University tuition fees to rise

📍 Top line: The government is set to raise university tuition fees in England next autumn, marking the first increase in eight years. Starting in the 2025/26 academic year, tuition fees will increase to £9,535 annually.

Key Points:

• Government's Rationale: Education Secretary Bridget Phillipson stated the fee increase is needed to stabilise university finances and promised "major reform" in higher education investment soon.

• University Crisis: High inflation has devalued domestic fees, forcing universities to rely on international tuition, which has declined due to student visa restrictions.

• Sector Impact: Dozens of universities face budget deficits, with some at risk of closure.

• Increased Maintenance Loans: Maintenance loans will rise to £10,544 for students outside London and £13,762 for students in London.

• Political Context: Prime Minister Keir Starmer has moved away from his original pledge to abolish tuition fees, citing priorities like NHS funding.

How junior lawyers are earning their £170,000 salaries

📍Top line: Junior solicitors at US law firms in London are logging intense hours to justify salaries exceeding £170,000. Junior lawyers at American firms reported an average of 67.5 hours over the standard workweek, often reaching over 70 hours with weekend work factored in.

These firms typically set higher billing targets than UK-based firms, with American firms expecting around 2,000 billable hours per year versus the roughly 1,800 billable hours at elite British firms. 

Here’s a snapshot of average hours and salaries at some of the top US and UK firms in London:

US firms:

• Weil, Gotshal & Manges: 13 hours, 23 minutes per weekday; £170,000

• Kirkland & Ellis: 13 hours, 3 minutes; £172,000

• Paul Hastings: 12 hours, 38 minutes; £172,000

UK firms:

• Linklaters: 11 hours, 39 minutes; £150,000

• Freshfields: 11 hours, 31 minutes; £150,000

• Slaughter and May: 10 hours, 26 minutes; £150,000

Elsewhere in business:

🛒 Marks & Spencer (M&S) and Sainsbury’s are bracing for increased pressure from the public and media to reveal whether they anticipate another rise in food prices next year, following new tax measures in the UK. These leading grocery retailers face a collective £200 million hike in costs due to changes in employer National Insurance contributions (NICs), as introduced by Chancellor Rachel Reeves in the recent budget.

✈️ Boeing workers have voted to accept a new pay deal, ending a seven-week strike that halted production and deepened Boeing’s financial crisis. More than 30,000 unionised staff will return as early as tomorrow after securing a 38% pay increase over four years, a $12,000 bonus, and improved retirement benefits.

Tom Ford buys £80m London mansion

📍 Top line: American fashion designer Tom Ford has bought an £80 million mansion in London Chelsea, marking the UK’s most expensive property transaction this year, according to Bloomberg.

Key Points:

• Background: Ford, former creative director at Gucci, sold his brand to Estée Lauder in 2022, boosting his net worth to over £2 billion.

• Market Context: The sale stands out in London’s luxury real estate market, which has seen a slump due to tax reforms impacting overseas buyers.

• US Influence: American buyers are increasingly interested in London luxury homes, helped by favourable currency conditions and substantial price cuts.

• Discount Trends: Price reductions for £5 million-plus homes in London increased by 39% this past year as high-end sellers adjusted to slower demand.

• Neighbouring Sales: Ford’s Chelsea purchase joins other high-end deals in the area, including a recent £65 million transaction by UAE President Sheikh Mohammed.

Elsewhere in the economy:

🚆 Plans for a controversial £1.5 billion redevelopment of London’s Liverpool Street Station have been scaled back in response to public and heritage group concerns. Network Rail has revised its original proposal, which involved partially demolishing the Victorian station and constructing a 108-meter tower over both the station and the adjacent Great Eastern Hotel.

📉 UK retail sales growth slowed sharply in October, with total sales rising just 0.6% year-on-year. British Retail Consortium data shows mild weather dampened fashion sales, and shoppers delayed purchases, waiting for Black Friday deals. Industry leaders have cited higher energy bills and budget uncertainty as factors that “spooked” consumers.

Deloitte has opened applications to its 2025 Audit Graduate Scheme in London. Successful applicants will join a world-class training scheme in a full-time permanent role with a market-leading salary, learning to understand corporate language and assess business processes, systems, controls and reports. The scheme is open to graduates or undergraduates due to complete their studies by Autumn 2025. Apply now here.

New, more powerful weight loss drug set to launch

📍Top line: Novo Nordisk’s blockbuster obesity drug, semaglutide (marketed as Ozempic and Wegovy) has revolutionised weight-loss treatment, and has been one of the most successful medications in recent history. Novo is now gearing up to launch a new, more powerful drug: CagriSema.

Key points:

• Market Position: Novo Nordisk’s semaglutide drugs, Ozempic and Wegovy, lead the weight-loss drug market, and are estimated to grow to $130 billion by 2030.

• CagriSema combines semaglutide and cagrilintide: This novel mix targets two gut hormones, which slow food digestion and suppress appetite. Novo hopes the combo will help patients lose at least 25% of body weight, setting a new standard in large clinical trials.

• Patent and pricing pressures: Novo faces US price negotiations starting next year and patent expiry in Europe by 2031, with even earlier patent challenges in China by 2026, inviting generic competition.

• Investor uncertainty: Despite the drug’s potential, Novo’s shares have dropped 25% since June, reflecting concerns over lower-than-expected Wegovy prescriptions and the high stakes of CagriSema’s December trial.

Elsewhere in tech:

📱Seven French families have sued TikTok, accusing it of exposing their teens to harmful content that led to two suicides. The lawsuit, filed in a Paris court, claims TikTok's algorithm pushed videos promoting suicide, self-harm, and eating disorders.

🐝 Meta’s plans for a nuclear-powered AI data center in the U.S. hit a snag after the discovery of a rare bee species on the proposed site. The project, intended to support AI operations with emissions-free energy, faced environmental and regulatory hurdles. Meanwhile, Amazon, Google, and Microsoft have struck deals with nuclear operators to meet rising energy demands for AI.

🇺🇸 Today, voters across the United States head to the polls after a contentious campaign to choose their next president, with former President Donald Trump and Vice President Kamala Harris vying for the White House. Seven states — Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin — are expected to play a pivotal role in the election, with results from these states likely to determine the next president.

🇬🇧 New Conservative leader Kemi Badenoch has appointed key opposition figures across the political spectrum to her shadow cabinet, signalling a unified approach. She named Mel Stride, former Work and Pensions Secretary, as Shadow Chancellor, and Dame Priti Patel, a previous Home Secretary, as Shadow Foreign Secretary. Robert Jenrick, who competed with Badenoch in the final leadership round, has been appointed Shadow Justice Secretary.

💍 A new study has indicated that unmarried people may have an 80% higher likelihood of experiencing depression compared to their married counterparts. This elevated risk appears particularly significant for men and those with higher educational backgrounds. The researchers believe these findings could aid in identifying individuals at higher risk of depression and in tailoring mental health interventions.