Britain’s tax system should be reshaped to reward investment in homegrown companies and halt the “overseas stripping” of the country’s most innovative businesses, according to one of the economists advising Andy Burnham as he assembles a policy programme for a possible move to Downing Street.

Andy Haldane, president of the British Chambers of Commerce and a former chief economist at the Bank of England, told the organisation’s annual conference in London that the billions of pounds the Treasury spends each year on pension tax relief represented a “ready made” and “largely fiscal-free way” of giving British growth what he called “a genuine giddy-up”.

Haldane, who Burnham has been consulting as the Greater Manchester mayor prepares his pitch for No 10, framed the idea as a “third way” between “unfettered free markets” and the outright “mandation” of how pension funds allocate their money. For SME owners and the scale-up community, the proposal goes to the heart of a long-running complaint: that British capital too often flows everywhere except British business.

The numbers Haldane set out are striking. “This government, startlingly, extends over £50 billion in pension tax relief and more than £10 billion in tax relief for Isas,” he told delegates. “That means, as a country, we spend more in tax relief on savings than we do on defence. Yet these benefits are conferred without any accompanying commitment to support British businesses, or therefore UK growth. Most are implicitly supporting US corporations and indeed foreign governments.”

Redirecting those incentives, he argued, would “deliver a far larger return while keeping decisions on those investments in the hands of managers”, rather than ministers. The distinction matters. The Treasury has so far stopped short of compelling pension funds to back UK companies, wary of criticism that doing so would cut across the duty to secure the best possible returns for savers. Recent reporting has already shown some savers withdrawing pension cash amid fears of tax changes in the run-up to the Budget, underlining how sensitive any reform of pension incentives will be.

Haldane’s pitch is designed to sidestep that objection. Rather than handing ministers the power to mandate where pension money goes, he wants the tax relief itself to do the steering, nudging capital towards domestic firms while leaving the investment calls with fund managers.

Central to his case is the idea that Britain is an international outlier. The debate, he insisted, should not be about “constraining choices” but about mirroring the “home bias” already common elsewhere. “Their pension funds invest between 20 per cent and 40 per cent in their own companies, multiples of their global market share,” Haldane said of pension systems in Europe, Canada, Australia and Japan. “The UK’s pension fund system, big and mature, is the only pension system in the world that does not have such a home bias.”

He also pointed to public appetite for change, citing surveys suggesting more than 70 per cent of British investors would rather see their pensions invested in UK companies. On that basis, he said, there was “a strong case” for the default option under pensions auto-enrolment being into British firms.

Westminster and the City have wrestled for years with how to keep promising ventures growing on home soil rather than being acquired and spirited overseas. Haldane welcomed existing efforts, singling out the British Business Bank and the National Wealth Fund, but said both remained on a “modest scale”. The “quantitative impact” of the government’s Mansion House reforms to lift pension fund investment in UK companies would, he added, “still be modest in the near term”.

His warning to policymakers was blunt. “We simply cannot afford to allow the continuation of overseas stripping of our greatest growth asset, innovative businesses, on this scale,” he said. “Doing so is tantamount to willingly sacrificing growth and jobs.” Government, he argued, needed a “level of boldness” to “act at speed and scale” and take “full advantage of the UK’s brilliant businesses before they perish on the vine or are plucked off by overseas foreign raiders”.

He ended with a flourish aimed squarely at the country’s business and political leadership: “Fortunately, in the UK we have, hiding in plain sight, not one but two gift horses, British business and British capital. Let’s not, as leaders, continue to look these in the mouth.”

Speaking later on the conference fringes, Haldane said a Burnham-led government should radically simplify what he described as a “stupendously complex” tax code, and called for a “systematic and seismic” cutting back of “the thicket of regulation”, themes that will resonate with smaller firms who routinely cite red tape and compliance costs as a brake on growth.

The conference drew senior figures from across the five main parties. Among them was Rachel Reeves, the chancellor, who told the audience she had “unfinished business”, including pursuing fiscal devolution.

Whether Haldane’s “third way” makes it into a formal programme remains to be seen. But with more than £60 billion of annual tax relief in play, and a growing political consensus that British savings should do more for British growth, the question of how that money is directed looks set to stay firmly on the agenda.

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LOS ANGELES — Negotiations between the Los Angeles Lakers and LeBron James have seen limited movement since free agency opened, with the team yet to make a formal contract offer to the 41-year-old superstar.

ESPN’s Shams Charania reported that a check-in call occurred early in the negotiation window following the NBA Finals, but communication has been sparse since then. The situation leaves James’ future with the franchise uncertain as both sides evaluate options.

James, who just completed his 23rd NBA season, holds a player option for the 2026-27 campaign. His decision on whether to exercise that option or enter free agency will significantly impact the Lakers’ offseason planning.

The Lakers have already secured Austin Reaves with a maximum contract extension and face pressure to build a competitive roster around Luka Doncic. James’ potential $50 million salary slot creates both opportunity and constraint for the franchise.

Background on Negotiations

The minimal communication stands in contrast to the high stakes involved. James has been the face of the Lakers since joining in 2018, delivering championships and breaking numerous records during his tenure.

Reports indicate James is seeking a maximum contract without taking a pay cut. His agent Rich Paul has been instrumental in navigating contract discussions throughout James’ career.

The Lakers must balance retaining their veteran leader with addressing roster needs around Doncic. The franchise’s priorities include adding complementary pieces that enhance the team’s competitiveness in the Western Conference.

James’ Career Context

James’ longevity and production at an advanced age continue defying conventional expectations. His ability to perform at an elite level while managing physical demands has been remarkable throughout his career.

The four-time MVP has expressed commitment to winning while considering family and long-term plans. His decision will reflect both competitive aspirations and personal priorities.

Previous contract negotiations with the Lakers have resulted in extensions that provided stability for the franchise. This latest chapter carries additional complexity given James’ age and the team’s roster construction needs.

Lakers’ Strategic Position

Los Angeles has invested heavily in building around Doncic as the team’s future cornerstone. James’ presence provides veteran leadership and scoring ability that could accelerate the young star’s development.

The franchise’s salary cap situation requires careful management. Retaining James while adding supporting talent presents challenges that the front office must navigate strategically.

Recent moves, including the Reaves extension, demonstrate commitment to key pieces. The organization’s approach to James’ situation will signal broader intentions for the upcoming season and beyond.

Potential Outcomes

James returning to the Lakers on a short-term deal remains the most likely scenario according to many observers. His deep ties to the franchise and comfort in Los Angeles provide strong incentives for continuity.

Alternative paths could include James exploring free agency or accepting a sign-and-trade arrangement. However, few teams possess both the cap space and competitive appeal to lure him away.

The Lakers’ leverage stems from their desire to maintain stability while building for the future. James’ unique status as both legend and active contributor creates a complex dynamic for negotiations.

Broader NBA Context

The league’s free agency period typically features intense activity as teams reshape rosters. James’ situation represents one of the most significant storylines given his historical impact and continued relevance.

Other star players face similar decisions about contract options and future destinations. The movement of veterans influences competitive balance across conferences.

The NBA’s salary cap and collective bargaining agreement create parameters that shape negotiations. Teams must balance immediate contention with long-term flexibility when approaching star contracts.

Impact on Lakers Roster

James’ decision will influence how the Lakers allocate remaining resources. His presence affects both on-court chemistry and off-court leadership dynamics.

The franchise’s ability to attract complementary talent depends partly on James’ commitment. His endorsement carries significant weight in free agency conversations.

Younger players on the roster would benefit from continued mentorship if James returns. His experience provides valuable guidance for developing stars like Doncic.

Fan and League Perspectives

Lakers fans have grown accustomed to James’ presence and leadership. His potential departure would mark the end of a significant era in franchise history.

League observers view James as a transformative figure whose decisions ripple across the NBA landscape. His choice will generate substantial discussion and analysis.

The situation highlights the evolving nature of player-team relationships in modern professional basketball. Loyalty, business considerations and competitive opportunities intersect in complex ways.

As negotiations continue, both sides maintain professional discretion. The outcome will shape the Lakers’ direction and James’ legacy in his later career stages.

The coming days and weeks may bring clarity to James’ future. Until then, speculation and analysis will continue surrounding one of the NBA’s most significant storylines.

1456 ET – Oil futures fall to their lowest level since the start of the U.S.-Iran conflict as more oil shipments make it out of the Persian Gulf. Signs are that production and exports will return much faster than had been thought during the war, Mizuho’s Robert Yawger says in a note. “Once storage draws down, oil producers can ramp up production and return to business as usual” as long as the U.S. and Iran reach an agreement in the 60-day negotiation period that keeps Strait of Hormuz open. Yawger expects the Trump administration would extend the negotiating period rather than go back on the offensive in mid-August, “just two-and-a-half months away from the mid-term elections, where affordability will be a major issue.” WTI settles down 3.9% at $70.34 a barrel and front-month Brent falls 4.3% to $73.74. (anthony.harrup@wsj.com)

Oil Market Shrugs Off Large U.S. Crude Stock Draw

1219 ET – Oil futures are falling as euphoria over the return of ships through the Strait of Hormuz outweighs concerns about falling U.S. inventories. The EIA reported a larger-than-expected 6.1 million barrel drop in commercial crude stocks for last week, a ninth straight draw. “Short-term we have major drawdowns in inventories, there’s a lot of disruption in the market, and the exact short-term trajectory is difficult to see,” says TradeStation’s David Russell. But the intermediate to long-term outlook is more bearish for prices than the market seems to appreciate with OPEC lifting production and Venezuela’s return to the market, he says. “There’s a flood of oil that’s coming and everybody knows it.” WTI is off 3.8% and most active Brent is down 3.5%. (anthony.harrup@wsj.com)

ET Intelligence Group: Shares of Laurus Labs have gained 30% in two months following a strong FY26 financial performance driven by growth in the contract development and manufacturing organisation (CDMO) segment, improved product mix and operating leverage. The company has guided for a capex of ₹3,000 crore over the next two years, primarily towards CDMO, peptides, fermentation and advanced therapies. Analysts have raised earnings estimates by 6-8% for FY27-28.

The drug maker is undergoing a structural shift towards higher-value segments, with CDMO contributing over 30% to total revenue, up from 13% six years ago. This share is expected to reach 50% by FY30. The company has reduced dependence on the traditional segment of antiretroviral (ARV) therapies, with their contribution declining to about 41% from 67%.

The CDMO segment grew 36% year-on-year to ₹2,080 crore in FY26, driven by late-stage pipeline progress, higher commercialisation of novel molecules, and strong outsourcing demand from global pharma players. Laurus is also expanding into non-pharma segments such as crop science and animal health. From a current base of about ₹150 crore, Motilal Oswal Financial Services (MOFSL) expects these segments to scale beyond ₹1,000 crore over time. The brokerage highlighted that CDMO growth has been supported by both development projects and commercialised molecules, and expects the segment to maintain momentum, projecting a 22% annual growth over FY26-28.

The operating margin before depreciation and amortisation (Ebitda margin) expanded 670 basis points year-on-year to 26.8%, driven by higher operating leverage. While the company expects to sustain margin at current levels, its trend will depend on the extent of volatility in raw material prices.

The company has outlined capital expenditure of ₹3,000 crore over the next two years, with over 90% allocation towards expanding mid and large-scale manufacturing capacities. Its key projects include greenfield Unit 7 facility with over 2,000 cubic meters of reactor capacity and a second commercial block slated for validation by the September 2026 quarter, alongside investments in animal health, fermentation and a formulation facility.

MOFSL has maintained a ‘BUY’ rating on the stock and raised earnings estimates for FY27 by 8% and for FY28 by 6% citing stronger CDMO traction, steady growth in ARV and non-ARV segments, continued operating leverage and ongoing capacity expansion. The stock closed 0.2% lower at ₹1,450.6 on Thursday from the previous day’s close on the BSE.