Friday’s press continues to be dominated by reaction to Chancellor Rachel Reeves’ first Labour budget for 14 years and perhaps unsurprisingly many of the leading UK publications are unsympathetic.
The most covered aspect appears to be the changes to agricultural inheritance tax. The news from the budget was that previously exempt farms valued at over £1m would be subject to 50% inheritance tax at an effective rate of 20%. Picking up on the story Sky News reports farmers warning the move could have a “catastrophic” impact on family farms. Interestingly the first two names mentioned in the story were Jeremy Clarkson and Kirstie Allsopp. However it did also quote NFU president Tom Bradshaw who suggested the policy “will snatch away” the next generation’s ability to produce British food.
Also jumping on the inheritance tax story was the Mail’s columnist Alex Brummer who didn’t mince his words and called the move the “defining blunder of the Reeves’ budget”. He predicted it could have the unintended consequence of freeing up land for Labour’s housebuilding ambitions as famers looked to exit the sector before being impacted by the tax. Another suggestion was that it could go the same way as George Osborne’s ill-fated ‘pasty tax’, which was quickly dumped in the wake of unanimous opposition from businesses and consumers.
In other news, several titles have picked up on the latest financial results from Amazon. The online giant beat expectations in the third quarter for both sales and profit, according to The Times. Amazon said net income in the quarter to the end of September was up 54.5% to $15.3bn. The report suggested the growth was boosted by a sharp rise in its cloud and online adverting businesses.
Upmarket retailer Harrods is facing calls for a boycott from more than 400 alleged victims of ex-owner Mohamed Al Fayed, according to The Guardian. Three victims of the alleged sexual abuse posed with tote bags with the Harrods logo crossed out during a press conference yesterday held by the Justice for Harrods Survivors Group. Lawyers acting for the group claim to have been approached by 421 women who say they were sexually abused or harassed by Al Fayed when he was Harrods-owner between 1985 and 2010.
For those looking for a longer read. The FT this morning has an extensive profile of Mars chief executive Poul Weihrauch, the apparently “blunt-spoken” Dane who is leading the $35.9bn takeover of Kellanova, formerly known as Kellogg’s. The piece traces his career from starting at Danish chewing gum brand Stimorol, through a spell at Nestle to his joining Mars in 2000. It also zeros in on his commitment to championing the value of sustainable business.
Finally in the most entertaining story this morning The Standard hails Aldi’s social media team and its response to fashion brand Moschino’s celery inspired designer handbag. The bright green Sedano bag features “leaves and branches with wire core” and is a print reference “of a real celery” according to the designer’s website. It retails for the eye-watering price of £3,750. It its inimitable style Aldi have mocked up a price comparison image with the caption Moschino celery bag £3,730, Nature’s pick celery only 75p.
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