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Managers’ new duty to prevent sexual harassment at work

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Managers’ new duty to prevent sexual harassment at work

Hello and welcome to Working It.

I am just back from a whistle-stop trip to the US West Coast with the Working It video team 📹. We filmed interviews with tech executives who are implementing innovative ideas that might become the future of work for all of us. (We even whizzed round San Francisco between filming gigs in a driverless taxi.)

Someone then pointed out to me on LinkedIn that businesses in other sectors are leading on this, too. Coolness does not automatically lead to innovation 😎. Fair enough, but innovation, and specifically AI, is in the air on the West Coast. A new gold rush is under way — how will this one turn out?

The view from my (driverless) taxi

Read on for a heads-up about a UK legal change that puts the onus on employers to prevent sexual harassment of staff. Plus, we welcome back careers expert Jonathan Black 😌, with a question from a 30-something in a rut. We’ll be alternating “Dear Jonathan” questions on career development with Office Therapy workplace dilemmas.

If you have an idea for a story — or for making this newsletter better — do email: isabel.berwick@ft.com. Or collar me at an event: I’m at Oxford university tomorrow evening [Thursday — a free talk for the university’s students, staff and alumni, do register if that includes you] and next week in Amsterdam at Reshaping Work 💬.

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New law, new obligations for employers

On October 26, the new Worker Protection (Amendment of Equality Act 2010) Act 2023 will come into effect. It requires employers to take “proactive and reasonable steps” to prevent sexual harassment of staff during their employment 🛑. The previous government launched a consultation on these changes in 2019, so this has been a long time in the making.

It sounds reassuring and helpful, but what, I wondered does it actually mean for employers? Naeema Choudry, partner at law firm Eversheds Sutherlands, suggests what best practice will involve: “Vital steps to take will include conducting risk assessments, reviewing and updating policies, planning and conducting training sessions, which will need to be adapted to the needs of those being trained. A one size fits all approach will not work. Also, establishing clear and efficient reporting mechanisms and, importantly, ensuring senior leadership are engaged.”

There may be serious consequences if businesses don’t act to protect staff. Naeema says: “Whilst breach of the new duty does not entitle employees to bring a freestanding claim in the employment tribunal claim, if they do bring a tribunal claim arising out of any sexual harassment, and that claim is successful, then the tribunal must consider whether the employer has taken reasonable steps to prevent sexual harassment. If the tribunal finds that reasonable steps have not been taken, then it can increase any compensation by up to 25 per cent. In addition, the EHRC [Equality and Human Rights Commission] can take enforcement action against the employer.”

What do managers need to do right now? The first priority is to read, and act on, EHRC guidance on the subject. “This guidance includes advice on actions employers can take to prevent and respond to workplace harassment. Additionally, the EHRC has updated its employer 8-step guide to preventing sexual harassment in the workplace to reflect the new preventive duty.”

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The new law applies not only to harassment taking place in the physical workplace, but also at training events and social events. And while the act doesn’t specifically cover harassment by third parties — such as customers or suppliers — the EHRC guidance does include this requirement, Naeema says: “This is especially important in industries like retail, where you can’t always control customer behaviour. However, businesses can make it clear to their customers, clients and suppliers that harassment of their employees won’t be tolerated and that appropriate action will be taken against any third party who sexually harasses them.

“It’s also crucial to support your employees by providing them with the training and skills to challenge inappropriate behaviour and escalate issues.”

There’s a lot to take in. What effect is this change going to have? Is it enough? There are, as we know, “tick-box” cultures in some workplaces ✅ and power imbalances are built in at any organisation. Mel Rodrigues is CEO of Creative Access, a social enterprise focused on improving diversity, equity and inclusion across the creative industries. She has had a long career in TV, and welcomes the change in the law: “My hope is that it will mean no one has to endure the physical or verbal harassment I previously experienced, often dismissed as ‘banter’ by bosses.”

There is a “but”, of course: “However, companies risk falling short without clear guidance on what ‘reasonable steps’ truly means, and what’s needed to prevent harassment, by addressing the power imbalances and cultural factors that allow it to persist.”

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As so often, it’s not the rules and regulations that will make work better, but the intent and effectiveness of the people who implement them 👩🏽‍💻.

Consider this your heads up on this big change: the FT will be covering the topic in more detail next week.

Further reading: The CIPD professional body for HRs has some good, easy-to-read material.

Does your organisation offer useful free resources on the new Worker Protection Act? (I hear ‘active bystander training’ is going to be important.) Let me know and I’ll share thoughts here: isabel.berwick@ft.com.

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This week on the Working It podcast

Bankers and lawyers are in “greedy jobs” — they may work 80, 90 or 100-hour weeks and are paid handsomely — but have very little time for the rest of their lives 😰. What are they doing that takes up all this time? And have things changed since the pandemic introduced hybrid and flexible working patterns? In this week’s episode, my colleague Bethan Staton hosts a wide-ranging (and eye-opening 👀) discussion with Suzi Ring, the FT’s legal correspondent, and Craig Coben, a former senior investment banker at Bank of America and now an FT Alphaville contributing writer.

Dear Jonathan 📩

The question: I seem to be stuck in a “progression rut”. I work as a communications manager in a small team, but I don’t have direct responsibility for anyone. If I want to progress to a role with more responsibility, “line manager experience” is listed as an essential requirement, however I don’t have any. Is there anything I can do to address this? Female, 30s

Jonathan Black’s advice: Making the step into line management can appear to be an insurmountable barrier because of the risk-aversion of employers, who only seek applicants who are already doing the particular role they seek to fill.

That leaves people like you wondering how to get ahead. Even if there is a vacancy at your own organisation, it can be difficult for internal candidates to achieve that step up. That’s partly because management recognise you’re doing a great job and would quite like that to continue, and also because it is difficult for the people who hired you for your current role to see you in a managerial position 🙄.

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The only option may be to move to a new organisation. How can you demonstrate previous line management experience, or its equivalent? An answer may lie with internal projects or external activities. Have you managed any short-term freelancers on specific projects? It may be a videographer who came in for a day, an external podcaster/newspaper coming in to interview senior staff, or when you co-ordinated colleagues with external PR — all of these could be used to describe managing people.

Externally, are you involved in managing volunteers at a charity, chairing a school committee, or organising an event for an activity or hobby group? Any of these demonstrate line management skills and experience, and help you answer interview questions such as, “Tell us about a time you line managed a team and . . . happened.”

If you don’t have any of these experiences, or would like to add more, then volunteer for extra assignments, both inside and outside work. You could, for example, seek out and offer to manage a student project 💡 — many universities seek to engage students on voluntary short projects to gain meaningful experience in the business world. This benefits the students, would benefit you if you managed the project, and should yield some useful information for the organisation — all at no financial cost.

Got a career question for Jonathan Black? Email dear.jonathan@ft.com. We anonymise all contributions.

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Five top stories from the world of work

  1. Wall St banks tackle workloads of junior staff: Long hours are nothing new in investment banking, but some of the banks are asking staff to log their hours or are capping them at 80 hours a week. Joshua Franklin, Suzi Ring and Ortenca Aliaj cover the ongoing debate about whether this is helpful or not. Lots of interesting comments, too.

  2. The difficult work conversation AI helped me with: Lots of tips here from Emma Jacobs on how AI can help unblock our procrastination and uncertainty, especially when it comes to the emails we are putting off.

  3. Are directors of founder-led companies being set up to fail? Tales of big egos and monstrous management abound in start-up land. Here, Anjli Raval examines the pitfalls for board members in founder-led organisations — and what can help.

  4. My search for the perfect work soundtrack: Jo Ellison tries — and fails — to come up with the perfect blend of background noise and productivity-enhancing easy listening. Lots of great suggestions from readers in the comments.

  5. Hard Graft at the Wellcome Collection: I reviewed this big (free) exhibition at London’s Wellcome Collection. It’s all about the physical and emotional labour of the jobs that too often go unseen — and financially unrewarded. Well worth a visit if you are nearby.

One more thing . . . .

Lots of people on my LinkedIn feed this week shared the same amazing animated data visualisation from James Eagle on how people met their partners, 1930 -2024. As you might expect, family, school and friends feature at the top of the charts in the 20th century, but the changes after internet dating was introduced . . . will surprise you, even on the fourth or fifth viewing🌹.

This week’s giveaway

Five Generations at Work by Rebecca Robins and Patrick Dunne is the book we all need to navigate a multigenerational workplace. I talked to Rebecca about the subject for this newsletter a few weeks ago, ahead of publication. We now have 10 copies to give away. Enter on this form by 5pm UK time on Monday October 21 and we will pick winners at random from all eligible entrants. [To clarify, our book giveaways are global 🌎— the publishers will post to you!]

And finally . . . calling HR professionals 🙋🏽‍♂️

The FT is running an in-person session of its HR Forum with a breakfast-time panel at Bracken House, our HQ in the City of London, on the subject of “Building a Multigenerational Workforce”. It’s on Wednesday November 20, at 8.30am to 11am. Speakers include Louise Ballard of Atheni and author Rebecca Robins (see the book giveaway above).

If you’re interested in coming along, register your interest on this form and the organisers will be in touch.

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Ukraine mustn’t mistreat Poland, its best friend and advocate

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Jarosław Kuisz fundamentally misrepresents the causes of current tensions in Polish-Ukrainian relations (Opinion, October 11).

First, he claims that they are caused by the aftermath of “nationalistic egoism with which the Law and Justice (PiS) government saturated society”. This is not true as in the 2023 election campaign the former populist PiS government was accused of ruining the Polish economy and putting the country’s security at risk by assisting Ukraine. The PiS government transferred virtually all the military equipment of the Polish army — 340 tanks, hundreds of armoured vehicles, missiles, artillery, anti-aircraft launchers, ammunition, guns, and MiG planes and fuel — to Ukraine in the first weeks of the war.

It is rather the denunciation of the PiS government as working to Moscow’s agenda, as implied in a speech by Volodymyr Zelenskyy in the UN in September 2023, that soured Polish attitudes towards giving more aid to Ukraine.

Second, Kuisz says when peace comes, Ukraine will claim a greater role in the region and will “feel empowered to address the politics of historical memory more uncompromisingly” because it plans to join Nato and the EU and play an important role, thus envisaging a geopolitical shift in their favour.

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Such an attitude just betrays their naïveté and post-Soviet outlook.

The reality is that Ukraine has a long way to go and it should concentrate on defending its independence and territorial integrity from Vladimir Putin, not mistreating Poland, its best friend, advocate and strategic partner.

Lucja Swiatkowski Cannon
Senior Research Fellow, Institute of World Politics
Washington, DC, US

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Abrdn calls on government to scrap stamp duty on FTSE 250 shares

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Abrdn's plan to solve ‘vacuum’ caused by cost disclosure rule removal

Abrdn is calling for the immediate abolition of stamp duty on FTSE 250 shares.

It is also urging the government to bring in other urgent measures to protect and support listed smaller companies.

This call to action comes in response to the publication of ‘The Future of Smaller Company Capital Markets in the UK’ report.

The report, published by New Financial in partnership with Abrdn, Euroclear, Winterflood and the Quoted Companies Alliance (QCA). found a crisis facing this segment of the UK stock market.

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It found that over the past 20 years, the number of smaller listed companies with a market capitalisation of less than £1bn has fallen by nearly a third (31%).

Also, in seven of the past 10 years, more listed smaller companies have left the UK stock market than have joined it.

Additionally, only one Local Government Pension Scheme (LGPS) has a specific allocation to UK smaller companies, compared with 18 back in 2013.

This is despite UK smaller companies delivering “stellar” returns over the long-term and adding “significant” value to the UK economy.

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Over 25 years, UK smaller companies including the Alternative Investment Market (AIM) has generated an annualised total return of 7.4% in line with the S&P 500 (7.5%) and nearly 50% higher than the wider UK market (5.4%).

Despite recent volatility in AIM stocks, Abrdn said it recognises the “crucial social and economic value they bring to the UK as well as the valuable role they can play in diversified investment portfolios.”

It would also like to see the Mansion House Compact – in which major pension providers pledged to increase allocations to private markets, including private equity and venture capital – extended to include listed small caps in the UK.

Abrdn believes the stamp duty exemption that currently exists for AIM should be extended to all listed companies outside the FTSE 100.

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However, it believes that stamp duty on UK shares should be scrapped entirely.

It also feels that measures to boost investment in the UK more generally is needed and would like to see:

  • Minimum pension contributions via auto-enrolment go up significantly
  • Simplification of the UK’s cumbersome Isa system to make it easier for people to engage and start investing
  • A national campaign to get the UK investing
  • A shake-up of financial education in schools so more people get access to it, creating the next generation of savers and investors

Abrdn chairperson Sir Douglas Flint said: “Smaller listed companies are an integral part of the UK economy.

They drive innovation and generate wealth and jobs across almost every corner of the country.

“Given that the government is serious about boosting UK growth, we must look carefully at the small cap sector and the findings and recommendations of this report.

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“If policymakers consider what can be done to boost investment in the UK generally, we cannot afford to ignore UK small caps. This segment of the market is flourishing in many respects, and, with appropriate action, it could be even more successful.”

New Financial founder and managing director William Wright added: “Our report argues that UK smaller companies are facing an almost existential threat.

“There are many factors behind the decline but the collapse in demand from UK pension funds – which have increasingly switched to globalised portfolios – and the decline in demand from retail investors has been the main driver.

“Regulation, liquidity, and a low-risk investment culture have also played a role. The report calls for urgent action to support this vital segment of the UK market in the context of wider capital markets reform.”

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How does WhatsApp make money?

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Is Reform UK's plan to get Farage into No 10 mission impossible?
Getty Images A woman holding a mobile phoneGetty Images

The main messaging apps are all free to use, so what is in it for them?

In the past 24 hours I’ve written more than 100 WhatsApp messages.

None of them were very exciting. I made plans with my family, discussed work projects with colleagues, and exchanged news and gossip with some friends.

Perhaps I need to up my game, but even my most boring messages were encrypted by default, and used WhatsApp’s powerful computer servers, housed in various data centres around the world.

It’s not a cheap operation, and yet neither I nor any of the people I was chatting with yesterday, have ever parted with any cash to use it. The platform has nearly three billion users worldwide.

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So how does WhatsApp – or zapzap, as it’s nicknamed in Brazil – make its money?

Admittedly, it helps that WhatsApp has a massive parent company behind it – Meta, which owns Facebook and Instagram as well.

Individual, personal WhatsApp accounts like mine are free because Whatsapp makes money from corporate customers wanting to communicate with users like me.

Since last year firms have been able to set up channels for free on Whatsapp, so they can send out messages to be read by all who choose to subscribe.

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But what they pay a premium for is access to interactions with individual customers via the app, both conversational and transactional.

The UK is comparatively in its infancy here, but in the Indian city of Bangalore for example, you can now buy a bus ticket, and choose your seat, all via Whatsapp.

“Our vision, if we get all of this right, is a business and a customer should be able to get things done right in a chat thread,” says Nikila Srinivasan, vice president of business messaging at Meta.

“That means, if you want to book a ticket, if you want to initiate a return, if you want to make a payment, you should be able to do that without ever leaving your chat thread. And then just go right back to all of the other conversations in your life.”

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Businesses can also now choose to pay for a link that launches a new WhatsApp chat straight from an online ad on Facebook or Instagram to a personal account. Ms Srinivasan tells me this is alone is now worth “several billions of dollars” to the tech giant.

Meta Meta's Nikila Srinivasan smiles as she looks at the cameraMeta

Meta’s Nikila Srinivasan says the aim is for firms to increasingly communicate with customers via Whatsapp

Other messaging apps have gone down different routes.

Signal, a platform renowned for its message security protocols which have become industry-standard, is a non-profit organisation. It says it has never taken money from investors (unlike the Telegram app, which relies on them).

Instead, it runs on donations – which include a $50m (£38m) injection of cash from Brian Acton, one of the co-founders of WhatsApp, in 2018.

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“Our goal is to move as close as possible to becoming fully supported by small donors, relying on a large number of modest contributions from people who care about Signal,” wrote its president Meredith Whittaker in a blog post last year.

Discord, a messaging app largely used by young gamers, has a freemium model – it is free to sign-up, but additional features, including access to games, come with a pricetag. It also offers a paid membership called Nitro, with benefits including high-quality video streaming and custom emojis, for a $9.99 monthly subscription.

Snap, the firm behind Snapchat, combines a number of these models. It carries ads, has 11 million paying subscribers (as of August 2024) and also sells augmented reality glasses called Snapchat Spectacles.

And it has another trick up its sleeve – according to the website Forbes, between 2016-2023 the firm made nearly $300m from interest alone. But Snap’s main source of revenue is from advertising, which brings in more than $4bn a year.

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Getty ""Getty

The UK-based firm Element charges governments and large organisations to use its secure messaging system. Its customers use its tech but run it themselves, on their own private servers. The 10-year old firm is in “double digit million revenue” and “close to profitability”, its co-founder Matthew Hodgson tells me.

He believes the most popular business model for messaging apps remains that perennial digital favourite – advertising.

“Basically [many messaging platforms] sell adverts by monitoring what people do, who they talk to, and then targeting them with the best adverts,” he says.

The idea is that even if there is encryption and anonymity in place, the apps don’t need to see the actual content of the messages being shared to work out a lot about their users, and they can then use that data to sell ads.

“It’s the old story – if you the user, aren’t paying, then the chances are that you are the product,” adds Mr Hodgson.

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Major price comparison firm handing £250 car insurance fee back to drivers – and £11million has been claimed

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Major price comparison firm handing £250 car insurance fee back to drivers - and £11million has been claimed

A MAJOR price comparison firm is handing a £250 car insurance fee back to drivers and £11 million has already been claimed.

GoCompare is offering customers the free excess refund reward when they purchase car insurance.

You could nab £250 back using the excess refund reward scheme

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You could nab £250 back using the excess refund reward schemeCredit: Getty

The price comparison site has revealed that its customers have been millions through its £250 Excess Refund Reward since the scheme began in July 2019.

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The Excess Refund Reward allows any customer who purchases a car insurance policy through GoCompare to opt in and receive money back when the claim is settled.

For example, if your total excess is £300, you pay this to your insurer, and GoCompare refund £250 after your claim is settled.

The price comparison firm will refund you if you have damage to your car, if you’re at fault and have comprehensive insurance.

You can also get a refund for claims for fire or theft as well as uninsured driver claims.

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However, GoCompare stress that you will not be able to use your free excess cover for windscreen repair and replacement, damage caused by a breakdown or misfuelling or claims from outside the UK.

Repairs to your own car, without comprehensive cover are also not included in the free excess cover.

GoCompare say that making a claim is a straightforward process and you should be able to fill out the online form in about ten minutes. 

Once you’ve submitted your claim, and it’s been approved, expect to get your refund within five working days.

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An excess is included on most insurance policies and is the amount that the policyholder needs to pay upfront before they can make a claim.

Regarding car insurance, the excess is split into two parts: compulsory and voluntary.

The real Go Compare man shows off impressive opera skills

The insurer sets the compulsory excess while the policyholder can choose the voluntary excess – then when you make a claim the two are added together and must be paid before a claim can be made.

Previous research from Go.Compare revealed that only 49 per cent of motorists fully understand the meaning of voluntary and compulsory excesses on their policy.

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Meanwhile, only 7 per cent of drivers aged 18 to 24 said they understood compulsory excess.

Tom Banks, car insurance expert at Go.Compare, said: “Seeing that over £11 million has been refunded to our customers through this offer is amazing.

“The process of making a claim on an insurance policy can be a stressful one so we hope that this refund reward can help ease some of the stresses, both mentally and financially.

“Our aim is to help motorists make informed decisions when it comes to insurance, making sure they get the cover they need and help them save some money – the excess refund reward is a great example of this.

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“It’s great to see that so many customers have been able to benefit from the scheme.”

It comes after Martin Lewis urged car drivers to beware of a simple car insurance payment mistake that can end up being more expensive.

The money saving expert shared the a new video to help motorists save cash while covering the essential bill.

What is car insurance?

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Consumer reporter Sam Walker talks you through what car insurance is and what it covers you for…

Car insurance pays out if your vehicle is stolen, damaged, catches on fire or is involved in an accident.

As a minimum, it protects you against any damage you case to other road users, the public or their property – these are called third parties.

You only need to claim on your car insurance when an accident is your fault.

If another motorist is to blame, their insurance should pay out instead.

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Car insurance, unlike home insurance, is a legal requirement and if you don’t have it you can be fined up to £1,000.

You can also have your vehicle seized and destroyed.

However, you don’t need to insure your car if it is classed as “off-road”, or holds a statutory off road notification (SORN).

The vehicle has to be kept on private land and not a public highway though.

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Budget airline launches mega cheap fares with £8 flights to Turkey

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Turkish airline Pegasus has launched £8 flights to Turkey

YOU could fly to Turkey for less than a tenner – but you have to book in the next two days.

Low-cost Turkish airline Pegasus has launched €9 (£7.40) tickets for Brits flying from the UK.

Turkish airline Pegasus has launched £8 flights to Turkey

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Turkish airline Pegasus has launched £8 flights to TurkeyCredit: Getty
Some of the routes include Istanbul and Izmir (pictured)

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Some of the routes include Istanbul and Izmir (pictured)Credit: Getty

The cheap flights can be found when departing from London Stansted, Manchester, Birmingham and Edinburgh.

The routes included are:

  • London to and from Ankara
  • London to and from Istanbul
  • London to and from Izmir
  • Manchester to and from Istanbul
  • Edinburgh to and from Istanbul
  • Birmingham to and from Istanbul

And the destinations you can fly to from there are the coastal resorts of Bodrum, Dalaman and Antalya, when changing at Istanbul Sabiha Gökçen Airport.

To take advantage of the cheap flights, Brits have to sign up to the airline’s loyalty programme BolBol, although this is free.

The flights don’t include taxes and have to be booked either today or tomorrow.

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However, travel can take place anytime between March 30 and October 2025 next year.

The cheapest fares are likely to sell out quickly, with 200,000 seats on offer.

The tickets are part of the airline’s Light package which only includes an underseat bag.

But you can easily add checked luggage for just €5 (£4.20), as part of the deal.

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Inside the ‘amazing’ Turkish hotel with on-site waterpark, seven pools & bowling alley

Last year, Pegasus airline launched flights from Birmingham Airport to Istanubl.

These fares usually start from £39.99.

If you’re tempted by the super cheap flights, here is everything you need to know about the holiday destinations you can go to.

Bodrum

Also dubbed Turkey’s St Tropez, Bodrum is loved by celebs from Kate Moss to Mick Jagger.

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It has 65 beaches to choose from, although you should also visit Halicarnassus, which once held the Mausoleum — a Wonder of the Ancient World.

Jet2 also launched more flights to Bodrum this year, extending into the winter season.

Antalya

Antalya welcomes more than one million Brits a year.

Beaches follow the city’s crescent-shaped bay, with a pebble beach and crystal-clear water along the flank bordering the new city and a long expanse of sand stretching away from the picturesque old port.

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It is home to the the Land of Legends theme park — visible for miles around thanks to its towering Disney-style castle.

Dalaman

Dalaman’s famous attraction is the rock tombs of Fethiye, built into the huge cliff faces.

But there is also a huge beautiful coastline of beach hotels to choose from, including the 4H Holiday Village AQI Turkiye and Sunway Hotel.

Next year, Sun Express will start flying from Newcastle to
Dalaman.

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You can then fly onto Bodrum and Dalaman afterwards

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You can then fly onto Bodrum and Dalaman afterwardsCredit: Getty

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Elon Musk tussles with Indian billionaires over satellite internet spectrum

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Elon Musk tussles with Indian billionaires over satellite internet spectrum

This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe/Africa or Americas edition to receive the newsletter every weekday. Explore all of our newsletters here

In today’s newsletter:

  • Billionaires fight over satellite internet in India

  • Hong Kong slashes its liquor tax

  • Switzerland’s wealth managers bank on a future in Asia


Good morning. We start with the latest on the race to launch satellite internet service in India.

Elon Musk appears to have won a contest with Indian telecom tycoons Mukesh Ambani and Sunil Bharti Mittal over the way satellite spectrum should be awarded.

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Ambani, Asia’s richest man and chair of oil-to-digital services conglomerate Reliance Industries, along with Mittal’s Bharti Airtel, have been trying to persuade India’s government to auction satellite spectrum, in line with the usual competitive method in the mobile market they dominate, rather than just allocate it.

Musk, chief executive of SpaceX and owner of the Starlink satellite broadband service, has voiced his opposition to the auction method in posts to his social media site X.

And on Tuesday, Indian communications minister Jyotiraditya Scindia said there were no plans afoot to auction space spectrum. “Much appreciated!” Musk posted on X in response.

One industry expert described the tussle as an “ego battle”. They said: “It’s more about ensuring that the telecom industry remains in control of the local players rather than foreigners coming in and dictating their agenda.” Read the full story.

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Here’s what else I’m keeping tabs on today:

  • Economic data: Japan, Singapore and Hong Kong report trade statistics.

  • Monetary policy: The European Central Bank is overwhelmingly expected to cut interest rates by 0.25 percentage points, to 3.25 per cent.

  • TSMC: Taiwan Semiconductor Manufacturing Company, the world’s largest chipmaker, reports quarterly earnings.

Five more top stories

1. Hong Kong has slashed its liquor tax as the Chinese territory seeks to boost nightlife and revive its struggling economy. Until now, spirits with alcoholic content of more than 30 per cent, including brandy, whisky and gin, had been subject to a 100 per cent duty in Hong Kong. Here’s the new duty rate for spirits announced in chief executive John Lee’s annual address.

2. Woodside Energy, Australia’s largest oil and gas developer, will delist its shares from the London Stock Exchange next month. The company said yesterday that the cost of maintaining the secondary listing was no longer justified, in the latest blow to the UK market’s status as a natural resources hub.

3. An Israeli air strike killed the mayor of a southern Lebanese city and at least 15 other people after it struck municipal buildings in Nabatiyeh, the health ministry said. The attack raised fears that Israel is widening its campaign against Hizbollah’s Shia militants to include government offices and civilian officials.

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4. Elon Musk has given nearly $75mn to help Donald Trump’s bid to win back the White House. The Tesla and X owner made several multimillion-dollar donations during the third quarter to his political action committee, according to a federal filing released yesterday, giving the group a huge budget to support Trump’s re-election bid.

  • More on the US election: Kamala Harris is stepping up her media appearances with direct appeals to Black voters as she struggles to take on Donald Trump with just three weeks to go in the White House race.

5. Luxury shares tumbled yesterday after industry bellwether LVMH reported a bigger than expected fall in quarterly sales as a result of weak consumer demand in China. The group’s chief financial officer Jean-Jacques Guiony told analysts that consumer confidence in mainland China had reached Covid-era lows.

FT Wealth

© Alan Knox/FT montage

For three centuries, Switzerland’s stability and geopolitical neutrality — combined with its strict adherence to banking discretion — supported a thriving and world-leading wealth management industry. But in recent years, those foundations have begun to crack, while Hong and Singapore have emerged as competing hubs for offshore wealth. Now, some European wealth managers are relocating to Asia as they seek to capitalise on the growth in the region.

We’re also reading . . . 

  • Chinese economy: Investors are counting on a large and well-targeted fiscal stimulus, writes the FT editorial board. A market rally that peters out would do more harm than good.

  • Shameless: The brazenness of US politicians in the face of scandals is a defining feature of the era. Ed Luce asks: has America lost its shame?

  • Cheapflation: Prices of inexpensive goods have risen faster than more expensive varieties. Governments and businesses are now trying to figure out who is to blame, writes Brooke Masters.

Chart of the day

The biggest US investment banks generated $36bn in revenues from deals and trading in the last quarter, as volatile markets and corporate debt issuance fuelled a rebound on Wall Street.

Take a break from the news

In his new column, Jonathan Guthrie shares four investment mistakes you really don’t want to repeat.

© FT montage/Dreamstime

Additional contributions from Gordon Smith and Irwin Cruz

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