water swim

Later, a burger dinner at The Hats & Barrels, paired with Welsh Double Dragon beer, was the perfect way to round off the evening, followed by a rich raspberry cheesecake.

Solva also has a touch of class, evident in its quaint shops such as Window On Wales, a three-floor treasure trove of Welsh goods.

Art lovers should not miss the Raul Speek Gallery, located in a converted chapel, showcasing vibrant paintings by the Cuban-born artist who has called Solva home since the Nineties.

If you’re after history, a visit to the Solva Woollen Mill, just a ten-minute drive away, is a must.

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It’s the oldest working woollen mill in Pembrokeshire and the only one in Wales specialising in flat woven carpets, rugs, and runners.

A week’s stay with up to three guests at Alma Cottage in Solva is from £490

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A week’s stay with up to three guests at Alma Cottage in Solva is from £490Credit: Supplied

The restored waterwheel is a charming attraction, with King Charles and Queen Camilla choosing the mill to create carpets for their Welsh home.

In the early mornings, when the tide is in, a cold-water swim in the bay is a great way to kick off the day.

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Solva’s charm is at its peak during the crisp, quiet mornings when the village feels almost untouched.

We ended our weekend with a memorable lunch at Crug Glas Country House, a 12th-century farmhouse just a short drive from Solva.

The beautifully decorated hotel made us feel as though we had stepped back in time.

I indulged in a squid starter, followed by an extraordinary roast duck main course, all rounded off with a sticky toffee pudding that was the perfect sweet ending to our trip.

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Solva's harbour once had a capacity of 30 ships

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Solva’s harbour once had a capacity of 30 shipsCredit: Getty

GO: Pembrokeshire

STAYING THERE: Coastal Cottages of Pembrokeshire has hundreds of properties sleeping two to 30 guests and a concierge team offering experiences from chefs to yoga.

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A week’s stay with up to three guests at Alma Cottage in Solva is from £490.

Two pets allowed at £15 per pet per week.

Visit coastalcottages.co.uk or call 01437 765 765.

OUT & ABOUT: visitpembrokeshire.com

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Keir Starmer green-lights multibillion-pound fighter jet with Italy and Japan

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Keir Starmer green-lights multibillion-pound fighter jet with Italy and Japan

Unlock the Editor’s Digest for free

The UK has given the green light to building a new multibillion-pound fighter jet with Italy and Japan, ending fears that the flagship project could fall victim to the new Labour government’s strategic defence review.

Ministers gave the go-ahead for the Global Combat Air Programme (GCAP) at a meeting on Tuesday, according to several people familiar with the decision. A formal announcement is expected in the coming weeks. 

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UK Prime Minister Sir Keir Starmer “chaired a meeting of some ministers . . . at which they made a firm commitment to GCAP”, said one British government official.

The news will come as a relief to Italy and Japan, Britain’s partners on GCAP, after Labour sparked fears in the summer shortly after taking power that it could axe the jet project on cost grounds.

Armed forces minister Luke Pollard in July described the programme as “really important” but had said it would not be right for him to prejudge Labour’s strategic defence review (SDR).

Starmer similarly stopped short of confirming Britain’s participation would continue during a visit to the Farnborough Air Show in late July.

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GCAP is intended to expand each nation’s defence capabilities to address rising threats from Russia and China. It merges Japan’s F-X programme with the UK and Italy’s Tempest project, with the aim of delivering a supersonic jet by 2035.

The UK has committed just over £2bn to the original Tempest programme alone but the eventual cost of GCAP is not yet fully known. The project is underpinned by a trilateral treaty between the partner nations signed in December last year.

Britain’s biggest defence companies, BAE Systems and Rolls-Royce, are working together alongside industrial partners Leonardo of Italy and Mitsubishi Heavy Industries of Japan on the programme.

“Starmer was aware of the discomfort from Japan and Italy at the uncertainty the SDR was creating and wanted to make a firm decision one way or the other sooner rather than later,” said a person familiar with the meeting. 

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UK defence secretary John Healey has stressed the importance of GCAP in recent weeks, including at the G7 Defence Ministers Summit in Naples.

The Ministry of Defence said the UK was a “proud member of the Global Combat Air Programme, working together with our partners Japan and Italy we are fully focused on delivering a next-generation combat aircraft for 2035”.

“We are making rapid progress across the programme, driving innovation, creating jobs and boosting the industrial base of each country.”

British chancellor Rachel Reeves announced an additional £2.9bn for the MoD for next year in her recent Budget, intended to ensure the UK continues to meet and exceed its Nato commitments.

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Labour’s defence spending review comes after the UK’s National Audit Office last year branded the MoD’s equipment plan for Britain’s armed forces “unaffordable”.

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