Media Bites 6 December: PM speech, M&S, Christmas veg pricing, US tariffs

The headlines are dominated by response to Keir Starmer’s speech making six pledges yesterday. The BBC has had an exclusive interview with the Prime Minister who has told the organisation it is not his “plan” to have any more tax rises before the next election - but says he could not rule them out in the event of “unforeseen” circumstances. Meanwhile The Telegraph has focuses on how Starmer has watered down two of his key election pledges on Thursday amid signs that the economy was struggling in the wake of the budget. The two pledges include the promise to make energy supply 95 per cent low-carbon by 2030 – down from the 100 per cent originally announced and a vow to secure the highest economic growth in the G7 has now become an “aim”, with the promise to deliver it before the next election also appearing to have been dropped. 

Marks & Spencer has been given the green light by Angela Raynor to demolish its flagship Oxford Street store, ending a fierce three-year planning battle over the art deco building, reports The Guardian.   

The Guardian reports that the Christmas vegetable price war “comes at a cost” for British growers. The article says that while consumers have benefited from the discounts, questions are being raised about the toll those prices have taken on farmers and whether it has warped perceptions about the fair cost of growing vegetables. 

Jonathan Reynolds, business secretary has said that Britain’s balanced trade with the US should reduce the risk that Donald Trump slaps fresh tariffs on its products, says the Financial Times.  The incoming US president has threatened to impose higher tariffs on all imports, leaving its trading partners across the world to consider how they would respond if hit. Even if Trump did hit the UK with fresh tariffs, the government would think very carefully about retaliating, Reynolds added: “In this country there’s no political constituency for protectionism.”

The UK’s largest 40 taxpaying estates paid an average of £9.2mn in inheritance tax in 2021-22, according to figures released under the freedom of information act, seen by the Financial Times. This comes as the row over new farming inheritance tax rules continues to rumble on. The data revealed that the top 40 estates had an average net asset value of £42.4mn, meaning that their average effective tax rate was around 22 per cent.

The former boss of Boohoo, who stepped down in October, is understood to have cited stalking and surveillance concerns as reasons for his exit, reports The Times. He has alleged stalking and “corporate espionage” targeted at several of the retailer’s executives.