Aldi named UK’s cheapest supermarket

📍Top line: Aldi was named the most affordable supermarket in the UK for October, according to new analysis by consumer group Which?. The study compared prices across eight major UK supermarkets, with Aldi coming out on top for a typical weekly shop of 62 popular items.

Key points:

• Aldi Leads in Affordability: A typical shop cost £111.66 at Aldi, making it the lowest-priced option among the eight supermarkets surveyed.

• Lidl Close Behind: Lidl was a close second, costing 41p more with its Lidl Plus loyalty scheme, and 67p more without, averaging £112.07 and £112.33, respectively.

• Waitrose the Most Expensive: Shoppers at Waitrose paid £142.39 on average—£30.73 more than at Aldi, or 28% higher.

• Clubcard and Nectar Savings: Tesco’s Clubcard helped bring its average shop to £122.26, while without it, prices averaged £125.09. Sainsbury's Nectar members spent £125.93.

For larger shopping lists of 164 items, which exclude Aldi and Lidl due to their smaller product ranges, Asda was the cheapest at £418.71, with Waitrose at £461.10.

M&S boss warns over price rises

📍Top line: Marks & Spencer (M&S) CEO Stuart Machin has warned that the retailer “can’t rule out” price increases following a £60 million tax hit after the recent budget changes. The company, which saw a profit boost due to strong food and clothing sales, faces new financial pressures from increased employer national insurance contributions and other tax adjustments.

Key Points:

• Budget Impact: The budget changes, including higher employer national insurance and a lower earnings threshold, are expected to raise M&S’s annual tax bill to around £520 million.

• Profit Boost: M&S reported a 17.2% rise in profit to £407.8 million for the six months ending September 28, with food sales up by 8.1% and clothing and home sales up 4.7%.

• Potential Price Rises: While not planning immediate price hikes, Machin acknowledged they may be necessary to manage the increased costs from both the tax changes and the planned national living wage rise.

• Transformation Progress: Shares in M&S rose 6.6% following the report, as the company continues its turnaround strategy, which includes store closures, opening more food-focused shops, and strengthening e-commerce.

Elsewhere in business:

🍕 Domino’s Pizza Group reported a return to sales growth in the third quarter, driven by increased delivery orders and discounted pricing. The FTSE 250 pizza chain saw a 3.5% rise in total orders, reaching 17.4 million, with delivery orders up 6.6% due to improved customer service and faster delivery times. The average delivery time decreased to 24 minutes, a minute quicker than the previous year.

🎄 Advertisers in the UK are set to spend a record £10.5 billion on Christmas campaigns this season, with major brands like Marks and Spencer, Aldi, and Waitrose already rolling out their festive campaigns. This record-breaking holiday spend represents a 7.8% increase from last year's £9.7 billion, underscoring the high stakes of attracting festive shoppers and gift-buyers.

US markets booming after Trump victory

📍 Top line: Markets surged following Donald Trump's election victory, with the dollar, bitcoin, and US bond yields all experiencing significant gains. The rise is attributed to expectations that Trump's policies on inflation, tax cuts, and deregulation will strengthen the dollar and drive economic growth.

Key Points:

• Dollar Soars: The dollar rose 1.4% against a basket of major currencies, set for its best day since March 2023. This increase follows expectations of inflationary policies, including tariffs and tax cuts.

• Bitcoin Hits Record Highs: Bitcoin surged to a record high of $75,397, driven by optimism about Trump's more crypto-friendly stance compared to Kamala Harris.

• Stock Market Reactions: The S&P 500 gained 2%, and the Nasdaq rose 1.6%, while the Dow Jones jumped 2.9%. Bank stocks, in particular, benefitted from hopes of a stronger economy and lighter regulation, with JPMorgan Chase rising 8.3%.

• US Bond Yields Increase: Yields on the 10-year US Treasury rose to a four-month high of 4.47%, signalling concerns over inflation and future US borrowing costs.

• Impact on Currencies: The dollar strengthened, pushing the euro, pound, yen, and yuan down against it. Trump’s tariff promises, particularly against China, are expected to impact global trade dynamics.

Elsewhere in the economy:

💷 Chancellor Rachel Reeves has pledged that there will be no further tax increases, insisting that the government must “live within its means.” Following the largest tax hike in 30 years, Reeves assured MPs that enough funds are allocated for the next five years, dismissing suggestions of additional funding needs for public services in the upcoming spring budget.

🏦 The Bank of England is expected to cut interest rates to 4.75% today, marking its second reduction this year. Analysts predict a 7-2 vote from the Monetary Policy Committee for a 25 basis point cut, as borrowing costs ease amidst ongoing economic adjustments following recent budget measures.

Volkswagen has opened applications to its 2025 Sales Graduate Programme based in Milton Keynes. Successful applicants will enjoy a range of placements in the firm’s assorted sales teams, including fleet sales and direct sales. The starting salary is £31,800 and graduates will receive a new car every six months! The two-year scheme is open to graduates from any degree discipline. Apply now here.

How Musk will benefit from Trump victory

📍Top line: Donald Trump’s victory is set to usher in a transformative era for Elon Musk, the world’s richest person with a $260 billion fortune. The tech CEO is now positioned to become a key political and business advisor within the new administration.

Key points:

• Government Efficiency Role: Musk is slated to lead a new Department of Government Efficiency, tasked with recommending extensive cuts to federal bureaucracy. This role would provide him with sweeping influence over restructuring government agencies, potentially impacting thousands of jobs.

• Policy Influence: With control over areas like AI, space exploration, and electric vehicle policy, Musk stands to shape the future of sectors in which he has significant stakes, particularly benefiting his companies Tesla, SpaceX, and xAI.

• Boost for Musk’s Businesses: Investors are betting on favorable outcomes for Musk’s ventures; Tesla shares surged after Trump’s win. Despite Trump’s skepticism of EV subsidies, analysts suggest Tesla’s industry dominance will allow it to thrive even without federal support.

Elsewhere in tech:

📱 The UK has dropped to 49th place in global rankings for mobile internet speeds, lagging behind countries like Azerbaijan and Kosovo, according to data from network testing company Ookla. On average, download speeds in the UK are twice as slow as those in France and the United States, underscoring Britain’s struggle to keep up with global standards.

🇦🇺 Australia is set to introduce legislation aimed at banning social media access for children under 16, marking what Prime Minister Anthony Albanese calls "world-leading" efforts to address the impact of social media on young Australians. The bill, expected to be tabled next week, places the onus on social media companies to enforce age restrictions.

⚽ Former Manchester City defender Benjamin Mendy is entitled to receive most of his unpaid salary from the club, an employment tribunal judge has ruled. Mendy, who was charged in 2021 with multiple counts of rape and sexual assault, sought around £11 million in unpaid wages after being suspended without pay from September 2023. Mendy was ultimately cleared of all charges in 2023.

🇨🇳 China has announced it will execute a former government employee convicted of espionage for allegedly providing classified state secrets to a foreign intelligence agency. The Ministry of State Security reported that the accused, identified only by his surname, Zhang, shared sensitive information stored on a flash drive with foreign agents. Zhang’s colleague, who reportedly assisted him, has been sentenced to six years in prison.

👨‍⚖️ The public inquiry into the crimes of former nurse Lucy Letby has revealed unsettling details about her conversations with colleagues, including a message where she claimed she could offer “tips” on how to “get away with murder.” Letby, convicted of murdering seven babies and attempting to kill seven others at the Countess of Chester Hospital between 2015 and 2016, made the comments in a WhatsApp exchange with Hayley Griffiths, a union representative and colleague.