Is Russia gearing up for war in Europe?

👚 Polemical pullover | ❤️ “Tagalong” Branson | 🚦 First traffic light

In the headlines

Keir Starmer is facing a revolt from Labour MPs after abandoning a manifesto pledge to allow workers to sue for unfair dismissal from day one of their employment. Under the change in the policy, which was originally championed by former deputy PM Angela Rayner, employees will have to be in their job for at least six months to qualify. The death toll from the high-rise apartment complex fire in Hong Kong on Wednesday has risen to 128, with around 200 still missing. Authorities say the fire alarms were not working effectively and attribute the blaze’s rapid spread to mesh-covered bamboo scaffolding covering the flats. A Brittany town is so fed up of the French being perceived as rude and unwelcoming that it has launched a “courtesy week”. Residents of Saint-Brieuc are being told to stop moaning and strike up polite chatter with one another as part of a drive to become the nation’s “capital of courtesy”. Bonne chance.

Comment

Brits, presumably, heading for a post-shift surf in Australia. Getty

Worry about the young leaving, not the billionaires

Labour has been heavily criticised for driving billionaires such as Lakshmi Mittal to quit the country, says Alice Thomson in The Times. But these non-doms, useful as they are to the wider economy, have always come and gone with tax regimes, flitting from London to Milan “with their Louis Vuitton luggage on private jets”. Far more worrying is the burgeoning trend for the aspirational young to pack their bags and board an economy flight in search of what they can’t find here: “jobs and prosperity”. These aren’t the so-called “quiet quitters” who want to do as little as they can from under a duvet. They’re skilled, driven folk – and crucially for the UK, “much-needed future taxpayers”.

Many of those leaving are engineers, accountants, doctors and teachers. Last year nearly 2,000 GPs, resident medical officers and nurses were given visas with potential for permanent residency in Australia. They’ll be joining the 3,324 British doctors who have settled there in the past three years – “high on sunshine” and very well-remunerated for their British taxpayer-funded expertise. The Americans are luring high-flyers with the promise that they could quadruple their salaries; young expats in Portugal are “thriving” thanks to a one-year 100% tax break for under-35s earning less than £25k a year. This brain drain isn’t going to let up any time soon. Some 28% of 18-to-30-year-olds say they are actively planning or have seriously considered emigrating, because here in the UK they feel “overtaxed, underhoused and undervalued”. The government needs to wake up and realise it’s “losing the international talent war”.

Advertisement

UK Small Caps: A reality check
Investors have had plenty of reasons to be pessimistic about the UK economy, but the pervasive gloom may leave them overlooking a potential source of growth and diversification in their portfolios. For UK small and mid cap stocks, sentiment remains significantly out of step with reality and fears over the UK’s domestic growth may be clouding investors' judgment. Read more.

Love etc

Richard and Joan in 1985. Dave Hogan/Hulton Archive/Getty

Richard Branson and his wife Joan Templeman, who has died aged 80, were “not a match on paper”, says Abigail Buchanan in The Daily Telegraph. He was the privately educated son of a barrister; she was the daughter of a carpenter and brought up in tenement housing in Glasgow. But Branson says he was smitten the moment he saw this “down-to-earth Scots lady” making a cup of tea at his recording studio. The feeling wasn’t initially mutual – she was married – but Branson persisted. He regularly visited the shop where she worked on Portobello Road, west London, “feigning an interest in antique signs”; her friends even nicknamed him “Tagalong”. Eventually she succumbed, beginning a relationship that lasted 50 years.

It’s Black Friday…

Like everyone else, we unveiled our Black Friday offer a week or so before the day itself. But today is the day. And rather than buying yet more crap served up to you by some retail giant’s algorithm, why not spend your hard-earned cash on something you’ll enjoy every day of the year? Something that will make you a smarter and more interesting person. Something that takes just five minutes a day to read.

We are talking, of course, about a £40 annual subscription to The Knowledge. Which, thanks to our Black Friday deal, comes with a free hard copy of our terrific new Book of Love Etc, worth £12.99. We’re even paying for UK postage and packaging.

This really is our best ever subscription offer. So please, if you can afford it, become a paid subscriber today. You won’t regret it.

Let us know what you thought of today’s issue by replying to this email
To find out about advertising and partnerships, click here 
Been forwarded this newsletter? Try it for free 
Enjoying The Knowledge? Click to share

Reply

or to participate.