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

Chancellor Rachel Reeves is likely to target her expected increase in UK capital gains tax on the sale of shares, rather than second homes, according to former Treasury officials. 

They said the 24 per cent CGT rate for property sales was already set at a level deemed to maximise revenues for the Treasury.

Reeves has made it clear that she will not be “ideological” and raise taxes if they do not increase revenues.

She is looking to increase CGT in her October 30 Budget to help close an expected £40bn funding gap, and is therefore likely to focus on the 20 per cent rate charged on the sale of shares and other assets.

Edward Troup, former executive chair of HM Revenue & Customs and an ex-Treasury official, told the Financial Times: “If Rachel Reeves is sensible, she’d pick a single rate somewhere in the mid-20 per cent range.”

One option would therefore be to equalise the CGT rate for shares and property at 24 per cent.

The Times reported the 20 per cent rate could rise by “several percentage points”, raising a sum in the low billions of pounds.

That would be far less than some of the predictions of much bigger CGT increases, but HMRC modelling suggests that a big rise in the levy could lead to less revenues as wealthy individuals changed their behaviour.

Jeremy Hunt, former Tory chancellor, was advised by Treasury officials at his March Budget that he could “maximise revenues” from CGT on property sales by cutting the rate from 28 per cent to 24 per cent.

Hunt’s four percentage-point cut in the CGT rate for property sales was projected to raise £700mn over the first two years because of an expected increase in transactions.

This suggests Reeves would not be likely to gain revenues by simply reversing that cut.

The Treasury said: “We do not comment on speculation around tax changes outside of fiscal events.” 

Reeves is seeking to ensure the wealthy bear a fair share of the burden of closing the £40bn funding gap.

Prime Minister Sir Keir Starmer has said those with the “broadest shoulders should bear the heavier burden”. 

Starmer said earlier this week that reports that CGT could be lifted as high as 39 per cent were “wide of the mark”, in a sign ministers will shy away from boosting CGT rates much closer to those for income tax.

This comes despite arguments from some tax experts that the Treasury should embark on a sweeping CGT reform.

Research published this month by the Centre for the Analysis of Taxation suggested a CGT overhaul could raise up to £14bn a year for the government.

The study looked at the possible effects of a comprehensive reform that would bring CGT rates into line with those for income tax.

Neither Starmer, nor Reeves, has denied that a rise in CGT is on the cards, alongside a big expected rise in national insurance contributions by employers, and higher taxes on private equity executives and “non-doms”. 

But unfortunately, the lottery is a game of luck and there are no tips or tricks that can guarantee you’ll take home a top prize.

The odds show how likely you are to win any particular prize – the lower the number, the better the odds.

For example, odds of 1 in 10 are better than odds of 1 in 100 or 1 in 1,000.

There are several major lottery games in the UK including Lotto by the National Lottery, Camelot’s EuroMillions and Thunderball.

Chances of winning the Lotto

Lotto by the National Lottery is a game where you pick six numbers from 1 to 59. You can play up to seven lines of numbers on each slip.

The game costs £2 to play per slip.

The odds of winning any prize on the Lotto are 1 in 9.3.

But to win the jackpot on the Lotto, the odds are considerably slimmer.

To bag the top prize, you need to have six matching balls. The odds of doing this and scooping the jackpot are currently 1 in 45,057,474.

The next highest prize of £1,000,000 is for getting five main matching balls plus the bonus ball.

The odds of taking home the million pound prize are 1 in 7,509,579 – far higher than the jackpot, but still unlikely.

The odds of taking home £1,750 for getting five main numbers without the bonus ball are 1 in 2,180, while you have a 1 in 97 chance of bagging £140 for getting four main numbers.

Your chances of taking home £30 for getting 3 main numbers are much better at 1 in 97.

And you have a roughly 1 in 10 chance of getting a free lucky dip for 2 matching numbers.

Chances of winning the EuroMillions

The EuroMillions costs £2.50 to play and is open on Tuesdays and Fridays.

To play, you must pick five numbers from 1-50 and two “Lucky Stars” from 1-12. Players with the most matching numbers win the top prizes.

Your chance of bagging the EuroMillions jackpot is even slimmer than winning the top Lotto prize.

This is because it generally has higher jackpots on offer, meaning it attracts more attention.

Currently, the odds of matching five numbers and two lucky stars – the top win – stand at 1 in 139,838,160.

The average jackpot prize is £57,923,499, according to EuroMillions.

The odds of winning the second top prize for matching 5 balls and a lucky star, which is typically around £262,346, are 1 in 6,991,908.

The chances of taking home the third prize for five matching balls, with an average payout of £26,277, are 1 in 3,107,515.

For four matching balls with two lucky stars, it’s 1 in 621,503, and for four balls with one lucky star, it’s 1 in 31,076. These come with an average prize of £1,489 and £95, respectively.

Chances of winning the Thunderball

Thunderball is another game run by National Lottery where you pick five numbers and one “Thunderball”. It costs just £1 to play and you can enter up to four times a week.

The jackpot of £500,000 for matching five balls plus the Thunderball is 1 in 8,060,598.

Your odds of bagging the next highest prize of £5,000 for matching five balls is currently 1 in 620,046, while the chances of winning £250 for four balls plus the Thunderball is 1 in 47,416.

You have the best chance of winning £3 for matching the Thunderball, with odds of 1 in 29.

A HUGE outdoor retailer has announced it will close one of its stores within days.

Decathlon is set to shut the doors on its shop in Forge Retail Park in Telford, Shropshire, on November 3.

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The French sporting goods retailer has operated at the shopping centre since 2018.

The closure is said to be part of a “brand refresh” and a “broader review” of its store network.

Decathlon told customers they can use vouchers at its Wednesbury store until the end of the year.

The company also said that staff members were being supported to continue working at the company “where possible”.

Michael McHale, Regional Leader at Decathlon UK said: “We’re saddened to be closing our Telford store, which has served the local community for over six years.

“However, we’re excited to continue supporting our loyal customers by welcoming them to our Wednesbury location, just a short drive away.

“At Decathlon, we remain committed to bringing the wonders of sport to life and providing the same great products, services, and experiences that our customers have come to love.”

Local residents have been left disappointed at the news that their area is losing its Decathlon store.

One wrote on Facebook: “Great shop – sad to see it closing.”

Another said: “Sad. Great store. Useful to have on our doorstep.”

A third claimed: “All thanks to the blumming shoplifters!”

It comes as closures have rocked high streets across the UK in recent years.

Some retailers have closed a few branches here and there for various reasons, like when a store lease has come to an end.

Other examples of one-off rather than widespread closures is if there are changes in the area, like a shopping centre closing, and in some cases a shop will close to relocate to another area.

Some chains have faced tougher conditions though, forcing them to shut dozens of stores, or all of them in the worst case.

Elsewhere, a much-loved tea room is being forced to close having been in business for 34 “happy and successful” years.

The family-run Two Hoots Tea Room is situated in one of Wales’ most-visited tourist spots and they say they are devastated after they were ordered to pull down the shutters for good.

Meanwhile, customers were left devastated after a family-run clothing shop was forced to close after 144 years.

Dancers is run by the fourth and fifth generation of the Dancer family, but the rise in online shopping meant they had to let it go.

And, closures are affecting various industries across different sectors as a historic city brewery, with a legacy spanning 150 years, is also set to close.

The Carlsberg Marston’s Brewing Company (CMBC) has confirmed plans to close Wolverhampton’s Banks’s Brewery.

BRITAIN’S first Hollywood theme park with a 500-room hotel, entertainment zone and its own train station, takes a huge step forward.

Last year, Universal Studios bought a 480-acre piece of land in a UK town and then announced plans to build a major theme park.

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If all goes to plan, Bedford will host Britian’s first Hollywood theme park.

According to the 16-page planning document, the new site could hold a hotel, a retail, dining, an entertainment zone, restoration zone, landscaped area and lake zone.

It also claimed that rides, attractions and buildings at the theme park would be capped at a maximum height.

However, in September, negotiations between Universal and the government.

This was due to whether Bedford was a good site for the company’s first European theme park.

Nevertheless, there appears to be “no red flags” to provide Bedford Borough Council with reason to stop the arrival of the theme park.

Regardless, while the company negotiates with the government they will remain in a “period of quiet”.

Sam Fox, a priority projects consultant for Bedford Borough Council said: “We’ve now entered a period of quiet from Universal in the public domain, so we’re not expecting them to be saying anything.

“We’re not expecting the government to be saying anything publicly.

“We simply await the outcome of the government and Universal negotiations on that financial package

“There was talk because there’s an international investment summit taking place on October 14, I think people were putting two and two together and making a number.

“There was hope that the investment decision would be announced at that conference.

“My gut feeling is that it’s very, very, early days in their negotiations and there’s no real likelihood of that taking place on October 14.”

He added: “So if you had heard that, don’t be disappointed if nothing is announced at that summit.”

The committee heard that the Department for Culture, Media and Sport (DCMS) is the project sponsor.

If the planning application goes ahead, it’ll be dealt with by the Ministry of Housing, Communities and Local Government (MHCLG).

Mr Fox continued: “That planning application will be in the form of what’s known as an SDO, a special development order.

“When the planning response unit in MHCLG have dealt with the application, they will write up a report that will go to secretary of state in MHCLG.

“And the secretary of state will sign off that planning decision before it’s laid in Parliament as a statutory instrument.

“We have a two stage approach to the scheme, the first is the investment decision.

“For instance, who pays for infrastructure like road improvements, rail improvements, that needs to be agreed between HM government.

“The second stage is once that negotiation has taken place around the investment decision and they’ve reached an agreement in principle the planning decision will be taken forward.

“We at the council will be a statutory consultee, and we’ve now confirmed that our formal response to the [30 day] consultation will be signed off by the executive.

He added: “It won’t actually come to the Planning Committee, but it’ll be an executive decision.

“I’m pleased to say there’s no major red flags for us that we’ve seen from a technical point of view that would make us think, actually the council can’t support this, or we don’t recommend that the council supports this.”

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The stories that matter on money and politics in the race for the White House

Kamala Harris has insisted her presidency would “not be a continuation” of Joe Biden’s during a pitch to conservative voters in a combative interview on Fox News.

In her first sit-down interview on the conservative news channel, the vice-president repeatedly locked horns with interviewer Bret Baier on Wednesday over the Biden administration’s handling of immigration and whether she represented a genuine change from the Democratic president.

“Let me be very clear, my presidency will not be a continuation of Joe Biden’s presidency, and like every new president that comes in to office, I will bring my life experiences, my professional experiences, and fresh and new ideas,” Harris said. “I represent a new generation of leadership.”

Harris’s comments were a departure for the 59-year-old Democrat, who has struggled to articulate how she would break from Biden since replacing him as the party’s presidential candidate in the summer.

But the vice-president largely avoided a question on when she had observed Biden’s cognitive decline, replying: “Joe Biden is not on the ballot, and Donald Trump is.”

The interview on a Rupert Murdoch-controlled news channel considered hostile to Democrats came as Harris launched a media blitz following concerns from top party operatives that her campaign appearances have been too scripted.

Harris is also trying to break a tight race with Trump by appealing to independent voters and Republicans disenchanted with the former president.

In the interview, the vice-president repeatedly tried to turn the topic to Trump, who she said was “unfit” to be president.

In one heated exchange, Harris cited Trump’s recent threats to mobilise the military against the “enemy from within” as proof of his poor unsuitability for a second term.

“The president of the United States, in the United States of America, should be willing to be able to handle criticism without saying he would lock people up for doing it. And this is what is at stake.”

Harris also defended the Biden administration over the surge in immigration in recent years, saying Trump had torpedoed a bipartisan bill in Congress that would have handed more resources to border agents and cut crossings in to the US from Mexico.

She also struck a hardline stance on illegal immigration, a topic on which Trump has enjoyed an advantage over her among voters by criticising the Biden administration over the surge in crossings from Mexico in recent years.

“I do not believe in decriminalising border crossings, and I’ve not done that as vice-president,” Harris said. “I will not do that as president.”

Trump’s campaign described Harris’s interview as a “total, unmitigated disaster”, criticising her answers on immigration and saying she had “abdicated responsibility for covering up Biden’s cognitive decline”.

Polls of the White House race show Harris with a narrow lead over Trump nationally but in a virtual tie in the swing states that will decide the election on November 5.

Harris’s effort to regain momentum in the race included an interview on Tuesday with Charlamagne tha God, a syndicated radio host whose show is popular with young Black Americans. Her campaign has also considered appearing on Joe Rogan’s podcast, which has a huge audience especially among men.

But Wednesday’s interview with a bastion of conservative media was also seen as the clearest signal that Harris was trying to win over independents and disaffected Republicans in the final stretch of her campaign.

It came hours after she appeared in Bucks County, Pennsylvania — a critical corner of the battleground state — with a direct appeal to moderates who have grown weary of Trump. On the stump, Harris pledged to be a president who “actively works to unite us” and is “realistic and practical and has common sense”.