Good morning and welcome to your Morning Briefing for Wednesday 6 November 2024. To get this in your inbox every morning click here.

One Four Nine makes 10th acquisition

Financial advice and investment management firm One Four Nine Group has acquired Nottingham-based Castlegate Capital, marking a “crucial step” in its growth journey.

The deal is the 10th acquisition for One Four Nine Group and the first of 2024 following a significant period of focus to integrate all firms into the business fully.

The launch in late 2023 of One Four Nine Wealth was an important moment for the evolution of the business.

MM Meets… Unbiased founder and chief executive Karen Barrett

When I enquire of Karen Barrett what she likes doing outside work, her answer is somewhat surprising: “I love knocking down walls,” writes MM editor Tom Browne.

This, it turns out, is part of a wider interest in property renovation, but her response makes a change from ‘socialising with friends’ or ‘going to the cinema’. Then again, there’s a lot about Barrett that makes her stand out.

The founder and chief executive of Unbiased, the UK’s leading platform connecting people to financial advisers, oversees a business that works with more than 27,000 advisers and manages over £80bn in assets.

Why income protection matters for clients

Join digital content manager Kimberley Dondo as she speaks with Shelley Read, senior protection technical manager at Royal London, on everything income protection (IP).

Read answers key questions: What exactly is IP? Why is it critical for financial resilience? And how can advisers ensure clients are properly covered?

From navigating underwriting to understanding client needs, this episode covers practical guidance for advisers on IP and reducing the risk of unpaid claims.

Quote Of The Day

While over the long-term US elections have had a minimal impact on stock markets, investors will likely see a Trump presidency as a positive for the share prices of many of America’s companies.

– Lindsay James, investment strategist at Quilter Investors, comments on the news that Donald Trump has been elected as President of the US.

In Other News

A two-decade long freeze on the inheritance tax (IHT) allowance could cost families almost £250,000 by the end of the end of the chancellor’s tax threshold freeze, analysis from AJ Bell shows.

The main IHT exemption, the ‘nil rate band’, has been frozen at £325,000 since 2009. Amounting to £650,000 for a married couple, assets under this threshold incur no IHT.

However, the limit last increased in 2009 and isn’t due to be lifted until April 2030, with Rachel Reeves extending the IHT threshold freeze at last week’s Budget.

Although a new exemption, the ‘residence nil rate band’ (RNRB), introduced from 2017 means a married couple can leave a combined total £1m tax free if they leave a property to their ‘direct descendants’, AJ Bell’s figures show that the overall IHT threshold would actually be higher had the main nil rate band simply been linked to inflation and the RNRB were never introduced.

The nil rate band indexed to inflation would stand at almost £555,000 by 2029/30, meaning a couple could pass on an additional £110,000 tax free. It means tax bills could be £44,000 higher per family as a result.

But if both the nil rate band and residence nil rate band were indexed to inflation the combined total would stand at nearly £1.6m, knocking up to £234,000 off IHT bills.

Tesla and US bank stocks jump and renewables slump (Financial Times)

Brazil set to double pace of interest rate hikes amid fiscal woes (Bloomberg)

UniCredit CEO pushes merger credentials as it outperforms Commerzbank (Reuters)

Did You See?

Advisers have expressed concerns over insurer service levels – with 28% believing they have worsened in the last two years.

The results were revealed in the Association of Mortgage Intermediaries’ latest protection report.

It found that the speed of underwriting is advisers biggest problem, with 58% raising this as an issue.

MORE retail stores are shutting shop on Boxing Day during the holidays to give their staff that extra days rest.

Thousands of well known shops are closing down for two days over Christmas, despite excitement around Boxing Day sales.

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On the 25th, the big names stores traditionally close to allow staff to spend time with their loved ones.

Now they may be getting an extra day to celebrate with many shoppers having to hold on before hitting the winter sales.

The bank holiday has notoriously held some of the biggest sales of the year, with department stores packed full of those looking out for some discounted goodies.

In order to not miss out on Boxing Day disappointment make sure to check ahead before hitting the high street.

Here are the stores that have confirmed they are closing on December 26.

Aldi

Get your bargain groceries in now because Aldi will be shutting on both Christmas Day and Boxing Day this year.

Aldi UK communications director Richard Thornton said: “Christmas is such a special period for many of our colleagues, and by keeping our stores closed on Boxing Day, Aldi gives them more time to spend with their loved ones. 

“Customers will have plenty to look forward to in the run-up to Christmas, with exciting Christmas ranges hitting shelves in time for the festive season.”

It’s not the first time Aldi has closed on Boxing Day – the discounter has been doing so for the past few years.

The Range and Wilko

These two beloved chains have announced they will be shutting on the 25 and 26 of December.

Retailers The Range and Wilko, owned by CDS Stores, implemented the double closure last year.

Chief executive officer for CDS Alex Simpkin said: “This year’s been another great one for the business.

“We’re grateful to all our incredible team for their dedication and hard work and believe everyone deserves a well-earned rest during the festive season.

“So, in appreciation, we’ll be closing our stores on Boxing Day to give our team the opportunity to enjoy a full two-day break with their families.”

Home Bargains

The popular discount chain is closing all of its 600 UK store on Boxing Day this year.

To let their staff make the most of the holidays they will also be closing at 5pm on Christmas Eve instead of the usual 8pm or 9pm.

It will also be closed on New Years Day.

A spokesperson for Home Bargains said: “We know how hard all our colleagues have worked throughout the year.

“Being a family-run business, we recognise the importance of spending quality time with our loved ones.

“Therefore, we feel it is only right to support our valued store teams by giving them extended time off around Christmas and New Year.”

John Lewis and Waitrose

The John Lewis Partnership exclusively told The Sun is will be shut on both Christmas Day and Boxing Day, as will the majority of Waitrose stores.

There are more than 300 Waitrose shops and 33 John Lewis sites that will be closed, with only a few remaining open on the 26.

Only John Lewis shops within the Trafford and Stratford shopping centres will remain open.

Waitrose and The John Lewis Partnership closed most of their stores for these dates last year.

Homebase

The home improvement retailer will shut all its branches on Boxing Day.

Homebase confirmed to The Sun that the 142 stores will close for a full 48 to allow staff time with the friends and family’s.

A spokesperson for the DIY Giant said: “We’ll once again be closing our stores on Boxing Day so our team can enjoy time with their friends and family over the festive period.”

Chains often advertise their festive opening hours on X and Facebook.

You can also try using a retailer’s store locator tool which should tell you the opening hours for your local branch.

Often if you call the store or ask a member of staff they will be able to help.

Why do retailers close on Boxing Day?

Boxing Day is one of the busiest shopping days of the year.So why do retailers decide to close?Senior Consumer Reporter Olivia Marshall explains.

Closing on Boxing Day allows staff to have a well-deserved break after the busy Christmas period.

This can help improve staff morale and reduce burnout.

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It also provides them with an opportunity to spend time with their families and friends during the festive season.

For some retailers, the cost of opening on Boxing Day, including staffing and operational expenses, may not be justified by the expected sales revenue, especially if customer footfall is low.

With the rise of online shopping, some retailers may focus on online sales and promotions rather than opening physical stores on Boxing Day.

For some businesses, it may also be a long-standing tradition for them to remain closed on Boxing Day. 

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From a practical perspective, the day after Christmas can be used for inventory checks, restocking, and preparing for post-Christmas sales.

This can be more effectively done without the distraction of serving customers

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AN improved ‘world class’ airport is set to open on a Caribbean island next year.

Tobago, an island in the Republic of Trinidad and Tobago, was named as one of Lonely Planet’s Best Destinations to Travel to in 2025.

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The island’s airport – ANR Robinson International Airport- currently has UK flights, with British Airways flying twice a week.

And next year, it is opening it’s huge new renovation.

Estimated to have cost around $130million (£100million), the expansion includes a new terminal with space for three million passengers a year, three times the current airport capacity.

Larger retail outlets and restaurants, as well as newer improved airport security are also part of the renovation.

The renovation is set to open by March 2025.

 Couva North MP Ravi Ratiram said back in September: “The new airport terminal building and associated infrastructure works project is at this time 74 per cent complete.

“The project has been delayed, bits and pieces with respect to amendments and adjustments. I think it was affected by Covid as well, but the bottom line is, we are well on schedule now.”

The airport first opened in the 1940s although has been expanded since 2004.

Only British Airways has direct international flights from the UK.

The other airlines operating from the airport are Caribbean Airlines, with flights to Port of Spain, New York and Barbados, with Condor having seasonal routes to Frankfurt.

And Tobago is increasingly becoming a holiday destination for Brits, thanks to the direct UK flights with British Airways.

From 2022 to 2023, there was a 32 per cent increase in UK tourists visiting the island.

The island is just 25 miles long and seven miles wide, but has some amazing stretches of sandy beaches.

There is Turtle Beach, where you can see leatherback turtles or visit the UNESCO-listed Main Ridge Forest Reserve, the oldest forest conservation area in the western hemisphere.

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There is even ‘Nylon Pool,’ a shallow coral pool named by Princess Margaret on her honeymoon because the water was as clear as her nylon stockings.

British Airways holidays can be found for £788pp with return UK flights, seven hotel nights and daily breakfast.

Tobago isn’t the only Caribbean island getting a new airport.

Dominica, different from the Dominican Republic, has revealed plans for a ew XCD$1billion (£292million) airport to welcome international flights.

Brits currently have to fly to the island via St Lucia, taking 15 hours.

And Barbuda has opened a new $14million (£10.8million) international airport.

Known for its pink sand beach, it hopes to open up to international commercial flights, currently only operating private jets.

While not in the Caribbean, the island of Bali could soon open a second international airport in the northern region.

With record numbers visiting the island, the second airport hopes to both ease congestion at the current airport and encourage tourism to other parts or Bali.

Democrat Tammy Baldwin has won re-election in her competitive US Senate race in Wisconsin, even as the battleground state went for Donald Trump.

Baldwin fended off Republican Eric Hovde, chair and CEO of Utah-based Sunwest Bank, in a tight race. With nearly all votes counted, Baldwin is leading by 0.9 percentage points. The Associated Press called the race at 1.42pm ET.

The Wisconsin victory means the Democratic party keeps one of the Congressional chamber’s most competitive seats. Republicans have won control of the Senate, but their exact margin is still unclear.

Races for Democratic-held seats in Arizona, Michigan, Nevada and Pennsylvania were still too close to call.