He relays a story about his time as chief secretary to the Treasury in 2007 when he was told: “No project in the north passed the Green Book, Minister.” He told me the same in 2020 when there were murmurings of reform to the formula. Chancellor Rachel Reeves pursued pilot projects to change the approach that could favour local investment.

In the book, Burnham also advocates tearing up the Barnett formula, which allocates public spending, topping up spend for Scotland, Wales and Northern Ireland so they do not lose out to England as a whole. The effect, Burnham argues, is that the north of England is left squeezed in a “pincer”.

In Head North and his recent speech, Burnham points to Germany’s “Basic Law”, with its duty of “equivalent living standards” across the regions. Such a law, he argued, would protect local government and give regions a right to be consulted on long-term decisions.

Burnham also advocates significant constitutional change, including a form of proportional representation and the replacement of the House of Lords with a “Senate of the Nations and the Regions”, alongside devolution of powers over large swathes of public services to regional level.

On Net Zero he proposes a “Northern Way”, which subsidises the transition, retrofits, cutting bills, and building exportable locally owned industry. He contrasts this with a “Whitehall way”, which he characterises as bans, charges and taxes that hit the poorest.

The actual policy consequence of this will have to reckon with rising global energy prices, pressure on household budgets, and some impatience from North Sea energy interests to pump more oil and gas. There are some contradictions in for example, full tax and spend devolution for every region. Would the south-east get to keep the taxes it raises? Some aides recently played down any changes to the Barnett formula amid concerns from Scottish politicians.

Major Metrolink disruption is affecting the Eccles, Trafford Centre and Altrincham lines until August 2

The proprietor of a collection of well-loved bars and restaurants throughout Greater Manchester has urged customers to ‘keep visiting us’ as major tram works get underway that are set to cause disruption for three weeks.

From this week until August 2, a programme of essential improvement works will be carried out at the Deansgate-Castlefield and Trafford Bar tram stops, with further work scheduled across the city centre and along the Eccles line simultaneously. That means no trams will run on the Eccles, Trafford Centre and Altrincham lines.

The Metrolink works will also see the East Didsbury and Airport lines terminate at Firswood, and will clash with a host of major events taking place across Greater Manchester including Manchester Day, Comic Con Manchester and The Hundred at Emirates Old Trafford.

Charlotte Heyes, the co-owner of pizza destination Nell’s, says she first became aware of the planned works in mid-June – and warned the line closures will have a significant impact on the Nell’s sites in the city centre, MediaCity, and the Northern Quarter. “I think it will most affect us at MediaCity because it’s right by the tram stop there and people will get off and head to us,” Charlotte told the Manchester Evening News.

“We don’t have that now for the next three weeks. I think it could have a real impact on the area – we’ve had to adjust our forecasts lower as a result.”

Despite initial concerns, Charlotte reveals that the first few days have been somewhat more encouraging than she and her team had anticipated. She explained: “Thankfully, it’s not been as bad as we thought it would be so far but we have still noticed a bit of a drop in trade. The fact that we’ve had nice weather has certainly helped us out with that.”

Charlotte, who co-owns Common alongside her husband Jonny, describes the tram improvement works that took place over the Easter Bank Holiday weekend, from April 3 to 6, as ‘disastrous’ for their business. Much like the current month’s disruption, that period saw services suspended across the Eccles, Trafford Centre and Altrincham lines.

“We really suffered at MediaCity because of that,” she explains. “We were really down that weekend and everyone struggled. It was really bad for us. I was fearing these works would have had a similar impact on our summer.”

Charlotte revealed she contacted the Bee Network upon first learning of the works to explore whether any support could be offered to her business and neighbouring establishments in the vicinity.

Replacement bus services are operating in the impacted areas while the lines remain closed, with passengers also advised to utilise Bee Network buses and trains where feasible.

A spokesperson for Transport for Greater Manchester (TfGM) described the works as the ‘biggest track upgrades’ they have ever undertaken and stressed they are ‘vitally important’ in improving journey reliability. The organisation apologised for the disruption caused to both passengers and local businesses.

“I do feel like we weren’t given enough notice about this,” Charlotte suggests. “I expect these works had been planned for a long time. If we had known about this six months, or even three months, earlier, it would have helped us figure things out a bit more thoroughly on how we can deal with it. In hospitality, you do try to look at the whole year ahead in terms of predicted revenue and costs, and that helps to set your budgets.

“But we know at this point that there’s nothing that we can do about it – they’re already taking place. It’s just a case of us now trying to make it work as much as possible for us.”

Charlotte said she hoped that customers would continue to back hospitality businesses throughout the city-region, with bus and train services still anticipated to run as normal. “We just want to remind customers to still come visit us, there are still lots of ways of getting into town and into MediaCity whether it’s by bus or by cycling,” she said.

“We’re still open. Remember your local businesses, make the most of them.

“It’s been quite a challenging climate for us as a sector with the increased cost pressures so this has not come at the best of timing for us, but we’re just hoping people will still come and visit us.”

A TfGM spokesperson said: “This is vitally important work that will make Metrolink journeys quicker and more reliable once complete.

“This is one of the biggest track upgrades we’ve ever done, and it was always going to be disruptive for passengers given the scale of the job. We’re sorry for the inconvenience and are doing everything we can to keep people moving.

“We have been and continue to heavily promote the closure, to let people know in advance and give them a chance to prepare.

“Passengers are encouraged to allow extra time for their journey and to check the Bee Network website or app before they travel for the latest information, including about replacement buses.”

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United Airlines is planning to offer passengers flight changes free of charge to avoid landing at the newly renamed President Donald J. Trump International Airport in Florida, according to an internal memo that appears aimed at customers who object to the airport’s new name.

Passengers who object to landing at the airport — previously Palm Beach International Airport — may be moved to Fort Lauderdale or Miami without having to pay extra, according to an internal memo obtained by Live And Let’s Fly.

“If a customer does not want to fly to the airport, use your empowerment to offer acceptable alternatives such as Fort Lauderdale Airport (FLL) or Miami International Airport (MIA),” the memo to reservation agents reads.

The memo even suggests a response to customers who object to landing at the renamed airport.

FAA BEGINS DJT TRANSITION AS TRUMP AIRPORT NAME TAKES EFFECT

“I understand that you’d rather not fly to this airport anymore. We can look at nearby airports like Fort Lauderdale or Miami instead. Is that an acceptable alternative?” the guidance says.

The agents are directed to process the change as an even exchange, effectively making the flight change free of charge for travelers.

Fort Lauderdale is roughly 45 miles south of West Palm Beach, while Miami is about 72 miles away, giving passengers alternative access to South Florida without stepping foot at President Donald J. Trump International Airport.

Still, agents are advised to offer an “acceptable alternative,” according to the memo, suggesting a flight change remains subject to availability and discretion permitted by the airline.

Airlines generally do not allow complimentary destination changes because a traveler objects to the person an airport was named after.

United is also expected to update its systems as the airport transitions from Palm Beach International Airport to President Donald J. Trump International Airport, according to the memo. The airport’s commercial passenger code is expected to remain PBI until the IATA code changes to DJT on Aug. 18.

FOX Business has reached out to United for comment.

This comes after outraged customers flooded the airport’s online contact form with complaints after the airport was renamed last week in honor of the current president.

The airport has said the name change is required by state law and does not affect its ownership, governance or operations.

The airport had posted a message above its comments form acknowledging the name change “may be received in different ways by our passengers.”

Many customers who responded to the form were furious about the name change and the airport’s disclaimer, with several vowing to boycott the airport, according to NOTUS, which obtained the messages through a public records request.

TREASURY UNVEILS $1 GOLD COIN WITH TRUMP’S IMAGE ON FRONT

“It’s truly entertaining that you had to add a disclaimer to this form explaining the renaming of your airport after our racist, xenophobic, misogynistic 47th president,” one person wrote.

Another said, “Hopefully you’ll have plenty of airbags to catch the barfs from people as they drive up.”

“How do we continue to get on our knees for such a narcissistic criminal so-called president?” another wrote.

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“I am writing to assure you that as long as you are calling this airport anything closely related to ‘TRUMP’ I will NEVER FLY INTO THERE. NEVER! You have 100% lost all my family’s business. Despicable move!” another added.

While airports have been named after other presidents, including former Presidents John F. Kennedy and Ronald Reagan, Trump is the first to have an airport named after him while he is still in office.

Three years ago, Ian White was left feeling “suicidal” after the collapse of his marriage, struggling to cope with loneliness and isolation.

The 61-year-old grandfather was invited to a session at FoodCycle, a charity that brings people together through communal dining – and it has changed his life.

White now volunteers with the charity at Primrose Hill in Sheffield, helping to reduce food waste while offering a space for conversation and connection.

He said: “The other guests heard about my situation and made me feel welcome and we formed friendships. I feel wanted – it’s given me meaning in life.”

After separating from his wife, White was eating poorly and lost 8st (51kg) in weight in just one year.

A friend recommended FoodCycle and he was initially nervous about attending.

“There were lots of people I didn’t know and I’m not a confident eater in front of strangers, but I got used to it, and now I’ll eat anywhere,” he said.

Each week volunteers transform surplus food that would otherwise go to waste into three-course meals served free to anyone who wants them.

National Stock Exchange of India Ltd., the operator of the world’s largest derivatives exchange by trading volume, has received a ‘sell’ recommendation just as it gears up to launch the country’s biggest initial public offering.

Dolat Capital Market Pvt., a local brokerage house, initiated coverage on India’s largest stock exchange with a bearish call, saying tighter regulations on the country’s equity derivatives market would crimp trading volumes and lead to a decline in its market share. As such, the rich valuations that the stock currently commands leave little room for upside, it added.

Analyst recommendations on unlisted companies are uncommon in India and globally, making the call stand out ahead of the listing of its shares on a rival bourse. Indian rules don’t allow self-listing. Dolat set a target price of 1,550 rupees ($16), which is a 26% discount from its current price of 2,085 rupees in the private trading market.

Analysts led by Punit Bahlani wrote that the impact of the decline in proprietary trading volumes and the loss of market share in index options would limit the exchange’s profit and growth rates. While the brokerage said it doesn’t dispute NSE’s long-term structural growth story, it believes current valuations fail to reflect the regulatory headwinds.

Shares of NSE are down 3% over the previous 12 months, according to unlisted share-trading platform unlistedzone.com. The stock exchange currently commands a market value of 5.2 trillion rupees.

India’s derivatives market has undergone sweeping regulatory changes over the past two years to check excessive speculation in derivatives. These include increased contract sizes and restricting options contracts that settle weekly to one benchmark index per exchange.
The report highlights that NSE’s valuations in the unlisted market are higher than global peers even as its profit growth lags. Dolat is forecasting NSE’s options trading turnover to decline at an annualised rate of about 4% between fiscal 2026 and 2029 as tighter regulations, lower retail participation and a weaker market cycle weigh on activity. In the same note, the brokerage also initiated coverage on listed peers BSE Ltd. and Multi Commodity Exchange of India Ltd. with sell ratings.

The report comes weeks after NSE filed for an estimated $3 billion IPO and targets a September listing, subject to approval from the Securities and Exchange Board of India.

Unlike most unlisted companies, NSE is extensively followed by analysts because its disclosure standards and quarterly financial reporting are broadly comparable with listed peers. The exchange also conducts earnings calls and its shares are actively traded in India’s unlisted market, where price movements and transfer data are disclosed periodically.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of SpaceX briefly traded below their IPO price on Wednesday, a first for the stock just over a month after going public.