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US approves lithium project in push to break China’s grip on EV minerals

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Person takes a photo of a display showing the lithium mine project details  in Tonopah, Nevada

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The US has approved construction of a massive new lithium mine in Nevada and extended tax breaks to some miners as part of its strategy to break Chinese dominance over the supply chains of critical minerals.

Australian producer Ioneer on Thursday said it had received a federal permit for its Rhyolite Ridge lithium-boron mine, a project that could produce enough lithium to power about 370,000 electric vehicles a year. The silvery-white metal is an essential ingredient in the production of rechargeable batteries and critical to the future of the EV industry.

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Rhyolite Ridge is the first approval of a lithium mine by the Joe Biden administration, which has offered Ioneer a $700mn loan to help build a project that would quadruple US lithium production when completed in 2028. Since 2002, only three US mines have come online for critical minerals, none of which are located on public land.

Ioneer shares surged 15 per cent in New York trading after the approval was reported to close at $7.92.

Western producers have struggled to compete with Chinese rivals in the production and refining of critical minerals because of higher costs, tougher regulatory standards and delays caused by legal challenges. Extracting and processing of lithium has a significant environmental impact as it uses large amounts of water and energy, as well as toxic chemicals such as sulphuric acid.

Ioneer’s project has faced opposition from conservation groups, which warned it could push an endangered species of flower to extinction. US regulators said they had worked with the company to modify its project and develop a protection plan for the Thiem’s buckwheat flower, enabling the mine approval to proceed after a six-year review.

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Bernard Rowe, Ioneer’s managing director, said its Nevada mine would help to break US customers’ reliance on Chinese companies, which account for more than two-thirds of global lithium refining capacity.

“We’ve got one of the largest lithium and boron deposits in the world . . . Its basically ready to build,” he said.

Person takes a photo of a display showing the lithium mine project details  in Tonopah, Nevada
Ioneer estimates its Nevada project will cost more than $1.2bn to complete © Robyn Beck/AFP via Getty Images

In an attempt to kick-start mine and processing construction, Washington published new guidance on Thursday enabling producers to claim tax credits on mining and extraction costs of critical minerals, as long as they process some of the material.

There is no shortage of lithium in the US. This week the US Geological Survey said it found between 5mn and 19mn tonnes of lithium reserves located beneath southwestern Arkansas, potentially enough to meet projected 2030 world demand car battery lithium nine times over.

Yet most of the world’s lithium is mined in Australia or extracted from large salt water lakes in South America and then processed in China.

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Analysts said the mine approval and tax breaks were important steps in Washington’s efforts to incentivise the creation of a domestic lithium mining and refining industry to supply the EV sector.

James West, analyst at Evercore ISI, an investment bank said: “Extracting lithium from US-based mines or salt-rich brines is important to boost American supply chain security and ensure that a domestic EV industry is not reliant on China.”

A piece of searlesite, a rock that contains both lithium and boron, is displayed during a visit to the Rhyolite Ridge Project Lithium-Boron mining project site in Rhyolite Ridge, Nevada
A piece of searlesite, a rock that contains lithium and boron, at the Rhyolite Ridge site in Rhyolite Ridge, Nevada © Robyn Beck/AFP via Getty Images

Only one lithium mine is operating in the US, Albemarle’s Silver Peak mine in Nevada, which produces about 5,000 tonnes of lithium a year. Site preparation is under way for another mine and processing plant — Nevada’s Thacker Pass, which is led by Vancouver, Canada-based Lithium Americas and backed by General Motors. It was approved by the Donald Trump administration in January 2021, and the Biden administration has announced a $2.3bn federal loan to help develop the mine.

But Ioneer will face competition from several lithium producers, which have announced plans to open new US mines and processing plants amid an attempt to tap incentives in the Inflation Reduction Act. Oil producers ExxonMobil and Occidental are among several companies pursuing pilot lithium projects in Arkansas and California, respectively.

Ioneer estimates its Nevada project will cost more than $1.2bn to complete. In 2021 it signed a funding deal with South Africa’s Sibanye-Stillwater to sell it half the Nevada project for $490mn, on condition of winning approval. It also has deals to supply lithium to carmakers Ford and a joint venture between Toyota and Panasonic.

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Hundreds of pensioners to get £200 cost of living voucher before Christmas to help with energy bills

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Hundreds of pensioners to get £200 cost of living voucher before Christmas to help with energy bills

HUNDREDS of pensioners are to receive a £200 cost of living voucher to help with energy bills just in time for Christmas.

The financial boost comes via the latest round of the Household Support Fund which is worth a staggering £421million.

Some pensioners are to receive a £200 cost of living voucher to help with energy bills

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Some pensioners are to receive a £200 cost of living voucher to help with energy billsCredit: Alamy

The fund is designed to help hard-up households cover the cost of living, mostly through cash grants, supermarket and energy vouchers.

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Each council across England has been allocated a share of the £421million pot and decides who to distribute money to.

Pensioner households in Reading who are no longer eligible for the Winter Fuel Payment could and who are in receipt of support from the Council Tax Reduction scheme and/or Housing Benefit are to be sent a voucher worth £200.

The Council already hold the details of around 1,100 residents who are eligible, with vouchers being automatically distributed from December.

The £200 voucher will be posted in December and recipients have until 10 February 2025 to cash the voucher.

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But remember – after this date, vouchers cannot be cashed in.

A Household Support Fund grant of £1,130,648 was confirmed for Reading to provide cost of living support to households in the most need.

This includes those who may not be eligible for other support the government has recently made available.

Reading’s Council Leader Liz Terry said: “We know from the number of people approaching the Council for support that the cost-of-living crisis has not gone away.

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“We also know the Council’s vouchers can mean the difference between putting food on the table or being able to pay for heating.

“This year the Council has chosen to additionally use some of the funding available to direct support to pensioners in Reading no longer eligible for the Winter Fuel Allowance, but who are also in receipt of support through the Council Tax reduction scheme and / or Housing Benefit.

“We are grateful to the Government for acknowledging the importance of the Household Support Fund scheme to local councils and for extending it through the winter.”

What if I don’t live in Reading?

Each council across England has been allocated a share from the £421million pot.

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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.

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You can find what council area you fall under by the using the Government’s council locator tool via gov.uk.

The Sun recently shared a guide and interactive map to help those unsure figure out what they may be able to claim.

Other help on offer

If you’re not eligible for the Household Support Fund, you might be able to get a grant from your energy firm to cover energy debt.

British Gas is handing out grants worth £1,700 to struggling households through its Individual and Families Fund.

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The fund is available to British Gas and non-British Gas customers living in England, Scotland or Wales.

You won’t be eligible if you received a grant from the British Gas Energy Trust within the last two years.

And you must be seeking a grant to clear outstanding debt on a current or open gas, electricity or dual fuel energy account.

Crucially, you also need to have received help from a money advice agency within the last six months.

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If you don’y qualify for help with British Gas, a number of other energy firms offer help to customers struggling with energy bill debt.

This includes OVO, Boost, E.On, E.On Next, EDF, Scottish PowerOctopusShell Energy, SSE and Utilita.

How has the Household Support Fund evolved?

The Household Support Fund was first launched in October 2021 to help Brits pay their way through winter amid the cost of living crisis.

Councils up and down the country got a slice of the £421million funding available to dish out to Brits in need.

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It was then extended in the 2022 Spring Budget and for a second time in October 2022 to help those on the lowest incomes with the rising cost of living.

The DWP then confirmed a third extension of the scheme through to March 31, 2024.

Former chancellor Jeremy Hunt extended the HSF for the fourth time while delivering his Spring Budget on March 6, 2024.

In September 2024, the Government announced a fifth extension.

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UK consumer and business confidence weaken ahead of Budget

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Line chart of GfK index showing UK consumer confidence slips one point to -21 in October

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Consumer confidence in Britain has fallen to its lowest this year as households and businesses “hold their breath” for tax rises in next week’s Budget.

The GfK consumer confidence index — a measure of how people view their personal finances and broader economic prospects — fell to minus 21 in October, according to data published by the research company on Friday.

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Consumer confidence is an indication of how likely households are to spend income on goods and services.

The index has not been lower since December 2023. With October’s one-point fall, it is at the same level as February and March, before consumer confidence rebounded mid-year.

A separate survey this week showed business confidence also falling to its weakest since last year.

Neil Bellamy, GfK consumer insights director, said consumers were “in a despondent mood” ahead of the October 30 Budget. Chancellor Rachel Reeves is expected to largely rely on tax increases to close what the government says is a funding gap of about £40bn.

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The latest snapshot of consumer confidence gives “a picture of people holding their breath to see what’s in store”, Bellamy added.

Business confidence is also falling, with the S&P Global flash UK PMI composite output index slipping to an 11-month low of 51.7 and companies cutting staff numbers for the first time in 2024.

Chris Williamson, chief business economist at S&P Global Market Intelligence, which compiles the PMI index, said “gloomy government rhetoric and uncertainty ahead of the Budget” had “dampened business confidence and spending”.

While Reeves has pledged not to increase rates of income tax, national insurance or VAT, she is expected to prolong a freeze on personal tax thresholds beyond 2028 in a “stealth” tax move that could raise £7bn a year. She has also not ruled out increasing employers’ national insurance contributions.

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In an article for the Financial Times this week, Reeves said the Budget would highlight a choice between investment and decline.

“I am choosing to invest in Britain so we can turn the page on 14 years of slow growth and start making the country better off,” she wrote.

Reeves also confirmed she will change the UK’s fiscal rules in the Budget as she seeks to fund about £20bn a year of extra investment with increased borrowing.

The chancellor said her “investment rule” would ensure Britain avoided “the falls in public sector investment that were planned under the last government”.

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But the deterioration in consumer and business confidence comes despite falls in inflation and mortgage rates.

The consumer confidence index had previously fallen seven points in September, reversing improvements since the start of the year.

Line chart of GfK index showing UK consumer confidence slips one point to -21 in October

Official figures last month showed that household consumption has been weak so far this year, despite a fast rebound in wage growth as anxious consumers prioritise saving over spending.

The GfK data indicates that the uncertainty over the government’s tax plans means that consumer morale has yet to benefit from the better economic data.

Households’ assessment of the economy fell 5 points to minus 42, the lowest reading since March, with a smaller decline in expectations for the year ahead, according to the index, which is based on interviews conducted in the first two weeks of the month.

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Line chart of Purchasing managers’ index, above 50 = most businesses reporting expansion showing UK private sector growth slips to an 11-month low in October

After two years of sharp price rises that hit household finances, inflation fell to 1.7 per cent in September, the lowest in more than three years. It was also the first time inflation has dipped below the Bank of England’s 2 per cent target since early 2021.

Markets have increased bets on BoE interest rate cuts this year on the back of the inflation data, after policymakers lowered the benchmark rate from 5.25 per cent to 5 per cent in August, the first reduction in more than four years.

Separate analysis published by the National Centre for Social Research on Friday indicated that concern about public services was outweighing worries about levels of taxation. Almost half of Britons surveyed in July said taxes and public spending should go up, while dissatisfaction with the NHS hit an all-time high of 61 per cent.

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It’s World Pasta Day – here’s how to save cash and make the most of the dish

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It's World Pasta Day - here's how to save cash and make the most of the dish

IT’S World Pasta Day and the perfect moment to make the most of this versatile kitchen cupboard staple.

Tuck in to some of your favourite meals, from lasagne to macaroni cheese.

It's World Pasta Day and the perfect moment to make the most of this versatile kitchen cupboard staple

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It’s World Pasta Day and the perfect moment to make the most of this versatile kitchen cupboard staple

And here are some other ways to save cash and make the most of the dish . . . 

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REUSE WATER: You’re missing a trick if you drain away the water you’ve cooked pasta in.

Instead, use it to make sauces, as the starch helps thicken your concoction.

You can also use to create tastier soups and broths.

READ MORE MONEY SAVING TIPS

And if you plan to make bread from scratch, the starch water will help give a chewier texture than using plain tap water.

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LOVELY LEFTOVERS: If you cook too much pasta, don’t bin it — turn it into another dish.

If you have extra penne or rigatoni, knock up a tasty pasta bake.

Or a pasta salad is an easy lunch — add fresh veg for extra crunch and a drizzle of oil, plus seasoning.

Leftover spaghetti can be turned into an egg frittata.

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Simply beat enough eggs to cover the leftovers and cook in an ovenproof saucepan for five minutes then in an oven for another five.

Feeding a Family for £2.15: A Single Dad’s Journey

CHILD’S PLAY: Pasta can be fab to keep little ones amused.

Cooked spaghetti is perfect for sensory play. Divide into portions and coat in food colouring — just wash off all the dye before letting your child play with it.

Or give older ones dried pasta to create art from by glueing it on to paper and painting it.

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FREE PASTA: To celebrate World Pasta Day, Bella Italia is giving away 2,000 pasta dishes when you order a main meal.

Sign up to the chain’s mailing list to get the deal, but offer ends today.

Pasta Evangelists are giving away 5,000 portions of fresh pasta between 3-4pm at 25 locations across the UK including London, Brighton, Cardiff, Glasgow and Newcastle.

Find your nearest at pastaevangelists.com/pages/wpd2024.

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  • All prices on page correct at time of going to press. Deals and offers subject to availability

Deal of day

JoJo Maman Bebe gift set down from £20 to £10 at Tesco with a Clubcard

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JoJo Maman Bebe gift set down from £20 to £10 at Tesco with a ClubcardCredit: supplied

GET ahead with your Christmas shopping. This JoJo Maman Bebe gift set is down from £20 to £10 at Tesco with a Clubcard.

SAVE: £10

Cheap treat

Daydream balm which comes in a lovely tin - and it's down by £1

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Daydream balm which comes in a lovely tin – and it’s down by £1Credit: supplied

LOCK moisture into your lips with Vaseline limited-edition Vanilla Daydream balm which comes in a lovely tin. It’s £2, down from £3 at Asda.

SAVE: £1

WHAT’S NEW

YOU don’t need to wait until Christmas to tuck into this passion fruit martini panettone.

It’s beautifully buttery and infused with a vodka and passion fruit syrup. Now in Morrisons at £5.50.

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Top swap

Tisserand Aromatherapy pulse point oil blend, left, £8, or Lacura’s £2.49 version, right, from Aldi

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Tisserand Aromatherapy pulse point oil blend, left, £8, or Lacura’s £2.49 version, right, from Aldi

GET a better night’s kip with help from Tisserand Aromatherapy pulse point oil blend, left, £8, from Boots.

Or try Lacura’s £2.49 version, right, from Aldi, giving some savings to sleep soundly.

SAVE: £5.51

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Little Helper

CARVE an impressive pumpkin with a little help from a stencil. Hobbycraft has a range of free ones to download and print plus lots of other Halloween ideas.

Shop & save

Red chain bag, down from £18.99 to £14 at H&M

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Red chain bag, down from £18.99 to £14 at H&MCredit: supplied

ADD a pop of colour to your outfit with this fabulous red chain bag, down from £18.99 to £14 at H&M.

SAVE: £4.99

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Hot right now

CO-OP members can buy two ready meals for £5, saving £2.50. Tuna and pasta bake and spaghetti and meatballs are among the options.

LAY NOW TO WIN £200

Join thousands of readers taking part in The Sun Raffle

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Join thousands of readers taking part in The Sun Raffle

JOIN thousands of readers taking part in The Sun Raffle.

Every month we’re giving away £100 to 250 lucky readers – whether you’re saving up or just in need of some extra cash, The Sun could have you covered.

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Every Sun Savers code entered equals one Raffle ticket.

The more codes you enter, the more tickets you’ll earn and the more chance you will have of winning!

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Morgan Stanley grants post-employment perks to former CEO James Gorman

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Morgan Stanley grants post-employment perks to former CEO James Gorman

Longtime executive will receive $400,000 a year and access to a car and driver as he transitions out of top roles at bank

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UK’s best restaurants revealed as Uber Eats shares full list of top takeaways – did you favourite make it?

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UK's best restaurants revealed as Uber Eats shares full list of top takeaways - did you favourite make it?

THE UK’s best takeaway restaurants have been revealed in a brand-new list by Uber Eats.

The delivery platform has reached its shortlist for the coveted Restaurant of the Year title, which includes three burger joints and Caribbean “shack”.

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Among the finalists is Urban Tandor, which serves authentic Indian dishes

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Among the finalists is Urban Tandor, which serves authentic Indian dishesCredit: Uber
Another finalist, the Nashville Cluck, serves Nashville-style fried chicken

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Another finalist, the Nashville Cluck, serves Nashville-style fried chickenCredit: Uber

The twelve finalists were whittled down from 130 entries across the UK and Ireland.

Judges included Great British Menu host Andi Oliver, street food connoisseur Kieran Monlouis and last year’s winner Josh Kleiner from Sandwich Sandwich. 

One of this year’s finalists is Soho Tavern, a Gastro pub in Birmingham.

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In the cosy interior, punters can enjoy British-Indian classics in front of a sports match.

Dishes include like butter chicken for £11.25 and chilli chips for £5.50.

Another Indian eatery, Urban Tandoor in Bristol, also makes the list with its authentic curries.

Meanwhile, two fried chicken shops, in Liverpool and Nottingham, were selected – with the Nashville Cluck being popular for its buttermilk tenders.

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Of the three best burgers, one is sold at Junglees in London – famed for its £10.99 smash burger.

While Locke Burger in Limerick has some of customers’ favourite house fries – and a luxurious bacon cheese burger for £10.45.

And lovers of Caribbean soul food will be pleased to see Natty’s Jerk Shack in Portsmouth in the mix – serving up a “modern twist on Jamaican cuisine”.

Scotland’s Top 10 Fish and Chip Shops for UK Takeaway of the Year

Dessert bars are not forgotten in the prestigious list.

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Mackles ice-cream shop in Belfast sells opulent £6 sundaes – with favourites including the “Happy Hipp”, “Lotus Lover” and “Strawberry Shortcake”.

The winner of the sought-after title will be crowned in London on November 14.

They will bag a whopping £100,000 prize to invest into their business.

Matthew Price, General Manager for Uber Eats in UK, Ireland and Northern Europe, said: “A massive congratulations to all our regional finalists!

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“The calibre of businesses taking part in our Restaurant of the Year Awards continues to grow. 

“I look forward to welcoming all the teams to the Awards in November, and hearing more about their journey as a small restaurant business.”

Who are the finalists for Uber Eats’ Restaurant of the Year award?

  1. Junglees, London
  2. Sqew Shawarma Bar, Yorkshire
  3. Natty’s Jerk Shack, South East
  4. 40 Ounce, North East
  5. The Nashville Cluck, North West
  6. Urban Tandoor, South West
  7. Chick and Shakes, Midlands and East Anglia
  8. The Soho Tavern, West Midlands
  9. Mackles, Northern Ireland
  10. Haystack Cafe, Wales
  11. Locke Burger, Ireland
  12. Salt & Chilli Oriental, Scotland

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Dean Forbes named as most influential black Briton

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Dean Forbes named as most influential black Briton

A man who was twice homeless as a teenager before becoming a multimillionaire entrepreneur has topped a list celebrating influential black Britons.

Dean Forbes, who, after failing to make it as a professional footballer, began his career in a call centre, is now the boss of several software companies.

He worked his way up from “abject poverty” on an estate in south-east London to become chief executive of Forterro, a Swedish software firm.

Forbes said topping the Powerlist 2025 was a “professional and career high”.

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He told the BBC that although he grew up in a single-parent family on a housing estate in Lewisham, his disabled mum always encouraged her children to be positive, and gave them hope.

He said he had a “whale of a time” growing up despite having little money, living in a local community which “looked after each other”.

His said his mum taught him and his two brothers to “raise our expectations”, “never to be victims” and not dwell on misfortunes.

He twice became homeless as a teenager, but said he and his family always saw these as temporary challenges to be overcome.

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He managed to get a place at Crystal Palace Academy, but it didn’t work out.

He points to that failure as a key moment in his eventual success, because it made him more determined.

“Thanks to that disappointment and rejection, it put me on this path which is beyond my wildest dreams,” he said.

He had been borrowing money to “keep up appearances” with friends like then-footballer Rio Ferdinand who were being “paid well”, but he was eventually left with an £88,000 debt pile.

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To start to clear that, he got a job in a Motorola call centre, and he quickly worked his way up.

He moved to a software firm called Primavera which he helped build up, and made his first millions after it was sold to Oracle: he had taken an equity stake.

Forbes moved from there to being chief executive of two software firms, KDS and CoreHR, each time taking equity stakes, and making millions more.

He also has an equity stake in Forterro, which he said was a firm which makes more than €300m (£250m) in revenue per year and earnings of €130m.

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Despite his wealth, he said he never wanted “to lose the value of a pound”.

He was able to buy his mum a home, and his children “have never had to deal with anything I had to deal with” in terms of poverty.

He now describes celebrities like Ferdinand and actor Idris Elba as close friends.

But he told the BBC his roots remained very important to him and he wanted to inspire and give opportunities to others who have not started out with advantages in life.

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Forbes and his wife Danielle set up the Forbes Family Group, a philanthropic organisation for people in underserved communities.

They are working to try to break the cycle of poverty and disadvantage, and give people positive role models.

“My experience has made me painfully aware that there is so much talent in these communities – you just need to open the door a crack” to give people a chance, he said.

Forbes said that as he was growing up the only black people he could see who were successful seemed to be in entertainment, sport, or “doing unsavoury things” in criminal gangs.

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He said he wanted to make success in business more “relatable” in part through mentoring and networking projects.

He has now been named number one on the Powerlist 2025, after being number two last year.

The annual Powerlist was first published in 2007, with its aim to provide role models for young black people, according to Powerful Media.

Forbes takes the place of British Vogue editor-in-chief Edward Enninful at the head of the list.

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