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Chancellor Rachel Reeves will tell City of London regulators to dial up the risk in the UK financial services sector, claiming that rules drawn up after the 2008 financial crash have “gone too far” and are stifling growth.

At the annual Mansion House dinner, Reeves will say she wants financial services to drive growth and will send a clear message to City watchdogs: “The UK has been regulating for risk, but not regulating for growth.”

After facing fierce criticism from UK business in the wake of her £40bn tax-raising Budget, the chancellor will seek to reassure City grandees that she has a growth strategy. Her speech will include a series of financial services reforms, notably in the pensions sector.

In the wake of Donald Trump’s US presidential election victory with a promise to raise tariffs, both Reeves and Bank of England governor Andrew Bailey will speak out strongly in defence of free trade. “Please let’s remember the importance of openness,” Bailey will say.

The chancellor told the Financial Times on Wednesday that talk of the risk of a trade war was “a bit over the top” but added: “We believe in free and open trade. We will continue to make those representations.”

Reeves on Thursday sent “remit” letters to City regulators telling them to focus on growth. She argues that while the UK will continue to uphold high standards, the regulatory system’s efforts to eliminate risk are holding back the economy.

“That has gone too far and, in places, has had unintended consequences which we must now address,” she will say. Trump’s successful election pitch also included a promise of deregulation in the US.

Reeves’ allies insisted UK financial services were in a much stronger position than before the 2008 crash and that the chancellor was “up for more risk taking”.

Reeves has specific concerns about the burdens imposed by the regulatory certification regime for bank staff below senior management level.

Under the regime, banks are required to carry out checks on large numbers of staff in risk-taking positions to ensure they are suitable for their roles and record them in a public register.

The chancellor will say the government will consult on a new system with “a more proportionate approach that reduces costs so that businesses are freed up to focus on growth”.

Lawyers expect the regime to be narrowed to include fewer people with lighter reporting requirements.

Regulators at the Financial Conduct Authority and the BoE’s Prudential Regulation Authority have already responded to political calls to support growth by scaling back several post-2008 rules, scrapping the cap on bankers’ bonuses and watering down the Basel capital requirement rules for the sector.

The FCA on Wednesday announced it would “fundamentally reshape” its plan to “name and shame” more of the companies it investigates after the proposals provoked a big backlash in the City.

Some regulatory experts argue that political pressure on watchdogs to promote growth risks clashing with their primary objective to preserve a safe and stable financial system.

Romin Dabir, a financial regulation partner at law firm Reed Smith, said watchdogs risked being “stuck between a rock and a hard place”. 

Dabir added there was a risk that when the next financial scandal hit, politicians would criticise regulators “for being asleep at the wheel”.

Other reforms Reeves will announce in her Mansion House speech, as well as the pension overhaul, include the creation of digital gilts, a modernisation of consumer redress in the financial services sector, and a consultation on a new framework for captive insurance companies, entities created by businesses to underwrite their own risks. 

The chancellor will also promise a “financial services growth and competitiveness strategy” next year focused on five key areas: fintech, sustainable finance, asset management and wholesale services, insurance and reinsurance, and capital markets.

Speaking at the same Mansion House dinner, Bailey will call for the UK to resist the tide of protectionism as he underscores the need to raise the country’s economic potential.

“The picture is now clouded by the impact of geopolitical shocks and the broader fragmentation of the world economy,” he will say.

Without directly mentioning Trump, Bailey will emphasise the drag on the UK’s potential growth from the trade barriers with the EU created by Brexit. 

“The impact on trade seems to be more in goods than services,” he will say. “But it underlines why we must be alert to and welcome opportunities to rebuild relations while respecting the decision of the British people.”

Additional reporting by Ian Smith in London

ALDI shoppers are rushing to bag one of the retailer’s most popular festive items that have been brought back this year.

The discount retailer’s Christmas mascot Kevin the Carrot is back on screens and in stores after his television debut in 2016.

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The animated vegetable has taken on several missions since his arrival, making Brits fall in love with the character.

As well as reviving him this year, Aldi has also brought back the Kevin the Carrot advent calendar described as a “seasonal sellout.”

“Countdown to Christmas with Kevin,” Aldi tells fans.

Behind each door, customers will find a chocolate member of Kevin’s extensive vegetable family.

Aldi calls it “the perfect morning ritual for kids and grown-ups alike throughout December.”

But, shoppers will have to be quick because “once they’re gone, they’re gone.”

The advent calendar which hit shelves on November 7 has already been scooped up by hundreds of shoppers, some of whom have been spotted online trying to re-sell the item for a profit.

A Facebook page dedicated to bargains urged followers to “Pick up this Kevin The Carrot Advent Calendar for £1.49 at Aldi.”

“Omg!!! Didn’t know these existed!” one excited shopper commented under another post.

“Diane you’d better make that 15 advent Calendars.”

“I’ve got a Kevin the Carrot advent calendar. I got mine the other day. I’m a big fan of Kevin the carrot,” another added.

“If you don’t get me one of these I’ll be fuming,” a third said, tagging a member of their family.

One fan just simply wrote: “Want one.”

OTHER FESTIVE TREATS

And it’s not just people who can enjoy counting down to Christmas with a daily treat supplied by Aldi.

Beloved pets can get in on the fun too with Langham’s Meaty Dog Biscuit Advent Calendar which hit Aldi’s shelves on October 27.

The £3.99 advent calendar contains 24 treats with four different flavours – Chicken, Lamb, Duck, and Beef.

And for those who still just can’t get enough of Kevin, there are other festive offerings from the much-loved vegetable mascot.

There is a new collection of Kevin the Carrot plush toys featuring a moustachioed Kevin and his partner Katie who has lipstick and a bow.

They are £3.99 with their outfits reflecting their disguises from this year’s Aldi advert as they try to save Christmas from Dr Humbug who also has a plushy toy in the middle aisle.

There are also Kevin and Katie tree decorations, pyjamas, and a children’s book.

Jemma Townsend, Marketing Director at Aldi UK, said: “Would it even be Christmas without Kevin the Carrot on our screens?

“We’re delighted to bring back everyone’s favourite carrot for a ninth year to help the nation get into the Christmas spirit.”

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Ben & Jerry’s has claimed Unilever threatened to dismantle its independent board and “silenced” the brand over its support for Palestinian refugees, in the latest legal flare-up between the ice cream brand and its parent company. 

In a legal complaint filed in the US district court for the southern district of New York on Wednesday, Ben & Jerry’s alleged that Unilever had breached its agreement to allow the brand to pursue its own “social mission” by preventing it from calling for a ceasefire in Gaza or voicing support for refugees.

Anuradha Mittal, chair of Ben & Jerry’s independent board, said: “For four decades, Ben & Jerry’s has remained steadfast in our commitment to social justice. Unilever’s intimidation will not waiver the company’s commitment.”

The allegations in the New York lawsuit mark the latest step in a long-running disagreement between the London-listed consumer goods group and its ice cream brand over Israel and Palestine.

In 2022, Ben & Jerry’s sued Unilever after the company blocked its attempts to stop selling ice cream in the occupied territories by disposing of the Israeli arm of the brand to a local licensee. In December that year, Unilever said the dispute had been resolved.

Speaking to the Financial Times in January, Mittal called for a permanent ceasefire in Gaza. Ben & Jerry’s the brand remained silent on the issue.

Ben & Jerry’s has now claimed that Unilever threatened to dismantle the independent board and sue individual members if the brand issued a ceasefire statement alongside the panel.

According to the Wednesday filing, in December 2023 Ben & Jerry’s management and the board informed Unilever of their plans to issue a statement.

The filing then claims that Unilever responded with the threats, as well as personal calls from the president of Unilever’s ice cream division, Peter ter Kulve, and head of litigation, Jeff Eglash, “who attempted to intimidate Ben & Jerry’s personnel with professional reprisals if the company issued a ceasefire statement”.

Ben & Jerry’s also alleged that its parent company breached the terms of the settlement in the previous lawsuit over the occupied territories.

As part of the settlement, Unilever promised to make $5mn in payments for Ben & Jerry’s to human rights organisations of its choosing.

In Wednesday’s filing, Ben & Jerry’s claimed that Unilever blocked it from donating to non-governmental organisation Jewish Voice for Peace on the basis that it was too critical of the Israeli administration.

It added: “Despite its contractual commitment to “[r]espect and acknowledge” the independent board’s primary responsibility over Ben & Jerry’s social mission and essential brand integrity, Unilever has silenced each of these efforts.”

Unilever said: “Our heart goes out to all victims of the tragic events in the Middle East. We reject the claims made by B & J’s social mission board, and we will defend our case very strongly. We would not comment further on this legal matter.”

In March this year, Unilever announced it was splitting off its ice cream business, which includes Ben & Jerry’s, as well as brands such as Magnum and Wall’s.

Inside Dave Portnoy’s Wealth: How the Barstool Sports Founder Built a $150 Million Empire

Dave Portnoy is best known as the candid and sometimes controversial founder of Barstool Sports. Though his fans love his outspoken personality on the “BFFs” podcast and his reputation as a Swiftie, they often overlook his role as the CEO and driving force behind Barstool Sports. Over two decades, Portnoy has grown Barstool into a multi-platform media powerhouse, bringing him immense success and a net worth estimated at $150 million.

How Dave Portnoy Built Barstool Sports from the Ground Up

Portnoy’s journey to wealth began in 2003 when he launched Barstool Sports as a print publication. Initially focused on fantasy sports, gaming advertisements, and sports commentary, it was a niche publication targeted at Boston’s sports-loving community. In 2007, Portnoy took Barstool online, a move that proved transformative. The brand expanded from print to digital, reaching an audience far beyond Boston and allowing for rapid growth in a digital media landscape hungry for fresh content.

As Portnoy diversified Barstool’s offerings, the brand evolved into much more than a sports site. Today, Barstool includes podcasts, videos, gambling content, merchandise, branded alcohol products, and even television shows. The platform has become a hub for both sports and pop culture, attracting millions of followers on social media and maintaining a strong, engaged fan base.

Portnoy’s hands-on approach and knack for tapping into popular trends helped Barstool expand further. His “One Bite” pizza reviews, where he samples and rates pizzas from various restaurants, have amassed a cult following, increasing his personal brand and helping to build Barstool’s loyal fanbase.

Partnerships, Acquisitions, and the $450 Million Deal with Penn National Gaming

In 2016, Barstool Sports attracted major investment when The Chernin Group acquired a majority stake in the company. This influx of capital allowed Barstool to scale even further, expanding its reach and brand influence. However, the most significant deal came in 2020 when Penn National Gaming, a major player in the gaming industry, acquired a 36% stake in Barstool for $163 million. This investment valued Barstool at a staggering $450 million, underscoring its growth from a small print publication to a media empire.

The deal with Penn National Gaming marked a new era for Barstool, positioning it as a key player in the sports betting world. Penn’s partnership allowed Barstool to launch the Barstool Sportsbook app, enabling fans to engage in sports betting, a lucrative area of the sports entertainment industry. As the U.S. expands sports betting legalization, Barstool Sportsbook has become a significant revenue generator for both Barstool and Penn National Gaming.

However, in a surprising turn of events, Portnoy regained full control of Barstool in 2023 when he bought back the company from Penn for just $1. This strategic move came after Penn shifted its focus to a partnership with ESPN for its sports betting ventures. For Portnoy, reclaiming ownership of Barstool provided the freedom to steer the company independently, a position he seems to relish.

Dave Portnoy’s Podcasting Success and Other Ventures

Apart from Barstool Sports, Portnoy’s personal brand has been bolstered by his ventures into podcasting and other media. His hit podcast “BFFs,” cohosted with Brianna “Chickenfry” LaPaglia and Josh Richards, has been wildly successful, blending pop culture, social media, and insider gossip. On November 13, 2024, Portnoy announced his departure from “BFFs,” leaving a lasting mark on the show and its fans.

Portnoy’s media presence extends beyond Barstool’s channels. His bold, no-filter style has resonated with audiences and attracted fans who appreciate his authenticity. His pizza reviews, for instance, have become iconic, with fans frequently recognizing him as “the pizza guy” as much as the CEO of Barstool.

Portnoy’s ventures have not been without controversy, and his outspoken nature has occasionally led to clashes with other public figures. Nevertheless, his approach has consistently drawn attention and bolstered his personal brand, which remains closely tied to Barstool’s identity.

The Breakdown of Dave Portnoy’s Net Worth

As of 2024, Portnoy’s net worth is estimated to be around $150 million. Much of this wealth can be attributed to his stake in Barstool Sports, along with income from his various media projects and ventures. Portnoy’s wealth is a reflection of his entrepreneurial spirit, his ability to capitalize on cultural trends, and his knack for building a brand that resonates with audiences.

His investments outside Barstool have also contributed to his financial success. While not all of Portnoy’s ventures are publicly known, his influence and wealth have allowed him to invest in various sectors and expand his financial footprint beyond Barstool’s media reach.

Despite his wealth, Portnoy has maintained a strong connection to his audience, often presenting himself as a relatable figure who is unafraid to share his opinions. This transparency has helped him retain the loyalty of Barstool’s fans, who view him as a central part of the brand’s identity.

What’s Next for Dave Portnoy and Barstool Sports?

With Portnoy back in full control of Barstool Sports, the future looks promising for both him and the company. Freed from corporate restrictions, Portnoy has the flexibility to continue expanding Barstool’s brand in ways that align with his original vision. His reacquisition of the company from Penn National Gaming symbolizes his commitment to keeping Barstool unique and fiercely independent.

Portnoy’s focus will likely remain on expanding Barstool’s reach in sports, entertainment, and lifestyle content, while also leveraging his own personal brand. Given the success of Barstool Sportsbook, sports betting could remain a priority, especially as more states legalize betting and the industry continues to grow.

As Portnoy himself has said, “Barstool is my life’s work.” With his hands firmly back on the reins, there’s little doubt he will continue to grow both Barstool and his personal empire, solidifying his place as one of the most influential figures in modern digital media.

THE best airline in Europe has revealed its new business class plane cabins.

Turkish Airlines was named the best by Skytrax in their 2024 awards.

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And they have since revealed their new Crystal Business Class seats.

The new cabins have been designed by the in-house TCI Aircraft Interior as well as PriestmanGoode who have worked on both Finnair and Lufthansa suites.

Each of the 42 pods have their own sliding privacy doors with the 1-2-1 layout means every seat has aisle access.

There will be marble-style tables as well as rose-gold touches, wireless charging and personal reading lamps.

A 22-inch in-flight entertainment screen will have its own noise-reducing headphones.

Each seat will have unobstructed window views and, with most business class seats, each one come with a lie-flat bed.

They will be rolled out on the Boeing 777s in 2025.

Airline chairman Ahmet Bolat said: “Our new Crystal Business Class suite will add a new chapter for our long-haul luxury travel and will carry the airline into the future with a new level of comfort and privacy across our extensive global network.

Passengers can expect amazing food too, as it was also awarded for the World’s Best Business Class Catering.

Turkish Airlines has revealed plans for free WiFi for all passengers.

All of the fleet will be equipped with the newest in-flight connectivity (IFC) tech by the end of next year.

The airline also revealed plans for new flights from the UK from Glasgow and Newcastle.

Currently the carrier flies to Edinburgh, Manchester, Birmingham, London Gatwick and London Heathrow in the UK.

It’s not just Turkish Airlines updating their cabins.

Delta Airlines revealed their new upgraded economy seats, as well as better business class cabins.

And Brussels Airlines huge expansion plans includes a €100million (£85million) revamp of its cabins.

Here at Sun Travel we’ve reviewed a number of airline cabins recently.

Here are some of our other business class reviews:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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