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The Telegraph enters stealth mode

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Stuff continues to happen in the process to buy Britain’s Daily Telegraph, with the leading candidate to buy the newspaper, New York Sun publisher Dovid Efune, the type of person who tweets thing like “Blessed be the Israeli Air Force pilots”.

As MainFT’s Dan Thomas reported earlier this week:

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Staff [think Efune is] likely to be a much more outspoken — and potentially divisive — owner than the media-shy Barclay family.

God forbid the Telegraph should become outspoken—

—ah.

Realistically, there’s a decent chance that Efune’s overture fizzles out, and other interested parties might return at the prospect of a lower price. For now, as one person close to the discussions told us, Efune “is in exclusive talks to begin exclusive talks”.

Here’s how that goes, from mainFT again:

During the period of exclusivity, Efune will be under pressure to reveal more about his plans for the title. He is in talks with US funds including Oaktree Capital Management to back his offer, according to people with knowledge of the discussions, while LionTree, which typically invests in such deals with its own funds, is advising him.

We would assume the discussions involved will also include the title revealing more about itself.

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As we reported in early August last year, Telegraph Media Group — facing stalling paying subscriber numbers — made a bolt-on acquisition of The Chelsea Magazine Company, in an apparent bid to pump its total subscription count to 1mn.

Just days later, the Telegraph announced that target had been reached, ahead of the end-of-2023 deadline, and in time for since-defenestrated chief executive officer Nick Hugh to presumably collect a nice performance-linked bonus. (A parallel target to reached 10mn registrants appears to have been quietly ditched at some point.)

Much of the achievement was down to CMC readers — who were suddenly included in a Telegraph-branded growth KPI — and free users, both of which are worth far less per head than a digital Tel reader, and far far less than a print one:

Here’s the chart we made back then, updated to include the latest available figures:

Mushy. And made mushier still by weird sentences in the methodology such as this, about how CMC subscriptions are counted:

A subscriber can hold more than one subscription; e.g. if a subscriber has a subscription to two different publications, they will count as two.

Hugh’s replacement Anna Jones obviously has a tough job — effectively managing a paper that is in stasis until it has a new owner.

But one apparent business shift under her has been a move away from transparency. The Hugh era was marked by an admirable willingness to share these figures — albeit one that wavered towards the end, as reporting of subscriber numbers shifted from monthly to quarterly.

Post Jones? Not a peep. The company hasn’t published new numbers since January 18th, despite our polite prodding.

A spokesperson said the numbers are “currently linked with the ongoing sales process of TMG”. We have repeatedly asked, to no avail, whether the publication scheme will return.

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We did get one useful nugget though. They told us:

As we look ahead, we continue to invest in our audiences and evolve our products, specifically across audio and the app, to best serve our dedicated subscribers and secure continued growth through 2024 and beyond. Our aim is to reach more paying readers than any other time in our history, with a medium term goal of reaching 2 million subscriptions.

Two million? Presumably, such goals have very little prospect of surviving the takeover, but — depending on what “medium term” means — presumably scenes at 111 Buckingham Palace road are something like this:

Further reading:
How the Telegraph made its million

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Money Marketing Weekly Wrap-Up – 07 Oct to 11 Oct

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Money Marketing Weekly Wrap-Up – 07 Oct to 11 Oct

Money Marketing’s Weekly Must-Reads: Top 10 Stories

This week’s top stories cover Chancellor Reeves’ Budget struggles and potential changes for self-employed advisers. Read on for more:



Chancellor Reeves ‘wrapping herself in a straight jacket’ ahead of Budget

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Chancellor Rachel Reeves faces a challenging dilemma ahead of the 30 October Budget, balancing public reassurances with fiscal prudence, according to journalist Nick Watt.

Reeves must address a £22bn deficit while avoiding tax hikes on income, VAT and National Insurance. She is focusing on maintaining fiscal discipline, but this limits her ability to invest.

Proposed measures include taxing non-domiciled individuals and private schools, though implementation is uncertain. Options like raising capital gains tax or altering pension rules may be considered to generate revenue.

Chancellor set to scrap plans to change pensions tax relief

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Rachel Reeves is expected to scrap plans to alter pensions tax relief in the upcoming Budget, as reported by The Times.

Previously, there was speculation that Reeves might switch to a flat tax relief rate to address the £22bn financial shortfall. This change could have benefited basic-rate taxpayers but penalised higher earners.

Experts now suggest the government may instead introduce a “death tax” on unused pension funds and reduce employer relief on National Insurance contributions.

True Potential hires new CEO from Tesco Bank

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True Potential has appointed Tesco Bank CEO Gerry Mallon as its new chief executive, replacing co-founder Daniel Harrison, who is stepping down after seven years.

Mallon, who led Tesco Bank for over six years, will assume the role in early 2025, pending regulatory approval. In the interim, chief information officer Jeff Casson will act as CEO. Mallon brings extensive experience from roles at Ulster Bank, Danske Bank and McKinsey & Co.

True Potential’s chairman praised Mallon’s credentials and commitment to client-centric values.

Aviva completes £1.5bn annuity transaction

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Aviva has completed a £1.5bn bulk purchase annuity buy-in with the Michelin Pension and Life Assurance Plan, securing the benefits of around 15,000 members.

The transaction, finalised in September 2024, included an in-specie asset transfer. Aviva’s CEO of insurance, wealth and retirement, Doug Brown, highlighted the firm’s strength in large-scale pension transactions. The Michelin Pension Trustee, advised by XPS Group, expressed satisfaction with the deal’s security improvements for members.

Aviva manages assets worth £398bn and serves 19.5 million customers.

Is time up for the self-employed adviser?

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The use of self-employed advisers in financial services may soon face increased scrutiny, following the IR35 case against ex-rugby player Stuart Barnes, who was left with a £700,000 tax bill.

Employment lawyer Claire Holland warns that many self-employed adviser contracts might not pass HMRC’s employment status tests. Key concerns include personal service, control and client ownership.

Firms heavily reliant on self-employed advisers should consider alternative business models, as HMRC could soon focus on the financial services sector, mirroring actions in other industries.

FCA to probe consolidation in advice market

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The Financial Conduct Authority (FCA) has announced a review of consolidation in the advice market, noting an uptick in firm acquisitions over the past two years.

In a letter to advice and investment firm leaders, the FCA acknowledged that while consolidation can be beneficial, it may also lead to risks if not managed prudently.

The regulator plans to assess the suitability and financial soundness of acquisitions, urging firms to seek approval before completing transactions. Firms must prioritise good outcomes and conduct thorough due diligence, especially if acquisitions are debt-funded.

AJ Bell strengthens senior leadership team with two appointments

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AJ Bell has enhanced its senior leadership team with two key appointments: Ryan Hughes as managing director of AJ Bell Investments; and Stephen Westgate as group corporate development director.

Hughes, who served as interim MD last year, joined the executive committee and has been instrumental in the growth of AJ Bell’s investment offerings since 2016. Westgate, previously at Deutsche Numis, will focus on driving strategic initiatives and organic growth.

CEO Michael Summersgill highlighted their contributions to strengthening the company’s leadership and strategic direction.

Mark Dampier: Why active management is really over

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Mark Dampier argues that active management in the asset management industry is facing unprecedented pressure as passive funds gain dominance.

Historically, active funds were recommended for their commission structures, but recent changes have shifted investor preference towards cheaper passive options, particularly following the Retail Distribution Review and Consumer Duty regulations.

With passive funds outperforming most active funds over the past 15 years, and the growing influence of large US companies in global indices, Dampier anticipates significant consolidation within the active management sector.

Behind the Headlines: FCA consolidation review is a ‘wake-up call’ for buyers and sellers

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The Financial Conduct Authority (FCA) has announced a review of consolidation in the advice market, which has become increasingly relevant amid recent activity.

As firms seek to sell before anticipated capital gains tax increases, the FCA warns buyers and sellers to ensure rigorous due diligence and regulatory compliance. The review aims to assess the suitability and financial soundness of acquisitions, stressing that poor practices could harm consumers.

Experts suggest that this is a timely move for the FCA, given evolving market dynamics and the need for updated guidelines.

‘Selling your advice firm should be the last option’

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Advice firm owners should consider selling their businesses as a last resort, said Roderic Rennison from Catalyst Partners during a recent session at Money Marketing Interactive.

He advised exploring alternatives like management buyouts (MBOs), employee ownership trusts (EOTs) or family succession before deciding to sell. Rennison highlighted the importance of having a written growth strategy and warned that the sale process involves more than just the transaction itself.

Integration challenges post-sale can impact staff morale and deferred payments, making careful planning essential.

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Scottish Widows kills off renowned ‘widow’ model in rebrand

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Scottish Widows is killing off the iconic “widow” model featured in its branding for decades, as the £200bn life insurer and pensions provider attempts to modernise the business.

Owned by Lloyds Banking Group, Scottish Widows said it was “phasing out” the widow model and will instead use a digital logo of a woman wearing a cloak.

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The end of the human widow, used in the company’s advertising since the 1980s, is the latest example of a corporate rebranding reflecting a shift to digitally focused services. Deborah Moore, daughter of the late actor Sir Roger Moore, was the first widow.

“Customers will be so accustomed to that brand — will they recognise the new one?” asked Andrew Hagger, founder of consumer finance site MoneyComms.

“Is there a danger that people think of this as a new brand and forget the heritage of the old one?”

Hagger added that the use of a red silhouette instead of a human model “risks dehumanising” the brand, which has existed since 1815. The move was first reported by Citywire.

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Scottish Widows’ new red logo
Scottish Widows’ new red logo

Chira Barua, chief executive of Scottish Widows, said: “One in four people in their twenties don’t have a pension and 38 per cent of adults are not on track for a minimum lifestyle in retirement, so we need to revolutionise the way people interact with longer-term savings to close that gap.

“Since we started building the app and digital tools, we’ve had phenomenal uplift in engagement and see this as a game-changer in helping people take the right steps now to get the retirement they want.”

Barua said the new Scottish Widows brand is aimed at feeling “more intuitive in digital channels like our app, but with a new look and ‘digital widow motif’ to bring it into a new era.”

James Daley, founder of consumer group Fairer Finance, said: “The Scottish Widows brand has been around a long time and is based on the human story. There’s been a different widow for decades — it’s the end of an era. The human element is relatable to a lot of people.

“The question is, will the new brand resonate with customers? Once you remove the human element, the brand becomes a bit irrelevant.”

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Other companies that changed their brand include asset manager Abrdn. The fund group rebranded from Standard Life Aberdeen in 2021 by removing the vowels from Aberdeen. The company said at the time that the new name was “part of a modern, agile, digitally-enabled brand”.

However, the initiative was widely mocked. “It looked bonkers — why would you take the vowels out?” said Daley. “On the flip side, it got people talking about them.”

Royal Mail came under scrutiny when it changed its name in 2001 to Consignia, which was ditched just 16 months later. The UK postal service eventually rebranded its holding company to International Distributions Services.

Last year, National Express decided to change its name to Mobico as the UK transport group synonymous with long-distance coach journeys sought to project a more global image.

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“Norwich Union was also a fantastic brand with a lot of heritage when they came up with Aviva,” said Daley. “It seemed mad at the time but now it’s just something you say.”

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Christmas shows for adults across the UK for winter 2024 – with immersive theatre, ballet and naughty pantomimes

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There are plenty of shows for adults to enjoy over the Christmas period up and down the country

GOING to the theatre at Christmas doesn’t have to be all about PG-rated pantomimes and stories of goodwill.

There are plenty of opportunities for adult-only nights out during the festive season, minus the Christmas cliches.

There are plenty of shows for adults to enjoy over the Christmas period up and down the country

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There are plenty of shows for adults to enjoy over the Christmas period up and down the countryCredit: Getty
Rick Astley is returning to the Albert Hall in London this December for a special big band concert

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Rick Astley is returning to the Albert Hall in London this December for a special big band concertCredit: Alamy

We’ve put together a list of some of best Christmas shows for adults happening up and down the country – and a lot of them are definitely no kids allowed!

London

The Nutcracker by the English National Ballet

The English National Ballet’s Nutcracker is a brand-new production for 2024, with over 100 dancers and musicians to dazzle audiences.

Follow Clara as she travels to the land of Sweets & Delights, meets the Sugar Plum Fairy, and bravely defends her home form the Rat King.

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Yes, kids are allowed at the ballet but they are also great for the adults too.

Venue: London Coliseum, 12th December – 12th January.

Rick Astley’s Swinging Christmas

Multi-million selling global star Rick Astley will be returning to the Royal Albert Hall this December for a special big band concert, performing swing and festive classics.

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The show will see Rick perform in the Hall’s stunning historic auditorium.

Venue: Royal Albert Hall, 17th December.

Catherine Tyldesley is starring in Sheffield’s Christmas pantomime this year, Snow White at the Lyceum Theatre

A Very Naughty Christmas

Direct from down under, Australia‘s favourite adults only Christmas comedy is coming to London.

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Audiences can let loose and indulge in some adult-only ‘elf-care’, with a live band, eight above-average performers, and plenty of surprises from Santa’s sack.

Venue: Southwark Playhouse, 18th November – 11th January.

The Crown Ballet will be performing The Nutcracker up in Manchester, based on the original story by E.T.A. Hoffmann

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The Crown Ballet will be performing The Nutcracker up in Manchester, based on the original story by E.T.A. HoffmannCredit: Not known, clear with picture desk

Manchester

Crown Ballet presents The Nutcracker

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The Crown Ballet will also be performing the classic Christmas story up in Manchester.

The story is based on the original story, The Nutcracker and the Mouse King written by E.T.A. Hoffmann.

Venue: The Plaza, Stockport, 25th November.

Tinderella

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A show where you definitely need to leave the kids at home. It’s a scandalous twist on the classic fairy tale – Tinderella is a whizz on social media, but it’s all a charade because she has no money, no man and none of the glamorous life she claims to be living. Until one day, she meets not one, but two Princes in the woods…

Expect a night of raucous laughter, innuendos and unexpected encounters.

Venue: Hope Mill Theatre, 4th-23rd December.

Come From Away

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Winner of four Olivier Awards including Best New Musical in London and the Tony Award for Best Direction of a Musical on Broadway, the smash hit show shares the incredible real life story of the 7,000 air passengers from all over the world who were grounded in Canada during the wake of 9/11.

Experience this joyous story and soaring music as spirited locals and global passengers come together to forge friendships that will stay with them forever.

Venue: The Lowry, 3rd December-5th January.

Love Actually will be screened live in concert in Liverpool, with a full orchestra playing the score live-to-film

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Love Actually will be screened live in concert in Liverpool, with a full orchestra playing the score live-to-filmCredit: Alamy

Liverpool

The Holiday: Film with Live Orchestra

The beloved Christmas rom com, The Holiday will be presented live in concert, as part of a 15 date UK-wide tour, which will see the film’s score played live-to-film with a complete concert orchestra.

The orchestra will also be making stops at London, Birmingham, Poole, Portsmouth, Brighton, Bath, Southend-on-Sea, and Nottingham.

Venue: Liverpool Empire, 30th November.

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Love Actually In Concert

If you’re more of a Love Actually fan, a similar thing will be happening at Liverpool’s Philharmonic Hall.

Love Actually will be screened live in concert, with a full orchestra playing the score live-to-film.

Venue: Liverpool Philharmonic Hall, 2nd December.

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The Ballroom King and Strictly Come Dancing judge joins forces with a dynamic live band, vocalist Lance Ellington, and a troupe of extraordinary dancers for his festive show

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The Ballroom King and Strictly Come Dancing judge joins forces with a dynamic live band, vocalist Lance Ellington, and a troupe of extraordinary dancers for his festive showCredit: Not known, clear with picture desk

Birmingham

The Nutcracker

In this Birmingham Royal Ballet production, Tchaikovsky’s glorious score will be performed live by the 60-strong Royal Ballet Sinfonia.

There are also daring sword fights, falling snow, magic, and a 30-foot Christmas tree. 

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Venue: Birmingham Hippodrome, 22nd November-14th December.

A Christmas Carol: A Ghost Story

Mark Gatiss‘ acclaimed retelling of Dickens’ winter ghost story visits The Rep this Christmas, starring Matthew Cottle as Scrooge and Rufus Hound as Jacob Marley.

Filled with Dickensian, spine-tingling special effects, prepare to be frightened and delighted in equal measure as you enter the supernatural Victorian world of A Christmas Carol: A Ghost Story.

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Venue: The Rep, 14th November-5th January.

Christmas with Anton du Beke

Embark on a dazzling journey into a festive wonderland as Strictly’s one and only Anton Du Beke brightens up your Christmas with his brand new show – Christmas with Anton Du Beke.

The Ballroom King and Strictly Come Dancing judge joins forces with a dynamic live band, vocalist Lance Ellington, and a troupe of extraordinary dancers to bring an evening of music, dance and laughter. He’ll also be performing in London, Cambridge, Southend-on-Sea, Basingstoke, Woking, Leicester and more.

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Venue: B:Music Town Hall & Symphony Hall, 17th December.

Step Into Christmas features singers, dancers, and speciality acts who give you their hearts and don't take them away.

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Step Into Christmas features singers, dancers, and speciality acts who give you their hearts and don’t take them away.Credit: Not known, clear with picture desk

Glasgow

Step Into Christmas

This Christmas concert brings all the magic of the season to life with people’s favourite songs they know and love.

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Featuring singers, dancers, and speciality acts who give you their hearts and don’t take them away.

Venue: Pavilion Theatre, 11th November.

A Christmas Carol

Charles Dickens’ beloved tale is brought to life by students from the BA Performance for Deaf and Hard of Hearing Actors programme in a uniquely visual retelling.

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A piece of visual theatre accessible to both deaf and hearing audiences.

Venue: Royal Conservatoire of Scotland, 29th November and 6th December.

The Northern Ballet will perform A Christmas Carol at Sheffield Lyceum Theatre

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The Northern Ballet will perform A Christmas Carol at Sheffield Lyceum TheatreCredit: Not known, clear with picture desk

Leeds

Christmas at the Movies by Candlelight

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This concert of timeless classics is stuffed full of magical music from Christmas film favourites including, The Polar Express, Elf, E.T., Home Alone, White Christmas, and Love Actually.

Venue: Leeds Minster, 13th December.

Northern Ballet’s A Christmas Carol

A festive feast for the senses, Northern Ballet brings one of the most loved stories of all time to life.

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Dickens’ timeless tale is reimagined through dance, music and storytelling which will transport you to Victorian England and leave your heart aglow.

Venue: Sheffield Lyceum Theatre, 7th November.

Comedians Helen Thorn and Ellie Gibson will be bringing their Scummy Mummies Christmas Show to Tyne Theatre & Opera House

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Comedians Helen Thorn and Ellie Gibson will be bringing their Scummy Mummies Christmas Show to Tyne Theatre & Opera HouseCredit: Not known, clear with picture desk

Newcastle

The Scummy Mummies Christmas Show

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Comedians Helen Thorn and Ellie Gibson bring their special Christmas themed comedy show back.

Expect scummy carols, yuletide sketches, festive stand-up and scummy Santa stories.

Venue: Tyne Theatre & Opera House, 28th November.

Fairytale of New York will feature lots of festive musical numbers, including 'Driving Home for Christmas' and 'Step Into Christmas' and, of course, 'The Fairytale of New York'

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Fairytale of New York will feature lots of festive musical numbers, including ‘Driving Home for Christmas’ and ‘Step Into Christmas’ and, of course, ‘The Fairytale of New York’Credit: Not known, clear with picture desk

Sheffield

Fairytale of New York

From the producers of Seven Drunken Nights – The Story of The Dubliners, immerse yourself in the rich tapestry of Irish culture as talented singers, musicians and dancers perform a world class concert.

All the festive favourites will be featured, including ‘Driving Home for Christmas’ and ‘Step Into Christmas’ and, of course, ‘The Fairytale of New York’.

Venue: Sheffield City Hall, 3rd December.

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Keith and Krysten Getty are Grammy-nominated artists known for modern hymns and carols

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Keith and Krysten Getty are Grammy-nominated artists known for modern hymns and carolsCredit: Not known, clear with picture desk

Belfast

Ulster Orchestra Messiah

No Christmas would be complete without the majestic performance that is Handel’s Messiah.

The Ulster Orchestra will provide an evening of festive fun at the Waterfront Hall.

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Venue: Waterfront Hall, 14th December.

Keith and Krysten Getty

Keith and Krysten Getty are Grammy-nominated artists known for modern hymns and carols.

This year’s Christmas tour will feature brand new songs from the duo, along with many of the traditional Christmas carols people have come to know and love.

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Venue: The SSE Arena, 19th-20th December.

Hallow’istmas: The Xmas Chainsaw Massacre

Belfast’s cult comedy cabaret is back. (G)host with the most, Sir Arthur Chichester (Dan Leith) presents an evening of fiendish festive fun.

Hallow’istmas will be serving up live comedy, music, and the chance to win some fantastic prizes. It also promises to add a little horror to the holidays.

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Venue: Accidental Theatre, 22nd-23rd of November.

Sleeping with Beauty

This iconic adult pantomime returns, ballsier than ever.

Be taken on a wild ride through the unconventional tale of Sleeping with Beauty – the faint hearted/prudish have been warned.

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Venue: Waterfront Hall, 28th-29th December.

The country’s best comedians are coming to Nottingham for a spectacular all-star festive show, including Sara Pascoe

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The country’s best comedians are coming to Nottingham for a spectacular all-star festive show, including Sara PascoeCredit: Not known, clear with picture desk

Nottingham

Christmas at the Musicals

Be treated to a festive feast of West End showstoppers performed by Stephanie McKeon, Alice Fearn, Jon Robyns and Scott Davies, accompanied on stage by the West End Theatre Orchestra.

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Expect songs from the greatest musicals, including Mamma Mia!, The lion King, The Book of Mormon, Cabaret, Starlight Express, Frozen and Wicked.

Venue: Theatre Royal, 19th December.

Sara Pascoe, Tim Key, Steen Raskopoulos, Janine Harouni, Ivo Graham, and Alex Horne: Live At Christmas

The country’s best comedians are coming to Nottingham for a spectacular all-star festive show.

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Joining Sara is a spectacular line-up with cult comic/poet and Alan Partridge star Tim Key, bumbling charmster Ivo Graham, master character comic Steen Raskopoulos, viral phenomenon Janine Harouni, and BAFTA-winning Taskmaster host Alex Horne as MC.

Venue: Theatre Royal, 18th December.

Join Bob Cratchit, Tiny Tim and Scrooge himself at the Bristol Old Vic this Christmas

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Join Bob Cratchit, Tiny Tim and Scrooge himself at the Bristol Old Vic this ChristmasCredit: Not known, clear with picture desk

Bristol

A Christmas Carol

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Told in true Bristol Old Vic style, Tom Morris (The Grinning Man, Swallows & Amazons) joins forces with Lee Lyford and Gwyneth Herbert (The Snow Queen) to present an enchanting new adaptation of Charles Dickens’ timeless tale, A Christmas Carol.

Join Bob Cratchit, Tiny Tim and Scrooge himself in this riot of music and theatrical imagination.

Venue: Bristol Old Vic, 29th November-13th January.

Aled Jones and the Welsh POPS Quartet will be performing music from The Snowman and other festive favourites in Cardiff

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Aled Jones and the Welsh POPS Quartet will be performing music from The Snowman and other festive favourites in CardiffCredit: Alamy

Cardiff

My Favourite Things

For two nights only, Soho’s most mischievous drag-diva, Heiress Blackstone, will host the season’s merriest night of international variety. This festive event features a dazzling all star line-up, blending sensational cabaret, breathtaking circus, joyous burlesque and raucous comedy.

Join Heiress and her Christmas favourites for a night filled with laughter, glamour, and festive cheer.

Venue: Sophia Gardens, Pontcanna, 20th-21st December.

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Welsh of the West End of Christmas

Join Welsh of the West End, the musical theatre super-group, as they perform Christmas classics and musical theatre favourites.

Prepare to be dazzled by performers from shows such as Les Misérables, Phantom of the Opera and Wicked.

Venue: Sophia Gardens, Pontcanna, 29th November-22nd December.

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Aled Jones’ Christmas Songbook Featuring The Snowman

Aled Jones and the Welsh POPS Quartet will be performing music from The Snowman and other festive favourites.

Aled will perform and narrate The Snowman in the first half of the show and in the second half perform some of his own favourite show and classical numbers and then lead a seasonal sing along.

Venue: Sophia Gardens, Pontcanna, 7th-8th December.

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Christmas shows perfect for the family

London

Manchester

Birmingham

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  • Peter Pan – Birmingham Hippodrome, 21st December-2nd February.
  • Dick Whittington – Regent Theatre, Stoke-on-Trent, 13th December-5th January.
  • The Jingleclaw – Birmingham Hippodrome, 12th December-4th January.

Liverpool

Glasgow

Leeds

Sheffield

Belfast

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Nottingham

Bristol

Cardiff

  • Cinderella – New Theatre, 7th December-5th January.
  • The Snow Queen – Spiegeltheatre in Sophia Gardens, 12th-31st December.

Newcastle

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We moved into a 50ft BOAT to save £1,000s on rent – we only spend £350 a MONTH… but there’s a very irritating catch

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We moved into a 50ft BOAT to save £1,000s on rent - we only spend £350 a MONTH… but there’s a very irritating catch

A COUPLE have revealed how they moved into a 50ft narrow boat to save thousands on rent – but are now being hit by a catch.

Alternative-living lovers Danni and Joe moved into a 50ft narrow boat to save thousands on rent but upcoming changes are likely to make their lives a lot more expensive.

The couple bought their canal boat after selling their previous mobile home – a sprinter van – for £12,000 and have been living in it for three months.

Danni and Joe moved into a 50ft narrow boat to save thousands on rent

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Danni and Joe moved into a 50ft narrow boat to save thousands on rentCredit: youtube/@ItsOhJoe
The renovation project cost between £15,000-£20,000

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The renovation project cost between £15,000-£20,000Credit: youtube/@ItsOhJoe
One thing they hadn't accounted for were the number of logs and amount of coal they would need to keep them warm during the winter months

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One thing they hadn’t accounted for were the number of logs and amount of coal they would need to keep them warm during the winter monthsCredit: youtube/@ItsOhJoe
When the couple bought the dilapidated boat over a year ago they were expecting their lives to be a whole lot cheaper

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When the couple bought the dilapidated boat over a year ago they were expecting their lives to be a whole lot cheaperCredit: youtube/@ItsOhJoe

They’re currently cruising just outside of London, having made their way from the West Country into the city.

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Last year, they posted a video about the savings they were making since opting for a life on water.

But they just warned potential boat-buyers that new Canal and River Trust (CRT) surcharges will increase from April next year.

These are a set of fees for anyone living on canals across England and Wales.

This means anyone on a continuous cruiser, as opposed to someone who is permanently moored, will be paying a surcharge of up to 75 per cent.

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“If you’re moving onto a boat to save money then you need to know this,” Danni said.

For boats with a beam over 2.16m a surcharge of 10 per cent will be applied and for boats over 3.24m this will be an extra 20 per cent.

Danni and Joe said their first license cost them £886.31 but this has since increased to £1065.79.

From April there will be a new license price, which they said will cost about £200 more a year.

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When the couple bought the dilapidated boat over a year ago they were expecting their lives to be a whole lot cheaper.

Hotel owner splashes £55k to build ‘world’s shortest’ canal with locks in garden to float barge converted into a pool

But they quickly discovered that the “boat-life” was far more expensive and complicated than they had anticipated.

Firstly, the renovation project cost between £15,000-£20,000.

Despite having some money left over from the sale of their van, they said they were living “pay cheque to pay cheque” in order to make it liveable.

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One of their biggest challenges to date, the couple said, was when the boat’s battery died and they didn’t have a generator.

“When our battery died we couldn’t use our washing machine,” Danny said.

“You have to take your big bag of clothes along the tow path [to the launderette] and sometimes it’s raining but you need clean pants,” added Joe.

What are CRT charges?

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From narrowboats to barges, canoes to large river cruisers, you need to license your boat if you want to keep and use it on canals and rivers.

All types and size of boat with or without a motor need a licence. Motorised boats include river boats, canal boats and houseboats.

You can buy your long-term licence at any time of the year. They start on the first day of the month and last for either three months, six months or 12 months.

You can also buy a short-term licence at any point of the year. They’re valid for one week or one month.

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Different navigation authorities have different licences and fees. If you are not boating on a CRT network, you will need to contact the relevant authority:

Another thing they hadn’t accounted for were the number of logs and amount of coal they would need to keep them warm during the winter months.

One bulk bag of logs set them back £120.

“You may get this cheaper somewhere else but we don’t have a car in London,” Danni said.

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Whilst bulk buying is more financially-savvy, she added, it can be a logistical pain.

“You need to work out how to get it to the boat,” she laughed.

As for gas on the boat, the adventure-loving couple said they get through a cannister a month, which costs about £50.

Although this could be cheaper if Danni had fewer baths or Joe cut down on baking, they said.

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“We’re gas hungry,” they joked.

Canal boats vary in prices and can cost anything from £30,000 to way over £100,000. For a narrow boat that is fully-equipped and electric it could cost as much as £200,000.

This comes as Wayne Aspland and his partner, Angela Hughes, moved out of their home to live on their very own narrowboat.

According to this couple though, they saved a fortune, having bought the boat for just £17,000 on Facebook Marketplace.

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Business

BlackRock’s assets under management surge to record $11.5tn

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BlackRock’s assets under management surged to an all-time high of $11.5tn last quarter as the world’s largest money manager benefited from a rally in markets and attracted record new cash from investors.

The inflows helped push revenues up 15 per cent to $5.2bn, surpassing analysts’ expectations. Improved margins lifted the group’s net income to $1.63bn.

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Assets shot up 26 per cent in the quarter, powered by $160bn in long-term flows and investors pouring an additional $61bn into its cash management products.

The prospect of the US Federal Reserve cutting interest rates attracted money into bond funds, while the S&P 500 climbed 5.5 per cent in the quarter.

“Our strategy is ambitious, and our strategy is working,” chief executive Larry Fink said on Friday. “We are effectively leveraging our technology, scale, and global footprint to deliver profitable growth.”

BlackRock shares are up nearly 20 per cent this year, nearing the record high $971 set in November 2021. They were little changed in pre-market trading on Friday.

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Analysts polled by Bloomberg had expected revenue of $5bn. Adjusted operating income rose 26 per cent to $2.1bn, beating expectations of just under $2.0bn.

The bulk of the new investor money went into the exchange traded funds and index products that are BlackRock’s bread and butter. But New York-based BlackRock is making a concerted push into alternative assets, which command much higher fees.

Its $12.5bn purchase of Global Infrastructure Partners closed after the quarter ended. The Financial Times reported this week that BlackRock is one of several groups looking into a possible purchase of HPS, a private credit manager that spun out of JPMorgan.

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More than half of UK social impact investing goes into housing, BSC data finds

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More than half of UK social impact investing goes into housing, BSC data finds

Investment in social housing stood at £5.1bn, consistent with 2022 and 2023 figures.

The post More than half of UK social impact investing goes into housing, BSC data finds appeared first on Property Week.

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