Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Sunday newspaper round-up: Chancellor, Tempest, Revolut

(Sharecast News) - The Chancellor's first day at work saw staffers deliver a blunt summary of the realities facing her department. The biggest surprise was the rapidly growing £4bn annual bill for housing illegal immigrants. Reeves was also told of the inflation-busting public sector pay recommendations from pay review bodies for multiple key sectors, including teachers and NHS staff. The briefings left her infuriated at how the Tories had been playing with the theme of tax cuts despite the presence of a "gaping black hole" in the public finances, a senior government source said. - The Sunday Times The BAE Systems-led Tempest project to develop a next generation fighter jet may work together with a rival scheme on the Continent as part of Keir Starmer's drive to 'reset' relations with the European Union, according to senior executives at Airbus. One area for potential collaboration on new technologies - aside from the new jets - would be on drones. Working together with the EU might also save Starmer money. There has been speculation regarding whether London could afford the Tempest project. - The Financial Mail on Sunday

Several City grandees stand to make millions from what is expected to be the bumper flotation of Revolut on the London Stock Exchange. Regulators granted the fintech outfit a banking license during the previous week which was expected to open the door to a flotation, possibly in 2025, that could value the business at £35bn. The grandees include Michael Sherwood, the former boss of Goldman Sachs International, and Martin Gilbert, the founder of Aberdeen Asset Management. - The Financial Mail on Sunday

The new Chancellor could tap the soaring levels of unearned wealth, to the tune of £10bn per year, if she levied higher taxes, economists at the independent Resolution Foundation argued. In a report published on Sunday, they explained that levels of wealth had increased from four times the national income, when they were last in power, to six times. Britain was a country of enormous "wealth gaps". A family in the top 10th of the income distribution had £1.3m more wealth per adult than one in the middle of the distribution. - Guardian

Tottenham Hotspur is negotiating the possible sale of approximately a 10% stake that would value the football club at as much as £3.75bn, once debt is included. The deal may pave the way for Joe Lewis and his family to cut ties with the club. Financier Amanda Staveley, who organised the takeover of Newscastle United by Saudi Arabia's Public Investment Fund, was understood to be among those who had shown an interest in Tottenham. - The Sunday Times

Share this article

Related Sharecast Articles

Thursday newspaper round-up: Solar panels, OBR, Chevron
(Sharecast News) - California's home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims. All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 - more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for "total losses". - Guardian
Wednesday newspaper round-up: British economy, Heathrow, FOS
(Sharecast News) - The British economy is on course to expand by 1.5% this year after the budget gave a boost to public spending but could be blown off course if Donald Trump goes ahead with threatened tariffs, a leading economic thinktank has warned. In a boost to Rachel Reeves after a bruising month of negative economic figures, the National Institute of Economic and Social Research (NIESR) upped its annual growth prediction from 1.2% to 1.5%. - Guardian
Tuesday newspaper round-up: OpenAI, EVs, gas prices
(Sharecast News) - Elon Musk escalated his feud with OpenAI and its CEO Sam Altman on Monday. The billionaire is leading a consortium of investors that announced it had submitted a bid of $97.4bn for "all assets" of the artificial intelligence company to OpenAI's board of directors. The startup, which operates ChatGPT, has been working to restructure itself away from its original non-profit status. OpenAI also operates a for-profit subsidiary, and Musk's unsolicited offer could complicate the company's plans. The Wall Street Journal first reported the proposed bid. - Guardian
Monday newspaper round-up: Service charge, BP, Heathrow, Elon Musk
(Sharecast News) - An increasingly complex tax system is burdening the government and businesses with hundreds of millions of pounds more in administration costs, Whitehall's spending watchdog has warned. The report by the National Audit Office (NAO) also said "poor levels of service" meant some taxpayers and their representatives were "finding it more difficult to deal with their tax matters and are losing trust in HM Revenue & Customs [HMRC]". - Guardian

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.