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Will the US presidential election define the future of crypto?

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Will the US presidential election define the future of crypto?
Getty Images SEC chair Gary GenslerGetty Images

SEC chair Gary Gensler is highly critical of some cryptocurrency firms

The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC.

The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce.

It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws.

In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate.

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The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration.

Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves.

This week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”.

It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar.

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Trump’s new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president. The White House has led a sweeping crackdown on crypto firms in recent years.

In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.

Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine. He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.

The SEC also has a case against Binance going through the courts. It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology.

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Getty Images Sam Bankman-Fried in suit jacket and tieGetty Images

The jailing of crypto boss Sam Bankman-Fried highlighted the worst aspects of the crypto sector

“This is a field that has come along, and just because they’re recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don’t think we want to comply with the time-tested laws’,” says Mr Gensler.

He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created.

This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression.

“Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler.

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Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.

Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”.

Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November.

“I can’t underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase. He has been at these meetings.

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“Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here. And I think it’s also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.”

He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”.

Getty Images Donald Trump and Kamala HarrisGetty Images

While Trump has been forthright about his views on crypto, Harris’ position is much less clear

The clampdown on cryptocurrencies in the US this year has been mirrored in Europe. In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals.

However, other regulators are being slower to act. The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow.

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Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate. Its critics argue it will give less protection to consumers.

Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.” He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”.

With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses.

By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit Public Citizen.

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The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”.

They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds.

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I visited UK’s ‘worst seaside town’ each year as a kid and love taking mine – it’s a gem that shouldn’t be overlooked

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Mablethorpe came bottom of the Which? list of English seaside resorts this year, much to travel writer Catherine Lofthouse's surprise

MABLETHORPE, near Skegness, is often slated as a seaside town.

It came bottom of the list for England’s seaside resorts this year in a Which? survey but I find it hard to believe, having visited it both as a child and now as a mum.

Mablethorpe came bottom of the Which? list of English seaside resorts this year, much to travel writer Catherine Lofthouse's surprise

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Mablethorpe came bottom of the Which? list of English seaside resorts this year, much to travel writer Catherine Lofthouse’s surpriseCredit: Getty
The Lincolnshire coastal town has plenty to offer families

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The Lincolnshire coastal town has plenty to offer familiesCredit: Getty
Travel writer Catherine Lofthouse enjoying a drink at the Haven Golden Sands in Mablethorpe

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Travel writer Catherine Lofthouse enjoying a drink at the Haven Golden Sands in MablethorpeCredit: Facebook

The little coastal gem always delivers all the fun in the sun you’d expect at the Great British seaside.

I grew up going to the Lincolnshire coast every year for my family’s annual trip to the seaside and I still love taking my boys back now. 

One of my earliest holiday memories is riding a tandem in the sunshine with my parents and my brothers and going to watch the Care Bears Movie, around the time that Mablethorpe’s cinema was reopened as the Loewen, which is still going strong.

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Mablethorpe’s beach stretches for miles and there’s two little trains that run you along the front if you’re staying further out at one of the holiday parks like Haven Golden Sands and want to get into the centre.

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The trains are known as Landy and Sandy as one runs on the road and the other on the beach.

Tickets for Landy are £2 each, while Sandy costs £3 per person return or £1.50 for a one way trip and then you can amble back along the sandy shore, paddling in the sea if the tide is right. Under threes travel free and dogs are welcome aboard.

The trains are just one of the attractions run by Jacksons of Mablethorpe, which also offer a beachfront arcade with a mix of machines to keep all ages amused.

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As the company is on the cusp of celebrating its 100th anniversary next year, it must be doing something right and there’s plenty of visitors like my family who keep coming back year after year.

If arcades and bars aren’t your thing, my top tip would be to check out the seal sanctuary at North End Beach over the road from the Haven park if you love wildlife or take a trip down the coast to charming Sutton-on-Sea if you fancy a change of scene. 

Golden Sands is a great place to stay, with indoor and outdoor pools and loads of kids activities like archery, climbing, high ropes and a free soft play.

The up-and-coming English seaside town with cheap booze and huge beaches

It’s consistently rated as one of the most popular Haven sites and we’ve had loads of brilliant breaks there, meeting up with friends and having a blast.

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My favourite time of year to visit is actually the October half term as I’ve often bagged a bargain as the holiday season comes to an end.

It’s fun checking out who’s decorated their caravan for Halloween and holiday parks can be a great place for traffic-free trick or treating.

And Lincolnshire is perfect for a staycay if you want to keep things cheap as chips as it’s not a big holiday hotspot, other than for Midlanders, so the prices are lower than at other seaside spots.

The irony of Mablethorpe’s surprise rating of just 46 per cent in this year’s Which? survey is that it’s only a year since it was named England‘s best beach in research commissioned by car rental firm Sixt, beating the likes of Cromer in Norfolk.

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It was judged on water quality, parking, nearby amenities and whether there’s lifeguards on duty.

I’d be far more inclined to agree with last year’s rating, although if you’re looking at Mablethorpe town centre as a whole, there are bits that do look like they need a bit of TLC, like entertainment complex Spanish City, which was recently spotted on hit TV drama Sherwood.

Last year, it was neighbouring Skegness that came joint bottom of the Which? seaside survey, so it just goes to show that fortunes can change overnight.

If you’re looking for an alternative to the hustle and bustle of Skegvegas, the golden sands are what make Mablethorpe a must-visit in my eyes.

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What are the Sun team’s favourite seaside towns?

The Sun’s travel team share some of their favourite English seaside towns

Folkestone, Kent

With views of France (on a very clear day), the main attraction is the Harbour Arm, sitting at the edge of the converted train tracks and selling hand-crafted goods and amazing food.

The multicoloured high street with shops and restaurants can’t be missed, my favourites being Burrito Buoy for some amazing margaritas and The Folkestone Bookshop for some novels.

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You’ll need to pack your beach shoes as it has a stony beach over a sandy beach – but after a few drinks at the much loved pilot bar, you’ll hardly care.

Kara Godfrey, Deputy Travel Editor

Mousehole, Cornwall

The small sandy bay has retained it’s chocolate box charm, crammed with weathered fishing boats and backed by pokey cafes and airy art galleries where seaside-inspired works hang from the walls.

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For impeccable views of a wild sea and homemade grub, head to Rock Pool Cafe which sits atop a craggy cliff and order a ‘make it yourself’ hot chocolate.

There are some impressive coastal walks – but be warned it can be hilly.

Sophie Swietochowski, Assistant Travel Editor

Cleethorpes, North East Lincolnshire

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Accessible on a spit of sand when the tide is out, this quirky little community art project is made up of driftwood, flags and mementoes from those who have visited to admire the huge swathes of golden sands and sparkling waters.

Sadly the original was destroyed in a fire in 2023 but an enthusiastic band of local volunteers are slowly re-building the landmark.

Lisa Minot, Head of Travel

Catherine Lofthouse's boys enjoy a trip on Mablethorpe's land train

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Catherine Lofthouse’s boys enjoy a trip on Mablethorpe’s land trainCredit: Facebook
Mablethorpe is a quieter alternative to the popular and lively seaside resort of Skegness

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Mablethorpe is a quieter alternative to the popular and lively seaside resort of SkegnessCredit: Getty

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Argentina’s Javier Milei denounces UN’s ‘socialist’ agenda in speech

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Argentina’s libertarian President Javier Milei has accused the UN of imposing a “socialist” agenda on its members and called on countries to sign up to a “freedom agenda”, in a fiery speech that underlined his status as a political provocateur beloved by the alt right.

In his debut address to the UN general assembly in New York on Tuesday, Milei focused on the 42-page “Pact for the Future” adopted by the UN on Sunday, which includes points promoting climate action, gender equality and regulation of artificial intelligence.

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“Argentina will not back any policy that implies the restriction of individual freedoms or trade, nor the violation of the natural rights of individuals,” Milei said. “We invite all nations of the free world to join us, not only in opposing this pact, but in the creation of a new agenda for this noble institution: the freedom agenda.”

He added that the UN’s previous 2030 sustainable development agenda was “a supranational programme of a socialist nature” and accused the UN of becoming “multi-tentacled Leviathan that seeks to decide what each nation state should do and how the citizens of the world should live”.

Milei has courted the global spotlight since taking office in December, speaking regularly at multilateral summits and conservative political conferences and forming friendships with prominent figures such as Tesla chief executive Elon Musk, whom Milei met with for the third time on Monday in New York City.

“My companies are actively looking for ways to invest in and support Argentina,” Musk said in a post on his X platform on Tuesday.

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Earlier this month in an interview with broadcaster LN+ Milei referred to himself as “one of the most relevant politicians on planet earth. One is Donald Trump and the other is me.”

Milei’s domestic agenda has largely focused on fixing Argentina’s worst economic crisis in two decades, mainly by rolling out a severe austerity package designed to bring down triple-digit inflation.

But the libertarian economist, who has denied the existence of human-caused climate change and is a staunch opponent of Argentina’s legalisation of elective abortion, has also pledged to wage a “cultural battle” against Argentina’s left.

He has dissolved Argentina’s women’s and environment ministries and shut down its anti-discrimination institute.

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“I’m here to warn you that we are at the end of a cycle,” Milei said at the UN on Tuesday. “The collectivism and moral posturing of the woke agenda have collided with reality.”

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Shoppers rush to buy ‘fab’ dupe snack scanning at tills for £1.20 less than the original beloved breakfast favourite

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Shoppers rush to buy 'fab' dupe snack scanning at tills for £1.20 less than the original beloved breakfast favourite

SHOPPERS are rushing to buy a “fab” snack dupe scanning at tills for £1.20 less than the popular original.

Iceland is currently selling Toast’Em Pop-Ups for just £1.50.

The Toast'Em Pop-Ups are a direct rival for Kellogg's Pop Tarts

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The Toast’Em Pop-Ups are a direct rival for Kellogg’s Pop TartsCredit: EXTREME COUPONING AND BARGIANS/FACEBOOK

The product is a dupe for Kellogg’s Pop Tarts range.

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Prices for the original do vary, according to supermarket price comparison site Trolley.co.uk.

Frosted Chocotastic Toaster Pastries cost £2.25 at B&M, while the Strawberry Sensation flavour and the Chocotastic Breakfast Pastry Snack both cost £3 each at Sainsbury’s.

Most Pop Tart flavours though are available for £2.69 including “Frosted Hot Fudge Sundae” and “S’mores Choco & Marshmallow” flavours.

Taking to the Extreme Couponing and Bargains UK group on Facebook they wrote: “£1.50 in Iceland stores. Opinions?”

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They also added a photo of their haul, showing the flavours Frosted S’mores and Frosted Cookies and Crème.

Other members of the group were suitably impressed with the breakfast treats.

One wrote: “My kids love the smore ones they are a firm favourite.”

Another added: “Cookies and creme ones are to die for in my opinion, better than any pop tarts I’ve had. Haven’t tried the smores.”

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A third fan said: “My kids prefer these to the original.”

Shopping discounts – How to make savings and find the best bargains

A fourth person chipped in with: “Just like the American pop tarts! Amazing for the money!!”

While one mum posted: “My boys said a bit doughy but good. A fab cheaper alternative.”

There are plenty of comparison websites out there that’ll check prices for you – so don’t be left paying more than you have to.

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Most of them work by comparing the prices across hundreds of retailers.

Google Shopping is a tool that lets users search for and compare prices for products across the web.

Simply type in keywords, or a product number, to bring up search results.

The news comes after the supermarket chain launched four different stonebaked pizzas for just £2.50 each.

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The pizza’s aren’t the cheapest ones that Iceland sells.

The frozen food giant also has a range of thin crust pizzas which cost £1 each.

Iceland also recently announced that its classic drink Um Bongo is back on the shelves years after it was discontinued in 2003.

How to save money on your supermarket shop

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THERE are plenty of ways to save on your grocery shop.

You can look out for yellow or red stickers on products, which show when they’ve been reduced.

If the food is fresh, you’ll have to eat it quickly or freeze it for another time.

Making a list should also save you money, as you’ll be less likely to make any rash purchases when you get to the supermarket.

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Going own brand can be one easy way to save hundreds of pounds a year on your food bills too.

This means ditching “finest” or “luxury” products and instead going for “own” or value” type of lines.

Plenty of supermarkets run wonky veg and fruit schemes where you can get cheap prices if they’re misshapen or imperfect.

For example, Lidl runs its Waste Not scheme, offering boxes of 5kg of fruit and vegetables for just £1.50.

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If you’re on a low income and a parent, you may be able to get up to £442 a year in Healthy Start vouchers to use at the supermarket too.

Plus, many councils offer supermarket vouchers as part of the Household Support Fund.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Iceland are currently the selling the Pop Tarts dupe for just £1.50

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Iceland are currently the selling the Pop Tarts dupe for just £1.50Credit: Getty

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Chinese stock markets rally for second day after PBoC stimulus

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Chinese stock markets rally for second day after PBoC stimulus

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‘They’re back’ Aldi shoppers rave over return of ‘lush’ Toblerone dupe chocolate bar

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'They're back' Aldi shoppers rave over return of ‘lush’ Toblerone dupe chocolate bar

ALDI shoppers have been left overjoyed after the supermarket’s iconic Toblerone dupe returned to shelves.

Fans of the bargain retailer have been pleading for the Specially Selected Swiss chocolate bar to make a comeback, with Aldi finally giving in.

Aldi's Specially Selected Swiss chocolate bar has made a comeback

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Aldi’s Specially Selected Swiss chocolate bar has made a comebackCredit: Facebook/Newfoodsuk
The product is a much cheaper dupe of the white chocolate Toblerone bar

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The product is a much cheaper dupe of the white chocolate Toblerone barCredit: Alamy

The blonde bar is seen as a family favourite with happy customers describing it as “lush” as they race into stores to grab one.

Each 100g pack cost is now priced at £1.69.

Each bar is packed with delicious ingredients from white chocolate, honey, almond, nougat and salted caramel pieces.

An actual bar of normal Toblerone will set you back a hefty amount with the smallest offering being a 200g bar for £4 at Tesco.

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However if you want the white chocolate version like Aldi’s alternative then it will cost you a whopping £6 for a 360g bar.

The bars were last seen in November 2023 but seemingly vanished after winter leaving shoppers gutted to believe they were a Christmas treat only.

But with it being restocked already sweet toothed fans are raving about its return.

A picture of the bar back on shelves was shared to social media with one happy shopper saying: “This looks amazing!!!”

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As another simply wrote: “That looks lush!”

Shopping discounts – How to make savings and find the best bargains

Another said: “How yummy does this look.”

A four replied: “Oh yesssssss, you need to find me one.”

Before a fifth commenter added: “Oh these are the business. Really yummy.”

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The product is still unavailable online at Aldi meaning those who want to get their hands on it will need to go their local store to check.

Bargain specialists Aldi are known as the kings of great deals.

They are selling an incredible dog-friendly product perfect for the chilly autumn weather.

The reversible puffer jacket item is being sold as part of the supermarket’s Specialbuy range later this week with it prices set to start from just £7.99.

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Aldi Specialbuys are a unique and fantastic offering from the supermarket.

For a full run down of the best they have to offer check out this article.

It comes as Aldi bargain hunters were also rushing out to get their hands on a dupe for a popular Cadbury’s dessert.

Dairyfine Pots of Choc, Aldi’s version of Cadbury’s Dairy Milk Pots of Joy, are described as a “smooth and creamy dessert”.

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Other shoppers were going wild for a middle-aisle find that’s scanning at tills for as little as 99p.

The Kids Camping Chair – shaped like a fox – was already massively reduced at just £4.99 but one lucky shopper managed to bag one up for under a pound.

You can find your nearest Aldi store by using the retailer’s store locator tool on its website.

Remember it is always best to shop around to try and spot which shop has the best deal on any particular product.

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When’s the best time to shop at Aldi?

WHEN it comes to shopping at Aldi, the best time to do so depends on what you want to buy.

For reduced items – when shops open

Red sticker items are rare at Aldi’s 830 UK stores, but the supermarket says that none of its food goes to waste so there are some to be found – if you’re quick.

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A spokesman for the supermarket said: “All items are reduced to 50 per cent of the recommend sales price before stores open on their best before or use by dates.”

That means you have the best chance of finding reduced food items if you go into stores as soon as it opens.

Opening times vary by shop but a majority open from 7am or 8am. You can find your nearest store’s times by using the supermarket’s online shop finder tool.

For Specialbuys – Thursdays and Sundays

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Specialbuys are Aldi’s weekly collection of items that it doesn’t normally sell, which can range from pizza ovens to power tools.

New stock comes into stores every Thursday and Sunday, so naturally, these are the best days to visit for the best one-off special deals.

For an even better chance of bagging the best items, head there for your local store’s opening time.

You don’t have to head into stores to bag a Specialbuy, though.

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They also go on sale online, usually at midnight on Thursday and Sunday, and you can pre-order them up to a week in advance.

As long as you spend at least £25, you’ll get the items delivered for free.

Remember: once they’re gone, they’re gone, so if there’s something you really want, visit as early as possible

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How the chancellor can gauge investor confidence

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Banker all-nighters create productivity paradox

As UK chancellor Rachel Reeves was giving her “growth” speech at the Labour party conference in Liverpool (Report, September 24), by coincidence my second-year students and I were discussing the issue of confidence in the UK economy among international investors.

Reeves could test the confidence of global investors by changing the government’s fiscal rules (as your piece suggests). Alternatively, she could signal her government’s full commitment to investing in the country by issuing bonds linked to GDP, with a maturity of, say, 10 years since the Labour party has argued it needs a second term to “fix” the economy.

Investors would arguably be keen to hold these bonds. This is because they will be rewarded more handsomely as their return increases in line with the economy growing stronger. GDP-linked bonds act like an insurance policy in the sense that the government pays less (more) if GDP growth is weak (strong).

This suggests a GDP risk premium added to the cost of debt which is likely to be extremely low if investors have faith in Reeves and her policies. Will Reeves be bold enough to back her growth speech with such action?

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Professor Costas Milas
Management School, University of Liverpool
Lancashire, UK

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