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Japan’s new prime minister pledges to tackle deflation in first policy speech

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Japan’s new prime minister Shigeru Ishiba has promised to help households cope with rising prices, in effect starting his campaign to voters ahead of a snap general election this month.

But Ishiba also told lawmakers in his first policy address on Friday that he would decisively conquer deflation, highlighting the delicate policy environment as Japan tries to engineer an exit from decades of virtually stagnant prices and low growth.

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Ishiba’s pledges closely match the policy agenda of his immediate predecessor, Fumio Kishida, who stepped down in August. But in the face of historically low approval ratings and volatile financial markets, Ishiba, who was chosen by the ruling party to be its leader, will be forced to carry them out in what analysts called a “zero honeymoon” environment.

“It’s necessary that we provide support to those reeling from rising prices until a virtuous cycle of growth and redistribution is certainly in motion, where pay hikes outpace inflation and companies invest proactively,” Ishiba said.

He also called for restoring trust in politics, saying the government had a responsibility to earn the public’s “understanding and empathy”.

Ishiba’s first full speech to parliament followed his swearing-in as prime minister on Tuesday. The selection of the 67-year-old party veteran for the top job triggered a 5 per cent drop in Japanese stocks, and, following a flip-flop on monetary policy, the sharpest one-day sell-off in the yen in two years.

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Japan will begin campaigning next week for a general election on October 27, in which analysts predict the ruling Liberal Democratic party will face the combined challenge of public concern over the economy and a reinvigorated opposition.

“Things have become really bad really quickly for Ishiba,” said Tobias Harris, founder of political risk advisory firm Japan Foresight. “He’s had literally no honeymoon. But we knew that the LDP was divided. If you start off in a position where you are heading off a party rebellion, you do not really have much room for manoeuvring.”

During his bid for leadership of the LDP, Ishiba said he favoured higher corporate taxes, a heavier levy on capital gains, a rebalancing of the US-Japan relationship and the creation of an “Asian Nato”.

None of those proposals featured in Friday’s speech. Instead, the 30-minute address to the lower house suggested a continuation of the “Abenomics” platform of the late former prime minister Shinzo Abe, over which there is less dispute within the ruling party.

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Nicholas Smith, chief Japan strategist at CLSA, said the result would probably be to calm investors’ fears of drastic policy changes and ultimately benefit markets.

Analysts pointed out that Ishiba needed to build consensus within a party that is still reeling from a corruption scandal and win over a sceptical electorate.

In effect, that means maintaining policies that have guided the party for most of the past decade and improving corporate governance reform and other policies that have drawn global investors back to Japanese markets.

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“Japan’s economy is in a situation where policymakers cannot now avoid the general contours of the Abenomics policy mix,” said Izumi Devalier, head of Japan economics at Bank of America.

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Seaside town named one of UK’s worst to be revamped – with huge new attraction and reopening of abandoned theme park

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Morecambe is set to benefit from the Eden Project Morecambe

A SEASIDE town in the north of England could be set to benefit from two huge investment projects.

Morecambe in Lancashire was named one of the worst coastal towns in the UK by the Telegraph.

Morecambe is set to benefit from the Eden Project Morecambe

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Morecambe is set to benefit from the Eden Project MorecambeCredit: edenproject.com

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The site will feature a hyper-real forest

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The site will feature a hyper-real forestCredit: Eden Project

The report, which was published last year, ranked Morecambe as the 5th worst seaside town in the country, saying it could be “so much more than it is”.

And that could very much be the case, with two huge development projects potentially on the horizon.

The Lancashire-based seaside town was already set to benefit from the arrival of the second incarnation of the Eden Project, which is due to open by 2028.

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Developers hope Eden Project Morecambe will be able to replicate the success of the Eden Project in Cornwall.

The huge £100million attraction will feature a “hyper-real forest” with large installations and immersive theatre.

It will have three huge shell-shaped pavilions that will overlook Morecambe Bay and a “Bay Glade” with a well-being landscape and a Natural Observatory for research and education.

There will also be an exhibition area and meeting point for guests named the Bay Hall as well as play areas, restaurants, cafes and a gift shop.

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Talks are also underway to regenerate Frontierland – an abandoned theme park in Morecambe that closed in 2000.

The site where Frontierland sits has been left bare for the last 24 years but the local council are hoping to bring it back to its former glory.

According to the BBC, the Frontierland site was discussed at the latest Eden community conversation event, which was hosted by the local authority.

The huge new UK attraction opening in 2025 with play areas, live shows and cafes – and it’s right on the beach

City council officer, Jonathan Noad revealed that around “35 regional and national developers” were coming to the town to discuss the abandoned theme park.

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However, Jonathan added that the developers would “need to up-their-gears and put their ideas to us” as they look to start the procurement process.

Lancaster City Council acquired the land in 2021 and invited interested parties to submit development plans for it.

The city council official added: “We’ve also got the rest of central Morecambe to look at.

“Work will also look at Morecambe environments and what the public realm needs to look like to attract visitors.”

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The authority hopes a developer will propose an “exciting idea” which can transform the site in the next 18 months.

The Eden Project and the possible redevelopment of Frontierland isn’t the only thing that’s drawing tourists to Morecambe.

Last year, one of the town’s most famous residents, heavyweight boxing champ Tyson Fury, increased the number of visitors to the town, with his Netflix series At Home With the Furys.

Frontierland is an abandoned theme park in Morecambe

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Frontierland is an abandoned theme park in MorecambeCredit: Alamy
Frontierland closed in 2000

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Frontierland closed in 2000Credit: Alamy

In episode one of the series, Fury explains why he has never moved away from the town, saying the view of the bay, where he can often be seen running, is one of the main attractions.

He said: “I’ve often tampered with the idea of living abroad and living in Monaco and America, but there’s always something that keeps me here in Morecambe Bay.

“I believe it’s probably the sea air calling to me, ‘don’t go! Stay!’

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“Every time I jog down the front, I look at the bay and the view and I think, ‘Wow, no matter where I go in the world, I will never get that anywhere else’.”

Before the regeneration takes place, visitors have plenty to see, with places like Happy Mount Park, the Eric Morecambe Statue and The Smugglers Den pub all rated highly on TripAdvisor.

The beach itself receives a lot of praise too, with one reviewer writing: “This bay is beautiful and very extensive so there is plenty of coastline to walk along.

“There were lots of people swimming out into the sea. The beach had large rocks then sand and was full of character. Well worth a visit on a nice day.”

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What are the Sun team’s favourite seaside towns?

THE Sun’s travel team share some of their favourite English seaside towns

Folkestone, Kent

With views of France (on a very clear day), the main attraction is the Harbour Arm, sitting at the edge of the converted train tracks and selling hand-crafted goods and amazing food.

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The multicoloured high street with shops and restaurants can’t be missed, my favourites being Burrito Buoy for some amazing margaritas and The Folkestone Bookshop for some novels.

You’ll need to pack your beach shoes as it has a stony beach over a sandy beach – but after a few drinks at the much loved pilot bar, you’ll hardly care.

Kara Godfrey, Deputy Travel Editor

Mousehole, Cornwall

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The small sandy bay has retained it’s chocolate box charm, crammed with weathered fishing boats and backed by pokey cafes and airy art galleries where seaside-inspired works hang from the walls.

For impeccable views of a wild sea and homemade grub, head to Rock Pool Cafe which sits atop a craggy cliff and order a ‘make it yourself’ hot chocolate.

There are some impressive coastal walks – but be warned it can be hilly.

Sophie Swietochowski, Assistant Travel Editor

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Cleethorpes, North East Lincolnshire

Accessible on a spit of sand when the tide is out, this quirky little community art project is made up of driftwood, flags and mementoes from those who have visited to admire the huge swathes of golden sands and sparkling waters.

Sadly the original was destroyed in a fire in 2023 but an enthusiastic band of local volunteers are slowly re-building the landmark.

Lisa Minot, Head of Travel

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Meanwhile, this seaside town in England – with sandy beaches, donkey rides & the best B&B in the world.

And this other holiday location is getting a huge new tourist attraction.

The beach and promenade remain popular among visitors

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The beach and promenade remain popular among visitorsCredit: Alamy
Morecambe was named one of the worst seaside towns in the UK

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Morecambe was named one of the worst seaside towns in the UKCredit: Alamy

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US jobs creation surges unexpectedly in September

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US jobs creation surges unexpectedly in September

Hiring in the US surged unexpectedly last month, in a rebuttal to those worried that the economy might be headed for a sudden, sharp downturn.

Employers in the US added 254,000 jobs in September, much more than expected, while the jobless rate dipped from 4.2% to 4.1%%, the Labor Department said.

That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast.

The closely watched report comes a few weeks before Americans will head to the polls in an election in which the state of the economy has been cited as a top concern.

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Jobs growth has slowed significantly since last year and the unemployment rate has been ticking higher, though it remains a historically low levels.

Last month, the US central bank cut interest rates by a bigger than usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market.

But the strength in this month’s report could raise flags for those hoping for the Federal Reserve to continue to rapidly lower rates.

Bars and restaurants led the hiring in September.

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FCA’s advice guidance boundary review is a huge mistake

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FCA’s advice guidance boundary review is a huge mistake
Ian McKenna – Illustration by Dan Murrell

While realising I am probably in the minority in this industry, I fear the Financial Conduct Authority is about to score a major own goal that will have dire consequences.

Changing the advice guidance boundary will cause a huge dilution of consumer protection.

It will make it easier for manufacturers and others to sell products without advice, avoiding the inconvenience of being responsible for the consequences of their actions.

This risks setting consumer protection back decades.

I passionately believe the advice guidance boundary is in the right place. Now is exactly the wrong time to change it.

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We will see widespread misselling, covered up as guidance, with thousands of consumers facing significant losses at a time in their lives when they have no opportunity to earn back the money they have lost.

This risks setting consumer protection back decades

This – entirely avoidable – misselling scandal could lead to compensation payouts of a similar scale to PPI, probably, again, on a non-contestable basis.

The FCA should think long and hard before it makes a serious error that could damage the wealth of millions of people.

Guidance should carry a health/wealth warning. I would suggest a statement along the following lines: “This service is only provided as financial guidance. You do not benefit from the same protection as you would if you take financial advice”.

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I anticipate the comments section below will be full of objections to this but, if the consumer is going to receive less protection, this should be made very clear to them.

As we have seen time after time, when the regulator gets it wrong, the industry pays the price

Without such a warning, consumers won’t be able to recognise the difference between advice and guidance.

We are already seeing a growing number of guidance propositions dressing themselves up to look like advice but with none of the consumer protection.

As we have seen time after time, when the regulator gets it wrong, the industry pays the price.

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Ironically, the boundary changes are being proposed at a time when technology is making it possible for firms to take a fresh approach to delivering regulated advice at far lower cost and in greater scale.

Hub Financial Solutions, for example, is now able to support as many as 1,000 clients per single highly qualified adviser by combining its bespoke automated advice technology and, in some cases, non-level 4 qualified staff.

The UK can (jointly with Australia) claim a world-leading standard of consumer protection for long-term savers

This enables it to market a service to consumers who would usually be uneconomic to support through traditional advice. The firm is even going as far as collaborating with other established advice firms to buy non-economic clients from them and even agreeing to return these clients should their needs require more sophisticated advice.

This is by no means an isolated example. I am seeing more and more innovative advice firms building high-tech services to make fully regulated advice accessible, with all the consumer protection that provides, for a fraction of traditional costs.

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In my work internationally, I see how consumers in other countries suffer from a lack of adequate protection due to limited regulation.

The UK can (jointly with Australia) claim a world-leading standard of consumer protection for long-term savers.

This has been achieved through hard work by advisers, regulators and broader industry players over several decades. Now is not the time to throw this away – especially when technology is beginning to deliver better solutions with the same high standard of consumer protection.

Ian McKenna is founder of FTRC

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FT Weekend Magazine Crossword Number 711

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FT.com also brings you the crossword from Monday to Saturday as well as the Weekend FT Polymath. ft.com/crossword

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Interactive crosswords on the FT app

Subscribers can now solve the FT’s Daily Cryptic, Polymath and FT Weekend crosswords on the iOS and Android apps

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How to get a sales job in the UK?

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How to get a sales job in the UK?

OCTOBER marks the start of the ‘golden quarter’ where the majority of sales are made across the UK.

It doesn’t matter what industry you’re in, the run-up to Christmas sees both overall sales – and commission levels – leap.

Find the perfect sales role for you with Sun Jobs

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Find the perfect sales role for you with Sun JobsCredit: Getty

Discover thousands of UK job vacancies now on The Sun Job Board

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Have you ever wondered just how much you could make in a sales job? Click the links to find out your potential pay packet.

Sold on a sales job? Here’s your five-minute ‘need to know’ from Sun Jobs to break into the industry.

What is a sales job? 

All jobs in sales involve selling a company’s products or services to customers.

Salespeople play a key role in almost every industry as they are responsible for identifying potential customers, building trust and convincing them to make a purchase. 

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There are lots of different responsibilities, including selling face-to-face, over the phone, generating leads, negotiating sales contracts and demonstrating products.

You may also be called on to provide after-sales service in some sectors.

Savvy sales people also keep an eye on the market, tracking trends and what competitor companies are doing.

How much do salespeople earn? 

Most sales jobs offer a small basic salary with the chance to earn much more in commission.

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This means the salary you earn will vary according to how successful you are.

Estimates for sales salaries range from £16,000 for a first job up to £125,000 for a top salesperson in an industry such as estate agency or high-value iT systems.

On average, expect to pocket between £40,000 to £50,000.

What qualifications do you need to get a job in sales? 

Sales isn’t about qualifications, it’s about people. The saying ‘people buy from people not companies’ explains why personality is so essential to be a good salesperson.

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You need to be tenacious, have the ability to form connections and trust, and be highly organised to keep track of your sales inventory.

That said, most jobs will expect you to have GCSE passes in Maths and English as a minimum and certain professional sectors such as pharmaceutical sales will seek candidates with related degrees.

You can find out more at professionalsalesassociation.co.uk and the-isp.org.

What career progress is there for salespeople? 

Plenty. Being a successful salesperson proves you have commercial acumen which can take you into the boardroom or even to become MD or CEO.

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Once you have experience and a solid track record in sales, pathways include moving up to be an area or regional manager, where you support an entire sales team.

You could also choose to work in marketing, product or account management.


Discover thousands of open vacancies for jobs all across the UK now on The Sun Job Board

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How Painting Happens — Martin Gayford’s guide to the artist’s mind

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The artist Sir Howard Hodgkin had his studio in an old dairy close to the British Museum in London. Instead of the rattling of milk bottles, there was a contemplative silence in which his unfinished canvases faced the wall, some of them for years on end. They were that rare commodity, works of modern art that the public actually liked.

Lucian Freud planted his easel on bare floorboards, surrounded by piles of soiled rags and with gouts of paint splashed up the skirting board. For him, “working from home” was like being in a field hospital at the Battle of Trafalgar. By contrast, I remember the atelier of Gilbert & George, the odd couple of contemporary British art, in Whitechapel as a spotless gun-metal tank, jet-washed by an assistant in trawlerman’s waders. It was like a cross between a quality-assured abattoir and a Berlin techno club.

As a journalist, I’ve been fortunate enough to pop my head around the door of a few studios, trying to answer the big question about artists: how does the magic happen? Like a Sunday painter, I was merely dabbling with my researches.

By contrast, Martin Gayford, long-serving critic and art historian, is a trusted insider and a favoured guest of the most celebrated talents in the UK and beyond. If anyone knows what makes them tick, it ought to be this latter-day Vasari. Freud painted his portrait, “Man with a Blue Scarf”, which was also the title of a very good book that Gayford wrote about the experience. He has also collaborated in print with David Hockney. Now he has distilled a lifetime of studying pictures and talking to painters into a “How to” book.

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On second thoughts, “distilled” might not be quite the right word, with its suggestion of long-trickled perfectibility. All that patient looking and listening only gets you so far, it turns out. True, Gayford can tell us plenty about the origins of painting and pigments. In How Painting Happens, he devotes pages to synaesthesia, the syndrome of experiencing colour in terms of sound, and vice versa. We learn about the influence of photography on painters, and of painters on other painters.

But the author is honest enough to admit that the real alchemy remains tantalisingly out of reach. Professional gallery-goers think they can tell at a glance which paintings are worth their consideration, he says, but “critics and curators . . . including me, everybody, regularly get these judgments completely wrong.”

So how does painting happen? For Freud, the spur to creativity was settling his terrifying gambling debts. That is, until his prices became so astronomical that he simply couldn’t lose enough on the horses to make a new picture a financial necessity. Hodgkin was trying to capture his fleeting emotions in paint, though he would rather have been doing almost anything else. “I hate the act of painting,” he claimed. “People have said so often, ‘Aren’t you lucky to be able to do this for a living!’ And I say, ‘No, thank you, I’m not lucky.’ Having to go through the horrors of painting a picture is not something I look forward to, ever.”

A black and white photograph of a woman in an artist’s studio pouring paint from the tin on to a blank canvas on the floor
American abstract Expressionist painter Helen Frankenthaler (1928-2011) at work on a large canvas in 1969 © Getty Images

At times, Gayford’s account reads more like a “How not to” handbook. Tracey Emin began work on what she imagined would be a “love scene”, only to find a Turneresque seascape demanding to escape from her brushstrokes instead (“The Ship”, 2019). Van Gogh wrote to his brother Theo in 1884 about the “paralysing stare from a blank canvas that says to the painter you can’t do anything”. Even Titian propped his half-finished pictures against the walls. Like Hodgkin, he was wondering what to do with them.

This is not the book for cynics and readers who suspect that how painting happens is that dealers, artists and collectors get together in a cosy relationship — one where multiple shares are sometimes sold in a single artwork and the goods are “flipped” for quick and profitable resale. In truth, that sort of thing has always gone on, one way or another. Without hard-faced but loaded patrons, we might never have had masterpieces by Titian, Velázquez and Rembrandt. 

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Book cover of How Painting Happens

Stimulating and sumptuously illustrated, How Painting Happens is really two books in one, a double-sided canvas. The “recto”, as art world types would dub the “front” side, depicts humankind’s steady upward progress, from scratches on a cave wall to the glorious, inexhaustible possibilities of paint and beyond.

Painting matters, Gayford argues, because it “communicates directly across time, without using words”. A successful picture creates its own world, he says. Mark Rothko’s colour field paintings made people burst into tears. The artist himself was unfazed; in fact, he would have been disappointed if they didn’t. They were having a religious experience, he said. For Rothko, a painting had to have meaning: “There is no such thing as a good painting about nothing.”

The other side of Gayford’s study, the “verso”, is a less flattering but sympathetic portrait of artists failing, then failing better; of the sublime and the ridiculous; of blood, sweat and turpentine.

The influential New York critic Clement Greenberg took a more prosaic view than Rothko. “Mark was a decent guy . . . but he was so pompous! . . . All that ‘sublime’ crap! . . . People who talk about meaning! I don’t give a damn about meaning,” he told Gayford. “When it comes to about-ness, if you are painting from nature, you are not making it about a tree or clouds, you are making it as good as you can.”

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How Painting Happens (and why it matters) by Martin Gayford Thames & Hudson £35/$45, 384 pages

Join our online book group on Facebook at FT Books Café and subscribe to our podcast Life & Art wherever you listen

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