Further to Andy Haldane’s piece “The unpleasant fiscal arithmetic holding back UK growth” (Opinion, FT Weekend, October 12), I suspect that merely changing the definition of the UK’s debt headroom, to permit further borrowing for investment, will not suffice to enhance the country’s growth rate or deal with the chronic lack of productivity.

Leaving aside the difficulties of reforming our complex planning system — much discussed elsewhere — one of the major problems facing successive governments, though less acknowledged, lies within the Treasury itself. So long considered a “super ministry”, the Treasury has become almost entirely focused on short-term revenue raising, cash flow and debt management. In other words, acting purely as a finance ministry. This has become embedded in the culture and has often resulted in a brake on government growth initiatives.

Surely now is the time to create a parallel economics ministry with a clear mandate to promote policies for growth over the medium to long term. Indeed, the current government could do worse than simply repurposing the existing Department for Business and Trade, imbued as it already is with some excellent civil servants and thinkers in this space.

But such a department crucially needs stature — in a 21st century world surely the relevant secretary of state should be regarded as holding one of the “great offices of state”. The Harrington Review of Foreign Direct Investment, to which I contributed in a very minor way, made some excellent recommendations, but creating a cabinet-level committee to focus on growth and investment is not, I fear, going to be sufficient. The issue of low growth and the reward for changing our trajectory is so significant that surely it warrants an entire ministry devoted to solving the problems and realising the UK’s untapped potential?

Stephen Hill
Former Lead Non-Executive Board Member, UK Department for Business and Trade, Jersey, The Channel Islands

PUBS face widespread closures if hit in the Budget, an industry boss has warned — as many make just 12p profit per pint.

David McDowall has urged Chancellor Rachel Reeves to throw the licensed trade a lifeline next week.

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Landlords have had a 75 per cent reduction in business rates since Covid.

But that is due to end in April and losing it would cost them an extra £2.5billion, figures show.

Mr McDowall, chief exec of the Stonegate Group which includes the Slug & Lettuce and Yates’s, said publicans had faced a storm of challenges since the pandemic.

They include high inflation, soaring energy costs and pressure on consumer spending.

He noted the British Beer and Pub Association recently revealed boozers make 12p profit per pint.

Mr McDowall added: “Landlords don’t have any more to give.

“Removing that rate relief would prove very costly for pubs, bars, restaurants and cafes.”

Senior hospitality industry figures have also asked the Chancellor to extend the freeze on alcohol duty — due to end on February 1.

The Treasury said it was pledged to support businesses such as pubs.

In the words of Winnie the Pooh, “You can’t help but love a bear that loves honey”, and we totally agree.

On October 12th, International Animal Rescue (IAR) invites you to join us in celebrating World Sloth Bear Day! This day is not just about recognising the beauty and unique charm of sloth bears but also about honouring the incredible resilience of these magnificent creatures.

This year, we are thrilled to share the heartwarming story of Mithali, one of our beloved sloth bears, as she enjoys a sweet pot of honey to mark this special occasion.

IAR’s partner in India, Wildlife SOS, delivers excellent work in collaboration with local communities and has worked with Mithali and her sibling since they were found trapped in a dry well with their deceased mother for over 48 hours. At just 20 weeks old, they were discovered wailing and clinging to their mother’s mammary, overwhelmed and frightened by the tragic events they had experienced.

Despite their dire circumstances, the two orphaned cubs have emerged victorious, embodying the spirit of their namesakes: Indian cricket legends Mithali Raj and Mahendra Singh Dhoni. While Mithali Raj broke barriers as the captain of India’s women’s cricket team, leading it to a commendable ODI ranking of number 3, Dhoni inspired countless fans as he guided India to victory in the 2011 ICC Cricket World Cup.

Just like their namesakes, Mithali and her sibling have shown remarkable courage in overcoming adversity. Thanks to the dedicated care provided by our IAR, Wildlife SOS and the Bear Rescue Centre (BBRC) team, they are learning to thrive in a safe environment. Under the nurturing guidance of Ankita Bear, Mithali and her sibling have slowly come out of their shells, embracing life with newfound hope.

It is truly heartwarming to witness their progress and see them enjoying the little things, like indulging in honey.

On World Sloth Bear Day, we celebrate and share some unique facts about these bears, who are central to Indian mythology.

Fun Facts About World Sloth Bear Day:

• Conservation Status: Sloth bears are classified as vulnerable due to habitat loss and poaching. Awareness days like World Sloth Bear Day help raise awareness for their conservation needs.
• Dietary Habits: Sloth bears primarily feed on insects, fruits, and honey, making them crucial for seed dispersal in their habitats.
• Unique Characteristics: Known for their shaggy fur and long claws, sloth bears are uniquely adapted to dig for insects and honeycomb, showcasing their essential role in the ecosystem.

As we celebrate World Sloth Bear Day, we invite you to join us in supporting Mithali and Maahi’s journey toward a bright future. Your support is vital in ensuring these incredible bears continue receiving the love and care they deserve.

Native to the Indian Subcontinent, even though sloth bears are legally protected through the Indian Wildlife Protection Act of 1972, the population of this bear is still decreasing, with only around 6-11,000 remaining in the wild they are on the IUCN Red List as vulnerable,

Gavin Bruce, CEO at International Animal Rescue, emphasised, “The risk of extinction faced by sloth bears underscores the urgent need for their protection. Co-existence with these magnificent creatures is imperative, and raising awareness about their plight is a shared responsibility.”

Let’s spread the word about the importance of conserving sloth bears and their habitats. For more information on how you can help, please visit https://www.internationalanimalrescue.org/projects/indian-sloth-bear

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

Mexico’s ruling coalition on Friday voted to change the constitution to stop the courts from reviewing legislation passed by Congress, brushing aside concerns from investors and rights advocates about the rule of law.

In the early hours of Friday morning, senators from the Morena party and its allies approved changes that would remove the Supreme Court’s ability to review legal challenges filed against changes to the constitution.

Legal analysts said the move would give the legislature supremacy over the judiciary, altering the fragile system of separation of powers built up over Mexico’s transition to democracy in the past three decades.

“[It] underlines existing concerns over the accelerated concentration of power under President Claudia Sheinbaum,” said Nicholas Watson of political risk firm Teneo.

Since the leftwing Sheinbaum swept to power with a congressional supermajority in June elections, the Mexican peso has depreciated some 15 per cent against the dollar over fears about reforms that would overhaul institutions.

Sheinbaum and her supporters reject concerns about democracy and say the country’s democratic period has marked by deep inequality and corruption. They say that most people agree the justice system was broken anyway.

“The leaders of the conservative block and media say, ‘the president is an authoritarian’ and that ‘democracy is finished’. But the government’s biggest critic is here with us freely asking a question,” she said in her morning news conference on Friday. “What authoritarianism?”

Sheinbaum’s predecessor as president, Andrés Manuel López Obrador, who left office this month, regularly clashed with the judiciary after it suspended several of his flagship initiatives, such as greater state control of the energy sector.

In response, he devised a plan to fire all the nation’s judges and replace them via elections, in an overhaul supported by Sheinbaum.

The changes approved on Friday will escalate an already tense stand-off between the ruling party and the judiciary. They will now pass to the lower house for approval, but that is broadly expected to happen quickly, with the Morena-led alliance holding an even larger majority than it does in the senate.

Mexico’s legal community has been in turmoil since the policy to elect judges was approved, and lawyers had been debating whether or not the Supreme Court could prevent its implementation. Friday’s changes, if realised, mean they will not be able to.

“Its clearly a tightening of the screws,” said Saúl López, a professor at the Tec de Monterrey university. “The logic of this is strengthening the majority organs and doing away with any kind of limitation.”

I was glad to learn in Alex Clark’s review of the best new audio books that she enjoyed Gerri Halligan’s reading of Jilly Cooper’s Riders (“Heirs and disgraces”, Books, Life & Arts, FT Weekend, October 19).

One must accept that light books can take as much skill as heavy ones — so no literary sneering here — and that the queen of the British bonkbuster can tell a cracking good yarn. Cooper’s books are cheery and life-affirming. Her lip-smacking, lascivious language is widely regarded as a cause for celebration and a joyful inversion of today’s sexual politics. Earthy desires rage and it’s all truly jolly marvellous. We must accept these facts, we simply must — it’s essential to the hearty spirit of Cooper’s books, and it is essential lore if one is English and from the Home Counties. And yet, a nagging question gnaws through the Coopersphere — aren’t her books just plainly old-fashioned, innuendo-strewn, seedy, and, well, rather weird? “Tally ho!” indeed.

Christopher Moseley
London NW1, UK