Friday newspaper round-up: Income tax, Ineos, Virgin Atlantic

(Sharecast News) - Rachel Reeves is set to abandon a plan to raise income tax in her budget with the chancellor reportedly "ripping up" the main measures in the wake of turmoil in the party. A source told the Guardian that plans to break the manifesto pledge on income tax had been ditched by the prime minister, Keir Starmer, and the chancellor. - Guardian The carmaker owned by the billionaire industrialist Jim Ratcliffe will make hundreds of job cuts across the company's global workforce as his heavily indebted empire comes under increasing pressure. Ineos Automotive did not specify an exact number of losses from its 1,700-strong workforce, saying only that it would shed "several hundred" head office staff across multiple locations, including the UK and parts of Europe. - Guardian

It made pith helmets for young Englishmen heading off to the jungle. It supplies the Royal family and almost every child at a pony club wears its protective headgear. But after 114 years, family-owned riding helmet manufacturer Charles Owen has called time on production in the UK. Dave Derby, the chief executive of the Wrexham-based company, said in a note sent to customers this week that the company would have to cease production in mid-December following a row over its lease. - Telegraph

Households have slashed their energy usage to near record lows as bills soar. Domestic energy use has dropped by an average of 15pc in just a year, according to new figures released by Ed Miliband's officials. It suggests families and pensioners have cut back on things like heating, bathing and cooking. About a third of the decline was attributed to warm weather between April and June this year, meaning there was less need for things like heating. However, the Department for Energy Security and Net Zero said energy usage was still "near historic lows" when adjusted for changes in temperature and seasonality. - Telegraph

Virgin Atlantic has struck a deal with the US investment firm Apollo Global Management to borrow $745 million against the value of its landing slots at Heathrow Airport, using the extra cash to revamp its fleet of aircraft. The airline, which counts Britain's busiest airport as its primary hub, intends to use the additional funds to pay down debt, upgrade aircraft cabins and finance free on-board wifi, powered by Elon Musk's satellite venture Starlink. - The Times