Reeves to promise “budget to rebuilt Britain”

📍 Top line: Rachel Reeves will promise "a Budget to rebuild Britain" in her speech at the Labour Party conference in Liverpool today. The Chancellor will state that Labour's economic plan will avoid a return to austerity, instead focusing on a "decade of renewal."

🔊 What will be announced: Reeves will announce the appointment of a Covid corruption commissioner, tasked with recouping £674 million in disputed contracts. She will also pledge to pursue those who "ripped off the taxpayer" and introduce measures to close the £39.8 billion tax gap, including recruiting 5,000 more HMRC tax compliance officers.

💷 What about tax? In her speech, Reeves will commit to avoiding increases in National Insurance, income tax, VAT, or corporation tax. However, speculation remains that other taxes, such as capital gains or inheritance tax, may rise to fund her ambitious plans to rebuild Britain.

Hundreds of UK pubs have closed this year

📍Top line: England and Wales saw 305 pubs close permanently in the first half of 2024, averaging 50 closures per month, according to real estate firm Altus. The number of pubs dropped to just over 39,000 by June, with many properties being demolished or converted into homes or offices.

Despite the closure rate slowing compared to last year, rising costs and the removal of business rates relief could cause even more pubs to shut down. Industry experts are urging the government to reform business rates, as additional tax hikes could add £12,160 to pub bills next year.

🍺 Rachel Reeves is also considering raising alcohol duties in the upcoming budget which may further negatively impact pubs. The Chancellor has been presented with forecasts indicating that raising alcohol duties could generate an additional £800 million in revenue next year.

Elsewhere in business:

💄Trinny Woodall, the entrepreneur and founder of Trinny London, has secured a £15 million financing deal to support the expansion of her beauty business, according to Sky News. Trinny London, established in 2017, primarily operates as a direct-to-consumer brand, offering premium skincare and makeup products.

🧑‍⚖️ The creators of Cards Against Humanity are suing SpaceX for $15 million, accusing the company of trespassing and damaging a plot of land in Texas. The land, purchased by Cards Against Humanity as part of a campaign against former President Trump's border wall, was allegedly used by SpaceX for several months without permission.

UK housing market rebounds with surge in first-time buyers

📍Top line: The UK housing market has surpassed its pre-pandemic size, with first-time buyers returning and further growth expected as interest rates ease. With £88.3 billion spent on property purchases in Q2 2024, total spending in the year to June surpassed £350 billion, according to Savills.

First-time buyers made up 24% of all transactions, the highest proportion seen in eight years, suggesting renewed confidence among new entrants onto the property ladder. A 22% surge in mortgage lending drove this growth as stability returned to the mortgage market.

House prices rose 2.2% year-on-year, with notable increases in England, Wales, and Scotland, though London saw a slight decrease. Private rents also surged, with an average 8.4% increase in August, reaching £1,286 per month.

Elsewhere in the economy:

🇺🇸 Vice President Kamala Harris is expected to unveil a set of new economic policies this week aimed at promoting wealth creation for Americans. The agenda will likely include economic incentives to encourage businesses to participate in this broader goal, though specific details of the proposals remain undisclosed.

🚗 Transport for London has reported a staggering 57% increase in income from fines on major roads compared to 2019. Last year TFL raked in £89.3 million and the AA attributed this surge to advanced CCTV with the company’s Head of Roads Policy stating that the streets of London are now “paved with fines”.

Amazon has opened applications to its Project Management Internships in a variety of sectors across the UK. The firm is looking for students currently completing an undergraduate degree who are able to start a 3-6 month full-time internship starting at any point from January to September 2025. Successful applicants will support project managers in the administration of company operations. Apply now here.

Former Apple designer Jony Ive working on new AI device

 📍 Top line: Legendary ex-Apple designer Jony Ive has confirmed he's working on a groundbreaking new device in collaboration with OpenAI. The project will feature cutting-edge AI technology and is reportedly a new mobile hardware product.

While details about the product and its release timeline remain unclear, industrial designer Marc Newson, who is also involved, emphasized that the design process is still in its early stages. Ive’s design firm, LoveFrom, is leading the creative direction of the project. Fundraising efforts are already underway, with notable contributions from Laurene Powell Jobs' Emerson Collective and Ive himself. The startup is reportedly looking to raise as much as $1 billion by the end of the year.

Elsewhere in tech

🐦 Elon Musk’s X may return to Brazil after agreeing to comply with the country's Supreme Court orders. The platform faced a nationwide block after Musk defied demands to remove disinformation accounts, citing concerns over political censorship.

🚀 SpaceX aims to launch five unmanned missions to Mars within two years, CEO Elon Musk announced on Sunday. If successful, crewed missions to the Red Planet could follow within the decade!

🥊 Two-time world heavyweight boxing champion Anthony Joshua was defeated in crushing style by fellow Briton Daniel Dubois on Saturday night. With hopes of a showdown against Tyson Fury fading, questions loom over what’s next for one of Britain's greatest heavyweight fighters.

⛽ The price of petrol and diesel in the UK is falling at the fastest pace since December 2022, with households paying about £4 less to fill up a family car than they did a month ago, according to the RAC. The company also predicted further price reductions over the next fortnight.

⛈️ An amber flood warning is in place for much of central England on today, with up to a month’s worth of rain expected in a day! Yellow warnings cover much of England and Wales, with thundery downpours forecast across the country.