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Lord Anthony Bamford paid for an £8,000 helicopter flight for Nigel Farage, in the same week the billionaire Conservative megadonor urged the Tory party to strike a deal with the Reform UK leader.

The trip on October 25 was from Kent to Rocester in Staffordshire, where Bamford is based, Farage told the Financial Times. The donation was disclosed in the MPs’ register of financial interests.

Bamford is among the largest donors to the Tory party, having since 2010 given more than £8mn in a personal capacity or through the equipment maker JCB which he chairs.

The day after the helicopter trip and a meeting with Farage, the Telegraph published an interview with Bamford in which he said that the Tory party needed “fixing in a very big way” and that Reform’s influence extended far beyond the five seats it had won at the general election in July. 

“Reform is getting organised and its following is growing fast,” he told the newspaper. “The Tories need to be very conscious of what Farage is up to — and I imagine they will have to seek some kind of deal with him at some stage.”

Farage told the FT that Bamford and some of “his people” wanted to discuss “political developments and global politics” and were “particularly interested in my take on America . . . Mercifully, my predictions were correct.”

He added: “Anthony — who I’ve known for a long time — has been very supportive of the ideas I’ve pushed but has always been loyal to the Conservative party.”

JCB said it “welcomes politicians from all political parties” and that Farage visited “in late October and met some senior managers”.

It added: “We were delighted to welcome Mr Farage as a JCB guest and were grateful to have his insights into the post-election, pre-Budget political dynamic in Westminster.”

Tim Bale, professor of politics at Queen Mary University in London, said that the bankrolled trip to his office “does indicate [Bamford] sees some merit in the argument that the right should unite and the Conservatives aren’t the only game in town”.

Although he has not donated to Farage personally before, Bamford has been a champion of the Brexit cause, helping bankroll the Vote Leave campaign and funding a pro-Brexit driving stunt by then-prime minister Boris Johnson in 2019.

Bamford gave most generously to the Tories in the years of Johnson’s premiership, donating more than £3mn over the period, and he has been a vocal proponent of his return as leader of the party.

The Brexit-supporting billionaire paid for Johnson’s wedding party after he lost access to the Chequers estate following his political downfall in 2022, and then donated to Liz Truss’s successful campaign to take over as Conservative leader and prime minister.

He also donated around £300,000 to the Tory party ahead of the general election this year through JCB.

The most recent register of MPs’ interests did not show him making any donations to the contenders in this year’s race to be leader of the Conservative party, including Robert Jenrick and Kemi Badenoch.

Bamford was awarded a peerage by former prime minister David Cameron in 2013.

THOUSANDS of pensioners are expected to receive £130 worth of vouchers tomorrow to help with the cost of living.

For those who need a little bit of help this time of year, the Household Support Fund offers some assistance to low-income households.

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Those eligible for the payouts will receive the cash slips automatically, according to Wakefield Council.

These also won’t affect any other benefits entitlements.

How much will I receive?

The Household Support Fund is worth £421million and aims to help with gas, electricity, and food during the winter months.

It’ll be split across local authorities that will individually decide who is eligible.

Pensioners who no longer receive the Winter Fuel Allowance (Pension Credit) will bag £130 worth of vouchers.

Those still on Pension Credit will be entitled to £80 of supermarket goodies.

They can expect to have these in their accounts between 6 and 15 November.

All other households in receipt of Council Tax Support will be offered £80 and can expect to receive their payment next month.

Who can apply?

Wakefield Council have recently released the conditions of their eligibility scheme.

To qualify for the voucher from this council you must live in Wakefield, be over the age of 16 and not living with family or friends, be responsible for the rent, receive a low income, and have no access to other public funds.

Recipients should expect vouchers to arrive within seven days.

Full instructions on how redeem the voucher will be included in the letter.

Once the voucher has been redeemed, it doesn’t have to be spent all at once and can be used several times until the entire amount has been spent.

What if I don’t live in Wakefield?

The Household Support Fund will be accessible all around the country.

The £421million fund budget will be spread across each council but each authority will decide its own eligibility.

Not all councils have published what they plan to do with the Household Support Fund budget yet.

If you’re keen to find out what support is available to you, you can contact your local council and ask if there is any help on offer.

For those unsure which council they should contact, you can find your council area by using the Government’s council locator tool via gov.uk.

The Sun recently shared a guide and interactive map to help you find out what you may be able to claim.

Other help on offer

You might be able to get some support from your energy firm if you haven’t received a Household Support Fund voucher.

For example, British Gas is handing out up to £1,700 worth of grants to UK households.

This is through the company’s Individual and Families Fund and is accessible to people living in England, Scotland, and Wales – even if you’re not a British Gas customer.

To be eligible to get this support you must have been given help from a money advice agency in the last six months.

You’ll also need to have not received a grant from British Gas Energy in the last six months.

Other energy companies have their own support network for customers.

These include OVO, Boost, E.On, E.On Next, EDF, Scottish Power, Octopus, Shell Energy, SSE and Utilita.

The Household Support Fund was first launched in October 2021 to help Brits pay their way through winter amid the cost of living crisis.

How has the Household Support Fund evolved?

Councils up and down the country got a slice of the £421million funding available to dish out to Brits in need.

It was then extended in the 2022 Spring Budget and for a second time in October 2022 to help those on the lowest incomes with the rising cost of living.

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The DWP then confirmed a third extension of the scheme through to March 31, 2024.

Former chancellor Jeremy Hunt extended the HSF for the fourth time while delivering his Spring Budget on March 6, 2024.

In September 2024, the Government announced a fifth extension.

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

The two weeks since Rachel Reeves delivered her first UK Budget as chancellor have been pretty downbeat. Businesses have griped over her tax rises, gilt yields have nudged up and the election of the tariff-loving Donald Trump in America has further clouded the UK’s growth outlook. As part of the annual Mansion House speech on Thursday evening, she tried to lift the mood by unveiling plans to boost Britain’s investment in productive assets with capital from the country’s vast pension funds.

Britain’s retirement pot — estimated at around £3tn in assets — is one of the world’s largest, but it is also one of the most fragmented. Its 8,000-plus funds include defined benefit schemes (which provide a specified income), defined contribution schemes (which produce incomes based on individuals’ investments), and the public sector’s Local Government Pension Scheme. Together, they allocate only 4.4 per cent to UK equities, and around 6 per cent to private equity and infrastructure assets — the types of investment that, if higher, would prop up Britain’s economic growth and DC savers’ returns.

The chancellor’s strategy builds on her predecessor Jeremy Hunt’s own Mansion House reforms in 2023. Reeves plans to expedite the consolidation of Britain’s numerous pension pots, mirroring superfunds in Australia and Canada. She wants to force the existing 86 LGPS funds to merge into eight pools. Right now, less than half of their £400bn in assets are held in larger pools. She also has plans to impose minimum size requirements on multiemployer DC schemes, which are forecast to manage £800bn in assets by the end of the decade. The government reckons both measures could unlock around £80bn to invest in start-ups and infrastructure projects.

Consolidation makes sense. Larger funds can lower their unit costs by saving on the fees and bureaucracy that come with managing smaller pots. They can make chunkier investments, and better manage the risk associated with higher-yielding assets such as in infrastructure, innovative businesses and private markets.

Still, the chancellor’s plans are no guarantee that productive pension investments in the UK will actually increase. Canadian public sector pensions have even lower home bias than LGPS, according to New Financial, a think-tank. Reeves has also rightly ruled out mandating funds to make domestic investments. After all, trustees must have the flexibility to act in the interests of their beneficiaries. The LGPS’s DB schemes have specific liabilities to meet.

To shift the dial, fund managers will need to be confident that there are decent returns to be had in the UK. For that, investors need to see how the government’s planning reforms, industrial strategy and initiatives to raise public investment in green energy and infrastructure shape up. Targeted tax reliefs could also play a role.

The funds also need to be professionally run, with the right risk controls in place to protect savers’ money and oversight from the authorities. Larger funds should help to attract more highly skilled portfolio managers. When it comes to pooling LGPS in particular, input from local authorities will remain important to channel investment into budding regional start-ups and fruitful infrastructure projects. Finally, an emphasis on consolidation should not overlook the importance of raising contributions to pension pots over time, too. Australia has been particularly successful at doing this.

The success of Reeves’ proposal will ultimately hinge on how well the rest of her growth strategy buoys the mood of fund managers about Britain’s prospects. But pooling more of the country’s pension arsenal frees up cash for productive investments. With effective implementation, that should secure better returns for savers, too.

Pharrell Williams on the True American Dream: “It’s About Doing What You Love”

Grammy-winning artist and philanthropist Pharrell Williams is urging Americans to redefine what they see as the “American Dream.” In a powerful speech at the Web Summit in Lisbon, he challenged society’s obsession with wealth and encouraged a shift towards career fulfillment, claiming that the dream isn’t about amassing wealth but about finding joy in one’s work.

The American Dream: Beyond Wealth and Status

Williams, a Virginia native, touched on the generational perspective that success is measured by financial prosperity. “In my country, we are raised to think about how to make the most money because our parents thought that way,” Williams explained. “They had this false sense of what the American Dream is or should be.”

With recent surveys showing that 47% of Americans believe the dream is either out of reach or simply a myth, Williams’ perspective reflects a growing sentiment that fulfillment, not finances, is the true measure of success. “The American Dream is not about making the most money,” Williams argued. “It should be about spending the most time doing something that you love.”

A 2021 YouGov survey revealed that American teens are increasingly interested in careers driven by passion, such as becoming a vlogger, YouTuber, or professional streamer. This shift, Williams noted, is at odds with previous generations’ ambitions, which often leaned towards traditional high-paying jobs like doctors and lawyers. Williams acknowledged the pressure many young people face to meet these expectations but urged them to follow their own passions, even if it means changing paths.

A Shift in Career Aspirations

Williams drew attention to the disconnect between parents’ career expectations for their children and young people’s evolving dreams. “Your parents told you they wanted you to be a doctor or a lawyer,” he said, recognizing that some individuals may find happiness in these roles. However, many discover that traditional career paths don’t align with their passions and ultimately decide to change direction.

Reflecting on the common pursuit of financially stable careers that may not bring happiness, Williams added, “The vast majority, they go after it and they don’t get it. And then they end up working somewhere they hate because it’s the next best thing financially.” He explained that prioritizing financial gain often results in unfulfilling work, which is why he believes it’s essential to focus on work that truly resonates with one’s interests.

Pharrell encourages young people to consider whether they would pursue a particular field if money were no object. “If you think about something that you love so much, that if you could snap your fingers right now and you’d never make any money but all your bills were paid—would you do it?” he asked the audience. His message is clear: the American Dream should be about achieving personal happiness and purpose, rather than strictly financial success.

The Role of Charity and Creating Opportunities

Williams’ advocacy for fulfillment over wealth isn’t just theoretical; he actively works to create opportunities for others through his charitable foundations, Yellow and Black Ambition. Yellow is focused on improving educational equity, and Black Ambition is dedicated to reducing the wealth inequality gap by supporting entrepreneurship. His charitable work reflects his philosophy on success—one that values equal opportunity and personal growth over traditional metrics of wealth.

Williams emphasized that the key to a fulfilling career doesn’t necessarily lie in achieving a “dream job” in the conventional sense but finding a way to engage with something one loves, even if it’s a supporting role. “If a person’s ideal job was to be a professional footballer but they weren’t suited to it, they could still find fulfillment as a coach, cameraman, or even a team coach driver,” he suggested. By aligning a career with one’s passion, Williams argues that people will find greater happiness and motivation in their work. “If you can find a vocation around something that you love, you now have a dream job. You will be the first one there and you’ll be the last one to leave.”

Redefining Success for Future Generations

In closing, Williams shared his belief that parents and society should encourage children to pursue work they love, rather than pushing them towards lucrative but potentially unfulfilling careers. “To me, that is what we should be telling our children—that is the way that we should be leading society—for people to do what they love.”

By focusing on fulfillment, Williams believes the next generation can redefine the American Dream to be one that values personal happiness and meaningful work. His call to action is clear: the true dream isn’t about wealth; it’s about living a life that brings joy and purpose. As Americans navigate shifting societal expectations and economic challenges, Williams’ perspective serves as a reminder that the essence of success lies not in money, but in the satisfaction of doing what one loves.

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The author is an independent analyst and a contributing editor of the Financial Times

With the third-largest funded pension system in the world, the UK is financial asset-rich. But it is also investment poor. Despite £2.9tn of pension assets, the level of actual money put to work in areas like infrastructure, building and research and development is woeful.

A measure of this — the investment-to-GDP ratio — averaged only 19 per cent in the 40 years to 2019, the lowest in the G7, according to the National Infrastructure Commission.

As chancellor, Rachel Reeves has recognised the problem. But she intends to tackle it not by seeking to mandate pensions to invest more into the UK through legislation. Instead, she’s trying to remove barriers to investment including those that derive from operating subscale funds.

Reeves intends to develop eight pension “megafunds” from the sprawling Local Government Pension Scheme. The umbrella body for 86 individual schemes, LGPS is the largest funded pension scheme in the country and the sixth largest in the world, with assets under management estimated by consultancy Isio of around £400bn. Embarrassingly though, it surrenders many of its economies of scale through the way it is organised.

Assets are managed by the different funds with strategic asset allocations directed by individual boards of elected local government councillors. Furthermore, each administering authority appoints its own lawyers, actuaries, consultants and investment managers. The arrangement pays out around £1.7bn in fees each year, most of it to UK investment managers.

Consolidating assets into megafunds sounds like an obvious step forward. So obvious that it has been tried before. The previous government sought to harness LGPS funds’ collective economies of scale by obliging them to join eight pools — firms that the pension funds themselves would own, and which would act to build scale and purchasing power for their members.

The pooling of the companies was envisaged — among other things — as a way to strike better fee deals and provide centralised external investment manager oversight. But according to a government consultation, less than half of assets have so far been pooled. And the services that these companies offer vary meaningfully in the degree of management provided.

At one end of the spectrum, the London Collective Investment Scheme operates something akin to a curated fund supermarket. London boroughs can switch between 10 different global equity funds, four different diversified growth multi-asset funds and six different bond funds. Its largest infrastructure fund is a mere £545mn in size.

At the other end of the spectrum is the model practised by Local Pensions Partnership Investments for its local authority clients. This involves the total delegation of asset management to LPPI based on the strategic asset allocation choices made by clients, or SAAs. It also manages assets for GLIL Infrastructure, a firm that originates and manages direct infrastructure investments for clients within and beyond the local authority world.

Out of these Byzantine arrangements have come investment returns sufficient to generate a current funding surplus of around £100bn, according to Steve Simkins, a partner at Isio. We await details on how the megafunds would differ from pools — but why the change given this?

Investment performance is overwhelmingly determined by asset allocation choices. And it appears unlikely that councillors will be stripped of their tasks in these choices without legal responsibility for the councils’ share of the liabilities also being removed.

There has been no whisper around any plans to consolidate liabilities. And so the broad shape and dispersion of investment performance returns across LGPS funds looks likely to continue, even if the 86 administering authorities are clients of megafunds rather than managers of funds.

But secondary to strategic asset allocation choices in determining fund performance are fees. Megafunds are very likely to deliver stronger relative returns over the long run because they have the scale to internalise management, which costs much less. This is especially true when it comes to private market assets.

Beyond reducing costs, the real driver of this change is the removal of barriers to greater investment in private market assets. LGPS allocations to infrastructure, private equity and real estate are already substantial at 23 per cent of assets. But this is low compared with the median 42 per cent allocation made by Canada’s so-called Maple-8 defined-benefit public sector pension funds.

Should the new LGPS megafunds increase allocation to private assets? The case is certainly helped by lower fees. According to CEM Benchmarking, allocations to internally managed real estate and private equity handsomely outperformed externally managed allocations after taking into account fees for the period 1992-2020.

From the government’s perspective, greater allocation would be helpful. While infrastructure investment managers mutter about the lack of a pipeline of investable opportunities, there may be some large ones coming. The National Infrastructure Commission estimates that private sector investment needs to increase from around £30bn-£40bn over the past decade to £40bn-£50bn in the 2030s and 2040s. Reducing the barriers to cost-effective investment in this sector should help pension funds, but also help the economy.

THE country’s swankiest jacket potato is being given away completely free of charge this month.

Topped with saffron butter-infused lobster tail and premium caviar, the dish is anything but simple.

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The not-so-humble spud even comes doused in fresh truffle shaving, grated Gruyére cheese and edible gold leaf.

The dish would usually set you back a whopping £50.

Despite its hefty price tag however, the baked potato can be enjoyed completely free of charge this month if you head down to Hull bingo hall.

The limited edition dish is available at Mecca Bingo on Clough Road between midday and 2pm on Wednesday, 20 November.

Ben Newman who goes by the name Spudman, and who has more than 5 million followers on social media, is the culinary wizard behind the spud.

Diners’ fury as posh London restaurant sells scrambled eggs on toast for £58

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Diner were left fuming after discovering a posh London restaurant selling scrambled eggs on toast for £58.

HIDE in Mayfair is a Michelin-star restaurant which has caused a stir recently for its breakfast menu prices.

The customers were appalled to learn that the cost of scrambled eggs on toast might set them back a whopping £58.

The breakfast dish costs £36 a serving but the price rises even further to £58 if adding white truffle.

White truffles are known to be an extravagant food with one of the highest price tags.

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The expensive fungi are difficult to grow and take years to cultivate, making them scarce and valuable.

He told Hull Live: “It’s been amazing to see so many people share in the love of a great jack pot, and now, thanks to Mecca Bingo, it’s a chance for everyone to enjoy a taste of something decadent and jackpot worthy – on the house!”

Hull will be his first stop on a national tour before the chef heads to Stevenage and Blackpool.

Tom Sharpe, manager of culinary innovation at Mecca Bingo added: “As the OG of amazing jackpots, at Mecca Bingo, all our players are always in with the chance of hitting the jackpot, and the ‘Jackpot Jack Pot’, takes that excitement one step further.

“We’re thrilled to partner with Spudman on this luxurious new recipe that combines the ultimate comfort food with the excitement of a jackpot win!’’

This comes as 70 per cent of Brits said they consider potatoes to be one of their favourite foods in winter.

More than half of those polled also said they often seek more “elevated” versions of the baked potato, according to research by Mecca Bingo.

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