Days after being hit with a hefty rise in business taxes by UK chancellor Rachel Reeves, a group of 25 senior executives and local mayors gathered in Birmingham to discuss how to kick-start economic growth.

Top of the agenda at the mini-summit convened by the CBI was how the Labour government’s ambitious plans to introduce a new industrial strategy could bring investment to high-growth sectors of the economy. 

“Despite the Budget there was a buzz in the room about the possibilities, but a realisation that the pressure of new tax rises makes getting the industrial strategy right all the more crucial,” said one person present.

The Birmingham meeting was part of the rush by business and local leaders to shape Labour’s flagship growth policy. So far, a green paper has outlined a focus on eight high-growth sectors — including advanced manufacturing, clean energy, defence and life sciences — but the detail of that plan is yet to be thrashed out. 

There is a growing realisation — reflected in the room in Birmingham — that there needs to be co-ordination between regional rivals. 

“We have to accept that not everyone can be famous for tech and life sciences,” said one person at the meeting, which included seven mayors and executives from major companies including Google, Legal & General, Atkins and AstraZeneca. 

The race to be chosen

A consultation by the Department for Business and Trade on its Invest 2035 green paper will close on November 24, leaving businesses, trade groups, universities, councils and regional mayors all rushing to prepare submissions.

Successful applicants stand to receive “temporary catalytic government support” — expected to include a range of measures including grants, skills support and planning and regulatory reforms — to scale up their industries, according to the document.

“The green paper is a good framework for promoting a bloody good discussion about the opportunity of the UK to grow,” said Paul Drechsler, former president of the CBI. “The challenge will be the sheer volume of feedback and distilling that into a tangible action plan.” 

Experts warn that for the government to be successful, and crowd in the billions in private sector investment it is seeking, it must be prepared to make clear choices.

Kelly Becker, president of Schneider Electric’s business in the UK, Ireland, Netherlands and Belgium, said it would be better to prioritise “progress over perfection”.

“I absolutely believe there will have to be a deeper prioritisation process because, as the chancellor said [in the Budget], there isn’t an endless stream of money to be had,” she added.

Picking places

Simon Green, chief executive of the Humber freeport — which includes major chemical and energy companies — said the government needed to back industries where the UK has a real competitive advantage, such as green tech and aerospace.

England’s metro mayors are developing their proposals, in many cases based on long-established geographical clusters. While both Greater Manchester and South Yorkshire have pronounced strengths in advanced manufacturing, for example, the former focuses on advanced materials, while the latter has specialisms in aerospace and nuclear. 

These priorities are being fed into the mayors’ wider growth plans, in parallel with emerging devolution policy, which promises to provide them with further powers, for example on skills and planning. 

Nigel Driffield, a professor at Warwick Business School, who is contributing to six different submissions by trade groups and universities to the business department consultation, said the government must avoid a destructive competition between areas.

“We need to ensure that the strategy makes an overall difference to growth and isn’t just a case of ‘beggar thy neighbour’,” he said.

Struggling to be heard

Meanwhile, for the roughly 50 per cent of the country without the political megaphone provided by a mayor, business is working out how to attract the government’s attention. 

“Lancashire has the biggest capability and number of businesses and employees per square mile in aerospace and defence across Europe, not just the UK,” said Paula Gill, chief executive of the North West Aerospace Alliance. 

The area counts BAE Systems among its major employers, but the fact it does not have a mayor means it has less of a “voice at the table”, she added. 

Karl Tucker, chair of the Great South West partnership, which represents regional businesses including a large aerospace cluster, was similarly frustrated.

“At the moment nothing south of M4 gets a mention, and it feels like we’re being ignored,” he said.

Skilling up

The government has already signalled backing for three sectors in last month’s Budget, confirming £950mn of government funding for aerospace, £520mn for life sciences and £2bn for the automotive industry over the next five years.

However, chief executives and trade bodies warn of a yawning skills gap in several industries, a problem the government has promised to address via a new body, Skills England, designed to unify the UK’s fractured provision of training.

Stephen Phipson, head of Make UK, the manufacturing trade body, said the government’s ambitions depended on its ability to train enough workers to deliver its plans.

“If skills aren’t at the heart of this, you can forget everything . . . It’s about the transition to net zero and how you’re going to train up hundreds of thousands of workers,” he added.

Clive Higgins, chief executive of defence giant Leonardo UK, said the government needed to follow through on its promise to create a more flexible apprenticeship system, to “drive collaboration” between companies, local government and colleges. 

Drilling down

As well as individual company and local government proposals, the government can also expect submissions from think-tanks, trade groups and university bodies such as the Centre for Sectoral Economic Performance at Imperial College London.

Last month CSEP published a strategy for the health tech sector that outlined a plan to increase R&D spending in the UK by 50 per cent and create 50,000 skilled jobs within five years.

James Moore, professor of medical device design at Imperial and co-director of the CSEP, said the analysis had shown what a highly targeted combination of faster regulatory approvals, industry-specific skills initiatives and bespoke tax incentives could deliver for the health tech sector. 

“Budgets are tight. We do need more money in funding for early stage start-ups, but we have to lead with ‘this is what industry can do’,” he said.

Driffield of the Warwick Business School argued that the government should opt for highly targeted and tightly focused interventions to fix gaps in the market.

“If they do this nicely, they should end up with a matrix: individual sectors saying ‘this is our case’ and specific locations saying ‘this is ours’ and they ought to map one on to the other,” he said.

Data visualisation by Amy Borrett in London, additional reporting by Michael O’Dwyer in London

Corey Feldman’s Financial Struggles and Divorce Battle with Estranged Wife Courtney

Corey Feldman, 51, has revealed significant financial struggles amid his ongoing divorce battle with estranged wife Courtney Feldman. Facing a mountain of unpaid taxes and credit card debt, Corey is fighting against Courtney’s request for $5,000 a month in spousal support.

In a court filing, Courtney, who currently works part-time at a coffee shop and is burdened with medical debt, explained that Corey had been voluntarily paying her $2,000 per month in spousal support. However, she stated that this amount was insufficient to cover her expenses or maintain the lifestyle she had while married to Corey.

Corey countered, arguing that his income is far below what Courtney claims. According to his declaration, Corey brings in approximately $2,536 per month. He detailed his monthly expenses, which include $613 for union dues and $387 for health insurance. Known for his roles in The Lost Boys, The Goonies, and License to Drive, Corey disclosed that he has only $34,000 in cash across his bank accounts.

Corey Feldman

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Corey’s total monthly expenses amount to $16,799. He reported spending around $5,000 on healthcare not covered by insurance, $2,000 on groceries, $2,000 on dining out, $1,000 on laundry, $1,500 on auto expenses, $225 on charitable donations, $835 on entertainment, and $500 on clothing.

Additionally, Corey disclosed two significant debts: $42,000 owed to Capital One and $192,000 in unpaid taxes to the IRS. He mentioned making a $439 payment toward the credit card debt in October and a $1,600 payment to the IRS in November.

Courtney’s attorney argued that she “supported [Corey] emotionally and in his work since 2011. [Courtney] has been abandoned by [Corey], and aside from under-guideline support, has no home, no job, vehicle or money for medical expenses.” Courtney’s filing claimed she believes Corey’s income is actually over $280,000 per month, while she earns just $1,982 per month from her current job.

Courtney alleged that their marriage began to deteriorate when she decided to quit “recreational” drugs, stating, “My decision to quit drugs and ‘our lifestyle’ was the reason our marriage ended.” She added, “In May 2023, I informed Corey I would not be ‘partying’ anymore and further, because of my deteriorating health and increased stress, I would not be going on tour. Once I said no to the drugs our relationship unraveled quickly.”

The couple, who wed on November 22, 2016, in Las Vegas, separated on June 22, 2023, with Corey filing for legal separation in September 2023, citing “irreconcilable differences.” Corey also requested that the court terminate Courtney’s right to spousal support.

In response to Courtney’s claims, Corey denied they had led a luxurious life during their marriage, revealing that they had rented a home shared with three roommates. He further stated that he paid $5,000 for Courtney’s certification as a healthcare coach, accusing her of opting to work as a barista instead of pursuing work in that field.

The judge has not yet issued a ruling on the support request.

While Indian markets slightly edged to green following Donald Trump’s victory in the US Presidential Elections last week, the true winners in the markets were those invested in cryptocurrencies, as Bitcoin, Ethereum, and major tickers soared on Monday morning.

Earlier today, around 4am IST, Bitcoin hit a lifetime high of Rs 68.9 lakhs, more than doubling its price a year ago. The latest uptick in prices was seen across other major cryptos like Ethereum, which has maintained its level above Rs 2.5 lakhs since Friday.

The end of the pandemic years showed significant deceleration in the rally of cryptos, but it looks like the markets have got a new lease of life with the latest developments in world politics.

Donald Trump is expected to rain down oil sanctions against Iran once he is sworn into power in the US, along with doubling down on energy sanctions on Russia if the Ukraine conflict continues, according to research firm S&P Global.

His campaign promises also involved more tariffs on Chinese imports. Along with the election win, the Fed rate changes last week saw the US Dollar climb to new highs against major developing currencies. Such destabilisation in currency value for emerging economies could also be attributed to the rising demand for decentralised systems such as blockchains that govern cryptocurrencies.

Even the meme crypto, Dogecoin, jumped to above Rs 20 over the weekend and has managed to stay there. More than the hike, almost all cryptos that rose on the Trump win have maintained rather steady levels for a market renowned for its volatility. 

India’s government has tried to regulate cryptocurrency and its trading in the country with the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, and updated taxing regulations. However, the fact remains that the concept of cryptos and the technology itself is based on “deregulation” and “decentralisation”. 

PFS POWER has published new guidance on how firms can focus on delivering consumer outcomes in financial planning.

The guidance identifies ‘clarity, connection, choice, control and confidence’ as five key consumer outcomes that advisers should work to achieve.

It also outlines the ‘human skills’ required to help clients to implement sensible decisions about their life and money.

The 44-page guide includes recommended resources for implementation, including webinars, further reading, and established methods.

It was produced by the PFS POWER panel, which is made up of fourteen expert financial planners.

The guide was launched at the PFS National Conference in Manchester yesterday (12 November).

POWER Planning co-architect, Duncan Parkes, said: “Outcome-based financial planning is an approach that puts the client at the heart of everything, but with a subtle difference.

“As well as being about the client it focuses on the outcomes (feelings) that financial planning can bring to a client.

“Anyone can say that the client sits at the heart of what they do, but only those adopting a specific style of financial advice can say that they are working to achieve specific outcomes for their clients.”

Head of PFS POWER Content, Carrie Bendall, added: “Since I discovered the world of personal financial planning in 2008, I’ve had the privilege to meet hundreds of financial planners and to have hundreds of conversations with their clients.

“Conversations where clients have the freedom to think about what personal financial planning means to them. Many repeated the same words: clarity, connection, choice, control, confidence.”

British newspaper group the Guardian has announced it will no longer post on X, formerly Twitter, saying it has become a “a toxic media platform”.

In a message to readers, it said the US presidential election “underlined” its concerns that its owner, Elon Musk, had been able to use X to “shape political discourse.”

Mr Musk strongly backed Donald Trump and has now been given a role cutting government spending in his incoming administration.

The BBC has contacted X for comment.

The Guardian said users would still be able to share articles and it was likely continue to embed X posts in its coverage of world events.

But it said the “benefits of being on X are now outweighed by the negatives.”

“This is something we have been considering for a while given the often disturbing content promoted or found on the platform, including far-right conspiracy theories and racism,” it added.

X users have reacted with vitriol, with those who paid for prominent replies accusing it of “woke propaganda” and “virtue signalling”.

Mr Musk and the Guardian are far from political bed fellows – but even so its departure is likely to intensify questions about whether others will follow, as X and Mr Musk align themselves more with Donald Trump.

Its rivals already appear to be benefiting.

Meta’s Threads has continued to expand, and Bluesky, set up by Twitter founder Jack Dorsey, briefly topped the download charts in the UK and US Apple App Stores on Wednesday, as users look to alternatives.

Its userbase has grown by four million in just two months, and Bluesky said in a post on Tuesday that it had picked up a million new users in the seven days since Trump’s win.

However it remains comparatively tiny, with 15 million users worldwide.

THE boss of a major pub chain has warned the cost of its pints will rise following the Government’s Budget.

Chief executive officer of Fuller’s, Simon Emeny, told The Sun the price of beers at its hotels and boozers would likely rise by 10p after the Government hiked employer National Insurance contributions (NICs).

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The top boss of the brewing giant slammed the decision to hike NICs as “counter productive to growth” and “hurting young employment“.

Mr Emeny said Fuller’s, which employs 5,500 staff, expected the Government to hike the National Living Wage last month, but it did not anticipate a rise in employer NICs.

Mr Emeny said: “I don’t think these tax increases have been thought through.

“The impact is disproportionate on businesses that particularly employ younger workers.”

The Government hiked employer NICs last month after committing to not raising taxes for “working” people.

But fears have been raised workers will be impacted by the rise as businesses let staff go or increase the price of products to cover their added costs.

Mr Emeny added: “We will see prices go up, which is counter-productive for a Government that had said it was pro growth.

“It will lead to businesses to review their investment plans.”

When asked whether analyst estimates that the cost of a pint will go up between 5p and 40p, Mr Emeny said: “It won’t be as low as 5p.

“The increase across the industry will be more than 10p.”

Despite the Budget woes, Fuller’s posted pre-tax profits of £17.6million in the six months to September 28.

Mr Emeny said a boost from Taylor Swift’s sell-out concerts at Wembley over the summer helped drive sales at its hotels and pubs.

With Oasis and Coldplay concerts lined up for next year, he said: “We expect an even stronger summer in 2025.”

The comments from Mr Emeny come after Wetherspoons boss Tim Martin warned of price rises at its boozers following the decision to hike employer NICs.

The pub’s chairman said it would try to stay competitive on costs for customers but the whole hospitality industry was facing the same pressures.

Mr Martin said the chain’s tax bill is expected to go up by two thirds next year.

Mr Martin added: “Cost inflation, which had surged to high levels in 2022, gradually diminished over the subsequent two years.

“However, it has now significantly increased again following the budget.

“All hospitality businesses, we believe, plan to increase prices, as a result.

“Wetherspoon will, as always, make every attempt to stay as competitive as possible.”

Some of the UK’s biggest supermarkets and retailers have also said they may have to bump up prices as they come under pressure.

Asda chairman Stuart Rose said the hike in NICs would cost the supermarket around £100million and lead to price increases at checkouts.

Meanwhile, M&S chief executive Stuart Machin has cautioned it is looking at a £120million hit and Sainsbury’s boss Simon Roberts said it was looking at a £140million hole.

The chief executive of Primark‘s parent company Associated British Foods George Weston also said he “felt the weight of tax rises” in the Budget was falling on the UK high street.

He said the company’s National Insurance bill would rise by “tens of millions” of pounds, but it would try to “hold prices”.

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