Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
The EU will delay the start of its new electronic border system, said two people briefed on the discussions, after Germany, France and the Netherlands warned that the bloc’s computer systems were not ready.
The three countries had asked the European Commission to rethink plans to launch the “Entry/Exit System” in a month’s time because of fears that travel would be disrupted and the computer systems overwhelmed.
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Germany, France and the Netherlands account for 40 per cent of passenger traffic affected by the new system, and the commission could not proceed with its plans — which had already been delayed several times — without their consent.
At a meeting of EU home affairs ministers on Thursday, home affairs commissioner Ylva Johansson told ministers that the start date of November 10 was not feasible, and that the commission would consider a later date, according to two officials familiar with the situation.
The commission also proposed to introduce the system in phases, rather than all at once, said four officials briefed on the talks.
“The commission asked the [council of ministers] to agree to a phased approach. France, Germany and the Netherlands agreed, and the [Hungarian] EU presidency indicated that would be a good way forward. On the basis of that, the commission can now continue to work internally on a solution,” one EU diplomat said.
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Airports and airlines have also warned of queues at immigration, as the new system will require non-EU citizens to register their personal details, including fingerprints and facial images, when they first visit the bloc.
The officials said the commission would have to propose a legal change to make the phased-in approach possible, as the current legislation foresees introducing the new biometric border checks everywhere at once.
A targeted change to the legislation would require the EU Council and the European parliament to agree, which could take months. Another option could be for the commission to issue a so-called implementing act to facilitate a gradual start, the officials said.
The legal steps and potential new start date will be discussed next week at a meeting of the managing board of EU-Lisa, the EU agency charged with implementing the new system, the officials said.
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Two officials said the delay to the November date meant it was possible that the new system could begin next year.
Germany’s interior ministry last month said the central computer system of EU-Lisa “still lacks the necessary stability and functionality” and therefore the required tests could not be carried out.
The European Commission did not immediately respond to a request for comment.
HUNDRED of thousands of families are missing out on vital pension credit payments worth up to £3,900 annually, according to new figures from the Department for Work and Pensions.
The latest statistics reveal that up to 760,000 families entitled to pension credit did not claim it during the financial year ending in 2023.
This is a slight improvement from the previous year when around 870,000 families were eligible but didn’t take up the benefit.
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Pension credit, a means-tested benefit designed to top up the income of the poorest pensioners, is becoming increasingly important as it is now linked to other crucial support.
In particular, those claiming pension credit are eligible for the winter fuel payment, which has become more restrictive following recent government changes.
The benefit goes to those who’ve reached State Pension age, which is currently 66, whose weekly income is less than £201.05 if you’re single, or £306.85 for couples.
Those who have a higher income may still be eligible if they have a higher income but have others costs like housing, a disability, or even savings.
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Claiming Pension Credit can also unlock extra help, including, a free TV licence if you’re over 75, help with council tax and support with household costs such as ground rent.
A surge in pension credit applications was observed after Chancellor Rachel Reeves announced in July that the winter fuel payment would only be available to pensioners receiving pension credit or other means-tested benefits.
Moment Martin Lewis slams ‘you’re taking money from UK’s poorest pensioners’ in fiery clash with cabinet minister on GMB
This change, aimed at addressing a £22billion deficit in public finances, is expected to reduce the number of recipients of the £300 winter fuel allowance from 11.4million to just 1.5million.
Despite the recent uptick in claims, a staggering £1.5billion worth of pension credit went unclaimed last year.
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This is a slight improvement from the £2billion left unclaimed in the previous year, but it highlights the ongoing issue of low benefit take-up among pensioners.
Figures from the DWP show that 65 per cent of those entitled to pension credit claimed it in 2023, up from 63 per cent in 2022.
While the rise is encouraging, campaigners argue that far more needs to be done to ensure older people receive the financial help they’re entitled to.
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Pension Credit explained
Pension Credit is a benefit which gives you extra money to help with your living costs if you’re on a low income in retirement.
It can also help with housing costs such as ground rent or service charges.
You may be able to get extra help of you’re a carer, have a disability, or are responsible for a child.
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It also opens up access to lots of other benefits such as the warm home discount scheme, support for mortgage interest, council tax discounts, free TV licences once you’re over 75, and help with NHS costs.
To qualify, you need to be over state pension age and live in England, Scotland or Wales.
If you have a partner, you need to include them on your claim.
Pension Credit tops up:
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your weekly income to £218.15 if you’re single
your joint weekly income to £332.95 if you have a partner
However, even if your income is higher, you might still qualify if you have a disability or caring responsibilities.
There is also another element to Pension Credit called savings credit. To get this, you need to have saved some money towards your retirement.
You can get an extra £17.01 a week for a single person or £19.04 a week for a married couple.
If you have more than £10,000 in savings, the government uses a calculation to work out how much it adds to your income.
Every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week.
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Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Boosting take-up of pension credit has been a major problem that has proven tricky to crack, with previous campaigns being derailed by the pandemic.
However, there are signs that progress is being made, with take-up creeping up to 65 per cent from 63 per cent the previous year.”
Morrissey added that the recent focus on linking pension credit to the winter fuel payment may drive further increases in applications.
She said: “The restriction of the winter fuel allowance to people on benefits such as pension credit has garnered many headlines, with people urged to check if they can put in a claim.”
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However, she warned that the scale of the problem remains significant.
She continued: “More than 750,000 families who could receive pension credit are still not claiming it.”
“Pension credit is a hugely valuable benefit that not only tops up income but also acts as a gateway to other support such as a free TV licence for the over-75s as well as help with council tax.”
With energy bills set to rise again this winter, the winter fuel payment will be critical in helping pensioners manage their household costs.
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Campaigners have urged those who think they might be eligible to apply for pension credit as soon as possible.
How to apply for pension credit
YOU can start your application up to four months before you reach state pension age.
Applications for pension credit can be made on the government website or by ringing the pension credit claim line on 0800 99 1234.
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You can get a friend or family member to ring for you, but you’ll need to be with them when they do.
You’ll need the following information about you and your partner if you have one:
National Insurance number
Information about any income, savings and investments you have
Information about your income, savings and investments on the date you want to backdate your application to (usually three months ago or the date you reached state pension age)
You can also check your eligibility online by visiting www.gov.uk/pension-credit first.
If you claim after you reach pension age, you can backdate your claim for up to three months.
Joanna Elson, chief executive of Independent Age, described the figures as “disappointing” and warned of the real-life consequences for those missing out on financial help.
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Joanna said: “Behind these statistics are real people who are worrying about whether they will be able to afford next month’s bills.”
She added that the winter fuel payment should be protected from means-testing to ensure the most vulnerable pensioners don’t miss out on essential support.
Joanna continued: “To ensure this group don’t also miss out on the winter fuel payment, we continue to call on the UK Government to pause their plan to means test the winter fuel payment.”
Campaigners argue that the current approach to encouraging pension credit claims isn’t enough and are calling for a more innovative, long-term strategy to reach those most in need.
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With winter approaching, the pressure is mounting to ensure that pensioners don’t face financial hardship as energy prices soar.
For many, claiming pension credit could provide a much-needed lifeline during the cold months ahead.
WHEN Steven Spielberg’s Jurassic Park hit the big screen in 1993, fictional paleontologists Alan Grant and Ellie Sattler made fossil hunting look cool.
However, Brit holidaymakers don’t need to visit a desert – or an island covered with dinosaurs – to step into Dr Grant’s fictional shoes because England is home to one of the best fossil hunting spots in the world.
Smithsonian Magazine named the Jurassic Coast as one of the best fossil-collecting sites on Earth because visitors are actively encouraged to save fossils, where possible, for research purposes.
The Jurassic Coast was also named one of the best fossil hunting spots in the UK by Countryfile.
England‘s Jurassic Coast stretches for 95 miles from East Devon to Dorset, meaning there’s lots of space for dinosaur enthusiasts – whatever the age.
Would-be paleontologists should make a beeline for Lyme Regis, which is often dubbed the Jurassic Coast’s fossil capital thanks to English fossil collector Mary Anning.
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The 19th-century paleontologist made some important discoveries, including finding the first complete ichthyosaur skeleton and the first plesiosaur skeleton.
And there are still plenty of skeletons, dinosaur footprints and fossilised treasures waiting to be found, with a 6ft-long pliosaur skull found just last year.
Other prime fossil hunting spots include Kimmeridge Bay, a sheltered and secluded bay that’s a mixture of pebbles and sand.
There’s also Ringstead Bay, an unspoilt beach that’s backed by farmland and cliffs.
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At Ringstead Bay the bedrock must not be disturbed, meaning fossil hunters will need to look with the eyes rather than taking their finds home to be verified.
If you’re not much of an explorer, but still want to see traces of dinosaurs, then head to the Spyway Dinosaur Footprints.
The pretty UK beach named the best in the country
What is it like to visit the Jurassic Coast?
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ASSISTANT Travel Editor Sophie Swietochowski (centre) explains what it’s actually like to visit Durdle Door.
DESPITE the Jurassic Coast being one of the most well-known spots for rambling in the UK, it has managed to remain gloriously peaceful.
I barely passed another soul during a Sunday hike along the rugged coastal path above Durdle Door a few years back – only a herd of cows munching on the unkempt grass at the top of the cliff.
Admittedly, things grew a little busier as I approached Lulworth Cove. But that’s no surprise with a horseshoe-shaped pebble bay and turquoise waters that could rival those in the Caribbean.
Make sure to wander over to Fossil Forest while you’re here too, where you can observe ripples of an ancient sea floor within the rocks and fossilised remains of old tree stumps that date back to the dinosaur era.
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Located in Purbeck, next to a working quarry, it is easily accessible from the Priest’s Way walking path.
The footprints were made 145 million years ago when the area was covered in tropical forests and swamps, giving visitors the chance to step back in time.
The fossils were discovered in 1997 by quarrymen Kevin Keates and Trev Haysom before the site opened to the public in 2016, with the Jurassic Coast Trust occasionally running guided walks of the site.
Charmouth, a village in Dorset, is another prime location for fossil hunting.
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Make a beeline for Charmouth Beach and get booked onto a fossil hunting walk with Charmouth Heritage Coast Centre.
The 90-minute walking tour takes place outdoors where a guide helps holidaymakers search for fossils, with visitors even able to take their treasures home.
A trip to the Jurassic Coast isn’t complete without seeing Durdle Door – one of the area’s most well-known landmarks.
The natural arch was formed from a layer of hard limestone that stands almost vertically out of the sea.
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Durdle Door stands at the foot of a steep path, which is accessible from the South West Coast Path.
One person wrote on TripAdvisor: “Lulworth Cove and Durdle Door: Reminded me of the Algarve in Portugal!”
While another added: “The rocks protruding out of the sea were so pretty you would forget you’re still in England and reminded me of a trip to Portugal.”
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A third commented: “You don’t feel like you are in the UK. It seems more like Portugal or California.”
If you’re looking for somewhere to stay overnight, then the Sun’s Head of Travel recommends Durdle Door Holiday Park.
The family-owned holiday park has endless sea views as well as unrivalled access to Durdle Door.
Sun Online Travel have found touring pitches from £30 per night per pitch.
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There are plenty of other places across the Uk where dinosaur enthusiasts can get the Jurassic Park fix.
One of those places is Paradise Park in East Sussex, which is home to life-size moving dinosaurs, fossils and a Dinosaur Safari at Paradise Park.
Meanwhile, Knebworth House in Herefordshire has a dinosaur-themed adventure section.
And Combe Martin Wildlife and Dinosaur Park in North Devon has 19 animatronic dinosaurs, including a life-sized T-Rex, Dino Express train and a play zone.
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Can you get fined for taking fossils home?
WHILE some fossil hunters will simply choose to look and not touch, there will be others who will want to take their treasures home.
The rules surrounding fossils are a little grey, with holidaymakers needing to do their own research because every area is different.
According to the Natural History Museum, holidaymakers will need to make sure they have the “appropriate permission and access rights” to take fossils home.
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For example, some areas are Sites of Special Scientific Interest, which may have extra restrictions.
Guidance on the Natural History Museum website states: “Always look up and follow the rules for the specific areas you visit or those imposed by owners or controllers, which can include obtaining permission to access and collect in the area, avoiding disturbing wildlife, and recording what you found and where. In some places you can look but mustn’t collect anything.”
Meanwhile, ROARR! Dinosaur Adventure in Norfolk is set to open a new land in 2026.
Gigantosaurus Land will be based on an animated series of the same name, which currently streams worldwide on services like Netflix, Prime Video, and Disney Plus.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
For a month now, UK small- and mid-cap broker Peel Hunt has been banging the drum about the potentially catastrophic effect that the removal of an inheritance tax loophole might have on London’s ever-eventful small- and mid-cap Alternative Investment Market (Aim).
Still smarting from Labour’s scrapping of the nascent “British Isa”, and with the UK Budget fast approaching, head of research Charles Hall warns that the hypothetical removal of IHT relief for AIM shares would lead to “permanent damage” to what the LSE still describes as “the world’s most successful growth market”.
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The removal of the tax incentive, which was introduced in 1996, would threaten the very “future of AIM as a functioning market”, Hall added in a note on Thursday (with our emphasis):
We see material downside risk for AIM form removing IHT relief. Moreover, our forecasts show a net tax reduction to the Exchequer of £2.6bn, rising to £3.2bn . . .
We see an impact on the AIM market of 20-30% if [Business Property Relief, which can be passed on sans IHT upon the death of the investor] is removed, crystallising a loss of value [of] £14-21bn to UK shareholders, resulting in a permanent destruction of spending power.
Here are their numbers:
Other projections are available. Hall admits as much while taking a swipe at the Institute for Fiscal Studies think-tank, two of which’s academics — Arun Advani and David Sturrock — think scrapping the relief would actually raise tax intake by more than £1bn.
Here’s Hall:
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There have been several reports suggesting that removing [Business Property Relief, which can be passed on free from IHT upon the death of an investor] from AIM shares would be tax enhancing. Notably, the IFS suggested a £1.1bn increase in tax, rising to £1.6bn per annum. We believe these numbers are flawed for numerous reasons, and estimate a material reduction in tax revenue.
Back in May, Advani and Sturrock wrote that IHT relief “distorts investment choices towards these types of shares, particularly for older people seeking to minimise their inheritance tax liability”. From their article:
Revenue implications: We estimate that the removal of business relief for AIM shares could raise around £1.1 billion in the current tax year, rising to £1.6 billion in 2029—30. This could be an underestimate, since business relief on AIM shares is used very heavily by trusts, for which no direct statistics are available. If those currently using AIM shares to avoid inheritance tax would respond to its removal by using other avoidance strategies, the amounts raised could be lower, though.
Hall was in a fighting mood this morning, writing of the IFS’s £1.1bn: “We do not recognise this number”.
So we asked the IFS’ Advani what he made of Hall’s assessment. Unsurprisingly, he stood by his own figures while taking a swipe of his own at PH’s:
I don’t believe [Peel Hunt’s] assertion that the hit to AIM would be 20 to 30 per cent. It’s not necessarily wrong, but it’s a statement without any underlying evidence. I wouldn’t put much weight on it as I don’t know how they got there . . .
The upfront cost of this relief is £1.1bn. If you spend that money on something else, direct public spending, whatever. That has positive effects for jobs elsewhere etc.
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It seems like a very partial way to look at the world to say if you take away this relief, that jobs would go [PH notes that AIM companies are responsible for close to 800,000 employees]. Hall seems to have ignored the other side of the equation. We ignored both. We’re not burning this money, it’d be spent on something tangible.
I’m all for supporting investment. I just think this is the wrong place to do it.
Advani also points out that unlike other targeted tax reliefs (Enterprise Investment Scheme, Seed Enterprise Investment Scheme, Venture Capital Trusts), “the current design of BR does not do anything to explicitly focus investment into companies which are expected to be high-return”.
Aim might not be helped by the removal of the incentive. But its problems — namely a dearth of flotations, high costs and burdensome listing requirements — run far deeper than anything that maintaining IHT relief might fix. Either way, the ball is now back in Peel Hunt’s court. Or, we suppose, in Rachel Reeves’.
SAVVY shoppers can save up to £336 this Christmas with stocking filler perfume dupes starting at just £2.49.
Christmas is fast approaching, and if you’re looking to spoil your loved ones without breaking the bank, we’ve got the perfect stocking fillers for you.
High-end perfumes might be a dream for some, but we’ve rounded up six incredible dupes that smell just like the real deal – for a fraction of the price.
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From B&M to Poundland, here’s how you can bag luxurious scents for less this festive season.
Missy G.G. Body Mist – £2.49 at B&M
Top of our list is the Missy G.G Body Mist that shoppers can snap up at B&M for just £2.49.
This fruity body mist has been making waves as a dead ringer for the iconic Good Girl Body Spray which retails for £47, saving you £44.51 – that’s 90% cheaper.
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Shoppers are raving about it as the perfect dupe – and at just £2.49, it’s an absolute steal.
The bargain find was spotted in store and shared on social media by a happy shopper.
She posted a picture of the bottle with the caption: “Carolina Herrera good girl body spray dupe £2.49 from B&M smells exactly the same as the original it’s beautiful.”
It can be purchased in-store but you can’t buy online
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Pink Plush – £4 at Poundland
Next up is Pink Plush from Poundland, priced at only £4.
It’s a fantastic dupe for Moschino Toy 2 Bubblegum, which would set you back £43 at The Perfume Shop.
With a saving of £39, or 91%, Pink Plush offers a sweet, bubble-gum-like scent that’s playful and fun.
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You can find it in-store at Poundland, making it an ideal budget-friendly option for Christmas gifts.
Quartz – £4 at Poundland
For those who love Paco Rabanne Fame, the Quartz fragrance from Poundland is a must-have.
Filled inside a fun silver robot, Poundland’s Platinum Pour Homme is a more affordable dupe of the posh scent that retails for close to £70 at The Perfume Shop but is 93% cheaper at just £4.
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This saves you a whopping £74.
That’s a massive saving without sacrificing on style or fragrance quality.
The purse-friendly collection, which hit the stores recently, has already taken the internet by storm, with fans rushing to Facebook to share the news.
One shopper, Nat Fergusson, took to Poundland Appreciation Society, where she wrote: ”Some fab fragrances at only £4 each!”
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Perfect Seduction – £4 at Poundland
Another standout from Poundland is Perfect Seduction, a £4 dupe of Katy Perry’s Purr, which retails for £28 at Fragrance Direct – saving you £24.
Fans of Purr will love this affordable alternative, with its fruity and floral notes.
The adorable black cat-themed bottle is a major win in itself – so even if you don’t enjoy the scent, you’ll have a cute little home decor piece.
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You’ll pay 84% less by picking this up at your local Poundland.
For those after something more luxurious, Opulent Fizz from Poundland is another fantastic dupe for Dior J’Adore, which typically costs £94.99.
At just £4, you’re saving a whopping £90.99, or 96%, making this champagne glass-shaped perfume a true bargain.
It’s a perfect gift for anyone who loves a sophisticated scent, and it’s available in-store at Poundland.
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Good Chica Eau de Parfum – £3 at Primark
At Primark, you can find Good Chica Eau de Parfum for just £3.
This fragrance is a brilliant dupe for Carolina Herrera’s Good Girl Eau de Parfum but is 95% cheaper as Good Girl currently retails at Boots for £65, saving you £62.
With contrasting notes of jasmine, cocoa, and almond, Good Chica delivers the same bold, feminine scent at a fraction of the price.
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Are dupes worth it?
THE Sun asked an independent perfume expert to carry out blind smell tests of popular perfumes and their high street “dupes” to see if the budget versions lived up to the originals.
Noemie Maury is a senior fragrance evaluator who has worked with major fine fragrance and toiletries brands for over a decade.
“High street chains can create perfumes cheaply by buying them from big fragrance manufacturers which grow their own ingredients in-house,” says Noemie.
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“Because they use oils from flowers they grow themselves instead of importing ingredients, they save on costs and can create fragrances for high street brands at a discount price.”
It means they can lack the depth and complexity of more expensive brands which use a wide variety of more expensive ingredients.
You’ll save £62, making it an affordable yet luxurious gift, available in Primark stores.
The perfume made waves on Facebook‘s infamous Extreme Couponing and Bargaining group when one user posted her lucky find.
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The savvy shopper also mentioned isn’t the only great dupe Primark has in store.
She said: “They did have others too but I can’t remember the names of them.”
Pistachio and Salted Caramel Body Spray – £5.99 at Lidl
Finally, Lidl’s Pistachio and Salted Caramel body spray is a favourite for those who love Sol de Janeiro’s Brazilian Crush Cheirosa 62.
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Priced at just £3.99, it’s a fantastic dupe for the cult classic, which costs £30 – making the 86 per cent cheaper.
You’ll be saving £25.01 on this tropical, sun-kissed scent that’s perfect for the holiday season.
It’s currently only available in selected stores.
You can find your local store by using the store finder tool.
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With these seven amazing dupes, you can fill those Christmas stockings without breaking the bank while still gifting luxurious scents.
Many bargain stores are starting to sell dupe alternatives of popular branded products at a hugely reduced price.
Lidl is one of the best around as dropping a number of home and beauty dupes.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Zantac may have been a heartburn medicine but it caused one almighty headache for GSK chief executive Emma Walmsley. Finally, it looks as though that particular aggravation is clearing after GSK said late on Wednesday that it was prepared to pay up to $2.2bn to settle 93 per cent of legal cases linked to Zantac.
It still has a further 6,000 cases to either settle or defend but the resolution of 80,000 (with no admission of liability) means that GSK “becomes investable again,” said Emmanuel Papadakis of Deutsche Bank Research. Unfortunately for Walmsley, GSK has more than one source of pain.
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Zantac has played havoc with GSK shares ever since a Morgan Stanley note published in August 2022 estimated the company’s potential liability at anywhere between $3bn and $27bn. Markets assumed the worst: GSK’s market capitalisation plunged almost £13bn as a result, just after it had demerged its consumer health business Haleon.
By early this year, it had recovered to pre-August 2022 levels. But investors’ acute nervousness over Zantac was demonstrated again in early June when more than £6bn was knocked off GSK’s market cap in one day following a legal setback in Delaware, the US state that accounted for the bulk of Zantac cases.
This settlement is far lower than the worst-case scenario. If anything, it was surprising that the share price reaction, up 5 per cent in response, was not more enthusiastic. That can be explained by the fact investors now have to judge GSK on its own merits — and long-standing concerns about its pipeline have not gone away.
GSK has a long-term target to improve sales to more than £38bn by 2031, versus £30.3bn in 2023. Even though this is a mere trifle compared with AstraZeneca’s 2030 $80bn sales goal, the market does not yet believe GSK can reach it. Visible Alpha estimates for GSK suggest sales at the end of 2030 of £35.7bn. A key problem is the patent expiries from 2028 on HIV medicines containing dolutegravir.
Walmsley has emphasised the group’s ability to increase vaccine sales. The plan had been going well: Arexy, its vaccine for respiratory syncytial virus (RSV), quickly reached blockbuster status. But this summer, a US health committee narrowed the age recommendation for RSV vaccine use. Analysts tracking recent prescriptions of Arexy say they are down even more than expected. There is similar scepticism about whether global sales of GSK’s shingles vaccine can make up for a US slowdown.
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Walmsley can ill-afford a big celebration over the Zantac settlement. An unpleasant ache has gone for GSK. But finding a balm to alleviate pipeline doubts is a tough task indeed.
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