Business
The Big Question: Do job titles really matter?
As one Big Four accountancy firm creates a new ‘managing director’ grade, does what you’re called at work actually count?
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US business spending shows signs of resilience in September
Events to look out for on Friday include durable goods data, consumer-goods company results and the latest from the US election campaign trail:
Durable goods: Orders for long-lasting goods like washing machines and aircraft are forecast to have decreased 1 per cent in September after a flat reading in August, according to an LSEG poll of economists.
Consumer companies: Further clues on the resilience of shoppers in the US and around the world will be revealed when consumer-facing companies report this morning. These include toothpaste maker Colgate-Palmolive and Sharpie pen maker Newell Brands.
US election: Vice-president Kamala Harris will hold a rally in Houston, Texas, where global pop star Beyoncé is expected to appear. Meanwhile, former president Donald Trump will hold a rally in the swing state of Michigan.
US consumer sentiment: The University of Michigan’s consumer sentiment index is forecast to report a final reading of 69 in October, down from September’s 70.1.
Fedspeak: Federal Reserve Bank of Boston president Susan Collins will participate in a fireside chat before the Black Economic Council of Massachusetts Black Expo.
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Podcast: Are people doing enough to protect themselves from scams?
In this Weekend Essay episode, Momodou Musa Touray explores the growing issue of scams. With more people falling victim to fraud every day, he shares personal stories and alarming statistics, illustrating the point that scams can ensnare even the savviest individuals.
As Scams Awareness Week comes to a close, it’s time to examine how prepared we really are. Are you doing enough to guard against these threats? Tune in to find out!
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Chapel Down shares plunge after winemaker pulls back on sale plans
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Areas handing out up to £125 free cash to parents for food over half term – can you get help?
THOUSANDS of parents can get free cash worth up to £125 to cover the cost of food this half term.
The help comes via the latest round of the Household Support Fund which is worth £421million.
The fund has been shared by the Department for Work and Pensions between councils across England.
They have until the end of March next year to distribute their share of the cash.
Each local authority gets to decide who to give help to, and what type of help to offer.
Some are paying people money direct into their bank accounts while others are handing out energy vouchers.
But some are also handing out food vouchers to families in need over the coming months, including this half term.
Here are all the councils giving out help to hard up parents.
West Berkshire Council
West Berkshire Council is distributing a swathe of support to thousands of residents in need.
It is giving eligible households direct cash payments worth up to £300 as well as cash payments to pensioners.
It is also sharing £189,000 between 4,200 young children via free school meal vouchers, meaning each child on average will get £45 in vouchers.
Eligible children will receive three weeks’s worth of vouchers from their school to cover the Christmas holiday period and February half term next year.
Reading Borough Council
Nearby Reading Borough Council is handing out food vouchers to families whose children are on free school meals or pupil premium.
Around 3,900 households are expected to receive the vouchers, which will be sent from December and are worth £125.
Councillor Ellie Emberson, lead for corporate services and resources, said: “The Council has designed a local package of support which directs this invaluable funding to households in Reading who will most need it this winter, which again includes families claiming pupil premium free school meals, care leavers and pensioners.”
Devon Council
Devon Council, in the South-West of England, has been given £5million to share among hard-up households.
It is using part of the multi-million pound share to carry on giving children eligible for free school meals holiday vouchers to cover school half term breaks.
The food vouchers will be distributed by schools to 22,000 pupils to spend during this half term, Christmas and February half terms.
Hackney Council
Hackney Council is also distributing food vouchers to households in need over school half terms between now and next March.
The London authority said children eligible for free school meals in state-funded primary and secondary schools will qualify for the vouchers.
If you fall into this category but don’t receive any vouchers, Hackney Council said to contact your child’s school.
Warwickshire Council
Warwickshire Council is offering out support to families with children eligible for free school meals.
The help will come in the form of vouchers although details are limited at the minute.
The best thing to do if you live in the area and your child is on free school meals is contact their school or the council.
What about if I don’t live in these areas?
You might not be able to get school vouchers if you live outside these areas, but you may be eligible for other help.
Each council across England has been allocated a share from the £421million HSF pot.
But each local authority gets to decide its own eligibility criteria.
That means what you are entitled to will vary depending on where you live.
Not all councils have decided what they will do with their share of the £421million yet either.
The best thing to do is contact your local authority to see if any help is currently on offer.
Household Support Fund explained
Sun Savers Editor Lana Clements explains what you need to know about the Household Support Fund.
If you’re battling to afford energy and water bills, food or other essential items and services, the Household Support Fund can act as a vital lifeline.
The financial support is a little-known way for struggling families to get extra help with the cost of living.
Every council in England has been given a share of £421million cash by the government to distribute to local low income households.
Each local authority chooses how to pass on the support. Some offer vouchers whereas others give direct cash payments.
In many instances, the value of support is worth hundreds of pounds to individual families.
Just as the support varies between councils, so does the criteria for qualifying.
Many councils offer the help to households on selected benefits or they may base help on the level of household income.
The key is to get in touch with your local authority to see exactly what support is on offer.
And don’t delay, the scheme has been extended until April 2025 but your council may dish out their share of the Household Support Fund before this date.
Once the cash is gone, you may find they cannot provide any extra help so it’s crucial you apply as soon as possible.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
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Should investors fear the ‘October effect’?
Dubbed the ‘greatest humourist the United States has produced’, Samuel Langhorne Clemens, known better by his pen name Mark Twain, is probably best known for the characters of Tom Sawyer and Huckleberry Finn.
For investors, it’s one of Twain’s lesser-known creations, Pudd’nhead Wilson, the titular character who gives his view on the month of October when investing:
“October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.”
Although Twain’s views on the stock market are meant to be sarcastic, they do in fact have a ring of truth to them. Since the beginning of the 20th century, plenty of market cycles have seen a dip in performance during this month.
The idea could have gained traction after the great Banking Panic of 1907, an event that led to multiple bank runs and heavy selling at the US stock exchange. All that prevented a serious financial crash was the work of a banking consortium to provide major funding to New York itself, during what was a notoriously cold October in the Big Apple.
The stock market crash that led to the US Great Depression of 1929 – a financial disaster on an unparalleled scale – began on 24 October, Black Thursday, with the market losing 11% of its value in frantic trading. Black Tuesday occurred the following week, seeing a loss of over 23% in just two days.
The black days of October have continued in more recent times, with Black Monday in 1987. On 16 October that year, all markets closed in London due to adverse weather but, after they re-opened, the speed of the crash accelerated. By midday, the UK blue chip index had dropped by 14% and a further 11% the following day – some of the largest losses on record.
Domestic stocks then continued to fall, albeit at a less precipitous rate, reaching a trough in mid-November at 36% below their pre-crash peak, not recovering until 1989.
Although October has had its fair share of market mishaps over the years, it’s interesting to note the month has historically heralded the end of more bear markets than the beginning. In fact, October gets a poor rap when considering most investors have probably lived through a range of highly volatile months.
The fact of the matter is that terrible market events do not all cluster in one particular month. If they did, it would make an investor’s job that much easier.
Maybe it’s Mark Twain’s fault, maybe it’s just investor psychology but, October, despite hosting Halloween, should be no scarier for investors than any other month of the year.
Perhaps it’s just a difference in lexicon between the British and our American cousins. After all, anyone from North America will tell you with glee that October hails the start of the fall – just not necessarily for financial markets.
Of course, despite volatility and extreme market events, investing over the long term remains a tried-and-tested route for investors and good outcomes.
Thomas Watts is senior investment analyst on Abrdn’s MPS team
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