UK music industry booms post-Covid

📍Top line: The UK music industry reached a record valuation of £7.6 billion in 2023, fuelled by a surge in live music demand as artists resumed Covid-delayed tours. High-profile performances by Elton John, Beyoncé, Ed Sheeran, and Coldplay drove the sector's economic contribution to rise by 13% compared to the previous year, according to UK Music's annual This is Music report.

Key Points:

Economic and Export Growth: The industry's contribution to the UK economy surged by nearly £1 billion, reaching £7.6 billion in 2023. British music "exports" also hit a new high of £4.6 billion, up 15% from £4 billion in 2022, with global tours by Coldplay, Arctic Monkeys, and Adele boosting international revenues.

Employment Growth: Employment in the music industry reached a record 216,000 full-time equivalent positions, up 3% from 2022.

Ongoing Sector Threats: Issues such as inadequate artist remuneration from streaming and unlicensed AI use pose significant challenges. The festival sector remains fragile, with 192 small-scale events disappearing since 2019, as financial pressures and competition increase.

Jaguar unveils new branding

📍Top line: Jaguar, the luxury car manufacturer, has unveiled a bold new logo and branding as part of its transition to an electric-only vehicle lineup. The company, which has been out of the new car market for over a year, is set to release three new electric vehicles by 2026.

Key Points:

New Logo and Branding: Jaguar introduces a new logo featuring a blend of upper and lower case letters, symbolising visual harmony.

Transition to Electric Vehicles: Jaguar plans to launch three new electric cars by 2026, marking its shift to an all-electric brand. The first electric model will be a four-door GT, to be produced at the company’s Solihull facility in the West Midlands.

Reinventing the Brand: Jaguar has intentionally halted the sale of new cars for over a year to separate its future electric models from its traditional internal combustion vehicles. The company aims to reshape perceptions of the brand, focusing on bold, imaginative, and original designs.

Elsewhere in business:

👜 British luxury brand Mulberry is lowering the prices of its handbags and cutting head office jobs as part of a plan to reverse its financial troubles. The company’s new CEO, Andrea Baldo, announced that most handbags will now be priced below £1,095, including the popular Bayswater bag.

📰 Journalists at The Guardian have voted overwhelmingly to strike in protest against plans to sell The Observer to Tortoise Media, a loss-making startup. In a National Union of Journalists (NUJ) ballot of over 600 members, 93% supported industrial action, with 96% favouring measures short of a strike. A walkout could begin as early as December, potentially disrupting The Guardian’s print operations.

Farmers take to streets to protest tax changes

📍 Top line: Thousands of farmers and landowners gathered in London yesterday to protest the government’s planned changes to inheritance tax (IHT) rules, which they say will devastate family farms and jeopardise UK food security. 

Key Points:

• Inheritance Tax Changes: Farmers face a new 20% tax on inherited agricultural/business assets exceeding £1 million, starting April 2026.

• Protest Concerns: Farmers warn the policy will force land sales, threatening family farms, tenant farmers, and food security.

• Political Response: Conservative leader Kemi Badenoch pledged to reverse the changes if elected, while PM Keir Starmer defended the tax as essential for funding rural schools, hospitals, and housing.

Elsewhere in the economy:

🇫🇷 France is losing its attractiveness to foreign investors due to political instability, growing unemployment, and a declining industrial base, according to a report by EY. Nearly half of foreign investors have scaled back projects since President Macron called snap parliamentary elections in June, plunging the country into political turmoil.

💷 The Bank of England governor, Andrew Bailey, has backed retailers' warnings about potential job losses following Chancellor Rachel Reeves’s decision to raise employer National Insurance contributions (NICs). Addressing MPs on the Treasury committee, Bailey said the British Retail Consortium’s concerns about layoffs and store closures were “right,” acknowledging the risk of significant employment reductions as a result of the tax hike.

Citi has opened applications to its 2025 Technology Analyst Internship in London. Successful applicants will work in an agile software engineering environment, developing quality and scalable software solutions using leading-edge technologies. The scheme is open to current undergraduates on track to receive a minimum 2:1 degree who are expected to graduate in 2026. Apply now here.

Minecraft to launch UK theme park

📍Top line: The world’s best-selling video game, Minecraft, is coming to life through a major partnership with Merlin Entertainments, a leading theme park operator. The collaboration will see the creation of themed rides, attractions, hotel rooms, and retail stores in the UK and US starting in 2026, with further expansions planned globally.

Key Points:

• Adventures Made Real: The initiative, titled "Adventures Made Real," combines Minecraft’s digital expertise with Merlin’s location-based entertainment prowess.

• Minecraft’s Global Reach: With over 300 million sales, Minecraft is the best-selling single video game of all time. The game boasts over 1.3 trillion YouTube videos from players and fans.

• Merlin’s IP Strategy: The partnership with Minecraft follows successful deals with Lego, Peppa Pig, and Jumanji.

• Broader Brand Expansion: A Minecraft movie featuring Jason Momoa and Jack Black is set to release in April 2025. Netflix plans to launch an animated Minecraft series.

Elsewhere in tech:

❌ Logan Paul, the social media superstar with over 23 million YouTube followers, is under renewed scrutiny for his involvement in cryptocurrency ventures. Allegations have emerged that Paul promoted investments without disclosing his financial ties, potentially profiting from price surges caused by his influence.

📱 Instagram is testing a “reset” feature allowing users to clear all algorithmic recommendations from their feeds, with suggestions gradually personalising again over time. Part of broader wellbeing initiatives, the move was welcomed by UK regulator Ofcom as a step toward safer social media.

🚀 Ukraine has deployed US-made long-range Atacms missiles against Russia for the first time since the Biden administration lifted restrictions on their use. Moscow reported that six Atacms missiles were fired at the Bryansk region, with Russia’s defence ministry confirming damage but no details of casualties.

🎾 Tennis legend Rafael Nadal ended his iconic career with a Davis Cup defeat as Spain lost to the Netherlands in Malaga. The 38-year-old, with 22 Grand Slam titles to his name, fell 6-4, 6-4 to Botic van de Zandschulp in an emotional quarter-final. A packed, partisan crowd bid farewell to a true sporting great.

🇨🇳 The popular weight-loss drug Wegovy has been made available in China for the first time, as the country faces growing health challenges linked to obesity and diabetes. China's obesity rate now stands at 16.4%, with over half the population — approximately 700 million people — classified as overweight, reflecting a dramatic rise over the past 40 years.