Steady as She Goes: Chancellor Rachel Reeves Averts Market Turmoil with Calm Leadership Amidst Budget Reactions
Rachel Reeves sidesteps a Liz Truss-like incident as financial markets level out
Chancellor Rachel Reeves and her deputy Darren Jones, in their recent interviews, expressed a commitment to calming the markets, which appears to have had some effect, despite the government's formal stance of not commenting on market fluctuations.
Business and economic affairs reporter @pkelso
Friday, November 1, 2024, 5:
UK financial markets showed signs of settling down on Friday, providing a bit of comfort to Rachel Reeves amidst ongoing evaluations by investors, officials, and the business community of the depth and impact of her initial budget.
On Thursday, UK government borrowing costs surged significantly following the announcement of extensive tax hikes and expanded borrowing measures.
Interest rates on 10-year UK government bonds, which reflect the cost for the government to borrow funds, climbed to their highest point of the year, increasing by 0.1% to reach 4.52%.
Kwasi Kwarteng's recent mini-budget announcement led to the most significant one-day surge in over twenty years, resulting in an 8% decline in the value of the pound. This event was distinctly different from a "Liz Truss" moment.
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The action was significant enough to remind people of that earlier crisis, which Ms. Reeves's adversaries, including some who served under Liz Truss at the time, promptly capitalized on.
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Understanding the intricacies of money markets is not only challenging but also imprecise. However, those who excel in this field often outearn journalists. The recent increase seems to have been influenced by a couple of key elements.
Initially, there was a slight rise in the premium on UK debt due to spending and borrowing proposals that exceeded market expectations.
Next, there's a concern that this substantial budget could lead to inflation, potentially delaying the Bank of England's intention to reduce interest rates. Bond prices are both influenced by and influence base rates, and if the market believes that the Bank will maintain higher rates for an extended period, this will be evident in the bond prices.
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The government typically refrains from discussing stock market fluctuations, yet an impromptu interview by Reeves with financial news outlet Bloomberg on Thursday, followed by her deputy Darren Jones making the rounds on Friday morning, indicated an attempt to stabilize any market unease.
There's a possibility it was effective. Following a sharp rise early on Friday, gilt yields decreased, dipping under their Thursday morning starting levels by midday, and then slightly increasing later in the day, paralleling movements in US Treasuries.
Latest on the budget: Rachel Reeves claims regulatory bodies have fully endorsed her financial plan.
They concluded the week at a higher point than pre-budget levels, which might suggest a slight, final "risk premium" for the UK.
The pound regained the cent it had dropped against the dollar since Reeves took her seat in the Commons on Wednesday afternoon.
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The future course of events will be influenced by the upcoming meeting of the Bank of England's Monetary Policy Committee scheduled for next Thursday. In addition to setting the interest rates, they will also release updated projections for economic growth and inflation, potentially impacting the mood of investors.
Chances are highly favorable that rates will drop by at least 0.25 percentage points to 4.75%, with a 90% probability of another equivalent reduction at the next meeting in late December. This would be good news for consumers, regardless of Reeves' opinion.
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Escalation in Conflict: Ukraine Deploys UK-Supplied Storm Shadow Missiles into Russia Amid Tensions
Ukraine launches British-provided Storm Shadow missiles at locations within Russia
It has been reported that debris from the Storm Shadow missiles was found in the Kursk area of Russia. However, there is no verified information on their deployment and it is still uncertain what effect these arms will have on the ongoing conflict.
Thursday, November 21, 2024, 10:
A source informed Sky News that Ukraine has launched Storm Shadow missiles, provided by Britain, into Russian territory.
Reports in British media widely suggest that long-range weapons have been utilized in Russia, although official confirmation from the UK and Ukraine is still pending.
A video shared on Telegram appears to display debris from a missile in Russia's Kursk region, which is adjacent to Ukraine.
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Ukraine conflict: Stay updated with the most
Previously, the UK had stated that it would allow Ukraine to use British tanks, anti-tank missiles, and various other military supplies within Russian territory as a part of its defense strategy, while continuing to impose limits on the deployment of long-range missiles.
The change follows closely on the heels of a similar decision made by US President Joe Biden just a few days earlier
On Tuesday, the Russian defense ministry reported that Ukraine launched six ATACMS missiles, provided by the United States, into the Bryansk region.
According to a report from a Russian state news agency, the ministry stated that the missile launch resulted in no casualties.
Missiles are expected to have a minimal impact
Sky News' security and defense editor, Deborah Haynes, states that the approach of Ukraine's allies has been one of vagueness, and "it is still unclear if there will be an official statement regarding this matter from either the UK or Ukraine."
"Additionally, there is the troubling fact that Ukraine has a very limited supply of Storm Shadow missiles, meaning their impact will likely be minimal."
Sky's defense expert Sean Bell expressed surprise, noting that it would be remarkable if this were truly the first instance of Ukraine deploying this type of missile for a strike on Russian territory.
He expressed his astonishment if these methods were not utilized deeper within Russian territory, targeting specific locations. "They are extremely effective in hitting Russian logistics centers, command posts, and ammunition storage sites," he stated.
These missiles, known as SCALP in French service, are also utilized by France and produced by the Anglo-French defense company, MBDA.
What are Storm Shadow cruise missiles?
These air-launched missiles have a range exceeding 155 miles (250 kilometers), potentially enabling Ukraine to target locations deep within Russian territory.
The projectile has a mass of 1.3 metric tons and measures slightly more than 5 meters in length
It can be deployed from the sky and is theoretically compatible with Ukraine's Soviet-era aircraft.
Storm Shadow missiles, produced by MBDA in Stevenage, are a product of UK manufacturing. The estimated cost per cruise missile is around £2 million.
The Storm Shadow missile originated from a collaborative effort between the United Kingdom and France during the mid-1990s.
It was deployed in Iraq in 2003, and later, France, Italy, and the UK utilized it in Libya during 2011.
The projectiles have also been deployed to strike at Islamic State positions in Syria and Iraq.
Embassies close due to concerns of aerial assaults
Previously, the United States along with various other Western diplomatic missions in Kyiv shut down due to concerns over a potential large-scale aerial assault by Russia on Ukraine's capital.
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Explore further on Sky News: Norwegian Crown Princess's son appears in court. 'Rust' debuts three years post tragic incident. Chinese ship monitored above Baltic Sea cable disruption.
For more than a year, Ukraine's President Volodymyr Zelenskyy has been requesting that his allies in Kyiv provide his forces with the means to carry out attacks further into Russian-held territory.
President Biden's shift in strategy is in response to Russia's new approach of incorporating North Korean soldiers to bolster its ranks.
The White House plans to unveil additional military support for Ukraine, valued at as much as $275 million, according to statements from the US Defense Secretary.
Lloyd Austin stated that the assistance provided would address vital needs on the battlefield, encompassing ammunition for rocket systems, artillery, and tank weaponry, as well as anti-personnel landmines.
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Russian political figure Maria Butina and Donald Trump Jr., son of incoming U.S. President Donald Trump, both cautioned that President-elect Biden's policy on allowing Ukraine to use long-range missiles might ignite the beginning of a third world war.
Following the United States' action, Vladimir Putin reduced the criteria necessary for deploying nuclear weapons, heightening concerns about the potential for the conflict to intensify.
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UK’s Longest-Serving MP Urges Delay on Assisted Dying Vote, Citing Need for Deeper Deliberation
The UK's most tenured MP urges postponement of the assisted dying legislation vote, citing insufficient time to address its profound complexities. MPs are scheduled to deliberate on the legalization of assisted dying by late November, but Sir Edward Leigh argues that there hasn't been adequate time for consideration.
Political correspondent @alixculbertson
Wednesday, November 20, 2024, at 4
The UK's most veteran MP has requested a postponement of the assisted dying legislation, arguing that there isn't sufficient time to address its significant complexities.
Members of Parliament will have the opportunity to vote according to their personal views on the legalization of assisted dying on November 29, following the release of the relevant details on November 11.
In a statement to the Commons on Wednesday, Sir Edward Leigh, who holds the distinction of being the longest-serving MP and the Father of the House, expressed his concern by stating, "We have not been given sufficient time to fully explore the vast intricacies of this matter before having to reach a decision."
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The Tory MP, serving since 1983, proposed legislation in parliament that mandates the government to provide guidelines concerning the legal aspects of healthcare workers giving pain management to those with terminal illnesses.
He described the legislation as a strategy to postpone the vote on assisted dying and to ensure voters are better informed. It is scheduled for a second reading on December 6, following the initial vote on the assisted dying bill.
Sir Edward and Diane Abbott, who holds the record as the longest-serving female Member of Parliament, co-authored a letter urging the House of Commons to oppose the assisted dying bill. They argue that the bill has been hastily advanced and poses a threat to the safety of at-risk individuals.
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The bill concerning assisted dying has led to divisions among members of parliament across various parties, with approximately 100 MPs reportedly still on the fence.
Addressing the House of Commons, Sir Edward emphasized the need for an evaluation of effects, specifically concerning the NHS and the judiciary.
Assisted dying would require the approval of two independent physicians confirming a person's eligibility, along with the authorization from a High Court judge.
He stated that it is essential to fully inform the public about the condition of palliative care and the choices available to terminally ill patients before proceeding with a vote.
"He said that a significant motivation for supporting assisted suicide stems from a natural fear of experiencing pain at the end of life."
He mentioned that hospices assist individuals in passing away "as peacefully… as possible" without providing legal medications.
Palliative care nurses have informed him that a patient may receive any amount of morphine they desire without it being lethal.
He mentioned that often nurses, typically in hospital settings, are hesitant to increase the dosage due to concerns about legal repercussions.
"He expressed his wish that should he ever face terminal cancer, he hopes a nurse would administer all the required care without any hesitation," he stated.
Further reading: Government divisions on euthanasia issue
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He has communicated with palliative care professionals and was present when a friend in hospice passed away serenely under the influence of morphine. Despite this, he believes that the general public should be better informed.
He also mentioned that the aging demographic in the UK necessitates additional financial support for end-of-life care services, such as hospices and nursing homes.
Sir Edward mentioned that the upcoming debate on the assisted dying bill in 10 days could serve as a valuable opportunity to explore the issues, potentially leading to a thoughtful and informed decision in the next year or two.
"He emphasized the need to avoid pushing elderly individuals towards assisted suicide due to a lack of resources in the current system. He also mentioned that there is a significant need for more data on this topic."
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Reevaluating Child Safety Online: UK Science Secretary Advocates for Stricter Social Media Regulations and Enhanced Ofcom Oversight
Science Secretary Peter Kyle states all options are being considered in discussions about limiting children's access to social media. He expressed a desire for the media watchdog Ofcom to adopt a more proactive stance in shielding children from detrimental online materials.
Political reporter @tamcohen
Wednesday, November 20, 2024, 6:
The secretary of science has stated that he is open to considering all options regarding the restriction of social media access for children under 16, should technology companies fail to take appropriate actions.
Peter Kyle expressed to Sky News his desire for Ofcom to adopt a "more assertive" stance in addressing extreme misconduct on social media, particularly in instances where teenagers have suffered fatal consequences.
However, activists are pushing for more stringent policies, such as prohibiting smartphones in all schools—a move that the government has not supported, stating that such decisions should be left to the discretion of the school principals.
There has been a push to prohibit social media use for those under the age of 16, a policy that the Australian government has announced it will enact into law, drawing global attention.
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Mr. Kyle expressed his intention to compel social media firms to integrate safety features from the very beginning and mentioned he would contemplate additional actions following the initiation of new studies into how smartphones and social media impact children.
"He emphasized the need for the regulator to take a stronger stance on safeguarding children on the internet," he stated.
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"I'm reluctant to impose outright prohibitions because I believe it's important for individuals to take advantage of the possibilities that contemporary technology offers. However, in instances where there are dangers, I am open to considering all options to ensure public safety."
In 2022, the UK implemented the Online Safety Act, a significant legislation designed to safeguard children and vulnerable individuals from unlawful and damaging content such as violence, explicit materials, and false information.
Beginning next spring, Ofcom will begin exercising its authority over technology firms, implementing penalties and potentially incarcerating executives who do not safeguard minors.
However, specialist organizations and advocacy groups representing parents are pressing the government for more extensive action.
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"Challenging for children to manage smartphone usage"
Dr. Rebecca Foljambe, a general practitioner and founder of Health Professionals for Safer Screens, expressed her exasperation to Sky News, saying, "I'm really frustrated. We certainly have ample evidence to provide to Peter Kyle, should he wish to review it.
"Current data strongly indicates that one out of every four children exhibits behavior akin to addiction when it comes to smartphone usage. They struggle to manage their usage and it often interferes with activities they would normally find pleasurable."
People who frequently use their smartphones in problematic ways are three times more susceptible to experiencing symptoms of anxiety and depression.
"Studies have shown a correlation between high usage of electronic devices and an increase in symptoms of eating disorders, as well as a greater inclination among children to consider cosmetic surgery."
"Call for Enhanced Internet Safety Regulations"
The Molly Rose Foundation, established in honor of teenager Molly Russell who died by suicide, praised Mr. Kyle's efforts to ensure "regulation does not disappoint," but emphasized the need for new and more robust online safety legislation.
The organization Smartphone Free Childhood, which was established by parents advocating for limited smartphone access for kids, has amassed a membership of 150,000.
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Mr. Kyle is contemplating endorsing a bill initiated by Labour MP Josh MacAlister, which proposes stricter controls on children's access to social media.
Ex-educator Mr. MacAlister is advocating for an increase in the minimum age at which social media platforms are permitted to collect data from users—from the current 13 years to 16 years. He aims to curb the exposure of young individuals to potentially damaging or addictive material through algorithmic targeting.
He suggests that firms need to create specialized products for those under 16 years old, and he is alarmed by statistics indicating that a typical 12-year-old logs 21 hours a week on the internet.
Further reading: MP withdraws proposal, so no legal ban on smartphones in schools. Bereaved families urge Ofcom to take stronger action on social media content.
Mr. Kyle mentioned that updating the scientific data would require a six-month timeframe. He stated, "I must review the evidence to determine its effectiveness and the behavioral changes it can induce that we desire.
"I believe there's an addictive element involved, although I'm not yet clear on the specifics to determine appropriate policy interventions."
"I find it extremely aggravating that there are significant omissions in the available evidence."
"Adding to the irritation, the firms manufacturing these items are not funding their own research."
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Nadine Dorries Shares Heartbreaking Impact of Childhood Abuse and Regrets Over Silence with Late Husband
Nadine Dorries shares her experience of abuse by a Church of England vicar
The ex-culture secretary expresses her deepest regret over not having spoken to her late husband about her ordeal before his passing.
Political journalist @Journoamrogers
Wednesday, November 20, 2024, at 9
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Ex-Tory MP Nadine Dorries has disclosed that suffering abuse in her childhood "destroyed" her life.
The ex-Culture Secretary recently disclosed that she was mistreated by a vicar from the Church of England at the age of nine.
In a recent article for the Daily Mail, Ms. Dorries revealed that it was not until her 50s that she started to process the abuse she experienced.
During her interview on the Politics Hub with Sophy Ridge, she disclosed that it remains a difficult topic for her to discuss.
"It destroys your life," she stated. "I believe it has destroyed mine."
Ms. Dorries expressed that her greatest regret was not sharing her experiences of abuse with her husband, Paul, who passed away from bowel cancer in June 2019.
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"She expressed her deep regret over never having shared her feelings with her husband. 'Never,' she reiterated."
"He's no longer here, and I don't have the opportunity to talk to him about it. That, to me, is the deepest sorrow."
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Ms. Dorries revealed that she has not spoken about the abuse she endured with her three grown daughters, though they know about the incidents.
She shared with Ridge that her youngest daughter motivated her to speak and write more about her personal experiences.
"I told her, 'I can't, I just don't enjoy it'. And she replied, 'there's no shame in that'."
The ex-minister of culture, also an author of various novels and non-fiction works, penned her piece following Justin Welby's departure as the Archbishop of Canterbury, which occurred after a critical report revealed that the Church of England concealed sexual misconduct by a lawyer.
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Last week saw the release of the Makin review, an independent investigation into the abuses committed by John Smyth against children and young men.
It is reported that Smyth inflicted severe physical, sexual, psychological, and spiritual abuse on up to 130 boys and young men in the UK and Africa, leaving lasting scars on their lives.
The findings suggested that justice could have been served if Mr. Welby had officially informed the police shortly after his appointment as archbishop 11 years prior. Smyth passed away at the age of 75 in Cape Town in 2018, at a time when he was still being investigated by Hampshire Police.
Discover more: Britain's most longstanding MP urges postponement of assisted dying legislation vote. Rayner slams 'fear tactics' regarding changes to inheritance tax.
In announcing his resignation, Mr. Welby stated, “The Makin Review has revealed a longstanding conspiracy of silence regarding the atrocious abuse committed by John Smyth.”
"In 2013, when I was made aware and understood that the authorities had been alerted, I mistakenly assumed that a suitable resolution would ensue.
"It's evident that I need to accept both personal and organizational accountability for the extended and re-traumatizing span from 2013 to 2024."
The complete interview featuring Nadine Dorries will be broadcast on the Politics Hub this Thursday at 7pm.
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Rising Public Sector Pay and Increased Debt Interest Push UK Government Borrowing to Near Record Levels
Government borrowing increases due to public sector salary hikes
The gap between government revenue and expenditure has not been this large since 2020, the year of the pandemic when the furlough program was active.
Business and finance journalist @taaffems
Thursday, November 21, 2024, 12:
Last month saw government borrowing climb to £17.4 billion, marking it as the second highest October on record, according to official data.
Experts had forecasted that borrowing would reach £13.3 billion.
The Office for National Statistics (ONS) reported that public sector net borrowing increased by £1.6 billion compared to the same month the previous year.
Data indicated that interest on the central government's debt climbed to £9.1 billion for the month, marking the highest October total ever recorded.
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Jessica Barnaby, the Deputy Director for Public Sector Finances at the ONS, stated, "This month's borrowing reached the second highest level for October since we started keeping monthly records in January 1993.
Despite a reduction in the primary rates of national insurance earlier in 2024, overall revenue increased compared to the previous year.
"Nonetheless, expenditures have outpaced revenues due to increased spending on public services, benefits, and debt interest costs compared to the previous year."
The difference between government revenue and expenditures hasn't been this substantial since 2020, the year marked by the pandemic and the implementation of the furlough program.
Increased interest rates have led to higher costs for government borrowing as the US election approached.
Doubts about who would emerge as the next U.S. president and the contents of the upcoming budget announcement increased the interest rate the UK had to offer on its government bonds, which are securities issued to gather financial resources.
Last month saw the implementation of several salary increases for public sector workers, introduced by the newly elected Labour administration.
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The ONS noted that another element driving this was the rate at which expenditures on public services and benefits outpaced the growth in tax revenues.
Tax income increased even with reductions in national insurance, though not at the pace of expenditures.
This development may be disappointing for Chancellor Rachel Reeves, who has pledged to cut down debt, stabilize the economy's core, and boost expenditure.
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This is the initial announcement regarding public sector finance following her budget release in October.
According to forecasts from the independent Office for Budget Responsibility (OBR), government expenditures are expected to increase, with projections suggesting a rise of approximately £70 billion in spending over the coming five years.
Expressed as a ratio to GDP, which accounts for all economic production, debt reached levels comparable to those of the 1960s.
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EU Allocates €700,000 to Aid 632 Displaced Workers in Belgium’s Struggling Machinery and Paper Sectors
European Union to Provide €700,000 in Aid for 632 Laid-off Workers in Belgium
The European Union has announced a financial aid package totaling €700,000 to assist 632 employees who were recently laid off from the Purmo and Sappi machinery and paper companies in Belgium.
On Thursday, the European Parliament's Budget Committee gave the green light to Belgium's application for €704,135 in financial assistance from the European Globalisation Adjustment Fund for Displaced Workers (EGF). This funding is earmarked to assist 632 former employees of the machinery and paper companies Purmo and Sappi, located in Limburg, a region in Flanders. Members of the European Parliament highlighted that the affected workers face significant challenges in finding new employment, as a third of them are 55 years old or older, and 30% have limited educational qualifications.
Sappi Lanaken and Purmo Group have been forced to let go of workers as a result of decreased demand for their offerings and economic difficulties. The Sappi Lanaken facility shut down operations because the rise of digital technology has lowered the demand for wood-free coated paper, and altering production methods proved too expensive. Meanwhile, Purmo Group's Zonhoven site stopped its operations following a significant 60% decline in the demand for panel radiators, coupled with increased operational expenses and adverse market conditions, which were impacted by the conflict in Ukraine and European Union regulations that support other heating solutions.
The funding from the EGF is set to cover expenses related to counseling, career guidance, job search support, and training in vocational, digital, and language skills. The overall projected cost for these initiatives stands at €1.2 million, with the EGF contributing 60% (€700,000) and the Flemish Employment and Vocational Training Service (VDAB) providing the remaining 40% (€500,000).
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The preliminary document prepared by Matjaž Nemec, a member of the Socialists and Democrats from Slovenia, which advises Parliament to endorse the assistance, received 29 votes in favor, with one vote against and no abstentions. The full Parliament is anticipated to give its approval at the plenary session scheduled for December 16-19 in Strasbourg.
Context
According to the EGF regulation for the years 2021 to 2027, the Fund provides assistance to workers and self-employed individuals who have been forced out of their jobs due to unforeseen significant restructuring events. Since its inception in 2007, the EGF has distributed €696 million across 180 instances, aiding over 169,000 individuals in 20 different Member States. The initiatives backed by the EGF are designed to supplement national efforts in active labor market strategies.
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Politics
EU Approves €700,000 Aid Package for 632 Displaced Workers in Belgium’s Machinery and Paper Industries
EU Allocates €700,000 to Assist 632 Laid-Off Workers in Belgium
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A total of 632 former employees from the machinery and paper companies Purmo and Sappi in Belgium are set to benefit from €700,000 in financial support provided by the European Union.
On Thursday, the Budgets Committee gave the green light to Belgium's application for €704,135 in financial assistance from the European Globalisation Adjustment Fund for Displaced Workers (EGF). This funding aims to aid 632 ex-employees from the machinery and paper companies Purmo and Sappi, located in Limburg, a province in the Flemish region. Members of the European Parliament highlighted that a significant portion of these displaced workers face major employment challenges, with one-third being 55 years or older and 30% having limited educational backgrounds.
Sappi Lanaken and Purmo Group faced the difficult decision to let go of workers as a result of reduced demand for their goods and economic hurdles. Sappi Lanaken shut down its facility because digital advancements lessened the necessity for woodfree coated paper, and changing production methods proved too expensive. Meanwhile, Purmo Group halted operations at its Zonhoven site after experiencing a 60% decline in the demand for panel radiators, coupled with increased operational expenses and challenging market conditions exacerbated by the conflict in Ukraine and European Union policies that support alternative heating solutions.
The financial support from the EGF will be allocated to cover expenses related to counseling, career guidance, job hunting support, and training in various skills such as vocational, digital, and language abilities. The overall budget for these initiatives is projected to be €1.2 million, with the EGF contributing 60% (€700,000) and the Flemish Employment and Vocational Training Service (VDAB) providing the other 40% (€500,000).
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A preliminary report authored by Matjaž Nemec, a member of the Socialists and Democrats from Slovenia, which suggests that Parliament endorse the assistance, received strong backing with 29 votes in favor, one against, and no members abstaining. The full Parliament is anticipated to give its approval at the plenary session scheduled for December 16-19 in Strasbourg.
Context
According to the EGF regulation for the period 2021-2027, the Fund offers assistance to workers who have been laid off and self-employed individuals who have lost their jobs because of unforeseen large-scale restructuring events. Since its inception in 2007, the EGF has distributed €696 million across 180 cases, aiding over 169,000 individuals across 20 member countries. The initiatives backed by the EGF are intended to enhance national efforts aimed at active labor market participation.
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Europe’s Path to Prosperity: EP President Metsola Advocates for Innovation and Competitiveness at Paris Business Forum
Europe's Future Holds Promise
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During the 6th Trilateral Business Forum held in Paris, the President of the European Parliament, Metsola, emphasized that enhancing economic productivity is fundamental to increasing Europe's competitive edge.
The Sixth Three-Party Business Forum
Speech Delivered by Roberta Metsola, President of the European Parliament
Paris, 21 November 2024
Mr. Patrick Martin, the President of MEDEF,
President of Confindustria, Mr. Emanuele Orsini,
CEO of the BDI, Ms. Tanja Gönner,
Dear Minister Tajani, esteemed Antonio,
Attendees and contributors of this Three-Nation Business Summit,
I appreciate the chance to speak with you today. I want to emphasize the significance of these dialogues between the European Parliament and the European industry. Especially as we embark on a new legislative period, these discussions are crucial in helping us identify what is effective, what isn't, and, most importantly, the direction we should take moving forward.
We find ourselves in a challenging context as we gather. This marks the fourth winter since Russia initiated its invasion of Ukraine. Meanwhile, isolationist policies are gaining appeal, geopolitical tensions are worsening, and technology is progressing at a swift pace. Additionally, there is a transformation in how major global economies view their industries compared to ours, placing immense strain on Europe's global position. It is crucial that we remain proactive and resist being marginalized.
Action is essential. This requires not only a strategy for the economy but also a political commitment to learning, adapting, and making reforms.
The most prosperous times for Europe are still to come.
Distinguished Guests,
While I typically lean towards optimism, today I am addressing you with a dose of realism. We are aware of the obstacles we face and understand what needs to be done. Our task now is to discover the best way to achieve our goals.
I mention this to set the stage for what I believe should be our main emphasis during the upcoming legislative period. Let me clarify, there is no one more supportive of Europe than the current President of the European Parliament. However, I believe that engaging in some self-reflection, being more attentive, and adjusting our direction when necessary, is exactly what will fortify our European initiative in the long run and aid us in reclaiming our competitive advantage.
When discussing ways to enhance Europe's competitive edge, we must begin with productivity. In the last ten years, labor productivity in Europe has seen an annual increase of only 0.8%. This figure serves as more than just a number; it is an urgent reminder. As the population ages and the workforce diminishes annually, enhancing productivity becomes essential. This holds true even as we allocate resources to retraining and upgrading the skills of our workforce.
The solution to bridging this divide is rooted in fostering innovation, achieving consistency, and securing profitability for our businesses. This approach is crucial for regaining what has been lost. By speeding up our digital transformation and pouring resources into vital areas such as clean technology, pharmaceuticals, transportation, and semiconductors, we can stimulate sustainable development and safeguard the future of our industries.
For European industry to succeed, a supportive environment and well-structured framework are crucial. This entails intelligent and efficient regulation, emphasizing consistent enforcement and reliability rather than frequently changing objectives.
Frequently, we observe that policies created with good intentions end up inadvertently hindering advancement. The cumbersome, overwhelming, and constantly shifting requirements for reporting or compliance tend to impact our small businesses and microenterprises the most.
My goal is for the European Union to earn a reputation for its effective regulatory measures, moving away from the excessive bureaucracy that is still prevalent. The European Parliament, as a co-legislator, is crucial in establishing a regulatory framework that is both straightforward and consistent, as well as accelerating the process for obtaining funding.
As candidates for the European Parliament elections, we realized the necessity for rules that are more intelligent, efficient, and predictable. We will also require your assistance in communicating with the other parties involved, such as the Council, the Minister, and the Heads of Governments, when it comes to making decisions about the legislative tools we have discussed.
In the last fortnight, we've conducted hearings for Commissioner-designates with the objective of establishing a new Commission by December 1st. Although the process was challenging, we are set to meet our planned timeline, just as we did five and ten years ago. We are neither behind schedule nor ahead; we are right on track. The purpose of evaluating these candidates is to ensure that our agendas and initiatives are carried out effectively.
It is clear that the expenses associated with energy are a significant barrier. This issue is a vital component that we need to address. Companies within the European Union are confronted with electricity prices that can be as much as three times higher than those in other parts of the world. This situation leads to increased production costs, reduced profit margins, and hampers competitiveness. In the short term, it's crucial to expand our energy sources through dependable partnerships, while ensuring that we also maintain a consistent and trustworthy approach.
The developments on the other side of the Atlantic have increased the urgency to address this issue promptly.
In my opinion, discussions about energy should go beyond mere advancement; they should focus on integration. Creating a completely linked European electricity market might lower the need for investments in storage and backup power by approximately 20 to 30 percent. By implementing shared policies, such as the EU electricity market reform approved by the European Parliament this year, we can establish a system that benefits everyone. This represents genuine strategic independence.
Naturally, financial backing is crucial for any of this to take place. The European Union's Multiannual Financial Framework is set to conclude in 2027. This presents a significant chance to create a contemporary budget that is adaptable, capable of addressing emergencies, and in sync with necessary investments. The European Parliament, holding budgetary authority, will also contribute to this effort.
While public financing can help us significantly, it won't cover all our needs. Therefore, finalizing the Savings and Investments Union is crucial. This initiative is essential to encourage businesses to remain in Europe and expand their operations here.
The methods by which we can encourage private investors to fund our key initiatives and simplify the process for the public sector to secure its portion of the financing.
Permit me to briefly address the issue of market fragmentation.
In essence, it acts as our greatest adversary. Its effects are evident in sectors such as energy, banking, and capital markets. Additionally, its impact is noticeable in industries such as telecommunications and defense.
In the previous year, we marked three decades since the establishment of our Single Market. Though hurdles and difficulties have consistently arisen, the true measure of its success lies in its capacity to keep evolving. It remains essential for us to ensure that the Single Market fulfills its commitments.
With the right political determination, I firmly believe it is achievable. This urgency stems from the fact that our time is quickly dwindling.
Esteemed Guests,
The European Parliament welcomes change with open arms. We do so because we recognize the duty we have to not only Europe's economy but also to each individual who depends on it.
I would like to guarantee that over the next five years, the European Parliament will remain dedicated to building a Europe that benefits its entrepreneurs, its industrial sectors, its households, its manufacturing plants, and its agricultural community.
A Europe that safeguards its own interests, promotes economic development, and maintains stability. A Europe prepared to tackle current challenges and ready to face future uncertainties.
I appreciate it.
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Politics
European Parliament Gears Up for November Plenary: Key Briefing Details and Media Guidelines
Media Update on Upcoming Plenary Session
Spread the Word:
Representatives from Parliament and various political groups are scheduled to provide a media briefing regarding the plenary session set for November 25th to 28th. This briefing will take place on Friday at 11:00 a.m. in the Anna Politkovskaya press room within Parliament.
Date and Time: Friday, November 22nd at 11
Location: Anna Politkovskaya press room in Brussels, accessible also through Interactio.
Important subjects to focus on in the upcoming week
Translation services for the press briefing will be offered in both English and French.
Reporters who want to engage and pose questions should join through Interactio by clicking on this link: https://ep.interactio.eu/uw5m-71vf-mi2k
Starting at 11:00 on Friday, you can watch it live either in the Anna Politkovskaya press room at Parliament or through Parliament's online streaming service and EbS.
Details for Journalists – Utilize Interactio to Submit Inquiries
Interactio is compatible exclusively with iPads using Safari and computers running either Mac or Windows operating systems that utilize Google Chrome.
Upon logging in, provide your name along with the media organization you represent in the first name and last name sections.
To enhance audio clarity, it's recommended to utilize headphones along with a microphone. Video is required for any interventions to be interpreted.
Reporters unfamiliar with Interactio are requested to log in 30 minutes prior to the press conference to conduct a connection check. Technical support will be available if needed.
After establishing a connection, click on the chat window located in the top right corner to view service notifications.
To find out more, refer to the connection instructions and advice for speakers participating remotely.
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Politics
Retail on the Brink: Surge in Brazen Shoplifting Threatens UK Storefronts and Worker Safety
'Assistance required': Employees state rampant theft following a spike in bold robberies
A joint survey by Sky News and the Association of Convenience Stores reveals recent data indicating that 80% of store owners experienced retail crime in the past week.
Political and human interest reporter @NickMartinSKY
Wednesday, November 20, 2024, at 9
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A lady nonchalantly enters a small shop and begins loading a bread basket with items from a shelf.
A store clerk attempts to intervene, but she dismissively brushes him aside and continues. Having filled the crate with goods, she exits the store without making a purchase.
Every day across the UK, retailers are raising alarms, describing the dramatic rise in shoplifting as "out of control."
I'm stationed in the surveillance room of a bustling downtown retail store, observing as a young student enters and casually pockets a sandwich, tucking it away into his coat.
Shop employee Anton Mavroianu stands by the main entrance, keeping an eye out for the young person to exit.
As the boy departs, Anton insists on retrieving the item. Rather than showing signs of panic upon being discovered, the boy chuckles and casually strolls away.
"Attempting to halt their progress is all that's within our power," Anton confides. "However, for us, it's simply business as usual."
Several weeks prior, Anton attempted to apprehend a thief pilfering items from the shop, at which point the individual brandished a knife and made an aggressive move towards him.
This alarming event highlights the serious risks faced by store employees as they attempt to curb the increasing wave of bold shoplifting incidents.
The number of shoplifting incidents reported to law enforcement in England and Wales has reached its highest point in two decades.
According to the British Retail Consortium (BRC), the retail industry suffers significant financial losses due to theft every year, exacerbating the challenges it faces amid economic instability and the ongoing recovery from the pandemic.
Persistent theft poses a serious threat to the survival of small businesses, which do not have the resources that larger chains possess.
Explore further on retail theft: How a surge of shoplifters is driving up crime rates. Co-op faces almost £40m in losses due to theft and fraud over half a year.
Ricky Dougall, who operates a series of convenience stores, reports that thefts led to approximately £100,000 in losses for his business last year.
"Shoplifting significantly hampers our ability to expand the business."
"Individuals enter and take what they want as if it belongs to them, and when you contact law enforcement, they often fail to respond."
Mr. Dougall points out that a significant issue lies in the categorization of this crime.
In 2016, the sentencing rules for thefts below £200, often referred to as "low level shoplifting", were loosened. This change is now being cited as a reason for the increase in such incidents.
A joint survey by Sky News and the Association of Convenience Stores reveals that 80% of store owners experienced a criminal incident in their shops during a week in October.
The survey revealed that a significant 94% of store owners report an increase in shoplifting incidents over the past year, and 83% express doubt about police responsiveness in addressing retail crimes at their locations.
Paul Cheema of the Association of Convenience Stores mentions that retailers are seeking assistance from the government.
"He expressed to me that he believes officials are indifferent to the plight of retailers," he said. "The financial losses are substantial, and I doubt we can endure this much longer."
"I strongly encourage Keir Starmer to visit us and personally observe the difficulties we are encountering."
In response, retailers are significantly increasing their investments in security, including upgrading their surveillance technology and expanding their security personnel.
However, these financial commitments frequently result in increased costs, which are typically transferred to the customers in the form of raised prices.
For further details, visit Sky News: Moscow reports that Ukraine has launched an assault using American long-range missiles. Meanwhile, Xi Jinping informs Biden that China is 'prepared to collaborate' with Trump.
Stay informed with the most recent updates from the UK and globally by tuning into Sky News.
In conversation with Matt Roberts, the retail manager at the store, he expresses his concerns about shoplifting, but he is even more concerned about the wellbeing of his employees.
He suggests, "I believe they likely fear going to their job, constantly on edge, anxious about whether today will bring an incident or if they might have to face someone."
"The situation is dreadful. It has spiraled beyond our control and we urgently require assistance."
The administration has recognized the critical nature of the problem. Discussions led by the Home Secretary involving retail groups and police forces are currently taking place to develop a detailed plan.
In the monarch's address, the administration presented specifics of a Crime and Policing Bill, which vowed to "implement more stringent actions to combat minor instances of shoplifting" and to establish a distinct crime for attacking a retail employee.
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Politics
Winter Fuel Cuts May Push 100,000 More Pensioners into Poverty by 2027, Reveals Government Data
Potential Impact of Winter Fuel Reduction: Government Projections Indicate Up to 100,000 More Pensioners May Face Poverty by 2027
Today, the Work and Pensions Secretary Liz Kendall released data indicating a significant rise in pensioner poverty if current policies remain unchanged. The projections, which are approximate and rounded to the nearest 50,000, highlight potential future challenges without further policy intervention.
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Tuesday, November 19, 2024, 22:
Projections from the Department for Work and Pensions suggest that by 2027, an additional 100,000 retirees may face poverty following the government's move to eliminate the winter fuel allowance.
Labour's move to end the blanket £300 payment for all senior citizens, opting instead to target it towards those receiving specific benefits, faced significant backlash following its announcement during the summer.
Until this point, there had been no release of an impact assessment regarding the plans.
Latest in Politics: Farmers Caught Smiling Behind the Minister
Following a request from the Work and Pensions Select Committee, Secretary for Work and Pensions Liz Kendall has released the previously undisclosed information to the public.
Projections indicate that an additional 50,000 retirees may experience "relative poverty after housing costs" by the end of the fiscal year 2025, with a similar increase expected the following year, and a doubling to 100,000 by the end of 2027.
Subsequently, the number decreases to 50,000 individuals in the fiscal year concluding in 2028, and then rises again to 100,000 for the fiscal years concluding in 2029 and 2030.
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Nonetheless, Ms. Kendall's letter contains numerous qualifications and explanations for the figures presented.
The key point to understand is that the figures are not accumulative. This means that by 2030, there won't be an additional 450,000 pensioners living in poverty. Instead, the numbers represent the yearly difference from what would occur if no changes were made.
By 2030, projections suggest that an additional 100,000 retirees might face poverty if the proposed changes are implemented, as opposed to a scenario where no modifications are made.
Further Reading: Are you still qualified to receive winter fuel payments? The number of pension credit applications spikes following reductions in payments.
Additionally, it's important to note that the model's minimum population increment is 50,000, meaning it cannot display numbers between 50,000 and 100,000.
Additionally, it is noted that the model does not account for various governmental measures, such as initiatives aimed at boosting enrollment in pension credit programs.
If an individual is a recipient of pension credit, they will also be eligible for the newly introduced means-tested winter fuel payment. However, the government has noted that a significant number of qualifying pensioners have not yet signed up.
The letter highlights that there has been a 152% increase in applications.
In her letter, Ms. Kendall states: "The choice to means-test winter fuel payments was neither anticipated nor desired by the government. Nonetheless, due to the significant £22bn deficit we encountered, we had to make tough choices to stabilize our finances."
"Considering the critical condition of government finances, it is appropriate to focus our assistance on the most vulnerable, as we proceed with our efforts to repair the basic structures and secure economic stability. This approach not only supports our long-term commitment to aiding pensioners but also enables us to uphold our promise regarding the triple lock."
Today, the Scottish Labour Party announced plans to center its 2026 Holyrood campaign on the promise of comprehensive winter fuel payments, a stance that diverges from the broader UK Labour Party policy.
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A representative from the government stated, "The internal forecasting regarding poverty levels was developed as standard advisory for policy-making. This forecast is prone to various uncertainties and fails to reflect the extensive efforts we are undertaking to boost enrollment in pension credit. Since July, our promotional campaign has successfully achieved a 152% rise in the number of claims filed."
The analysis fails to account for the additional assistance we've implemented for the most vulnerable, including our expansion of the household support fund. Numerous elderly individuals will gain from the £150 warm home discount and the cold weather payments, which are designed to aid with their energy expenses. Furthermore, come April, millions of retirees will see their state pension increase by as much as £470.
Helen Whately, the Conservative shadow secretary for work and pensions, commented, "At last, the barrier has burst, revealing what Labour has always been aware of."
The Labour Party decided to grant significant pay increases, which exceed inflation rates, to satisfy their union backers. As a result, an additional 100,000 elderly individuals are expected to fall into poverty.
"Now that the real effects of their reduction have come to light, it's time for Labour to roll it back."
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Politics
Trump Eyes UK Visit Amid 2024 Election Buzz; PM Starmer Returns from Brazil as Rayner Preps for PMQs
Donald Trump schedules trip to the UK
Wednesday, November 20, 2024 07:01,
🎧Check out the Politics At Jack And Sam's podcast on your favorite podcast platform!🎧
Sky News' assistant political editor Sam Coates and Politico's Jack Blanchard provide a daily rundown of upcoming political events in less than 20 minutes.
Jack is reporting from Washington, where there is still a lot of talk about Trump's recent choices for his cabinet and his plans for the 2024 elections, potentially including a trip to Scotland next year.
Prime Minister Keir Starmer is on his way back from Brazil and will be absent from the upcoming Prime Minister's Questions, with Angela Rayner stepping in to take on the Conservative Party's new team. Who is Alex Burghart, the Conservative representative set to challenge her?
Additionally, Jack and Sam join the conversation on regulating social media and discuss Elon Musk's summons to testify before a special committee.
Reach out to Jack and Sam via WhatsApp at 07511 867 633, or drop them an email at jackandsam@sky.uk.
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