CINXE.COM

Tax

<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>Tax</title><meta name="description" content="Get the latest news, analysis and opinion on Tax"/><link rel="canonical" href="https://www.ft.com/tax"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"http://www.ft.com"}</script><meta property="fb:pages" content="8860325749"/><meta property="twitter:site" content="@FinancialTimes"/><meta property="image:altText" content="Elderly British tourists relaxing on the beach in Spain"/><meta property="image:width" content="2054"/><meta property="image:url" content="https://d1e00ek4ebabms.cloudfront.net/production/d5a9fdd0-008d-4295-a58e-645ffa62a105.jpg"/><meta property="image:height" content="1155"/><meta property="metaSuffixText"/><meta property="standfirst" content="Budget measure allows anyone staying abroad for 10 years to avoid death duties on global wealth "/><meta property="metaAltLink"/><meta property="relativeUrl" content="/content/91865463-4b93-448c-95bb-8525ccb1016e"/><meta property="type" content="article"/><meta property="indicators:isExclusive"/><meta property="indicators:accessLevel" content="subscribed"/><meta property="indicators:isOpinion"/><meta property="indicators:isEditorsChoice"/><meta property="indicators:isColumn"/><meta property="indicators:isScoop"/><meta property="title" content="Brits retiring abroad could avoid UK inheritance tax under new loophole"/><meta property="url" content="https://www.ft.com/content/91865463-4b93-448c-95bb-8525ccb1016e"/><meta property="metaPrefixText"/><meta property="headshot"/><meta property="id" content="91865463-4b93-448c-95bb-8525ccb1016e"/><meta property="publishedDate" content="2024-11-23T09:58:11.377Z"/><meta property="firstPublishedDate" content="2024-11-23T05:01:01.366Z"/><meta property="metaLink:predicate" content="http://www.ft.com/ontology/hasDisplayTag"/><meta property="metaLink:prefLabel" content="UK tax"/><meta property="metaLink:isDisplayTag"/><meta property="metaLink:id" content="9c56d86c-90e1-4273-9b47-480040261d37"/><meta property="metaLink:type" content="TOPIC"/><meta property="metaLink:relativeUrl" content="/uk-tax"/><meta property="metaLink:url" content="https://www.ft.com/uk-tax"/><meta property="parentTheme"/><meta property="altStandfirst"/><meta property="openGraph:twitter:card" content="summary_large_image"/><meta property="openGraph:og:title" content="Brits retiring abroad could avoid UK inheritance tax under new loophole"/><meta property="openGraph:og:description"/><meta property="openGraph:og:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fopen-graph%2Fft-v1.jpg?source=next-opengraph&amp;fit=scale-down&amp;width=900"/><meta property="openGraph:og:url" content="https://www.ft.com/content/91865463-4b93-448c-95bb-8525ccb1016e"/><meta property="openGraph:og:type" content="article"/><meta property="openGraph:article:published_time" content="2024-11-23T05:01:01.366Z"/><meta property="openGraph:article:modified_time" content="2024-11-23T09:58:11.377Z"/><meta name="apple-itunes-app" content="app-id=1200842933, app-argument=https://www.ft.com/tax"/><link rel="icon" type="image/svg+xml" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&amp;format=svg"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&amp;format=png&amp;width=32&amp;height=32" sizes="32x32"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&amp;format=png&amp;width=194&amp;height=194" sizes="194x194"/><link rel="apple-touch-icon" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&amp;format=png&amp;width=180&amp;height=180" sizes="180x180"/><link rel="manifest" href="https://www.ft.com/__assets/creatives/manifest/manifest-v6.json"/><link rel="alternate" type="application/rss+xml" href="https://www.ft.com/tax?format=rss"/><script> !function(e,n,t,i,o,r){function c(e){if("number"!=typeof e)return e;var n=new Date;return new Date(n.getTime()+1e3*e)}var a=4e3,s="xnpe_async_hide";function p(e){return e.reduce((function(e,n){return e[n]=function(){e._.push([n.toString(),arguments])},e}),{_:[]})}function m(e,n,t){var i=t.createElement(n);i.src=e;var o=t.getElementsByTagName(n)[0];return o.parentNode.insertBefore(i,o),i}function u(e){return"[object Date]"===Object.prototype.toString.call(e)}r.target=r.target,r.file_path=r.file_path||r.target+"/js/exponea.min.js",o[n]=p(["anonymize","initialize","identify","update","track","trackLink","trackEnhancedEcommerce","getHtml","showHtml","showBanner","showWebLayer","ping","getAbTest","loadDependency","getRecommendation","reloadWebLayers"]),o[n].notifications=p(["isAvailable","isSubscribed","subscribe","unsubscribe"]),o[n]["snippetVersion"]="v2.3.0",function(e,n,t){e[n]["_"+t]={},e[n]["_"+t].nowFn=Date.now,e[n]["_"+t].snippetStartTime=e[n]["_"+t].nowFn()}(o,n,"performance"),function(e,n,t,i,o,r){e[o]={sdk:e[i],sdkObjectName:i,skipExperiments:!!t.new_experiments,sign:t.token+"/"+(r.exec(n.cookie)||["","new"])[1],path:t.target}}(o,e,r,n,i,RegExp("__exponea_etc__"+"=([\w-]+)")),function(e,n,t){m(e.file_path,n,t)}(r,t,e),function(e,n,t,i,o,r,p){if(e.new_experiments){!0===e.new_experiments&&(e.new_experiments={});var f,l=e.new_experiments.hide_class||s,_=e.new_experiments.timeout||a,d=encodeURIComponent(r.location.href.split("#")[0]);e.cookies&&e.cookies.expires&&("number"==typeof e.cookies.expires||u(e.cookies.expires)?f=c(e.cookies.expires):e.cookies.expires.tracking&&("number"==typeof e.cookies.expires.tracking||u(e.cookies.expires.tracking))&&(f=c(e.cookies.expires.tracking))),f&&f<new Date&&(f=void 0);var x=e.target+"/webxp/"+n+"/"+r[t].sign+"/modifications.min.js?http-referer="+d+"&timeout="+_+"ms"+(f?"&cookie-expires="+Math.floor(f.getTime()/1e3):"");"sync"===e.new_experiments.mode&&r.localStorage.getItem("__exponea__sync_modifications__")?function(e,n,t,i,o){t[o][n]="<"+n+' src="'+e+'"></'+n+">",i.writeln(t[o][n]),i.writeln("<"+n+">!"+o+".init && document.writeln("+o+"."+n+'.replace("/'+n+'/", "/'+n+'-async/").replace("><", " async><"))</'+n+">")}(x,n,r,p,t):function(e,n,t,i,o,r,c,a){r.documentElement.classList.add(e);var s=m(t,i,r);function p(){o[a].init||m(t.replace("/"+i+"/","/"+i+"-async/"),i,r)}function u(){r.documentElement.classList.remove(e)}s.onload=p,s.onerror=p,o.setTimeout(u,n),o[c]._revealPage=u}(l,_,x,n,r,p,o,t)}}(r,t,i,0,n,o,e),function(e,n,t){e[n].start=function(i){i&&Object.keys(i).forEach((function(e){return t[e]=i[e]})),e[n].initialize(t)}}(o,n,r)}(document,"exponea","script","webxpClient",window,{ target: 'https://bloomreach.ft.com', token: 'd6e5bd4c-9228-11eb-a414-9a67e462410e', }); </script><link rel="preconnect" href="https://spoor-api.ft.com"/><link rel="preconnect" href="https://session-next.ft.com" crossorigin="use-credentials"/><link rel="preconnect" href="https://ads-api.ft.com"/><link rel="preconnect" href="https://securepubads.g.doubleclick.net"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.e95fdf411b11.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8bb60777e746.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.2f6eba7a4de4.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.0f18b62fd99e.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.91c0ae6f7c03.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.2bd3a12fc5b2.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.af838ca85c81.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.2f3b3befc0ad.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.ffae2cfafe36.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.f74f171098cc.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.98fc7b2c5c0b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-session-client.6ee6c033ca44.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.103801e3ac89.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.a461cbc5ea89.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.ab9a050d6406.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.89299101937d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.2b733fdd8c1d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.e23e1f1503bb.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/privacy-components.66551fa7de4f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/superstore.efa85c8c265d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.961a5fd0eb0c.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/js-cookie.d73a14959b97.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.ab24e1752fd8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.249a2d8e27a9.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.2aefa1ace9c1.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://consent-notice.ft.com/cmp.js" type="application/javascript"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&amp;font_name=MetricWeb-Regular&amp;system_code=origami&amp;version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&amp;font_name=MetricWeb-Semibold&amp;system_code=origami&amp;version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&amp;font_name=FinancierDisplayWeb-Regular&amp;system_code=origami&amp;version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&amp;font_name=FinancierDisplayWeb-Bold&amp;system_code=origami&amp;version=1.12" type="font/woff2" crossorigin="anonymous"/><script id="initial-props" type="application/json"></script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/vendors~page-kit-layout-styles.e3540d819ef5.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/styles.9021600140ca.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.e95fdf411b11.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.8bb60777e746.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.2f6eba7a4de4.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.0f18b62fd99e.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.91c0ae6f7c03.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.2bd3a12fc5b2.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.af838ca85c81.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.2f3b3befc0ad.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.ffae2cfafe36.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.f74f171098cc.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.98fc7b2c5c0b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-session-client.6ee6c033ca44.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.80a1922ff25b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.103801e3ac89.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.02e52d783748.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.a461cbc5ea89.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.ab9a050d6406.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.89299101937d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.2b733fdd8c1d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.e23e1f1503bb.bundle.js","https://www.ft.com/__assets/hashed/page-kit/privacy-components.66551fa7de4f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/superstore.efa85c8c265d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.961a5fd0eb0c.bundle.js","https://www.ft.com/__assets/hashed/page-kit/js-cookie.d73a14959b97.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.ab24e1752fd8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.249a2d8e27a9.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.2aefa1ace9c1.bundle.js","https://consent-notice.ft.com/cmp.js"]}</script><script>;(function () { var doc = document.documentElement var isEnhanced = isEnhancedBrowser() var scriptsConfig = getScriptsConfig() var scriptsToLoad = [] var currentScript = document.scripts[document.scripts.length - 1] doc.className = doc.className.replace('no-js', 'js') if (isEnhanced) { doc.className = doc.className.replace('core', 'enhanced') Array.prototype.push.apply(scriptsToLoad, scriptsConfig.enhanced) } else { Array.prototype.push.apply(scriptsToLoad, scriptsConfig.core) } for (var i = 0, len = scriptsToLoad.length; i < len; i++) { loadScript(scriptsToLoad[i]) } function scriptLoadError(error) { var script = error.target ? error.target.src : null if (script) { console.error('The script ' + script + ' failed to load') // eslint-disable-line no-console } if (/enhanced/.test(doc.className)) { console.warn('Script loading failed, reverting to core experience') // eslint-disable-line no-console doc.className = doc.className.replace('enhanced', 'core') } if (scriptsConfig.trackErrors) { addErrorTrackingPixel(script) } } function loadScript(src) { var script = document.createElement('script') script.onerror = scriptLoadError script.async = false script.src = src currentScript.parentNode.insertBefore(script, currentScript) } // "Cut the mustard" test // by Maggie Allen and Matt Hinchliffe November 2018 function isEnhancedBrowser() { var script = document.createElement('script') var input = document.createElement('input') return ( 'visibilityState' in document && // not supported by old Android (4.0-4.4) without a prefix 'indeterminate' in input && // not supported by BB 10 'flex' in doc.style && // not supported by old Safari (< 9) or IE 6-10 'async' in script // not supported by old Opera (Presto engine < 15) ) } function getScriptsConfig() { var scriptsConfigEl = document.getElementById('page-kit-bootstrap-config') var scriptsConfig = { core: [], enhanced: [], trackErrors: false } if (scriptsConfigEl) { try { scriptsConfig = JSON.parse(scriptsConfigEl.innerHTML) } catch (error) { console.error('Bootstrap configuration error', error) // eslint-disable-line no-console } } return scriptsConfig } function addErrorTrackingPixel(script) { var img = new Image() var data = JSON.stringify({ category: 'javascript', action: 'load-error', system: { source: 'page-kit' }, context: { script: script } }) img.src = 'https://spoor-api.ft.com/px.gif?data=' + encodeURIComponent(data) } })() </script><script>(function(w,d,s,l){ w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'}); var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:''; j.async=true; j.src='https://www.googletagmanager.com/gtm.js?id=GTM-NWQJW68'+dl; f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer');</script><script>(function loadCustomFonts() { var rootElement = document.documentElement; if (/(^|\s)o-typography-fonts-loaded=1(;|$)/.test(document.cookie)) { var fontLabels = ['sans', 'sans-bold', 'display', 'display-bold']; for (var i = 0; i < fontLabels.length; i++) { rootElement.className = rootElement.className.replace('o-typography--loading-' + fontLabels[i], ''); } } }());</script></head><body><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-NWQJW68" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="n-layout"><a data-trackable="a11y-skip-to-help" class="n-layout__skip-link" href="https://www.ft.com/accessibility">Accessibility help</a><a data-trackable="a11y-skip-to-navigation" class="n-layout__skip-link" href="#site-navigation">Skip to navigation</a><a data-trackable="a11y-skip-to-content" class="n-layout__skip-link" href="#site-content">Skip to content</a><a data-trackable="a11y-skip-to-footer" class="n-layout__skip-link" href="#site-footer">Skip to footer</a><div class="n-layout__row n-layout__row--header"><div class="n-layout__header-before"><div id="n-exponea-bottom-slot"></div><div class="o-ads o-ads--center o-ads--background o-ads--transition o-ads--reserve-90 above-header-advert" data-o-ads-init="true" data-o-ads-name="leaderboard" data-o-ads-targeting="pos=top" data-o-ads-formats="MediumRectangle" data-o-ads-formats-medium="Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-large="SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-extra="Billboard,SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne"></div></div><header id="site-navigation" class="o-header o-header--simple" data-o-component="o-header" data-o-header--no-js="true" tabindex="-1"><div class="o-header__row o-header__anon" data-trackable="header-anon"><ul class="o-header__anon-list"><li class="o-header__anon-item"><a class="o-header__anon-link" href="/login?location=/tax" data-trackable="Sign In">Sign In</a></li><li class="o-header__anon-item"><a class="o-header__anon-link" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a></li></ul></div><div class="o-header__row o-header__top" data-trackable="header-top"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#o-header-drawer" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" title="Open side navigation menu" data-trackable="drawer-toggle"><span class="o-header__top-link-label">Open side navigation menu</span></a><a href="#o-header-search-primary" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-primary" title="Open search bar" data-trackable="search-toggle"><span class="o-header__top-link-label">Open search bar</span></a></div><div class="o-header__top-column o-header__top-column--center"><a class="o-header__top-logo" style="background-image:none" data-trackable="logo" href="/" title="Go to Financial Times homepage"><svg viewBox="0 0 1054 86"><title>Financial Times</title><path d="M26.177 72.609c0 5.938 1.697 7.295 12.554 7.295v3.732H.9v-3.732c7.464 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.546-7.126-10.01-7.126V1.357h63.448l.34 22.563h-3.054C59.937 6.956 55.696 5.43 39.919 5.43H26.008v33.59h11.196c10.688 0 11.367-1.697 12.215-10.179h3.054v24.599h-3.054c-.848-8.482-1.527-10.01-12.215-10.01H26.008v29.18h.17zm46.314 11.027v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732H72.49zm115.36 1.357l-56.323-69.725V72.44c0 6.617 4.58 7.634 12.385 7.634v3.733h-29.858v-3.733c7.803 0 12.045-1.017 12.045-7.634V8.991c-3.563-3.732-6.108-3.902-12.045-3.902V1.357h26.465l43.09 55.475V12.554c0-6.616-4.58-7.634-12.384-7.634V1.357h30.027V5.09c-7.803 0-12.045 1.018-12.045 7.635v72.27h-1.357zm40.207-1.357h-29.689v-3.732c7.804 0 11.367-1.018 13.911-7.804L239.085.509h7.464l28.84 72.1c2.545 6.447 3.732 7.125 9.67 7.125v3.732h-34.438v-3.732c10.518 0 11.536-.848 8.99-7.125l-8.481-21.884h-25.787L217.71 71.93c-2.375 6.447 1.357 7.804 10.518 7.804v3.902h-.17zm-1.188-37.153h22.393l-11.705-29.518-10.688 29.518zm135.548 38.51l-56.153-69.725V72.44c0 6.617 4.58 7.634 12.384 7.634v3.733h-29.18v-3.733c7.126 0 11.367-1.017 11.367-7.634V9.161c-4.071-3.732-7.125-4.072-13.91-4.072V1.357h28.16l43.09 55.475V12.554c0-6.616-4.58-7.634-12.383-7.634V1.357h29.858V5.09c-7.804 0-12.045 1.018-12.045 7.635v72.27h-1.188zm83.297-83.805h2.036l1.187 24.598-3.053.17c-2.036-14.08-9.5-21.545-23.242-21.545-15.268 0-26.804 13.063-26.804 33.081 0 25.617 16.116 40.206 33.08 40.206 7.296 0 13.912-2.035 20.358-8.99l2.376 2.374c-5.26 7.465-15.608 13.742-29.52 13.742-20.696 0-41.732-15.608-41.732-41.734C380.4 17.813 399.57 0 422.813 0c11.027 0 16.795 4.75 19.848 4.75 1.357 0 2.375-1.187 3.054-3.562zm12.723 82.448v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.464 0-10.01.679-10.01 7.126v60.564c0 6.446 2.546 7.125 10.01 7.125v3.732h-35.287zm68.538 0h-27.653v-3.732c6.108 0 9.331-1.018 11.876-7.804L538.003.509h7.464l28.84 72.1c2.545 6.447 3.733 7.125 9.67 7.125v3.732H549.54v-3.732c10.518 0 11.536-.848 8.991-7.125l-8.482-21.884h-25.786l-7.635 21.205c-2.375 6.447 1.358 7.804 10.519 7.804v3.902h-.17zm-1.188-37.153h22.394l-11.536-29.518-10.858 29.518zm63.957 37.153v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.117V5.09c-7.464 0-9.84.679-9.84 7.126v61.073c0 5.428 2.715 6.107 7.126 6.107h4.241c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.545 24.26h-62.6v.17zM760.75 1.357l.339 23.92h-3.054C756.34 7.634 752.098 5.43 736.32 5.43h-5.089v67.18c0 6.447 2.375 7.295 12.554 7.295v3.732h-40.376v-3.732c10.179 0 12.723-1.018 12.723-7.295V5.429h-5.089c-15.777 0-20.018 2.205-21.715 19.848h-3.053l.339-23.92h74.136zm7.973 82.28v-3.733c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732h-35.287zM910.21 1.356V5.09c-7.465 0-10.688.34-10.01 6.956l6.447 61.073c.679 6.277 3.054 6.955 10.518 6.955v3.733h-35.117v-3.733c7.295 0 9.84-.678 9.331-6.955L884.762 8.99l-25.956 76.172h-1.018L832.34 8.822l-6.108 64.126c-.678 6.447 3.733 7.125 11.197 7.125v3.733h-27.483v-3.733c7.465 0 10.01-1.187 10.518-7.125l6.447-61.073c.679-6.446-2.545-6.955-10.01-6.955V1.357h28.84l17.305 56.153 18.661-56.153h28.5zm65.653 52.082h-3.053c-.849-8.482-1.527-10.01-12.215-10.01H948.04v29.859c0 5.428 2.715 6.107 7.125 6.107h6.786c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.884 24.26h-64.805v-3.733c7.464 0 10.009-.678 10.009-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h62.261l.34 20.527h-3.054c-1.866-14.59-5.598-16.286-21.885-16.286H948.21v33.42h12.554c10.687 0 11.366-1.696 12.214-10.178h3.054v24.599h-.17zm65.484 13.232c0-7.464-4.75-11.196-12.893-15.777l-13.063-6.786c-9.84-5.259-15.607-11.027-15.607-21.375C999.783 9.84 1010.81 0 1025.23 0c9.84 0 14.929 4.75 17.813 4.75 1.866 0 2.714-1.187 3.562-3.562h2.375l1.188 23.072-3.054.17c-1.696-11.198-9.67-19.85-20.866-19.85-8.483 0-14.081 5.09-14.081 12.215 0 7.804 5.937 11.027 12.554 14.59l11.196 5.937c10.519 5.768 17.983 11.536 17.983 22.563 0 14.59-12.554 24.939-28.161 24.939-11.028 0-16.456-5.26-19.34-5.26-1.866 0-2.884 1.697-3.732 4.242h-2.376l-1.696-24.43 3.054-.339c2.375 15.268 12.893 21.545 23.411 21.545 8.822-.17 16.286-4.071 16.286-13.91z" fill="#231F20" fill-rule="evenodd"></path></svg></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/tax" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-primary" class="o-header__row o-header__search o-header__search--primary" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-primary" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-primary" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-primary"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-primary" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div><nav id="o-header-nav-desktop" class="o-header__row o-header__nav o-header__nav--desktop" role="navigation" aria-label="Primary navigation" data-trackable="header-nav:desktop"><div class="o-header__container"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" id="o-header-link-0" data-trackable="Home">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" id="o-header-link-1" data-trackable="World">World</a><div class="o-header__mega" id="o-header-mega-1" role="group" aria-labelledby="o-header-link-1" data-o-header-mega="true" data-trackable="meganav | World"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world" data-trackable="link">World Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-war" data-trackable="link">Middle East war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/global-economy" data-trackable="link">Global Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world-uk" data-trackable="link">UK</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/china" data-trackable="link">China</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/africa" data-trackable="link">Africa</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/asia-pacific" data-trackable="link">Asia Pacific</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/emerging-markets" data-trackable="link">Emerging Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/europe" data-trackable="link">Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/war-in-ukraine" data-trackable="link">War in Ukraine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/americas" data-trackable="link">Americas</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-north-africa" data-trackable="link">Middle East &amp; North Africa</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/1ef2a6ef-a623-484f-9879-8cb3c26f67fb" data-trackable="link">Inside the bitter fight to become Donald Trump’s Treasury secretary</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/31429c63-70ef-4213-9732-f05ef4422dae" data-trackable="link">Biden aims to Trump-proof his legacy with policy blitz in final days</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8c1031b6-2917-4e0f-904a-45f6cd20059e" data-trackable="link">UN climate summit on the brink of collapse as vulnerable nations walk out</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/91865463-4b93-448c-95bb-8525ccb1016e" data-trackable="link">Brits retiring abroad could avoid UK inheritance tax under new loophole</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/0684127a-61de-41f4-af39-d36e0a1ffc5d" data-trackable="link">Gisèle Pelicot, the woman at the heart of a trial that has shocked France</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" id="o-header-link-2" data-trackable="US">US</a><div class="o-header__mega" id="o-header-mega-2" role="group" aria-labelledby="o-header-link-2" data-o-header-mega="true" data-trackable="meganav | US"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-economy" data-trackable="link">US Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/investing-in-america" data-trackable="link">Investing in America</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-companies" data-trackable="link">US Companies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-politics-policy" data-trackable="link">US Politics &amp; Policy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-presidential-election-2024" data-trackable="link">US Presidential Election 2024</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/1ef2a6ef-a623-484f-9879-8cb3c26f67fb" data-trackable="link">Inside the bitter fight to become Donald Trump’s Treasury secretary</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/31429c63-70ef-4213-9732-f05ef4422dae" data-trackable="link">Biden aims to Trump-proof his legacy with policy blitz in final days</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f2a37821-a373-4ee8-8491-1cb49460f17a" data-trackable="link">Trump picks Scott Bessent as Treasury secretary</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/97050b29-02bf-4a2c-8629-9d1c8509dc55" data-trackable="link">Hollywood gives thanks for blockbusters after long lean period</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6f1984d1-8d19-43b1-a3cd-0f7ba9cbdd85" data-trackable="link">Tina is back: Investors say there is no alternative to US equities</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" id="o-header-link-3" data-trackable="Companies">Companies</a><div class="o-header__mega" id="o-header-mega-3" role="group" aria-labelledby="o-header-link-3" data-o-header-mega="true" data-trackable="meganav | Companies"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/companies" data-trackable="link">Companies Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/energy" data-trackable="link">Energy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/financials" data-trackable="link">Financials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/health" data-trackable="link">Health</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/industrials" data-trackable="link">Industrials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/media" data-trackable="link">Media</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/professional-services" data-trackable="link">Professional Services</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/retail-consumer" data-trackable="link">Retail &amp; Consumer</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology-sector" data-trackable="link">Tech Sector</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/telecoms" data-trackable="link">Telecoms</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/transport" data-trackable="link">Transport</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/22df8cf6-d224-4ce8-8d73-a5e3f995fc2c" data-trackable="link">Goldman Sachs takes $900mn hit on Northvolt investment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e1b52147-c171-4902-8bce-204ba0905912" data-trackable="link">Meta loses ground to Bluesky as users abandon Elon Musk’s X </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8c1031b6-2917-4e0f-904a-45f6cd20059e" data-trackable="link">UN climate summit on the brink of collapse as vulnerable nations walk out</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/09938004-21b9-4750-8fa2-9ed15c566d4e" data-trackable="link">‘There was so much promise’: How Northvolt tumbled into bankruptcy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e0a50aac-c88e-48fb-aad5-f75f752c64f2" data-trackable="link">Former UK chancellor Zahawi and billionaire Mansour join bid for Telegraph</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" id="o-header-link-4" data-trackable="Tech">Tech</a><div class="o-header__mega" id="o-header-mega-4" role="group" aria-labelledby="o-header-link-4" data-o-header-mega="true" data-trackable="meganav | Tech"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology" data-trackable="link">Tech Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/artificial-intelligence" data-trackable="link">Artificial intelligence</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/semiconductors" data-trackable="link">Semiconductors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/cyber-security" data-trackable="link">Cyber Security</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/social-media" data-trackable="link">Social Media</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e1b52147-c171-4902-8bce-204ba0905912" data-trackable="link">Meta loses ground to Bluesky as users abandon Elon Musk’s X </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c01c74e4-eda0-4752-ac51-cf2c694ab32f" data-trackable="link">Thomas Kurtz, mathematician, 1928-2024</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a3a329ee-8c9a-4abd-add2-eb7d56f4c108" data-trackable="link">What Trump means for Silicon Valley</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/01da4ed8-0371-44b0-a07d-63e07f32939e" data-trackable="link">Amazon pumps another $4bn into AI start-up Anthropic</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ac17ef21-7a9d-4366-9b9e-343489785f9b" data-trackable="link">Samsung’s princeling heir Lee Jae-yong grapples with corporate crisis</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" id="o-header-link-5" data-trackable="Markets">Markets</a><div class="o-header__mega" id="o-header-mega-5" role="group" aria-labelledby="o-header-link-5" data-o-header-mega="true" data-trackable="meganav | Markets"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/markets" data-trackable="link">Markets Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/alphaville" data-trackable="link">Alphaville</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://markets.ft.com/data" data-trackable="link">Markets Data</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/crypto" data-trackable="link">Crypto</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/capital-markets" data-trackable="link">Capital Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/commodities" data-trackable="link">Commodities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/currencies" data-trackable="link">Currencies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/equities" data-trackable="link">Equities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-wealth-management" data-trackable="link">Wealth Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/moral-money" data-trackable="link">Moral Money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://etf.ft.com" data-trackable="link">ETF Hub</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/fund-management" data-trackable="link">Fund Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-trading-room" data-trackable="link">Trading</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8c1031b6-2917-4e0f-904a-45f6cd20059e" data-trackable="link">UN climate summit on the brink of collapse as vulnerable nations walk out</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/73fa6fd9-6f34-4e59-8f0f-04de3be7387a" data-trackable="link">The delusions behind a bitcoin strategic reserve </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ca809d14-5fb1-4586-b1ae-bf8ccae7d300" data-trackable="link">Ex-Barclays chief John Varley pulled back into fight to clear bank’s name</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/cbc6cbb8-a91c-48b5-922e-ca5246956b2b" data-trackable="link">German bond investors bet on an end to Berlin’s ‘debt brake’ </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6f1984d1-8d19-43b1-a3cd-0f7ba9cbdd85" data-trackable="link">Tina is back: Investors say there is no alternative to US equities</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" id="o-header-link-6" data-trackable="Climate">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" id="o-header-link-7" data-trackable="Opinion">Opinion</a><div class="o-header__mega" id="o-header-mega-7" role="group" aria-labelledby="o-header-link-7" data-o-header-mega="true" data-trackable="meganav | Opinion"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/opinion" data-trackable="link">Opinion Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/columnists" data-trackable="link">Columnists</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-view" data-trackable="link">The FT View</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/the-big-read" data-trackable="link">The Big Read</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/lex" data-trackable="link">Lex</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/obituaries" data-trackable="link">Obituaries</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/letters" data-trackable="link">Letters</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ded9a634-64f6-42a7-b081-40448b9e490a" data-trackable="link">The age of the partial outsider</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/73fa6fd9-6f34-4e59-8f0f-04de3be7387a" data-trackable="link">The delusions behind a bitcoin strategic reserve </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/5d1d1137-c0ae-476e-941e-6811d59cea28" data-trackable="link">Confessions of a farmer’s daughter</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8292727b-48a9-489a-8b69-443271ba3957" data-trackable="link">Do they know it’s Africa, at all?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c01c74e4-eda0-4752-ac51-cf2c694ab32f" data-trackable="link">Thomas Kurtz, mathematician, 1928-2024</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" id="o-header-link-8" data-trackable="Lex">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" id="o-header-link-9" data-trackable="Work &amp; Careers">Work &amp; Careers</a><div class="o-header__mega" id="o-header-mega-9" role="group" aria-labelledby="o-header-link-9" data-o-header-mega="true" data-trackable="meganav | Work &amp; Careers"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/work-careers" data-trackable="link">Work &amp; Careers Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/business-education" data-trackable="link">Business School Rankings</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-education" data-trackable="link">Business Education</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="link">Europe&#x27;s Start-Up Hubs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/entrepreneurship" data-trackable="link">Entrepreneurship</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/recruitment" data-trackable="link">Recruitment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-books" data-trackable="link">Business Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-travel" data-trackable="link">Business Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/working-it" data-trackable="link">Working It</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/91865463-4b93-448c-95bb-8525ccb1016e" data-trackable="link">Brits retiring abroad could avoid UK inheritance tax under new loophole</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/5283f0f0-2eb7-44e2-b477-a9999400065c" data-trackable="link">What the ‘manopause’ tells us about the gender gap </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ccb4c885-57f3-4008-8359-f4e4fcc24eaa" data-trackable="link">What’s behind the lesbian pay premium?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/43527e66-2feb-45fc-8e74-0e2112a1fce5" data-trackable="link">The new rules of the hotel pool</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/5f43c144-7779-4c6b-8fe0-d40fd0d537e3" data-trackable="link">A local’s guide to Miami’s green spaces</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" id="o-header-link-10" data-trackable="Life &amp; Arts">Life &amp; Arts</a><div class="o-header__mega" id="o-header-mega-10" role="group" aria-labelledby="o-header-link-10" data-o-header-mega="true" data-trackable="meganav | Life &amp; Arts"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/life-arts" data-trackable="link">Life &amp; Arts Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/arts" data-trackable="link">Arts</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/books" data-trackable="link">Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/food-drink" data-trackable="link">Food &amp; Drink</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/magazine" data-trackable="link">FT Magazine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/house-home" data-trackable="link">House &amp; Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/style" data-trackable="link">Style</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/travel" data-trackable="link">Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/globetrotter" data-trackable="link">FT Globetrotter</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8cc39e9f-d050-4f46-9187-aed5ae32b2cb" data-trackable="link">The myths that made Elon Musk </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/ded9a634-64f6-42a7-b081-40448b9e490a" data-trackable="link">The age of the partial outsider</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/5d1d1137-c0ae-476e-941e-6811d59cea28" data-trackable="link">Confessions of a farmer’s daughter</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/8292727b-48a9-489a-8b69-443271ba3957" data-trackable="link">Do they know it’s Africa, at all?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/97050b29-02bf-4a2c-8629-9d1c8509dc55" data-trackable="link">Hollywood gives thanks for blockbusters after long lean period</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" id="o-header-link-11" data-trackable="HTSI">HTSI</a></li></ul></div></nav><div class="o-header__subnav" role="navigation" aria-label="Sub navigation" data-o-header-subnav="true" data-trackable="header-subnav"><div class="o-header__container"><div class="o-header__subnav-wrap-outside"><div class="o-header__subnav-wrap-inside" data-o-header-subnav-wrapper="true"><div class="o-header__subnav-content"><ol class="o-header__subnav-list o-header__subnav-list--breadcrumb" aria-label="Breadcrumb" data-trackable="breadcrumb"><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link o-header__subnav-link--highlight" href="/tax" aria-label="Tax, current page" aria-current="page" data-trackable="Tax">Tax</a></li></ol></div></div><button class="o-header__subnav-button o-header__subnav-button--left" title="scroll left" aria-label="scroll left" aria-hidden="true" disabled=""></button><button class="o-header__subnav-button o-header__subnav-button--right" title="scroll right" aria-label="scroll right" aria-hidden="true" disabled=""></button></div></div></div></header><header class="o-header o-header--simple o-header--sticky o--if-js" data-o-component="o-header" data-o-header--sticky="true" aria-hidden="true"><div class="o-header__row o-header__top" data-trackable="header-sticky"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" data-trackable="drawer-toggle" tabindex="-1"><span class="o-header__top-link-label">Menu</span></a><a href="#" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-sticky" data-trackable="search-toggle" tabindex="-1"><span class="o-header__top-link-label">Search</span></a></div><div class="o-header__top-column o-header__top-column--center"><div class="o-header__top-takeover"><div class="o-header__nav"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" data-trackable="Home" tabindex="-1">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" data-trackable="World" tabindex="-1">World</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" data-trackable="US" tabindex="-1">US</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" data-trackable="Companies" tabindex="-1">Companies</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" data-trackable="Tech" tabindex="-1">Tech</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" data-trackable="Markets" tabindex="-1">Markets</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" data-trackable="Climate" tabindex="-1">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" data-trackable="Opinion" tabindex="-1">Opinion</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" data-trackable="Lex" tabindex="-1">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" data-trackable="Work &amp; Careers" tabindex="-1">Work &amp; Careers</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" data-trackable="Life &amp; Arts" tabindex="-1">Life &amp; Arts</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" data-trackable="HTSI" tabindex="-1">HTSI</a></li></ul></div></div><a class="o-header__top-logo o-header__hide--L" data-trackable="logo" href="/" title="Go to Financial Times homepage" tabindex="-1"><span class="o-header__visually-hidden">Financial Times</span></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe" tabindex="-1">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/tax" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-sticky" class="o-header__row o-header__search o-header__search--sticky" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-sticky" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-sticky" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-sticky"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-sticky" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div></header></div><div class="n-layout__row n-layout__row--content"><div><div class="o-ads advert--mini-billboard" data-o-ads-name="miniBillboard" data-o-ads-targeting="pos=top" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="FullBleedResponsive, OneByOne" data-o-ads-formats-medium="OneByOne" data-o-ads-formats-large=false data-o-ads-formats-extra=false aria-hidden="true"> </div> <script type="application/json" id="stream-page-meta"> {"pageAttributes":{"hasIndustryRecommendations":true,"isPage":1}} </script> <div id="n-exponea-top-slot"></div> <div role="navigation" aria-label="category navigation" class="sub-header" data-trackable="sub-header" > <div class="o-grid-container"> <div class="o-grid-row"> <div class="sub-header__section sub-header__section--title " data-o-grid-colspan="12 M8 XL9" > <h1 class="sub-header__page-title"> Tax </h1> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="0be7abda-7786-4849-ad89-664e60d1156b" action="/myft/add/0be7abda-7786-4849-ad89-664e60d1156b" data-js-action="/__myft/api/core/followed/concept/0be7abda-7786-4849-ad89-664e60d1156b?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Tax." data-unpressed-text="No longer following Tax." ></div> <button aria-pressed="false" aria-label="Add to myFT: Tax" title="Add Tax to myFT" data-alternate-label="Added Tax to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="0be7abda-7786-4849-ad89-664e60d1156b" data-trackable="follow" type="submit">Add to myFT</button> </form> </div> </div> </div> </div> <div role="main" id="site-content" data-concept-id="0be7abda-7786-4849-ad89-664e60d1156b"> <div class="o-grid-container"> <div class="o-grid-row"> <div class="js-track-scroll-event" id="stream" data-o-grid-colspan="12 L8" > <div data-trackable="stream" class="o-teaser-collection o-teaser-collection--stream"> <ul class="o-teaser-collection__list js-stream-list" data-stream-list aria-busy="false"> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-23T09:58:11.377Z">Saturday, 23 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="91865463-4b93-448c-95bb-8525ccb1016e" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="91865463-4b93-448c-95bb-8525ccb1016e"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-tax" aria-label="Category: UK tax">UK tax</a></div><div class="o-teaser__heading"><a href="/content/91865463-4b93-448c-95bb-8525ccb1016e" data-trackable="heading-link" class="js-teaser-heading-link">Brits retiring abroad could avoid UK inheritance tax under new loophole</a></div><p class="o-teaser__standfirst"><a href="/content/91865463-4b93-448c-95bb-8525ccb1016e" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Budget measure allows anyone staying abroad for 10 years to avoid death duties on global wealth </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="91865463-4b93-448c-95bb-8525ccb1016e" data-myft-ui="saved" action="/myft/save/91865463-4b93-448c-95bb-8525ccb1016e" data-js-action="/__myft/api/core/saved/content/91865463-4b93-448c-95bb-8525ccb1016e?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Brits retiring abroad could avoid UK inheritance tax under new loophole to myFT for later" aria-label="Save Brits retiring abroad could avoid UK inheritance tax under new loophole to myFT for later" data-alternate-label="Brits retiring abroad could avoid UK inheritance tax under new loophole is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="91865463-4b93-448c-95bb-8525ccb1016e" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/91865463-4b93-448c-95bb-8525ccb1016e" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2317%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd5a9fdd0-008d-4295-a58e-645ffa62a105.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Elderly British tourists relaxing on the beach in Spain"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-22T20:51:28.472Z">Friday, 22 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="39f460fd-c1d1-409a-91ec-df28df52a00a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="39f460fd-c1d1-409a-91ec-df28df52a00a"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/39f460fd-c1d1-409a-91ec-df28df52a00a" data-trackable="heading-link" class="js-teaser-heading-link">UK ministers accused of £2.7bn ‘backdoor hike’ in business rates </a></div><p class="o-teaser__standfirst"><a href="/content/39f460fd-c1d1-409a-91ec-df28df52a00a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Chancellor will taper relief for thousands of shops, pubs and restaurants over next two years </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="39f460fd-c1d1-409a-91ec-df28df52a00a" data-myft-ui="saved" action="/myft/save/39f460fd-c1d1-409a-91ec-df28df52a00a" data-js-action="/__myft/api/core/saved/content/39f460fd-c1d1-409a-91ec-df28df52a00a?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save UK ministers accused of £2.7bn ‘backdoor hike’ in business rates to myFT for later" aria-label="Save UK ministers accused of £2.7bn ‘backdoor hike’ in business rates to myFT for later" data-alternate-label="UK ministers accused of £2.7bn ‘backdoor hike’ in business rates is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="39f460fd-c1d1-409a-91ec-df28df52a00a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/39f460fd-c1d1-409a-91ec-df28df52a00a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F451f4526-9ef5-43f0-a5b2-3ac2c2bc1e10.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Shoppers pass a cafe in Cambridge, UK"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-22T15:52:38.290Z">Friday, 22 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7fed517d-0c66-4f46-8cf9-e306cd536984" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="7fed517d-0c66-4f46-8cf9-e306cd536984"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/private-investing" aria-label="Category: Private investing">Private investing</a></div><div class="o-teaser__heading"><a href="/content/7fed517d-0c66-4f46-8cf9-e306cd536984" data-trackable="heading-link" class="js-teaser-heading-link">Tax rises drive surge in venture capital trust investment</a></div><p class="o-teaser__standfirst"><a href="/content/7fed517d-0c66-4f46-8cf9-e306cd536984" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Savers have put £250mn in VCTs since April, up 27% in a year </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="7fed517d-0c66-4f46-8cf9-e306cd536984" data-myft-ui="saved" action="/myft/save/7fed517d-0c66-4f46-8cf9-e306cd536984" data-js-action="/__myft/api/core/saved/content/7fed517d-0c66-4f46-8cf9-e306cd536984?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Tax rises drive surge in venture capital trust investment to myFT for later" aria-label="Save Tax rises drive surge in venture capital trust investment to myFT for later" data-alternate-label="Tax rises drive surge in venture capital trust investment is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="7fed517d-0c66-4f46-8cf9-e306cd536984" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/7fed517d-0c66-4f46-8cf9-e306cd536984" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2a1bbdd9-3edd-4a98-9a6f-e23d759f25d0.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="The Five Guys burger chain"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-22T05:00:31.550Z">Friday, 22 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="8524b20c-9981-4b18-a2f1-972193da6e58" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="8524b20c-9981-4b18-a2f1-972193da6e58"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/27890412-3c86-4be1-b10a-3f1ad600a4ca" aria-label="Category: The Big Question">The Big Question</a></div><div class="o-teaser__heading"><a href="/content/8524b20c-9981-4b18-a2f1-972193da6e58" data-trackable="heading-link" class="js-teaser-heading-link">The Big Question: Should farmers have to pay inheritance tax?</a></div><p class="o-teaser__standfirst"><a href="/content/8524b20c-9981-4b18-a2f1-972193da6e58" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The government says the levy targets landowners seeking to shelter wealth, but food producers say it will hit them hard</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="8524b20c-9981-4b18-a2f1-972193da6e58" data-myft-ui="saved" action="/myft/save/8524b20c-9981-4b18-a2f1-972193da6e58" data-js-action="/__myft/api/core/saved/content/8524b20c-9981-4b18-a2f1-972193da6e58?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The Big Question: Should farmers have to pay inheritance tax? to myFT for later" aria-label="Save The Big Question: Should farmers have to pay inheritance tax? to myFT for later" data-alternate-label="The Big Question: Should farmers have to pay inheritance tax? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="8524b20c-9981-4b18-a2f1-972193da6e58" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/8524b20c-9981-4b18-a2f1-972193da6e58" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F15d14bfa-54fe-4252-9159-18c05898fdc6.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="FT montage of a tractor and ‘No farmers, No food’ protest banners with a large question mark between them"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-22T05:00:31.465Z">Friday, 22 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="399fa3ed-2e32-42d5-ab32-95616b08f311" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="399fa3ed-2e32-42d5-ab32-95616b08f311"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/moira-oneill" aria-label="Category: Moira O&#39;Neill">Moira O&#39;Neill</a></div><div class="o-teaser__heading"><a href="/content/399fa3ed-2e32-42d5-ab32-95616b08f311" data-trackable="heading-link" class="js-teaser-heading-link">Quick fixes to lower your inheritance tax liability</a></div><p class="o-teaser__standfirst"><a href="/content/399fa3ed-2e32-42d5-ab32-95616b08f311" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Act before pension pots are swept up by the tax net</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="399fa3ed-2e32-42d5-ab32-95616b08f311" data-myft-ui="saved" action="/myft/save/399fa3ed-2e32-42d5-ab32-95616b08f311" data-js-action="/__myft/api/core/saved/content/399fa3ed-2e32-42d5-ab32-95616b08f311?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Quick fixes to lower your inheritance tax liability to myFT for later" aria-label="Save Quick fixes to lower your inheritance tax liability to myFT for later" data-alternate-label="Quick fixes to lower your inheritance tax liability is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="399fa3ed-2e32-42d5-ab32-95616b08f311" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/399fa3ed-2e32-42d5-ab32-95616b08f311" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F57aa4a49-fb95-4490-b933-6de22593dcbe.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Illustration of an elderly woman and her house inside an hourglass"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=top;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-21T05:00:29.629Z">Thursday, 21 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="ed1f22c0-7c39-4e2c-8637-cbb51539a595" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="ed1f22c0-7c39-4e2c-8637-cbb51539a595"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/be7146f3-5d72-44d3-8763-1c4e5b26e3b2" aria-label="Category: John Lewis Partnership PLC">John Lewis Partnership PLC</a></div><div class="o-teaser__heading"><a href="/content/ed1f22c0-7c39-4e2c-8637-cbb51539a595" data-trackable="heading-link" class="js-teaser-heading-link">John Lewis chief criticises UK Budget as ‘two-handed grab’ from business</a></div><p class="o-teaser__standfirst"><a href="/content/ed1f22c0-7c39-4e2c-8637-cbb51539a595" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Nish Kankiwala is latest retail head to warn of additional costs for retailers and higher prices for consumers</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="ed1f22c0-7c39-4e2c-8637-cbb51539a595" data-myft-ui="saved" action="/myft/save/ed1f22c0-7c39-4e2c-8637-cbb51539a595" data-js-action="/__myft/api/core/saved/content/ed1f22c0-7c39-4e2c-8637-cbb51539a595?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save John Lewis chief criticises UK Budget as ‘two-handed grab’ from business to myFT for later" aria-label="Save John Lewis chief criticises UK Budget as ‘two-handed grab’ from business to myFT for later" data-alternate-label="John Lewis chief criticises UK Budget as ‘two-handed grab’ from business is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="ed1f22c0-7c39-4e2c-8637-cbb51539a595" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/ed1f22c0-7c39-4e2c-8637-cbb51539a595" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2691%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff6e5f6c6-0a6f-4144-b785-087eda8d3e68.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Nish Kankiwala on an escalator inside John Lewis store on Oxford Street in London, England on November 19 2024"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-21T05:00:29.506Z">Thursday, 21 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f5a4e51b-b7d7-4c35-b073-e189552413d4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="f5a4e51b-b7d7-4c35-b073-e189552413d4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/tax-returns" aria-label="Category: Tax returns">Tax returns</a></div><div class="o-teaser__heading"><a href="/content/f5a4e51b-b7d7-4c35-b073-e189552413d4" data-trackable="heading-link" class="js-teaser-heading-link">HMRC haul from late-filing penalties at a five-year high</a></div><p class="o-teaser__standfirst"><a href="/content/f5a4e51b-b7d7-4c35-b073-e189552413d4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Tax authority has received almost £1bn in fines since 2018 </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f5a4e51b-b7d7-4c35-b073-e189552413d4" data-myft-ui="saved" action="/myft/save/f5a4e51b-b7d7-4c35-b073-e189552413d4" data-js-action="/__myft/api/core/saved/content/f5a4e51b-b7d7-4c35-b073-e189552413d4?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save HMRC haul from late-filing penalties at a five-year high to myFT for later" aria-label="Save HMRC haul from late-filing penalties at a five-year high to myFT for later" data-alternate-label="HMRC haul from late-filing penalties at a five-year high is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="f5a4e51b-b7d7-4c35-b073-e189552413d4" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/f5a4e51b-b7d7-4c35-b073-e189552413d4" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2254%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb1d790b0-7ae1-42d4-a47e-856e0fe24ce0.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A person fills out their UK tax return online"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-20T18:07:02.705Z">Wednesday, 20 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="0bb3ca8c-df74-48f6-9c2f-9e0a9de16bd4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="0bb3ca8c-df74-48f6-9c2f-9e0a9de16bd4"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">The FT View</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/0bb3ca8c-df74-48f6-9c2f-9e0a9de16bd4" data-trackable="heading-link" class="js-teaser-heading-link">The scourge of corporate secrecy</a></div><p class="o-teaser__standfirst"><a href="/content/0bb3ca8c-df74-48f6-9c2f-9e0a9de16bd4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">A concerted push towards open-access data is needed to fight dirty money</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="0bb3ca8c-df74-48f6-9c2f-9e0a9de16bd4" data-myft-ui="saved" action="/myft/save/0bb3ca8c-df74-48f6-9c2f-9e0a9de16bd4" data-js-action="/__myft/api/core/saved/content/0bb3ca8c-df74-48f6-9c2f-9e0a9de16bd4?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The scourge of corporate secrecy to myFT for later" aria-label="Save The scourge of corporate secrecy to myFT for later" data-alternate-label="The scourge of corporate secrecy is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="0bb3ca8c-df74-48f6-9c2f-9e0a9de16bd4" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/0bb3ca8c-df74-48f6-9c2f-9e0a9de16bd4" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2557%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdb2328ce-3154-4996-8f16-76bb0dece4aa.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="George Town in the Cayman Islands"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-20T05:00:05.901Z">Wednesday, 20 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7ba96af9-4d33-449b-981a-b32998198cc1" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="7ba96af9-4d33-449b-981a-b32998198cc1"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/house-home/uk-property" aria-label="Category: UK property">UK property</a></div><div class="o-teaser__heading"><a href="/content/7ba96af9-4d33-449b-981a-b32998198cc1" data-trackable="heading-link" class="js-teaser-heading-link">Billionaire Poonawallas buy £42mn Mayfair property despite non-dom fears</a></div><p class="o-teaser__standfirst"><a href="/content/7ba96af9-4d33-449b-981a-b32998198cc1" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Purchase of block on upmarket Grosvenor Square comes ahead of tax changes for wealthy international investors</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="7ba96af9-4d33-449b-981a-b32998198cc1" data-myft-ui="saved" action="/myft/save/7ba96af9-4d33-449b-981a-b32998198cc1" data-js-action="/__myft/api/core/saved/content/7ba96af9-4d33-449b-981a-b32998198cc1?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Billionaire Poonawallas buy £42mn Mayfair property despite non-dom fears to myFT for later" aria-label="Save Billionaire Poonawallas buy £42mn Mayfair property despite non-dom fears to myFT for later" data-alternate-label="Billionaire Poonawallas buy £42mn Mayfair property despite non-dom fears is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="7ba96af9-4d33-449b-981a-b32998198cc1" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/7ba96af9-4d33-449b-981a-b32998198cc1" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2691%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb5da20a7-0fc5-4176-85b3-c98526cbf785.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="38 Grosvenor Square"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-teaser o-teaser--native-ad o-teaser--small o-teaser--stream-card" data-o-ads-name="PartnerContent--horizontal" data-o-ads-targeting="pos=native;format=horizontal" data-o-ads-formats="PartnerContent" data-o-ads-component="slot" ></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-19T17:09:14.084Z">Tuesday, 19 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="2268dc2b-49b5-450a-9f67-44523e2f567d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="2268dc2b-49b5-450a-9f67-44523e2f567d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-agriculture" aria-label="Category: UK agriculture">UK agriculture</a></div><div class="o-teaser__heading"><a href="/content/2268dc2b-49b5-450a-9f67-44523e2f567d" data-trackable="heading-link" class="js-teaser-heading-link">Thousands of farmers protest in London against tax changes</a></div><p class="o-teaser__standfirst"><a href="/content/2268dc2b-49b5-450a-9f67-44523e2f567d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Union leader tells rally inheritance tax reforms are ‘kick in the teeth’ for the struggling sector</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="2268dc2b-49b5-450a-9f67-44523e2f567d" data-myft-ui="saved" action="/myft/save/2268dc2b-49b5-450a-9f67-44523e2f567d" data-js-action="/__myft/api/core/saved/content/2268dc2b-49b5-450a-9f67-44523e2f567d?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Thousands of farmers protest in London against tax changes to myFT for later" aria-label="Save Thousands of farmers protest in London against tax changes to myFT for later" data-alternate-label="Thousands of farmers protest in London against tax changes is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="2268dc2b-49b5-450a-9f67-44523e2f567d" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/2268dc2b-49b5-450a-9f67-44523e2f567d" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2726%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F005004ea-24c0-428b-ba05-63867d717c01.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A large crowd of farmers gathers at Whitehall, holding bright yellow signs that read &quot;No Farmers No Food.&quot;"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-19T05:00:45.156Z">Tuesday, 19 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a6d57180-7a20-4c3d-b80e-808518423968" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="a6d57180-7a20-4c3d-b80e-808518423968"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/sarah-o-connor" aria-label="Category: Sarah O&#39;Connor">Sarah O&#39;Connor</a></div><div class="o-teaser__heading"><a href="/content/a6d57180-7a20-4c3d-b80e-808518423968" data-trackable="heading-link" class="js-teaser-heading-link">Let’s get real about what Labour reforms mean for employers</a></div><p class="o-teaser__standfirst"><a href="/content/a6d57180-7a20-4c3d-b80e-808518423968" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Big policy interventions are always a leap in the dark </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a6d57180-7a20-4c3d-b80e-808518423968" data-myft-ui="saved" action="/myft/save/a6d57180-7a20-4c3d-b80e-808518423968" data-js-action="/__myft/api/core/saved/content/a6d57180-7a20-4c3d-b80e-808518423968?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Let’s get real about what Labour reforms mean for employers to myFT for later" aria-label="Save Let’s get real about what Labour reforms mean for employers to myFT for later" data-alternate-label="Let’s get real about what Labour reforms mean for employers is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="a6d57180-7a20-4c3d-b80e-808518423968" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a6d57180-7a20-4c3d-b80e-808518423968" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2618%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff47291ca-e3e4-4bd0-a093-ce725d03cdfd.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Two workers stand shoulder to shoulder on a blue and purple background"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-19T05:00:45.070Z">Tuesday, 19 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="13876ad0-2f13-4d62-82b5-71d7c2bfb852" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="13876ad0-2f13-4d62-82b5-71d7c2bfb852"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-agriculture" aria-label="Category: UK agriculture">UK agriculture</a></div><div class="o-teaser__heading"><a href="/content/13876ad0-2f13-4d62-82b5-71d7c2bfb852" data-trackable="heading-link" class="js-teaser-heading-link">Inheritance tax change is just one of many worries for UK farmers</a></div><p class="o-teaser__standfirst"><a href="/content/13876ad0-2f13-4d62-82b5-71d7c2bfb852" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Climate change, wafer-thin margins and the prospect of post-Brexit trade deals pile pressure on agricultural sector</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="13876ad0-2f13-4d62-82b5-71d7c2bfb852" data-myft-ui="saved" action="/myft/save/13876ad0-2f13-4d62-82b5-71d7c2bfb852" data-js-action="/__myft/api/core/saved/content/13876ad0-2f13-4d62-82b5-71d7c2bfb852?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Inheritance tax change is just one of many worries for UK farmers to myFT for later" aria-label="Save Inheritance tax change is just one of many worries for UK farmers to myFT for later" data-alternate-label="Inheritance tax change is just one of many worries for UK farmers is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="13876ad0-2f13-4d62-82b5-71d7c2bfb852" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/13876ad0-2f13-4d62-82b5-71d7c2bfb852" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F96b9395c-fa31-4420-81aa-bc7e74591c36.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Montage shows protester holding a banner that reads ‘no farmers, no food’ against a data background."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-18T12:00:49.324Z">Monday, 18 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f881003c-0c29-4e84-8410-7cd525e1ec4d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="f881003c-0c29-4e84-8410-7cd525e1ec4d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/moral-money" aria-label="Category: Moral Money">Moral Money</a></div><div class="o-teaser__heading"><a href="/content/f881003c-0c29-4e84-8410-7cd525e1ec4d" data-trackable="heading-link" class="js-teaser-heading-link">The search for targeted taxes to fund climate action</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/f881003c-0c29-4e84-8410-7cd525e1ec4d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Body backed by Barbados, France and Kenya outlines options for new levies</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f881003c-0c29-4e84-8410-7cd525e1ec4d" data-myft-ui="saved" action="/myft/save/f881003c-0c29-4e84-8410-7cd525e1ec4d" data-js-action="/__myft/api/core/saved/content/f881003c-0c29-4e84-8410-7cd525e1ec4d?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The search for targeted taxes to fund climate action to myFT for later" aria-label="Save The search for targeted taxes to fund climate action to myFT for later" data-alternate-label="The search for targeted taxes to fund climate action is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="f881003c-0c29-4e84-8410-7cd525e1ec4d" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/f881003c-0c29-4e84-8410-7cd525e1ec4d" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2473%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F57744b31-2bab-4999-9956-2405a4d84f47.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="People holding umbrellas in the rain outside the entrance to the COP29 summit"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-18T05:00:50.143Z">Monday, 18 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="67eb0ce8-b83a-4e0c-a64a-dab23df2693d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="67eb0ce8-b83a-4e0c-a64a-dab23df2693d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/743bfbeb-c7cf-35ee-aa6a-e4d5dab5b553" aria-label="Category: British Overseas Territories">British Overseas Territories</a></div><div class="o-teaser__heading"><a href="/content/67eb0ce8-b83a-4e0c-a64a-dab23df2693d" data-trackable="heading-link" class="js-teaser-heading-link">UK MPs call for transparency to help tackle tax evasion in overseas territories</a></div><p class="o-teaser__standfirst"><a href="/content/67eb0ce8-b83a-4e0c-a64a-dab23df2693d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Speedy establishment of public registers of beneficial ownership seen as vital in crackdown</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="67eb0ce8-b83a-4e0c-a64a-dab23df2693d" data-myft-ui="saved" action="/myft/save/67eb0ce8-b83a-4e0c-a64a-dab23df2693d" data-js-action="/__myft/api/core/saved/content/67eb0ce8-b83a-4e0c-a64a-dab23df2693d?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save UK MPs call for transparency to help tackle tax evasion in overseas territories to myFT for later" aria-label="Save UK MPs call for transparency to help tackle tax evasion in overseas territories to myFT for later" data-alternate-label="UK MPs call for transparency to help tackle tax evasion in overseas territories is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="67eb0ce8-b83a-4e0c-a64a-dab23df2693d" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/67eb0ce8-b83a-4e0c-a64a-dab23df2693d" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2634%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdd1aa2d3-b2d7-4023-a727-14309cefe888.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A signpost with various destinations such as Liverpool, Sri Lanka, and New York stands next to the clear blue-green waters at Rum Point dock on Grand Cayman&#39;s north side. A long pier stretches out into the sea under a partly cloudy sky, with palm trees and lounge chairs in the foreground."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-15T21:43:18.975Z">Friday, 15 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7538e222-d337-4e17-a6bd-8b9e6f36962a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="7538e222-d337-4e17-a6bd-8b9e6f36962a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/corporation-tax" aria-label="Category: Corporation tax">Corporation tax</a></div><div class="o-teaser__heading"><a href="/content/7538e222-d337-4e17-a6bd-8b9e6f36962a" data-trackable="heading-link" class="js-teaser-heading-link">Apple upgrades Ireland’s credit rating outlook</a></div><p class="o-teaser__standfirst"><a href="/content/7538e222-d337-4e17-a6bd-8b9e6f36962a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Good craic</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="7538e222-d337-4e17-a6bd-8b9e6f36962a" data-myft-ui="saved" action="/myft/save/7538e222-d337-4e17-a6bd-8b9e6f36962a" data-js-action="/__myft/api/core/saved/content/7538e222-d337-4e17-a6bd-8b9e6f36962a?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Apple upgrades Ireland’s credit rating outlook to myFT for later" aria-label="Save Apple upgrades Ireland’s credit rating outlook to myFT for later" data-alternate-label="Apple upgrades Ireland’s credit rating outlook is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="7538e222-d337-4e17-a6bd-8b9e6f36962a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/7538e222-d337-4e17-a6bd-8b9e6f36962a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6c7e57da-0362-4c1f-8458-acdd73ad06db.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-15T16:24:03.882Z">Friday, 15 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="e013bfdf-848a-4891-8d4f-1e4aff04985a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="e013bfdf-848a-4891-8d4f-1e4aff04985a"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">News in-depth</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/2428bd22-2167-4e13-a09e-1f83b6e7db44" aria-label="Category: James Dyson">James Dyson</a></div><div class="o-teaser__heading"><a href="/content/e013bfdf-848a-4891-8d4f-1e4aff04985a" data-trackable="heading-link" class="js-teaser-heading-link">How James Dyson’s farming empire may be hit by £120mn in death duties </a></div><p class="o-teaser__standfirst"><a href="/content/e013bfdf-848a-4891-8d4f-1e4aff04985a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Billionaire known for vacuums and hairdryers has become one of UK’s largest farmers</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="e013bfdf-848a-4891-8d4f-1e4aff04985a" data-myft-ui="saved" action="/myft/save/e013bfdf-848a-4891-8d4f-1e4aff04985a" data-js-action="/__myft/api/core/saved/content/e013bfdf-848a-4891-8d4f-1e4aff04985a?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save How James Dyson’s farming empire may be hit by £120mn in death duties to myFT for later" aria-label="Save How James Dyson’s farming empire may be hit by £120mn in death duties to myFT for later" data-alternate-label="How James Dyson’s farming empire may be hit by £120mn in death duties is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="e013bfdf-848a-4891-8d4f-1e4aff04985a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/e013bfdf-848a-4891-8d4f-1e4aff04985a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2e6ad337-c620-4ef0-b0f1-02c8d25e6d16.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid1;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-15T11:37:01.399Z">Friday, 15 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="2fab154d-19b7-4cb5-a5e5-97ac0a1599f7" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="2fab154d-19b7-4cb5-a5e5-97ac0a1599f7"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-politics" aria-label="Category: UK politics">UK politics</a></div><div class="o-teaser__heading"><a href="/content/2fab154d-19b7-4cb5-a5e5-97ac0a1599f7" data-trackable="heading-link" class="js-teaser-heading-link">‘Question loan charge tax officials under oath’ </a></div><p class="o-teaser__standfirst"><a href="/content/2fab154d-19b7-4cb5-a5e5-97ac0a1599f7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">MPs pledge independent inquiry into much-criticised policy </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="2fab154d-19b7-4cb5-a5e5-97ac0a1599f7" data-myft-ui="saved" action="/myft/save/2fab154d-19b7-4cb5-a5e5-97ac0a1599f7" data-js-action="/__myft/api/core/saved/content/2fab154d-19b7-4cb5-a5e5-97ac0a1599f7?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save ‘Question loan charge tax officials under oath’ to myFT for later" aria-label="Save ‘Question loan charge tax officials under oath’ to myFT for later" data-alternate-label="‘Question loan charge tax officials under oath’ is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="2fab154d-19b7-4cb5-a5e5-97ac0a1599f7" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/2fab154d-19b7-4cb5-a5e5-97ac0a1599f7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2691%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd18c228a-4fc1-4e1b-be08-2ac3f00a80dd.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="HM Revenue and Customs building in Whitehall, London"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-15T05:00:42.701Z">Friday, 15 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="5b2f2b1a-fb58-4709-b776-d00d239775e7" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="5b2f2b1a-fb58-4709-b776-d00d239775e7"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Serious Money</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/claer-barrett" aria-label="Category: Claer Barrett">Claer Barrett</a></div><div class="o-teaser__heading"><a href="/content/5b2f2b1a-fb58-4709-b776-d00d239775e7" data-trackable="heading-link" class="js-teaser-heading-link">Do I need inheritance tax insurance? </a></div><p class="o-teaser__standfirst"><a href="/content/5b2f2b1a-fb58-4709-b776-d00d239775e7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Budget changes prompt wave of interest in life cover to avoid families scrambling to pay tax bills </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="5b2f2b1a-fb58-4709-b776-d00d239775e7" data-myft-ui="saved" action="/myft/save/5b2f2b1a-fb58-4709-b776-d00d239775e7" data-js-action="/__myft/api/core/saved/content/5b2f2b1a-fb58-4709-b776-d00d239775e7?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Do I need inheritance tax insurance? to myFT for later" aria-label="Save Do I need inheritance tax insurance? to myFT for later" data-alternate-label="Do I need inheritance tax insurance? is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="5b2f2b1a-fb58-4709-b776-d00d239775e7" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/5b2f2b1a-fb58-4709-b776-d00d239775e7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F1afc29e6-9575-4470-911b-7a014efb6884.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Illustration of a hand gripping an hourglass with money falling out the bottom"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-15T05:00:42.590Z">Friday, 15 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="ecefe39b-f0df-4547-b4b1-4d86f0f77d05" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="ecefe39b-f0df-4547-b4b1-4d86f0f77d05"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-schools" aria-label="Category: UK schools">UK schools</a></div><div class="o-teaser__heading"><a href="/content/ecefe39b-f0df-4547-b4b1-4d86f0f77d05" data-trackable="heading-link" class="js-teaser-heading-link">VAT on school fees: ‘We have had to make the decision to pull her out’ </a></div><p class="o-teaser__standfirst"><a href="/content/ecefe39b-f0df-4547-b4b1-4d86f0f77d05" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Backlash from parents over levy on UK’s private education sector</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="ecefe39b-f0df-4547-b4b1-4d86f0f77d05" data-myft-ui="saved" action="/myft/save/ecefe39b-f0df-4547-b4b1-4d86f0f77d05" data-js-action="/__myft/api/core/saved/content/ecefe39b-f0df-4547-b4b1-4d86f0f77d05?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save VAT on school fees: ‘We have had to make the decision to pull her out’ to myFT for later" aria-label="Save VAT on school fees: ‘We have had to make the decision to pull her out’ to myFT for later" data-alternate-label="VAT on school fees: ‘We have had to make the decision to pull her out’ is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="ecefe39b-f0df-4547-b4b1-4d86f0f77d05" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/ecefe39b-f0df-4547-b4b1-4d86f0f77d05" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2567%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd08369bb-443c-42da-8b5e-f7ed413e0272.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Illustration of three students with backpacks and hats waiting outside a room with a rope barrier and an open door"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-14T13:52:13.940Z">Thursday, 14 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="045bdb79-1603-4005-a0b2-3edd7acefcd0" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="045bdb79-1603-4005-a0b2-3edd7acefcd0"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/financial-fraud" aria-label="Category: Financial fraud">Financial fraud</a></div><div class="o-teaser__heading"><a href="/content/045bdb79-1603-4005-a0b2-3edd7acefcd0" data-trackable="heading-link" class="js-teaser-heading-link">Italy arrests dozens over €520mn ‘mafia tax fraud’</a></div><p class="o-teaser__standfirst"><a href="/content/045bdb79-1603-4005-a0b2-3edd7acefcd0" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Luxury cars and boats among items seized over widespread VAT fraud scheme, says European prosecutor</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="045bdb79-1603-4005-a0b2-3edd7acefcd0" data-myft-ui="saved" action="/myft/save/045bdb79-1603-4005-a0b2-3edd7acefcd0" data-js-action="/__myft/api/core/saved/content/045bdb79-1603-4005-a0b2-3edd7acefcd0?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Italy arrests dozens over €520mn ‘mafia tax fraud’ to myFT for later" aria-label="Save Italy arrests dozens over €520mn ‘mafia tax fraud’ to myFT for later" data-alternate-label="Italy arrests dozens over €520mn ‘mafia tax fraud’ is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="045bdb79-1603-4005-a0b2-3edd7acefcd0" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/045bdb79-1603-4005-a0b2-3edd7acefcd0" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2761%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6ae9f92e-7c81-4941-b304-7b980cf37bbb.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Guardia di Finanza"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-13T13:55:15.210Z">Wednesday, 13 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="5ddb8554-ebff-4536-b642-6dec4b727df4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="5ddb8554-ebff-4536-b642-6dec4b727df4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/chris-giles" aria-label="Category: Chris Giles">Chris Giles</a></div><div class="o-teaser__heading"><a href="/content/5ddb8554-ebff-4536-b642-6dec4b727df4" data-trackable="heading-link" class="js-teaser-heading-link">Rachel Reeves might come to rue her ‘read my lips’ moment</a></div><p class="o-teaser__standfirst"><a href="/content/5ddb8554-ebff-4536-b642-6dec4b727df4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The UK chancellor could yet find herself forced to raise taxes again</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="5ddb8554-ebff-4536-b642-6dec4b727df4" data-myft-ui="saved" action="/myft/save/5ddb8554-ebff-4536-b642-6dec4b727df4" data-js-action="/__myft/api/core/saved/content/5ddb8554-ebff-4536-b642-6dec4b727df4?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Rachel Reeves might come to rue her ‘read my lips’ moment to myFT for later" aria-label="Save Rachel Reeves might come to rue her ‘read my lips’ moment to myFT for later" data-alternate-label="Rachel Reeves might come to rue her ‘read my lips’ moment is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="5ddb8554-ebff-4536-b642-6dec4b727df4" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/5ddb8554-ebff-4536-b642-6dec4b727df4" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2778%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F42ca1781-c1e7-4189-9712-3dfd2c026f34.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Chancellor Rachel Reeves poses with the red box outside Number 11 Downing Street"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-11T17:07:58.994Z">Monday, 11 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="8a3cdc8c-83c7-4c18-8c2b-f462e15af286" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="8a3cdc8c-83c7-4c18-8c2b-f462e15af286"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-tax" aria-label="Category: UK tax">UK tax</a></div><div class="o-teaser__heading"><a href="/content/8a3cdc8c-83c7-4c18-8c2b-f462e15af286" data-trackable="heading-link" class="js-teaser-heading-link">Budget fallout will hit UK plc’s squeezed middle hardest</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/8a3cdc8c-83c7-4c18-8c2b-f462e15af286" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Smallest private sector employers will be protected from NI increase while big business can pass cost on to consumer</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="8a3cdc8c-83c7-4c18-8c2b-f462e15af286" data-myft-ui="saved" action="/myft/save/8a3cdc8c-83c7-4c18-8c2b-f462e15af286" data-js-action="/__myft/api/core/saved/content/8a3cdc8c-83c7-4c18-8c2b-f462e15af286?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Budget fallout will hit UK plc’s squeezed middle hardest to myFT for later" aria-label="Save Budget fallout will hit UK plc’s squeezed middle hardest to myFT for later" data-alternate-label="Budget fallout will hit UK plc’s squeezed middle hardest is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="8a3cdc8c-83c7-4c18-8c2b-f462e15af286" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/8a3cdc8c-83c7-4c18-8c2b-f462e15af286" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2333%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fe77e6877-1020-423a-b431-cb61eee31ee2.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A barman pulls a beer at the Chandos Arms pub in London"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-10T21:00:52.378Z">Sunday, 10 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="fae47a49-017e-4165-975f-3f79a0719474" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="fae47a49-017e-4165-975f-3f79a0719474"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-companies" aria-label="Category: UK companies">UK companies</a></div><div class="o-teaser__heading"><a href="/content/fae47a49-017e-4165-975f-3f79a0719474" data-trackable="heading-link" class="js-teaser-heading-link">HMRC to hand back £700mn to top UK companies after EU tax ruling</a></div><p class="o-teaser__standfirst"><a href="/content/fae47a49-017e-4165-975f-3f79a0719474" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">London Stock Exchange Group, Pearson and ITV stand to gain from European court decision</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="fae47a49-017e-4165-975f-3f79a0719474" data-myft-ui="saved" action="/myft/save/fae47a49-017e-4165-975f-3f79a0719474" data-js-action="/__myft/api/core/saved/content/fae47a49-017e-4165-975f-3f79a0719474?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save HMRC to hand back £700mn to top UK companies after EU tax ruling to myFT for later" aria-label="Save HMRC to hand back £700mn to top UK companies after EU tax ruling to myFT for later" data-alternate-label="HMRC to hand back £700mn to top UK companies after EU tax ruling is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="fae47a49-017e-4165-975f-3f79a0719474" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/fae47a49-017e-4165-975f-3f79a0719474" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff91ca872-397a-4fac-a6d8-ff2612be815c.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="People walk past the HMRC building in central London"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-10T14:29:40.784Z">Sunday, 10 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="1e54abab-346c-4e65-bd24-56db038233d1" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="1e54abab-346c-4e65-bd24-56db038233d1"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/uk-autumn-budget-2024" aria-label="Category: UK Autumn Budget 2024">UK Autumn Budget 2024</a></div><div class="o-teaser__heading"><a href="/content/1e54abab-346c-4e65-bd24-56db038233d1" data-trackable="heading-link" class="js-teaser-heading-link">Hospitality bosses warn Reeves’ UK tax increases will lead to ‘drastic’ job cuts</a></div><p class="o-teaser__standfirst"><a href="/content/1e54abab-346c-4e65-bd24-56db038233d1" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">More than 200 sign letter to chancellor saying rises in national insurance contributions will cause business closures </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="1e54abab-346c-4e65-bd24-56db038233d1" data-myft-ui="saved" action="/myft/save/1e54abab-346c-4e65-bd24-56db038233d1" data-js-action="/__myft/api/core/saved/content/1e54abab-346c-4e65-bd24-56db038233d1?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Hospitality bosses warn Reeves’ UK tax increases will lead to ‘drastic’ job cuts to myFT for later" aria-label="Save Hospitality bosses warn Reeves’ UK tax increases will lead to ‘drastic’ job cuts to myFT for later" data-alternate-label="Hospitality bosses warn Reeves’ UK tax increases will lead to ‘drastic’ job cuts is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="1e54abab-346c-4e65-bd24-56db038233d1" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/1e54abab-346c-4e65-bd24-56db038233d1" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F19340676-7aef-49c3-877c-b1d16fb5b1bc.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="A bartender is pictured as she pulls a pint of Fuller’s London Pride beer in a pub next to the Fuller’s Griffin Brewery in Chiswick"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-10T05:00:25.841Z">Sunday, 10 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="75cd612d-55e3-41a9-9dee-9602e56137e3" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="75cd612d-55e3-41a9-9dee-9602e56137e3"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/international-tax" aria-label="Category: International tax">International tax</a></div><div class="o-teaser__heading"><a href="/content/75cd612d-55e3-41a9-9dee-9602e56137e3" data-trackable="heading-link" class="js-teaser-heading-link">Trump win puts global corporate tax deal ‘in peril’ </a></div><p class="o-teaser__standfirst"><a href="/content/75cd612d-55e3-41a9-9dee-9602e56137e3" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Experts believe that countries will now be unlikely to apply rules over fears of retaliation from Trump-led administration </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="75cd612d-55e3-41a9-9dee-9602e56137e3" data-myft-ui="saved" action="/myft/save/75cd612d-55e3-41a9-9dee-9602e56137e3" data-js-action="/__myft/api/core/saved/content/75cd612d-55e3-41a9-9dee-9602e56137e3?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Trump win puts global corporate tax deal ‘in peril’ to myFT for later" aria-label="Save Trump win puts global corporate tax deal ‘in peril’ to myFT for later" data-alternate-label="Trump win puts global corporate tax deal ‘in peril’ is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved&nbsp;" data-content-id="75cd612d-55e3-41a9-9dee-9602e56137e3" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/75cd612d-55e3-41a9-9dee-9602e56137e3" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Faab47ed2-50cc-4109-a910-0a5ef5a5b4b8.jpg?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240" alt="Montage of Donald Trump in front of a pixelated world map and two $1 bills"/></div></a></div></div> </div> </div> </li> </ul> </div> <div data-stream-additions aria-live="polite" aria-relevant="additions" class="stream__a11y o-normalise-visually-hidden"> </div> <div data-pagination role="navigation" aria-label="Pagination" class="stream__pagination o-buttons-pagination"> <a data-pagination-previous data-trackable="previous-page" disabled class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-left o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Previous page</span> </a> <span class="stream__pagination-label"> You are on page <strong data-pagination-page>1</strong> </span> <a data-pagination-next data-trackable="next-page" href="?page&#x3D;2" class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-right o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Next page</span> </a> </div> </div> <div class="stream__right-hand " data-o-grid-colspan="12 L4 XL3 XLoffset1" > <div class="o-grid-row"> <h2 class="o-header__visually-hidden">Topics to follow</h2> <div class="industry-recommendations o-teaser-collection js-track-scroll-event" data-o-grid-colspan="12" data-trackable="industry-recommendations" > <section class="collection collection--regular" data-trackable="collection"> <header class="collection__header collection__header--regular"> <h3 class="collection__title collection__title--regular"> Topics related to Accountancy &amp; tax advisory </h3> </header> <ul class="collection__concepts"> <li class="collection__concept"> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="f1c79b49-d38d-4edd-81a0-53317248951a" action="/myft/add/f1c79b49-d38d-4edd-81a0-53317248951a" data-js-action="/__myft/api/core/followed/concept/f1c79b49-d38d-4edd-81a0-53317248951a?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Deloitte." data-unpressed-text="No longer following Deloitte." ></div> <button aria-pressed="false" aria-label="Add to myFT: Deloitte" title="Add Deloitte to myFT" data-alternate-label="Added Deloitte to myFT: click to remove" data-alternate-text="Deloitte" class=" n-myft-follow-button n-myft-follow-button--inverse" data-concept-id="f1c79b49-d38d-4edd-81a0-53317248951a" data-trackable="follow" type="submit">Deloitte</button> </form> </li> <li class="collection__concept"> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="3cf32c5c-0134-4755-8a53-6f029205be89" action="/myft/add/3cf32c5c-0134-4755-8a53-6f029205be89" data-js-action="/__myft/api/core/followed/concept/3cf32c5c-0134-4755-8a53-6f029205be89?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Accountancy." data-unpressed-text="No longer following Accountancy." ></div> <button aria-pressed="false" aria-label="Add to myFT: Accountancy" title="Add Accountancy to myFT" data-alternate-label="Added Accountancy to myFT: click to remove" data-alternate-text="Accountancy" class=" n-myft-follow-button n-myft-follow-button--inverse" data-concept-id="3cf32c5c-0134-4755-8a53-6f029205be89" data-trackable="follow" type="submit">Accountancy</button> </form> </li> <li class="collection__concept"> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="0be7abda-7786-4849-ad89-664e60d1156b" action="/myft/add/0be7abda-7786-4849-ad89-664e60d1156b" data-js-action="/__myft/api/core/followed/concept/0be7abda-7786-4849-ad89-664e60d1156b?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Tax." data-unpressed-text="No longer following Tax." ></div> <button aria-pressed="false" aria-label="Add to myFT: Tax" title="Add Tax to myFT" data-alternate-label="Added Tax to myFT: click to remove" data-alternate-text="Tax" class=" n-myft-follow-button n-myft-follow-button--inverse" data-concept-id="0be7abda-7786-4849-ad89-664e60d1156b" data-trackable="follow" type="submit">Tax</button> </form> </li> <li class="collection__concept"> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="93f42e47-dfe4-410c-a240-68465f270ec1" action="/myft/add/93f42e47-dfe4-410c-a240-68465f270ec1" data-js-action="/__myft/api/core/followed/concept/93f42e47-dfe4-410c-a240-68465f270ec1?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Accounting &amp; Consulting services." data-unpressed-text="No longer following Accounting &amp; Consulting services." ></div> <button aria-pressed="false" aria-label="Add to myFT: Accounting &amp; Consulting services" title="Add Accounting &amp; Consulting services to myFT" data-alternate-label="Added Accounting &amp; Consulting services to myFT: click to remove" data-alternate-text="Accounting &amp; Consulting services" class=" n-myft-follow-button n-myft-follow-button--inverse" data-concept-id="93f42e47-dfe4-410c-a240-68465f270ec1" data-trackable="follow" type="submit">Accounting &amp; Consulting services</button> </form> </li> <li class="collection__concept"> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="325f8bb3-f356-49b7-81f9-39874259d49e" action="/myft/add/325f8bb3-f356-49b7-81f9-39874259d49e" data-js-action="/__myft/api/core/followed/concept/325f8bb3-f356-49b7-81f9-39874259d49e?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following International tax." data-unpressed-text="No longer following International tax." ></div> <button aria-pressed="false" aria-label="Add to myFT: International tax" title="Add International tax to myFT" data-alternate-label="Added International tax to myFT: click to remove" data-alternate-text="International tax" class=" n-myft-follow-button n-myft-follow-button--inverse" data-concept-id="325f8bb3-f356-49b7-81f9-39874259d49e" data-trackable="follow" type="submit">International tax</button> </form> </li> <li class="collection__concept"> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="0e110c05-b3e6-4d8c-90e0-6632f398f1ac" action="/myft/add/0e110c05-b3e6-4d8c-90e0-6632f398f1ac" data-js-action="/__myft/api/core/followed/concept/0e110c05-b3e6-4d8c-90e0-6632f398f1ac?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following KPMG LLP." data-unpressed-text="No longer following KPMG LLP." ></div> <button aria-pressed="false" aria-label="Add to myFT: KPMG LLP" title="Add KPMG LLP to myFT" data-alternate-label="Added KPMG LLP to myFT: click to remove" data-alternate-text="KPMG LLP" class=" n-myft-follow-button n-myft-follow-button--inverse" data-concept-id="0e110c05-b3e6-4d8c-90e0-6632f398f1ac" data-trackable="follow" type="submit">KPMG LLP</button> </form> </li> <li class="collection__concept"> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="4985c310-982b-40c6-809e-e7a8792c9336" action="/myft/add/4985c310-982b-40c6-809e-e7a8792c9336" data-js-action="/__myft/api/core/followed/concept/4985c310-982b-40c6-809e-e7a8792c9336?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following EY." data-unpressed-text="No longer following EY." ></div> <button aria-pressed="false" aria-label="Add to myFT: EY" title="Add EY to myFT" data-alternate-label="Added EY to myFT: click to remove" data-alternate-text="EY" class=" n-myft-follow-button n-myft-follow-button--inverse" data-concept-id="4985c310-982b-40c6-809e-e7a8792c9336" data-trackable="follow" type="submit">EY</button> </form> </li> <li class="collection__concept"> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="16467d92-aef7-43f1-a843-d3de1b94c59f" action="/myft/add/16467d92-aef7-43f1-a843-d3de1b94c59f" data-js-action="/__myft/api/core/followed/concept/16467d92-aef7-43f1-a843-d3de1b94c59f?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following PwC." data-unpressed-text="No longer following PwC." ></div> <button aria-pressed="false" aria-label="Add to myFT: PwC" title="Add PwC to myFT" data-alternate-label="Added PwC to myFT: click to remove" data-alternate-text="PwC" class=" n-myft-follow-button n-myft-follow-button--inverse" data-concept-id="16467d92-aef7-43f1-a843-d3de1b94c59f" data-trackable="follow" type="submit">PwC</button> </form> </li> </ul> <div class="collection__meta"> <form method="POST" action="#" data-myft-ui="follow" data-concept-id="f1c79b49-d38d-4edd-81a0-53317248951a,3cf32c5c-0134-4755-8a53-6f029205be89,0be7abda-7786-4849-ad89-664e60d1156b,93f42e47-dfe4-410c-a240-68465f270ec1,325f8bb3-f356-49b7-81f9-39874259d49e,0e110c05-b3e6-4d8c-90e0-6632f398f1ac,4985c310-982b-40c6-809e-e7a8792c9336,16467d92-aef7-43f1-a843-d3de1b94c59f" class="n-myft-ui n-myft-ui--follow n-ui-hide-core collection-follow-all"> <input type="hidden" name="directType" value="http://www.ft.com/ontology/organisation/Organisation,http://www.ft.com/ontology/Topic,http://www.ft.com/ontology/Topic,http://www.ft.com/ontology/Topic,http://www.ft.com/ontology/Topic,http://www.ft.com/ontology/organisation/Organisation,http://www.ft.com/ontology/organisation/Organisation,http://www.ft.com/ontology/organisation/Organisation" /> <input data-myft-csrf-token value="" type="hidden" name="token"> <input type="hidden" name="name" value="Deloitte,Accountancy,Tax,Accounting &amp; Consulting services,International tax,KPMG LLP,EY,PwC" /> <button type="submit" aria-pressed="false" class="collection-follow-all__button collection-follow-all__button--regular" data-trackable="follow all" data-concept-id="f1c79b49-d38d-4edd-81a0-53317248951a,3cf32c5c-0134-4755-8a53-6f029205be89,0be7abda-7786-4849-ad89-664e60d1156b,93f42e47-dfe4-410c-a240-68465f270ec1,325f8bb3-f356-49b7-81f9-39874259d49e,0e110c05-b3e6-4d8c-90e0-6632f398f1ac,4985c310-982b-40c6-809e-e7a8792c9336,16467d92-aef7-43f1-a843-d3de1b94c59f" aria-label="Add all to myFT: Topics related to Accountancy &amp; tax advisory collection" data-alternate-label="Added: click to remove all topics in the Topics related to Accountancy &amp; tax advisory collection from my FT" data-alternate-text="Added" title="Add all topics in the Topics related to Accountancy &amp; tax advisory collection to my FT"> Add all to myFT </button> </form> </div> </section> </div> <div class="o-ads advert--mid-small-medium" data-o-ads-name="mid-small" data-o-ads-targeting="pos=mid" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="false" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> <div class="o-ads advert--sidebar advert--sidebar-mid " data-o-ads-name="mid-non-responsive-large" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,HalfPage,OneByOne,Responsive" data-o-ads-formats-extra="MediumRectangle,HalfPage,OneByOne,Responsive" aria-hidden="true"> </div> <div class="o-ads advert--sidebar advert--sidebar-mid1 " data-o-ads-name="mid1-non-responsive-large" data-o-ads-targeting="pos=mid1" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,OneByOne,HalfPage,Responsive" data-o-ads-formats-extra="MediumRectangle,OneByOne,HalfPage,Responsive" aria-hidden="true"> </div> </div> </div> </div> </div> </div></div></div><div class="n-layout__row n-layout__row--footer"><footer id="site-footer" class="o-footer o-footer--theme-dark" data-o-component="o-footer"><div class="o-footer__container"><div class="o-footer__row"><h2 class="o-normalise-visually-hidden">Useful links</h2><nav class="o-footer__matrix" role="navigation" aria-label="Useful links"><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-0">Support</h3><div class="o-footer__matrix-content" id="o-footer-section-0"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/tour" data-trackable="View Site Tips"><span class="o-footer__matrix-link__copy">View Site Tips</span></a><a class="o-footer__matrix-link" href="https://help.ft.com" data-trackable="Help Centre"><span class="o-footer__matrix-link__copy">Help Centre</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/contact-us" data-trackable="Contact Us"><span class="o-footer__matrix-link__copy">Contact Us</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/aboutus" data-trackable="About Us"><span class="o-footer__matrix-link__copy">About Us</span></a><a class="o-footer__matrix-link" href="/accessibility" data-trackable="Accessibility"><span class="o-footer__matrix-link__copy">Accessibility</span></a><a class="o-footer__matrix-link" href="/tour/myft" data-trackable="myFT Tour"><span class="o-footer__matrix-link__copy">myFT Tour</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/en-gb/careers/" data-trackable="Careers"><span class="o-footer__matrix-link__copy">Careers</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/suppliers" data-trackable="Suppliers"><span class="o-footer__matrix-link__copy">Suppliers</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-1">Legal &amp; Privacy</h3><div class="o-footer__matrix-content" id="o-footer-section-1"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/terms-conditions/" data-trackable="Terms &amp; Conditions"><span class="o-footer__matrix-link__copy">Terms &amp; Conditions</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/privacy/" data-trackable="Privacy Policy"><span class="o-footer__matrix-link__copy">Privacy Policy</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/cookies/" data-trackable="Cookie Policy"><span class="o-footer__matrix-link__copy">Cookie Policy</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/preferences/manage-cookies" data-trackable="Manage Cookies"><span class="o-footer__matrix-link__copy">Manage Cookies</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="Copyright"><span class="o-footer__matrix-link__copy">Copyright</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal/slavery-statement/" data-trackable="Slavery Statement &amp; Policies"><span class="o-footer__matrix-link__copy">Slavery Statement &amp; Policies</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-2">Services</h3><div class="o-footer__matrix-content" id="o-footer-section-2"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/securedrop" data-trackable="Share News Tips Securely" data-o-tracking-do-not-track="true"><span class="o-footer__matrix-link__copy">Share News Tips Securely</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/products" data-trackable="Individual Subscriptions"><span class="o-footer__matrix-link__copy">Individual Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/professional-subscriptions?segmentId=383c7f[…]4-b62d-cb33-4c278e6fdf61&amp;cpccampaign=B2B_link_ft.com_footer" data-trackable="Professional Subscriptions"><span class="o-footer__matrix-link__copy">Professional Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/republishing/" data-trackable="Republishing"><span class="o-footer__matrix-link__copy">Republishing</span></a><a class="o-footer__matrix-link" href="https://www.exec-appointments.com/" data-trackable="Executive Job Search"><span class="o-footer__matrix-link__copy">Executive Job Search</span></a><a class="o-footer__matrix-link" href="https://commercial.ft.com/" data-trackable="Advertise with the FT"><span class="o-footer__matrix-link__copy">Advertise with the FT</span></a><a class="o-footer__matrix-link" href="https://twitter.com/ft" data-trackable="Follow the FT on X"><span class="o-footer__matrix-link__copy">Follow the FT on X</span></a><a class="o-footer__matrix-link" href="https://channels.ft.com/" data-trackable="FT Channels"><span class="o-footer__matrix-link__copy">FT Channels</span></a><a class="o-footer__matrix-link" href="https://enterprise.ft.com/en-gb/services/group-subscriptions/secondary-education/" data-trackable="FT Schools"><span class="o-footer__matrix-link__copy">FT Schools</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-3">Tools</h3><div class="o-footer__matrix-content" id="o-footer-section-3"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio"><span class="o-footer__matrix-link__copy">Portfolio</span></a><a class="o-footer__matrix-link" href="https://applink.ft.com/A6lV/2khsqyrh" data-trackable="FT App"><span class="o-footer__matrix-link__copy">FT App</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/todaysnewspaper" data-trackable="FT Digital Edition"><span class="o-footer__matrix-link__copy">FT Digital Edition</span></a><a class="o-footer__matrix-link" href="https://ftedit.ft.com/Ju3k/pqkac2ds" data-trackable="FT Edit"><span class="o-footer__matrix-link__copy">FT Edit</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/alerts/" data-trackable="Alerts Hub"><span class="o-footer__matrix-link__copy">Alerts Hub</span></a><a class="o-footer__matrix-link" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings"><span class="o-footer__matrix-link__copy">Business School Rankings</span></a><a class="o-footer__matrix-link" href="https://subscription-manager.ft.com/" data-trackable="Subscription Manager"><span class="o-footer__matrix-link__copy">Subscription Manager</span></a><a class="o-footer__matrix-link" href="/news-feed" data-trackable="News feed"><span class="o-footer__matrix-link__copy">News feed</span></a><a class="o-footer__matrix-link" href="/newsletters" data-trackable="Newsletters"><span class="o-footer__matrix-link__copy">Newsletters</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/currencies" data-trackable="Currency Converter"><span class="o-footer__matrix-link__copy">Currency Converter</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-4">Community &amp; Events</h3><div class="o-footer__matrix-content" id="o-footer-section-4"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://events.ft.com/events-list" data-trackable="FT Live Events"><span class="o-footer__matrix-link__copy">FT Live Events</span></a><a class="o-footer__matrix-link" href="https://forums.ft.com/" data-trackable="FT Forums"><span class="o-footer__matrix-link__copy">FT Forums</span></a><a class="o-footer__matrix-link" href="https://bdp.ft.com/" data-trackable="Board Director Programme"><span class="o-footer__matrix-link__copy">Board Director Programme</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title o-footer__matrix-title--link"><a class="o-footer__matrix-link o-footer__matrix-link--more" id="o-footer-5" href="https://ft.com/more-from-ft-group"><span class="o-footer__matrix-link__copy">More from the FT Group</span></a></h3></div></nav></div><div class="o-footer__copyright"><small>Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2024. <abbr title="Financial Times" aria-label="F T">FT</abbr> and ‘Financial Times’ are trademarks of The Financial Times Ltd.<br/>The Financial Times and its journalism are subject to a self-regulation regime under the <a href="https://aboutus.ft.com/en-gb/ft-editorial-code/" aria-label="F T Editorial Code of Practice">FT Editorial Code of Practice</a>.</small></div></div><div class="o-footer__brand"><div class="o-footer__container"><div class="o-footer__brand-logo"></div></div></div></footer><div class="n-layout__footer-after"><script data-pixel-src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D">(function coreExperience() { if (/\bcore\b/.test(document.documentElement.className)) { // eslint-disable-next-line no-var var currentScript = document.scripts[document.scripts.length - 1]; // eslint-disable-next-line no-var var img = new Image(); img.alt = ''; img.src = currentScript.getAttribute('data-pixel-src'); } })();</script><noscript><img src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D" alt=""/></noscript></div></div><div class="o-header__drawer" id="o-header-drawer" role="modal" aria-label="Drawer menu" aria-modal="true" data-o-header-drawer="true" data-o-header-drawer--no-js="true" data-trackable="drawer" data-trackable-terminate="true"><div class="o-header__drawer-inner"><div class="o-header__drawer-tools"><button type="button" class="o-header__drawer-tools-close" title="Close side navigation menu" aria-controls="o-header-drawer" data-trackable="close"><span class="o-header__visually-hidden">Close side navigation menu</span></button><nav class="o-header__drawer-menu o-header__drawer-edition-switcher" aria-label="Edition switcher"><span class="o-header__drawer-menu-item">Edition:</span><span class="o-header__drawer-menu-item o-header__drawer-current-edition">International</span><div class="o-header__drawer-divider"></div><a class="o-header__drawer-menu-link" href="/?edition=uk">UK</a></nav></div><div class="o-header__drawer-search"><form class="o-header__drawer-search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-drawer-search-term" class="o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-drawer-search-term" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" data-trackable="search-term" data-n-topic-search-input="true" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-drawer-search-term" data-n-topic-search-drawer="true"/><button class="o-header__drawer-search-submit" type="submit" data-trackable="search-submit"><span class="o-header__visually-hidden">Search</span></button></span></label></form></div><div class="o-header__drawer-actions"><a class="o-header__drawer-button" role="button" href="/products?segmentId=4526c036-7527-ab37-9a29-0b0403fa0b5f" data-trackable="subscribe-button">Subscribe for full access</a></div><nav class="o-header__drawer-menu o-header__drawer-menu--primary"><h2 id="top-sections" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">Top sections</h2><ul aria-labelledby="top-sections" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/" data-trackable="Home">Home</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/world" data-trackable="World">World</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-1" data-trackable="sub-level-toggle | World">Show more World</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-1" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-war" data-trackable="Middle East war">Middle East war</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/global-economy" data-trackable="Global Economy">Global Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/world-uk" data-trackable="UK">UK</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us" data-trackable="US">US</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/china" data-trackable="China">China</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/africa" data-trackable="Africa">Africa</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/asia-pacific" data-trackable="Asia Pacific">Asia Pacific</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/emerging-markets" data-trackable="Emerging Markets">Emerging Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/europe" data-trackable="Europe">Europe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/war-in-ukraine" data-trackable="War in Ukraine">War in Ukraine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/americas" data-trackable="Americas">Americas</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-north-africa" data-trackable="Middle East &amp; North Africa">Middle East &amp; North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investing-in-america" data-trackable="Investing in America">Investing in America</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics &amp; Policy">US Politics &amp; Policy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-presidential-election-2024" data-trackable="US Presidential Election 2024">US Presidential Election 2024</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail &amp; Consumer">Retail &amp; Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://etf.ft.com" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work &amp; Careers">Work &amp; Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work &amp; Careers">Show more Work &amp; Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe&#x27;s Start-Up Hubs">Europe&#x27;s Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life &amp; Arts">Life &amp; Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life &amp; Arts">Show more Life &amp; Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food &amp; Drink">Food &amp; Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House &amp; Home">House &amp; Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property &amp; Mortgages">Property &amp; Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--selected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax" aria-label="Tax, current page" aria-current="page">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking &amp; Savings">Banking &amp; Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice &amp; Comment">Advice &amp; Comment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/next-act" data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/podcasts" data-trackable="Podcasts">Podcasts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/news-feed" data-trackable="News feed">News feed</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-schools" data-trackable="FT Schools">FT Schools</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://events.ft.com/events-list" data-trackable="FT Live Events">FT Live Events</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://forums.ft.com/" data-trackable="FT Forums">FT Forums</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://bdp.ft.com/" data-trackable="Board Director Programme">Board Director Programme</a></li></ul><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--divide"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="/myft" data-trackable="myFT">myFT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio">Portfolio</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/todaysnewspaper" data-trackable="FT Digital Edition">FT Digital Edition</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/crossword" data-trackable="Crossword">Crossword</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/tour/apps" data-trackable="Our Apps">Our Apps</a></li></ul></nav><nav class="o-header__drawer-menu o-header__drawer-menu--user" data-trackable="user-nav"><ul class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="https://help.ft.com" data-trackable="Help Centre">Help Centre</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/products?segmentId=d290332b-e8e8-d29b-2ff4-2019b13f008a" data-trackable="Subscribe">Subscribe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/login?location=/tax" data-trackable="Sign In">Sign In</a></li></ul></nav></div></div></div><script type="application/json" id="page-kit-app-context">{"appName":"stream-page","product":"next","edition":"international","appVersion":"de0e20e0ce70df34e0bddecb4a65704a76b90db1","abTestState":"messageSlotBottom:cookieConsentC,articlecommunitypromoevent:variant2,appleSignUpForBuyFlowTest:variant","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.0.5","conceptId":"0be7abda-7786-4849-ad89-664e60d1156b","conceptType":"http://www.ft.com/ontology/Topic"}</script><script type="application/json" id="page-kit-flags-embed">{"articleRelatedContent":true,"ads":true,"javascript":true,"oTracking":true,"articleComments":true,"myFtApi":true,"articleShareButtons":true,"myFtApiWrite":true,"adTargetingUserApi":true,"videoPlayerAdvertising":true,"streamMostRead":true,"openGraph":true,"nativeAds":true,"regionalNews":true,"syndication":true,"myFTEmailDisableABAlloc":true,"streamRecommendedStoriesList":true,"refererCohort":true,"newsletterSignupOnArticle":true,"myFTInstantNotifications":true,"myftPrioritiseTopics":true,"myftIndustryRecs":true,"showEventPromo":true,"myftConsentSwitch":true,"manageCookiesWhiteLabel":true,"myftIndustryRecsFeed":true,"AdsPermutive":true,"syndication_promo":true,"messageSlotBottom":"cookieConsentC","enableGTM":true,"myftNewNewLabel":true,"myftBoldNewArticles":true,"myftPageAppNotificationsToggle":true,"realUserMonitoringForPerformance":true,"textCopyTracking":true,"enableBrandmetricsSurveyScript":true,"managePremiumCancellationJourney":true,"articleInstantAlertsPromo":true,"manageStepUpCancellationJourney":true,"manageStandardCancellationJourney":true,"manageStepUpTransitionJourney":true,"manageDirectCancellationJourney":true,"privShowCCPALinkOnFooter":true,"optimizely":true,"graphicSyndication":true,"adsNativeLazyload":true,"enableRavelinOnProd":true,"enableMarketingAnalyticsTags":true,"streamPageGraphicsList":true,"useFlourish":true,"adsHighImpact":true,"monthlyTermForPremiumCovidCohort":true,"enableNonUKDeliveryAddress":true,"homePageHeaderMarketsData":true,"enableGoogleExtendedMeter":true,"inArticleContentSignUp":true,"frontPageCommunitySection":true,"newBuyFlow":true,"bizzaboRegistrationEnabled":true,"enableSingleTermSubscriptions":true,"newsletterAutoEnrolment":true,"eventsInMyFtPage":true,"eventsInDigestEmails":true,"eventsInStreamPage":true,"ftGlobetrotterBanner":true,"scrollytellingImages":true,"emailVerificationOnSignupForms":true,"AdsExtraMobileSlot":true,"dotcomPages":true,"fomoPage":true,"exponeaOnsiteMessaging":true,"homepageInteractivesEmbeds":true,"bankTransferFeature":true,"articlecommunitypromoevent":"variant2","purgeableLongTailArticleCaching":true,"myAccountLanding":true,"chatterboxChat":true,"liveChat":true,"billingDetailsConfirmationPage":true,"AdsCompaniesTypeaheadDemo":true,"reverseCancellation":true,"adsPGHomePage":true,"saveMeDisplayEdit":true,"adsCommentsRHR":true,"adsPGSearchPage":true,"stripeForIndia":true,"showNoOffersPageInRetention":true,"adsDisableInternalCMP":true,"myFTInstantAlertsOnboarding":true,"proCentralBanking":true,"magnetOnArticle":true,"myftFollowButton":true,"customCodeComponent":true,"extensibleFrontends":true,"adsAppDisableInternalCMP":true,"experimentalAccountEntryTest":true,"enableSubX":true,"homepageClips":true,"enableAppleSignUpForRegFlow":true,"enableAppleSignUpForBuyFlow":true,"workspaceTeaserContextMenu":true,"appleSignUpForBuyFlowTest":"variant","personalFinanceCourseOfferSubscriberRenewalJourney":true,"retentionDirectToSeperateCancelCompareController":true,"enableCorporateBarrier":true,"nextBestOfferRelaunch":true,"onboardingCsatSurveyEnabled":true,"adsInsertTexasDNSLink":true,"pro-signup-welcome-page-v2-enabled":true,"inArticleContentSignUpUSElectionNewsletter":true,"enableFTEditRegisterFlow":true,"backToTopButton":true,"adsEnableGpp":true,"enableStepUpNBO":true,"amplitudeExperiment":true,"pro-signup-onboarding-enabled":true,"useFlourishIFrame":true,"commentsOnlySubscriber":true,"pro-workspace-recommendation-cards-enabled":true,"articleToolsBox":true,"adsEnableFullBleedResponsive":true,"accountSettingsBillingDetailsPaypal":true,"adsVideoPageConsent":true,"clipsEnhancedPlayer":true,"adsEnableMiniBillboard":true,"ads-refresh-pc":true,"enableProfessionalSubscriptionCheck":true,"ads-validate-traffic-ias":true,"adsEnableMiniBillboardWeb":true,"adsMarketsDataWidget":true,"adsArticlePcStyling":true,"ads-adblock-recovery":true,"mprHomePageSlice":true,"liveChatProjectFelix":true,"liveBlogPagination":true,"enableWhiteHouseWatchNewsletterSignup":true,"articleBulletPointSummary":true}</script></body></html>

Pages: 1 2 3 4 5 6 7 8 9 10