Central London pubs raising prices after 10pm

📍Top line: O'Neill's pub in central London has introduced a late-night surcharge, adding £2 to drink prices after 10 p.m. Patrons at this popular Soho spot will pay more for items like Beavertown Neck Oil, Guinness, and even soft drinks if ordered post-cutoff.

Key Points:

• Dynamic Pricing Model: O'Neill's in Soho increases drink prices by £2 after 10 p.m., with a pint of Beavertown Neck Oil rising from £7.40 to £9.40.

• Rationale and Background: Mitchells & Butlers, the pub group behind O’Neill’s, stated that dynamic pricing policies have been in place for two years, addressing higher late-night costs like added security.

• Legal Context and Public Scrutiny: The policy aligns with a broader dynamic pricing trend in entertainment and hospitality. The UK government is currently investigating dynamic pricing practices, particularly in ticketing, though similar scrutiny on bars and restaurants is limited.

• Mixed Reactions: Patrons are divided; some feel the price hike is "extortionate," while others see it as reasonable given the venue's location and popularity.

• Industry-Wide Trend: Other pubs, like those under Stonegate Group, also use dynamic pricing, with examples of slight surcharges during peak times.

M&S overtakes Waitrose in grocery market

📍Top line: Marks & Spencer (M&S) has, for the first time outside of the holiday season, overtaken Waitrose as the leading grocery choice for Britain’s middle-class consumers, marking a significant shift just before the Christmas rush.

Key Points:

• M&S held a 4.03% share of the grocery market for the four weeks ending November 3, an increase from 3.76% last year, surpassing Waitrose’s 3.91%.

• M&S’s sales surged by 11% compared to last year, making it the fastest-growing supermarket, followed by Lidl (6.9%) and Sainsbury’s (6.3%).

• CEO Stuart Machin, who has led M&S’s revival since 2022, has focused on expanding both the food and clothing divisions, returning M&S to a strong financial standing.

• M&S’s success is attributed to its focus on innovation in its food offerings, with a £480 million investment in store upgrades planned.

• Waitrose, part of the John Lewis Partnership, plans to invest £1 billion in store refurbishments and new outlets over the next three years as it faces pressure to catch up with M&S.

Elsewhere in business:

🇬🇧 The UK's unemployment rate rose to 4.3% for the three months ending in September, up from 4% in the previous quarter, according to official figures. Wage growth, although slowing, continues to outpace inflation, with pay excluding bonuses increasing by 4.8% year-on-year between July and September. This is the lowest rate of pay growth in over two years, yet it still indicates workers’ earnings are rising faster than prices.

🍿 British cinema chain Curzon has been acquired by U.S. investment firm Fortress Investment Group. The acquisition, which includes Curzon’s 16 UK cinemas, distribution arm, and streaming platform, was made for an undisclosed sum, securing the jobs of over 350 employees. Founded in 1934 by Harold Wingate, Curzon has long been a trailblazer in bringing international cinema to the UK.

Elon Musk to enter US government

📍 Top line: Donald Trump has selected entrepreneurs Elon Musk and Vivek Ramaswamy to spearhead the new “Department of Government Efficiency” (Doge).

Key Points:

• Mission and Objectives: The Department of Government Efficiency will focus on identifying ways to reduce bureaucratic processes, slash regulations, restructure agencies, and cut government spending.

• Leadership and Scope: Elon Musk and Vivek Ramaswamy will co-lead the advisory effort, offering guidance from outside of government to overhaul various federal functions.

• Musk’s Background and Influence: As CEO of Tesla, SpaceX, and other companies, Musk became a vocal Trump supporter during the 2024 campaign, hosting Trump on his platform X and funding a Super PAC that contributed $172 million to Trump’s campaign.

• Comparison to Biden Administration: The Biden administration implemented ambitious regulatory agendas in finance, climate policy, and antitrust enforcement.

• Regulatory Rollbacks: Trump and his team are expected to push back against regulations and policies put in place by Biden's administration, especially in areas affecting business operations, such as environmental regulations and antitrust rules.

Elsewhere in the economy:

🏥 Health Secretary Wes Streeting is to announce that for the first time, NHS trusts across England will be ranked publicly, with hospitals assessed on service quality, financial management, and leadership. Senior managers at underperforming trusts will face dismissal if they fail to improve. High-performing trusts, however, will receive greater spending powers as a reward.

🟢 Prime Minister Sir Keir Starmer has set new climate targets for the UK, aiming for an 81% reduction in emissions by 2035, as he addressed the COP29 climate summit in Azerbaijan. Sir Keir emphasised that the government would avoid imposing lifestyle restrictions, framing the target as essential for the UK’s economic stability and energy security.

HM Treasury has opened applications to its 2025 Graduate Policy Adviser Programme in London. On this three-year programme, successful applicants will grow a breadth of skills and experience on two 18-month placements, working with different government departments and external organisations to help shape policy. Starting salary is £31,500 but applicants can expect to see this rise to £36,450 after 18 months. Apply now here.

Billionaire’s Arnault sues Twitter

📍Top line: Europe’s richest man, Bernard Arnault, is suing the social media platform X (formerly Twitter), accusing it of using content from his newspapers, Le Parisien and Les Echos, without compensation. The case, supported by other major French publications, centers on a European directive allowing news publishers to receive payments when their content is used by digital platforms.

Key Points:

• Arnault’s suit alleges that X has failed to negotiate payment terms with French news publishers, unlike Google and Meta.

• Other major French papers, including Le Figaro and Le Monde, have joined the lawsuit.

• In May, a Paris court ordered X to provide commercial data to the French publishers within two months, which the platform has not complied with, according to the papers.

• Arnault claims the lack of payment undermines media quality, independence, and plurality, vital to democratic society.

• This lawsuit comes as Arnault and Musk, the world’s two richest men, continue to alternate for the top spot, with Musk currently in the lead.

Elsewhere in tech:

🏠 Apple is preparing to unveil a wall-mounted smart home display, expanding into a product category dominated by Amazon and Google. The device, which could be announced as early as March, will allow users to control home appliances, make video calls, and navigate apps using artificial intelligence.

📺 Netflix has announced that its ad-supported plans now attract 70 million monthly viewers, nearly doubling since May. Originally ad-free, Netflix introduced ads in 2022 following a dip in subscribers. The company’s ad-supported tier is priced affordably, appealing to cost-conscious viewers and driving consistent growth. Netflix ended the third quarter with 282.7 million subscribers globally.

⛪ Archbishop of Canterbury Justin Welby announced his resignation today amid growing pressure over his handling of a major abuse scandal involving the Church of England. The decision follows a damning report last week that highlighted the Church’s role in covering up abuse by the late barrister John Smyth in the UK, Zimbabwe, and South Africa during the 1970s and 80s.

📖 Samantha Harvey has won the 2024 Booker Prize for her novel Orbital. The book, which centres on six fictional astronauts aboard the International Space Station, was selected unanimously by the judging panel. Chair Edmund de Waal described Orbitalas both “beautiful and ambitious,” praising Harvey’s “extraordinary intensity of attention” to the fragile world we inhabit.

📩 The Post Office is weighing a major restructuring that could shutter 115 unprofitable branches and put hundreds of head office jobs at risk. Chairman Nigel Railton's plan would shift towards a franchise model, potentially handing operations to third parties.