Q3 and First Nine Months of 2024 financial report available
Paris, October 30, 2024 – Lectra informs its shareholders, in compliance with Article 221-4-IV of the General Regulation of the Autorité des marchés financiers, that the Management Discussion and Analysis of Financial Condition and Results of Operations for the third quarter and the nine months of 2024 is available on the company’s website: www.lectra.com
It is also available, upon request, at the company’s headquarters 16-18 rue Chalgrin, 75016 Paris (email: investor.relations@lectra.com).
About Lectra
A major player in the fashion, automotive and furniture markets, Lectra contributes to the development of Industry 4.0 with boldness and passion, fully integrating Corporate Social Responsibility (CSR) into its global strategy.The Group offers industrial intelligence solutions – software, cutting equipment, data analysis solutions and associated services – that facilitate the digital transformation of the companies it serves. In doing so, Lectra helps its customers push boundaries and unlock their potential. The Group is proud to state that its 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. Founded in 1973, Lectra reported revenues of 478 million euros in 2023.The company is listed on Euronext, where it is included in the following indices:CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150. For more information, visitlectra.com.
Lectra – World Headquarters: 16–18, rue Chalgrin • 75016 Paris • France Tel. +33 (0)1 53 64 42 00 – www.lectra.com A French Société Anonyme with capital of €37,832,965 • RCS Paris B 300 702 305
First nine months of 2024: revenues and EBITDA continued to grow, despite the degraded environment
Revenues: 394.2 million euros (+10%)*
EBITDA before non-recurring items: 68.5 million euros (+16%)*
*At actual exchange rates
In millions of euros
July 1 – September 30
January 1 – September 30
2024(1)
2023
2024(1)
2023
Revenues
131.9
118.7
394.2
358.3
Change at actual exchange rates (in %)
11%
10%
EBITDA before non-recurring items(2)
26.2
23.9
68.5
59.2
Change at actual exchange rates (in %)
10%
16%
EBITDA margin before non-recurring items (in % of revenues)
19.9%
20.1%
17.4%
16.5%
Income from operations before non-recurring items (2)
15.7
16.4
37.3
36.7
Change at actual exchange rates (in %)
-5%
2%
Net income(3)
10.1
11.0
21.2
24.9
Free cash flow before non-recurring items (2)
21.6
15.5
49.9
32.1
(1) The 2024 amounts include Launchmetrics since January 23, 2024 (2) The definition for performance indicators appears in the September 30, 2024 Financial Report (3) In 2023, net income included the impact of non-recurring income of 2.6 million euros
Paris, October 30, 2024. Today, Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the third quarter and the first nine months of 2024, which have not been reviewed by the Statutory Auditors. To facilitate the analysis of the Group’s results in its new scope, the accounts of Lectra excluding Launchmetrics (the “Lectra 2023 scope”) and those of Launchmetrics are analyzed separately.
The detailed 2024 vs 2023 comparisons are based on actual exchange rates, except for the Lectra 2023 scope stated on a like-for-like basis.
Q3 2024
The macroeconomic and geopolitical environment experienced further degradation in the third quarter but with heterogeneous situations across different geographical markets and market sectors.
This situation resulted in a cautious position on the part of the Group’s customers in their investment decisions, resulting in a negative effect, particularly on orders for new systems.
However, driven by both the integration of Launchmetrics and the improvement in the Group’s fundamentals –growth in recurring revenues, higher gross profit, growth in EBITDA before non-recurring items and near-coverage of all fixed costs through recurring activity– Q3 2024 revenues (131.9 million euros) and EBITDA before non-recurring items (26.2 million euros) increased significantly (by 11% and 10%, respectively). The EBITDA margin before non-recurring items stood at 19.9%.
Lectra 2023 scope
Orders for perpetual software licenses, equipment and accompanying software, and non-recurring services (32.2 million euros) were stable compared to Q3 2023.
The annual value of new subscriptions for software came to 2.6 million euros, up 17% compared to Q3 2023.
Q3 2024 revenues came to 120.8 million euros, up 3% compared Q3 2023. EBITDA before non-recurring items was 23.5 million euros and EBITDA margin before non-recurring items stood at 19.5% (-0.5 percentage point).
FIRST NINE MONTHS OF 2024
Revenues for the first nine months of 2024 were 394.2 million euros, up 10%, with the following breakdown: 111.3 million euros in revenus from new systems (28% of total revenues, down 5%) and 282.9 million euros in recurring revenues (72% of total revenues, up 18%), including 56.4 million euros in SaaS revenue (14% of total revenues, multiplied by 2.6)
Gross profit came to 281.6 million euros, up 13% compared to the first nine months of 2023, and the gross profit margin came to 71.4%, up 1.7 percentage points.
EBITDA before non-recurring items totalled 68.5 million euros, up 16%, and the EBITDA margin before non-recurring items rose to 17.4%, up 0.9 percentage point.
Consolidated income from operations before non-recurring items amounted to 37.3 million euros, up 2%. This included a 16.8 million euros charge for amortization of intangible assets arising from acquisitions made since 2021, including 7.4 million euros for Launchmetrics.
Considering this amortization, the increase in financial expenses and an income tax charge of 10.0 million euros, net income totalled 21.2 million euros. Net income for the first nine months of 2023 (24.9 million euros) included the impact of a non-recurring income of 2.6 million euros in Q3 2023.
Free cash flow before non-recurring items came to 49.9 million euros, up sharply from 32.1 million euros in the first nine months of 2023.
As of September 30, 2024, the Group has a particularly robust balance sheet, with consolidated shareholders’ equity of 332.7 million euros, a negative working capital requirement of 8.7 million euros and net financial debt of 41.0 million euros after payment of the first tranche of the acquisition of Launchmetrics, i.e., 77.0 million euros.
Lectra 2023 scope
In the first nine months of 2024, orders for perpetual software licenses, equipment and accompanying software, and non-recurring services (106.3 million euros) were stable compared to the same period in 2023. The annual value of new software subscription orders came to 8.0 million euros, up 4% compared to the first nine months of 2023.
Revenues amounted to 364.0 million euros, up 2% compared to the first nine months of 2023.
EBITDA before non-recurring items was 63.2 million euros, up 8%, and the EBITDA margin before non-recurring items came to 17.4%, up 1.0 percentage point compared to 2023.
BUSINESS TRENDS AND OUTLOOK
In its financial report on the fourth quarter and full year 2023, published on February 14, 2024, Lectra reiterated its long-term vision, as well as the objectives of its 2023-2025 strategic roadmap and its ambitions for 2025: revenues of 600 million euros, of which 400 million euros in recurring revenues, including 90 million euros in SaaS revenues, and an EBITDA margin before non-recurring items exceeding 20%.
The Group also stated that while the substantial improvement in the fundamentals of the Group’s business model in 2023 would have a positive impact on 2024 results, persistent macroeconomic and geopolitical uncertainties could continue to weigh on investment decisions by its customers.
On February 14, the Group reported its objectives for 2024, before including the Launchmetrics acquisition (i.e., for the Lectra 2023 scope): to achieve revenues in the range of 480 to 530 million euros (+2% to +12%) and EBITDA before non-recurring items in the range of 85 to 107 million euros (+10% to +40%).
The Group also reported that Launchmetrics revenues (for the consolidation period from January 23 to December 31, 2024) were projected to be in the range of 42 to 46 million euros, with an EBITDA margin before non-recurring items of more than 15%.
These scenarios were prepared based on the closing exchange rates on December 29, 2023, and particularly $1.10/€1.
Given the results for the first nine months of 2024, full year revenues and EBITDA before non-recurring items are expected to reach the lower end of the indicated ranges.
The 2024 Annual Financial Report, as well as the Management Discussion and Analysis of Financial Conditions and Results of Operations and the financial statements for the first nine months of 2024 are available on lectra.com. Q3 and the first nine months of 2024 earnings will be published on October 30, 2024.
About Lectra
A major player in the fashion, automotive and furniture markets, Lectra contributes to the development of Industry 4.0 with boldness and passion, fully integrating Corporate Social Responsibility (CSR) into its global strategy.The Group offers industrial intelligence solutions – software, cutting equipment, data analysis solutions and associated services – that facilitate the digital transformation of the companies it serves. In doing so, Lectra helps its customers push boundaries and unlock their potential. The Group is proud to state that its 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. Founded in 1973, Lectra reported revenues of 478 million euros in 2023. The company is listed on Euronext, where it is included in the following indices: CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150. For more information, visit lectra.com.
Lectra – World Headquarters: 16–18, rue Chalgrin • 75016 Paris • France Tel. +33 (0)1 53 64 42 00 – www.lectra.com A French Société Anonyme with capital of €37,832,965 • RCS Paris B 300 702 305
VILNIUS, Lithuania, Oct. 30, 2024 (GLOBE NEWSWIRE) — As WhiteBIT approaches its 6th anniversary in November, the exchange continues to reinforce its role as a prominent player in Europe’s cryptocurrency sector, driven by a focus on user experience, security, and strategic partnerships.
WhiteBIT, one of Europe’s largest centralized crypto exchanges, is proud to announce it has reached a major milestone, exceeding 5 million users. In the past year, WhiteBIT added over 1 million new users, more than doubling its user base since 2022. The platform’s trading volume exceeded $1 trillion across spot and futures markets, and its B2B services now support over 1,000 business clients. This growth reflects the increasing trust in WhiteBIT as a secure platform for digital asset trading among investors.
“Our mission from the start has been to make cryptocurrency accessible, secure, and trusted across Europe and beyond. Hitting 5 million users is more than just a number—it’s a validation of our efforts. We keep focusing on continuous innovation and fostering trust in the digital economy,” comments Volodymyr Nosov, CEO of WhiteBIT.
Growth Fueled by Strategic Partnerships
Partnerships have been a cornerstone of WhiteBIT’s growth strategy. Collaborations with major football clubs and organizations, such as FC Barcelona, FC Trabzonspor, and the Ukrainian national football team, as well as FACEIT in e-sports have bolstered its brand presence. Moreover, WhiteBIT has established an alliance with Georgia’s Hash Bank.
For its institutional clients, WhiteBIT has partnered with Fireblocks, a leader in digital asset management, which strengthens its services for businesses looking to expand in the crypto space.
Expanding Ecosystem and Technological Advancements
WhiteBIT has also made strategic advancements in blockchain technology, unveiling its rebranded blockchain, Whitechain, which has already processed 50 million transactions and facilitated 25,000 NFTs. Additionally, WhitePool, the exchange’s Bitcoin mining pool, has ranked among the top 15 mining pools worldwide and is now one of the largest mining pool backed by a centralized exchange.
Global Expansion and Commitment to Security
WhiteBIT has been rapidly expanding its presence beyond Europe, establishing offices in Australia, Georgia, the UK, and Turkey. With a team of over 1,100 professionals globally, WhiteBIT is steadily growing its international footprint while staying rooted in its Ukrainian origins.
In its growth, security remains a top priority for WhiteBIT. According to cer.live, the exchange consistently ranks among the top five most secure platforms. Its robust security protocols, including WAF firewalls, strict AML policies, and mandatory KYC procedures, recently earned WhiteBIT the Hacken Security Award 2024 at TOKEN2049 in Singapore.
WhiteBIT continues to lead in blockchain innovation, fostering technological progress and championing the global cryptocurrency community. As the exchange grows, WhiteBIT empowers users and businesses to embrace digital assets while bridging the gap between traditional finance and the evolving world of cryptocurrency.
About WhiteBIT
WhiteBIT, established in 2018, is one of the largest centralized crypto exchanges in Europe. It offers over 600+ trading pairs, 300+ digital assets, and supports 9 national currencies. WhiteBIT is an official partner of the Ukrainian national football team, FC Barcelona, FC Trabzonspor, and FACEIT. The exchange is dedicated to advancing blockchain technology and ensuring compliance with regulatory standards in all jurisdictions where it operates.
Source: The Conversation – UK – By Linda Yueh, Fellow in Economics/Adjunct Professor of Economics, University of Oxford
For the first time in 14 years, it was a Labour chancellor who delivered the UK budget. And for the first time ever, that chancellor was a woman. But Rachel Reeves faces an almighty task: plugging a £40 billion spending gap in the knowledge that pre-election promises not to raise the main taxes are still fresh in people’s memories.
Growth was the buzzword of the election campaign – Reeves now had to lay her cards on the table. So here’s what our panel of experts made of the plans:
More challenges for employers and small businesses
Shampa Roy-Mukherjee, Associate Professor in Economics, University of East London
The budget introduces £40 billion in tax hikes and, in some areas, spending cuts that will put pressure on the economy and business in particular. But it also reflects the government’s focus on economic growth, with policies intended to stabilise finances while addressing some of the concerns of small businesses.
The chancellor has retained her commitment to preserve the rates of income tax, employee national insurance and VAT. But a notable change is the increase in employers’ national insurance contributions (NICs) from 13.8% to 15%.
There was also a reduction in the secondary threshold, which is the amount at which the employer starts paying NI on each employee, from £9,100 to £5,000. Altogether this will raise £25 billion annually but will significantly impact many businesses that will now face higher wage bills.
The national living wage is also rising by 6.7% to £12.21 per hour in April 2025, boosting incomes for about three million workers but again increasing costs for many businesses. These rising taxes and wage increases, alongside incoming employment regulations, will strain businesses, particularly in sectors with high labour demands.
To offset some of these pressures, the employment allowance, which allows some smaller employers to reduce their NICs, has been raised from £5,000 to £10,500. The chancellor said that over 1 million employers will not see their NICs bill rise as a result.
Small businesses in retail, hospitality and leisure, where profits have been hit as consumers struggle with the cost of living, will benefit from a 40% business rate relief on properties up to £110,000. Other supportive measures include a continued freeze on fuel duty, which will aid logistics and transport costs. Corporation tax remains fixed at 25%.
Higher wages for three million, but it could cost more to get the bus to work
The biggest change for those on low incomes was an increase in the national minimum wage (for 18 to 20-year-olds) of 16.3%, from £8.60 to £10 an hour, and an increase in the national living wage (for employees aged 21 and over) of 6.7%, from £11.44 to £12.21, from April 2025. This will lead to a pay rise for more than 3 million workers.
Business associations warn that this will cause job losses, particularly in hospitality and the care sector, where many employees earn the minimum wage. But a large body of research has not found a negative effect of minimum wages on employment.
There is some evidence that earlier minimum wage rises caused an increase in the number of zero-hours contracts in social care, as firms tried other ways to reduce wages. However, the new employment rights bill introduced earlier in October would limit the use of zero-hours contracts in this scenario.
The budget could have an indirect effect on pay packets though. The effect of the change to employer NICs will be greater in sectors with more low-paid workers, such as hospitality, and employer associations have warned that it will risk jobs. There is also some evidence that in the long term, firms pass some of these costs on to employees by reducing their wages.
However, the minimum wage increase will reduce the capacity for firms to reduce wages. And any long-term effect would also be offset by lower income taxes that will come after 2028 when the chancellor has said she will increase the threshold at which people starting paying tax.
So if wages and profits fall because of increased contributions, then the amount Reeves raises will be lower than expected, because income and corporation tax receipts will be hit.
Another indirect factor affecting incomes is the cost of getting to work. The fuel duty freeze will continue, but the bus fare cap will increase from £2 to £3. Lower-paid workers and jobseekers are much more likely to use the bus than those with higher incomes, who are more likely to drive, but the cost of bus travel increased much more than the cost of train travel or petrol over the last parliament.
The fare cap reversed some of this increase, and some evidence shows that it led to more people travelling by bus. But the new £3 cap will only last until the end of 2025, which may be too soon to see much effect.
A downpayment on growth – but probably not quickly
Linda Yueh, Adjunct Professor of Economics, University of Oxford
The chancellor declared that the government will “invest, invest, invest”. This is an important enabler of economic growth.
But, the country’s creditors need reassuring, so Reeves also announced two new fiscal rules that aim to achieve that balance of allowing the government to borrow to invest (and generate growth), but not to pay for day-to-day spending.
Specifically, the investment rule permits borrowing to invest and the stability rule requires day-to-day spending to be paid for by taxes. Both rules support the government’s growth aims while trying to reassure the country’s creditors that the borrowing will pay off by generating future growth – and also higher tax receipts with which to repay that borrowing.
But spending watchdog the Office for Budget Responsibility (OBR) has downgraded the UK’s GDP growth outlook from 2% to 1.8% in 2026, and to 1.5% in 2027 and 2028. The OBR’s forecast of slower growth highlights the impact of the £40 billion of tax increases, which dampens economic activity.
This underscores the government’s challenge of investing to grow while at the same having to raise taxes to balance the books when it comes to its daily spending. In particular, the OBR’s assessment of slowing growth towards the middle of this parliament raises questions about how long it will take for the investment-fuelled growth to materialise.
It may be that five years is still too short a period. Many physical investments require planning and those reforms could also take a while. Moreover, getting investment projects under way requires scoping, and private investors will want time to assess before joining the government in energy projects.
But this budget is certainly a start on a much-needed growth strategy.
Good news on public investment – emerging industries could benefit
Phil Tomlinson, Professor of Industrial Strategy, University of Bath
The key budget change related to the chancellor’s fiscal rules. By redefining how public debt is calculated, Reeves has been able to increase public investment by around £100 billion. The new fiscal rules have gone not as far as some economists have advocated – but they are a welcome step in the right direction.
Investment was the core focus of the budget. For decades, the UK has suffered from low investment and weak productivity compared to other leading economies. Since 1990, the UK’s investment gap with the average across rich countries in the Organisation for Economic Co-operation and Development (OECD) has been around £35 billion a year – the UK now ranks 28th of 31 OECD countries on business investment. British workers are using outdated kit and so are less productive. This has meant a stagnant economy and lower living standards.
So, the budget’s plans to boost investment in the UK’s crumbling infrastructure and public services and to support the new industrial strategy are a positive move. The latter should see additional funding to support emerging tech industries, such as artificial intelligence, cyber and clean energy. And this public investment should “crowd in” additional private investment.
In the long run, these investments should pay for themselves. For instance, the Office for Budget Responsibility estimates that a sustained increase in public investment of 1% of GDP increases that GDP by 0.5% after five years and more than 2% after ten to 15 years.
The rise in employer national insurance contributions will increase business’s operating costs, especially those in the care and hospitality sectors. But paradoxically, in the long run, it may encourage some businesses (in sectors where it is feasible) to invest in new labour-saving capital equipment.
The NHS gets a cash injection – but it may not go that far
Karen Bloor, Professor of Health Economics and Policy, University of York
Amid all the gloomy pre-budget talk of tough choices and economic problems, would the government’s plans to improve the NHS cheer up the country (England, at least)? Not entirely.
On the plus side, the chancellor promised a generous spending increase of £22.6 billion in the year 2025 to 2026, with £3.1 billion on capital investment. But solving the problems of the NHS is not just about money, and there will be difficult decisions to come.
Meanwhile, increases in employers’ national insurance contributions, while raising funds, will also have a big impact on the NHS, which employs over 1.5 million people. So the additional spending may be less than it appears.
The new government has said it has three main priorities for healthcare in England: moving care from hospitals to the community, moving resources from treatment to prevention, and changing systems from analogue to digital. None of these ideas are new, and there are good reasons why they haven’t happened already.
Expanding primary and community care often does not translate into reduced demand for hospital services – in fact, it can do the opposite, by uncovering previously unmet needs. And successive governments have failed to address long-standing problems in social care, which is crucial to addressing pressures on the NHS. A successful NHS means people living longer, but often with long-term health problems.
Returns on investment in preventing illness can be substantial, but they vary widely, and can be difficult to achieve. This is particularly true when it comes to interventions needing individual behaviour change, such as increasing exercise or cutting down on alcohol. Even when clearly positive, they take a very long time to generate cost savings.
And there are other aspects of the chancellor’s plans which could arguably harm public health. Abolition of winter fuel payments for example, could affect the health of older people on low incomes.
Rising bus fares could affect people’s ability to attend appointments, and the controversial two-child benefit cap, which can affect child health remains in place.
Finally, while technology should improve the efficiency of services, people need care from people. Capital investment – in scanners, radiotherapy machines and diagnostics – will need to be matched by the cost of the professionals who operate them and interpret their findings.
More reaction to be published soon.
Karen Bloor receives funding from the NIHR policy research programme to conduct responsive analysis for the Department of Health and Social Care,
Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.
Rachel Scarfe is a member of the Labour Party.
Jonquil Lowe, Linda Yueh, and Shampa Roy-Mukherjee do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: United States Senator Ben Ray Luján (D-New Mexico)
ALBUQUERQUE, N.M. – U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representatives Teresa Leger Fernández (D-N.M.), Melanie Stansbury (D-N.M.), and Gabe Vasquez (D-N.M.) welcomed a combined $4,570,920 for two projects in New Mexico from the U.S. Department of Transportation to strengthen the nation’s supply chain, reduce costs, and grow New Mexico’s economy.
$4,000,000 will help San Juan County and the Navajo Nation complete the planning for a proposed freight rail line connecting Farmington and Gallup.
$570,920 will help the City of Clovis enhance safety and reduce traffic delays at two railway crossings.
“Thanks to our Infrastructure Law, we’re delivering the funds needed to kick-start planning for a freight rail line from Farmington to Gallup and improve railway crossings in Clovis. Combined, these investments will strengthen our nation’s supply chain, grow local economies, lower transportation costs, create high-quality jobs New Mexicans can build their families around, and improve safety for our communities,” said Heinrich. “I’m pleased to welcome these federal investments, and I remain committed to securing more investments to connect rural communities to the abundant opportunities ahead.”
“Across our state, New Mexicans rely daily on our railways for travel and to keep our economy running,” said Luján. “Thanks to the Bipartisan Infrastructure Law, this $4.5+ million in federal funding will deliver much-needed railway safety enhancements in Clovis and help construct a new rail line within the Navajo Nation to expand regional rail service in Northwestern New Mexico. I’m proud to welcome these two grants that will both boost railway service and drive economic development for Clovis, the Navajo Nation, and their surrounding communities. I will continue to fight to bring federal dollars home to New Mexico to improve the safety, efficiency, and reliability of passenger and freight rail.”
“Every time I go to the Four Corners, local leaders emphasize the importance of connecting the region with rail. The Four Corners area is a major economic center of our state, and the funding we’re announcing today is the beginning of our work to make sure our rail infrastructure is ready to meet that potential across San Juan and McKinley Counties,” said Leger Fernández. “I am happy that this funding also includes improvements to safety and efficiency of freight in Clovis. With the support of the CRISI program, we can begin the critical work needed to build stronger connections and drive growth in rural New Mexico.”
“I am thrilled about the recent allocation of two significant federal grants from the Federal Railroad Administration’s CRISI program, which will greatly enhance rail safety and connectivity in New Mexico,” said Stansbury. “These two grants reflect our commitment to investing in infrastructure prioritizing safety and economic growth. I am grateful for the support from the Federal Railroad Administration and look forward to seeing these projects come to fruition as we work together to build a safer New Mexico!”
“Federal investments like this bring vital safety and economic benefits to communities across New Mexico. With this funding, we’re improving railway safety, cutting down delays, and connecting New Mexicans to opportunities that drive economic growth and quality jobs,” said Vasquez. “Thanks to the Bipartisan Infrastructure Law, we are building a stronger, safer transportation network. I’m proud to welcome this funding to bring more jobs and opportunities to our rural communities.”
“The award of grant funding takes a prospective freight rail line study further than any study in the past and is further proof of the importance of collaboration between tribal, local, state, and federal partners to open doors to economic opportunities. We are appreciative of assistance from New Mexico’s federal delegation and excited for future economic growth opportunities in San Juan County and the Four Corners region,” said John T. Beckstead, San Juan County Commission Chairman.
“The Federal CRISI Grant brings San Juan County and the City of Farmington one step closer to having competitive transportation and economic development. This is an important step in growing our regional economy,” said Tim Gibbs, Four Corner Economic Development CEO.
The grants are awarded through the U.S. Department of Transportation Federal Railroad Administration’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which provides funding for projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail. The CRISI Program received significant, additional investments from the Infrastructure Law – legislation passed by Democrats in the N.M. Congressional Delegation.
The N.M. Delegation sent a letter of support to the U.S. Department of Transportation supporting the grant for San Juan County that is being announced today. This grant will prepare the Four Corners Rail Project for final design proposals and planning.
In May 2020, Heinrich and Luján wrote a letter of support for San Juan County’s application for a Better Utilizing Investments to Leverage Development (BUILD) Grant, which applicants of the CRISI Program are required to be approved for.
Members of the N.M. Delegation sent a letter of support to the U.S. Department of Transportation urging the support of the grant for the City of Clovis that is being announced today. This grant will enhance safety and reduce traffic delays at two railway crossings including modifications to the Norris Street railroad crossing and construction of a new grade-separated crossing at MLK Jr. Boulevard.
Below is a breakdown of the U.S. Department of Transportation Federal Railroad Administration funding:
Project Name
Recipient
Award Amount
Project Description
Clovis, N.M. Corridor Improvement Project
City of Clovis
$ 570,920
The proposed project was selected for Project Development and includes activities for one grade crossing separation and improvements to a second at-grade crossing along the BNSF Railway line in Clovis, New Mexico. The project aligns with the selection criteria by enhancing safety and improving system and service performance as the project will reduce blocked crossings. The City of Clovis and BNSF Railway will contribute the 53 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.
Four Corners Freight Rail Project
San Juan County
$ 4,000,000
The proposed project was selected for Project Development and includes activities to develop a new rail line to connect the Farmington, New Mexico Area to the BNSF Railway corridor near Gallup across San Juan County and McKinley County, New Mexico. The proposed project is a partnership between San Juan County, the Navajo Nation, and the New Mexico Department of Transportation, and most of the project is located within the Navajo Nation. The project aligns with the selection criteria by enhancing resilience and improving system and service performance as the project will provide a viable freight transportation modal alternative to highway trucking, opportunities to simplify the supply chain, and enable new, rail-dependent economic development opportunities thereby imparting benefits to the Navajo Nation and surrounding communities. San Juan County will contribute the 20 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.
For more information from San Juan County on the proposed Four Corners Rail Project, please click here.
Source: United States Senator for Oklahoma James Lankford
OKLAHOMA CITY, OK – Senator James Lankford (R-OK) sent a letter to the Department of Energy following a notice from the Department establishing new system of records for medical and non-medical accommodations requests, which may violate First Amendment rights.
“While I understand the Department’s intent to manage accommodation requests effectively, I am deeply concerned that collecting detailed records on an individual’s sincerely held religious beliefs and practices—alongside other personal and sensitive information—poses a significant threat to the privacy and religious freedoms of federal employees. The federal government has an obligation to protect religious liberty, ensuring that individuals are not subject to unnecessary scrutiny or invasive data collection that could deter them from exercising their constitutionally protected rights,” Lankford wrote in the letter.
You can read the full letter HERE or below:
Dear Ms. Dunkin,
I write to express my strong opposition to the Department of Energy’s recent notice regarding the establishment of a new system of records, DOE-47, Reasonable Accommodation Requests Records (89 FR 78854). This system, which would collect and store information concerning employees and applicants requesting medical or religious accommodations, represents a grave violation of religious liberty as protected under the First Amendment and the Religious Freedom Restoration Act (RFRA).
While I understand the Department’s intent to manage accommodation requests effectively, I am deeply concerned that collecting detailed records on an individual’s sincerely held religious beliefs and practices—alongside other personal and sensitive information—poses a significant threat to the privacy and religious freedoms of federal employees. The federal government has an obligation to protect religious liberty, ensuring that individuals are not subject to unnecessary scrutiny or invasive data collection that could deter them from exercising their constitutionally protected rights.
The proposed system also risks creating an environment in which employees may feel compelled to disclose private details about their faith or religious practices in order to justify their accommodation requests. This can lead to potential religious discrimination or bias in the workplace. Furthermore, the inclusion of categories such as religious leaders’ contact information and details on specific religious practices only deepens the potential for abuse or misuse of this data.
In light of these serious concerns, I urge the Department of Energy to reconsider the implementation of DOE-47 in its current form. I ask the Department to consider alternative ways to ensure reasonable accommodations are granted without compromising the privacy and religious liberties of federal employees.
Thank you for your attention to this critical issue. I look forward to your response.
Source: United Kingdom – Executive Government & Departments
The Chancellor has announced 40,000 more appointments each week to cut NHS waiting lists.
The NHS needs both investment and reform. As part of the Autumn Budget 2024, the government has allocated our most valued public service an extra £25.7 billion over this year and next.
This is the biggest increase in NHS spending since 2010, excluding COVID-19 years.
It includes funding to reduce waiting times by supporting the NHS to deliver an extra 40,000 elective appointments a week. Elective appointments are appointments planned in advance, such as knee replacements.
Since July, the government has invested an additional £1.8 billion to support this.
These extra appointments will help reduce waiting times. This is part of our plan to make sure patients wait no longer than 18 weeks from their referral to getting treatment.
The Budget also includes:
£1.5 billion to fund new surgical hubs which will help build capacity for over 30,000 additional procedures, and more than 1.25 million additional diagnostic tests (which use CT or MRI scanners)
£70 million to invest in new radiotherapy machines to improve cancer treatment
Over £2 billion for NHS technology and digital improvements to increase productivity and save staff time
Over £600 million increase in local government spending to support social care
£26 million to open new mental health crisis centres
Our long-term plans for the NHS
Looking beyond this Budget, the government will publish a 10-year health plan for the NHS in spring 2025.
This will set out the long-term vision for fixing the NHS.
Source: United Kingdom – Executive Government & Departments
Chancellor takes long-term decisions to restore stability, rebuild Britain and protect working people across Wales.
HM Treasury
Chancellor takes long-term decisions to restore stability, rebuild Britain and protect working people across Wales.
No change to working people’s payslips as employee national insurance and VAT stay the same, but businesses and the wealthiest asked to pay their fair share.
Record £21 billion for the Welsh Government in 2025/26 includes £1.7 billion through the Barnett formula.
Funding for freeports, City and Growth Deals and coal tips to fire up growth and deliver good jobs across Wales.
The Chancellor has delivered a Budget to fix the foundations to deliver on the promise of change after a decade and a half of stagnation. She set out plans to rebuild Britain, while ensuring working people across Wales don’t face higher taxes in their payslips. The UK Government was handed a challenging inheritance; £22 billion of unfunded in-year spending pressures, debt at its highest since the 1960s, an unrealistic forecast for departmental spending, and stagnating living standards.
This Budget takes difficult decisions to restore economic and fiscal stability, so that the UK Government can invest in the economic future of Wales and lay the foundations for growth across the UK as its number one mission.
The Chancellor announced that the Welsh Government will be provided with a £21 billion settlement in 2025/26 – the largest in real terms in the history of devolution. This includes a £1.7 billion top-up through the Barnett formula, with £1.5 billion for day-to-day spending and £250 million for capital investment.
Secretary of State for Wales Jo Stevens said:
This Budget has delivered for Wales for the first time in a generation.
The biggest settlement since devolution will provide a record boost to spending for the Welsh Government to support public services like the NHS while thousands of working people across Wales will benefit from today’s increases to their wages.
Little more than a week after the anniversary of Aberfan disaster it is fitting that we have committed £25m to make coal tips safe. It is testament to the new relationship between the UK and Welsh government, based on cooperation, respect and delivery.
We will also drive economic growth and support our world-leading Welsh industries with Investment Zones, Freeports and funding for communities across Wales.
We have prioritised money to support our steel communities, with nearly £100m to support workers and businesses.
This Budget delivers on what’s important to the people of Wales, and shows the difference we can make when two governments work together for the benefit of all.
Protecting working people and living standards
While fixing the inheritance requires tough decisions, the Chancellor has committed to protecting the living standards of working people. The decisions taken by the Chancellor to rebuild public finances enable the UK Government to deliver on its pledge to not increase National Insurance or VAT on working people in Wales, meaning they will not see higher taxes in their payslip.
The National Living Wage will increase from £11.44 to £12.21 an hour from April 2025. The 6.7% increase – worth £1,400 a year for a full-time worker – is a significant move towards delivering a genuine living wage.
The National Minimum Wage for 18 to 20-year-olds will also see a record rise from £8.60 to £10 an hour.
Working people will benefit from these increases, with there estimated to be over 70,000 minimum wage workers in Wales in 2023.
The Chancellor has made the decision to protect working people in Wales from being dragged into higher tax brackets by confirming that National Insurance Contributions thresholds will be unfrozen from 2028-29 onwards.
The Chancellor is also protecting motorists by freezing fuel duty for one year – a tax cut worth £3 billion, with the temporary 5p cut extended to 22 March 2026. This will benefit an estimated 2.1 million people in Wales, saving the average car driver £59, vans £126 and Heavy Goods Vehicles £1,079 next year.
To support Welsh pubs and smaller brewers in Wales, the UK Government is cutting duty on qualifying draught products by 1p, which represent approximately 3 in 5 alcoholic drinks sold in pubs. This measure reduces duty bills by over £70 million a year, cutting duty on an average strength pint in a pub by a penny. The relief available to small producers will be updated to help smaller brewers and cidermakers.
Over 600,000 Welsh pensioners will benefit from a 4.1% increase to their new or basic State Pension in April 2025. This is an additional £470 a year for those on the new State Pension and an additional £360 a year for those on the basic State Pension.
Households eligible for Pension Credit will get £465 a year more for single pensioners and up to £710 a year more for couples due to a 4.1% increase in the Pension Credit Standard Minimum Guarantee, benefitting 80,000 pensioners in Wales.
Around 1.1 million families in in Wales will see their working-age benefits uprated in line with inflation – a £150 gain on average in 2025-26.
Reducing the maximum level of debt repayments that can be deducted from a household’s Universal Credit payment each month from 25% to 15% will benefit a Welsh family by over £420 a year on average.
The weekly earnings limit for Carer’s Allowance will be increased by £45 a week from April next year, expanding support to more carers in Wales and helping them balance work and caring responsibilities. This is the largest ever increase to the earnings limit and provides certainty for carers with a commitment that the earnings limit will increase with the National Living Wage in the future.
Rebuilding Britain
This UK Government will not make a return to austerity and will instead boost investment to rebuild Britain and lay the foundations for growth in Wales. This includes £160 million of targeted funding for the Welsh Government, of which £150 million is in capital investment.
The UK Government will deliver £88 million for City and Growth Deals, unlocking growth and investment across Wales.
The government also confirms £80 million funding for the Port Talbot / Tata Steel Transition Board, with work already underway to support workers and businesses affected by decarbonisation at Tata Steel.
£29 million of funding will be provided to the Welsh Government for the necessary build costs of border facilities in Holyhead and Pembrokeshire.
Essential work being undertaken by the Welsh Government to keep disused coal tips maintained and safe will be supported by £25 million of funding in 2025/26.
The Budget gives certainty to local leaders and investors, confirming funding for the Investment Zones and Freeports programmes across the UK – including the Celtic Freeport where tax sites will be operational from next month.
The Chancellor committed the UK Government to working closely with the Welsh Government on the Industrial Strategy, 10-year infrastructure strategy and the National Wealth Fund – to ensure the benefits of these are felt UK-wide and as part of the relationship reset between governments. These will mobilise billions of pounds of investment in the UK’s world-leading clean energy and growth industries.
Under-served parts of Wales will benefit from the rollout of digital infrastructure enabled by over £500 million of UK-wide investment in Project Gigabit and the Shared Rural Network.
A corporate tax roadmap will provide businesses with the stability and certainty they need to make long-term investment decisions and support our growth mission. It confirms our competitive offer, with the lowest Corporate Tax rate in the G7 and generous support for investment and innovation.
The UK Government will also proceed with implementing the 45%/40% rates of the theatre, orchestra, museum and galleries tax relief from 1 April 2025 to provide certainty to businesses in Wales’ thriving cultural sector.
Repairing public finances
The Chancellor has made clear that, whilst protecting working people with measures to reduce the cost of living, there would be difficult decisions required. The Budget will ask businesses and the wealthiest to pay their fair share while making taxes fairer. This will go directly towards fixing the foundations of the UK economy.
The rate of Employers’ National Insurance will increase by 1.2 percentage points, to 15%. The Secondary Threshold – the level at which employers start paying national insurance on each employee’s salary – will reduce from £9,100 per year to £5,000 per year.
The smallest businesses will be protected as the Employment Allowance will increase to £10,500 from £5,000, allowing Welsh firms to employ four National Living Wage workers full time without paying employer national insurance on their wages.
Capital Gains Tax will increase from 10% to 18% for those paying the lower rate, and 20% to 24% for those paying the higher rate.
To encourage entrepreneurs to invest in their businesses Business Asset Disposal Relief (BADR) will remain at 10% this year, before rising to 14% on 6 April 2025 and 18% from 6 April 2026-27.
The lifetime limit of BADR will be maintained at £1 million. The lifetime limit of Investors’ Relief will be reduced from £10 million to £1 million.
The OBR say changes to CGT will raise over £2.5 billion a year and the UK will continue to have the lowest CGT rate of any European G7 country.
Inheritance Tax thresholds will be fixed at their current levels for a further two years until April 2030. More than 90% of estates each year will be outside of its scope. From April 2027 inherited pensions will be subject to Inheritance Tax. This removes a distortion which has led to pensions being used as a tax planning vehicle to transfer wealth rather than their original purpose to fund retirement.
From April 2026, agricultural property relief and business property relief will be reformed. The highest rate of relief will continue at 100% for the first £1 million of combined business and agricultural assets, fully protecting the majority of businesses and farms. It will reduce to 50% after the first £1 million. Reforms will affect the wealthiest 2,000 estates each year. Inheritance Tax reforms in total are predicted by the OBR to raise £2 billion to support stability.
From 2026-27 Air Passenger Duty (APD) for short and long-haul flights will increase by 13% to the nearest pound, a partial adjustment to account for previous high inflation. For economy passengers, this means a maximum £2 extra per short haul flight and tickets for children under the age of 16 remain exempt from APD. APD for larger private jets will be increased by a further 50%.
The Budget also announced a package of measures that disincentivise activities that cause ill health, by:
Renewing the tobacco duty escalator which increases all tobacco duty rates by RPI+2% plus an above escalator increase to hand rolling tobacco (totalling RPI+12%).
Introducing a new vaping duty at a flat rate of 22p/ml from October 2026, accompanied by a further one-off increase in tobacco duty to maintain financial incentive to choose vaping over smoking.
To help tackle obesity and other harms caused by high sugar intake, the Soft Drinks Industry Levy will increase to account for inflation since it was last updated in 2018, and the duty will rise in line with inflation every year going forward.
The UK Government will also uprate alcohol duty in line with RPI on 1 February 2025, except for most drinks in pubs.
The UK Government has set out the next steps to deliver its tax manifesto commitments in the July Statement. Having consulted on the final policy details where appropriate, this Budget delivers the UK Government’s manifesto commitments to raise revenue to pay for First Steps, with reforms that are underpinned by fairness, and tackle tax avoidance by:
A new residence-based regime will replace the current non-dom regime from April 2025 and will be designed to attract investment and talent to the UK.
Offshore trusts will no longer be able to be used to shelter assets from Inheritance Tax, and there will be transitional arrangement in place for people who have made plans based on current rules.
The planned 50% reduction for foreign income in the first year of the new regime will be removed.
Reforms to the non-dom regime will raise a total of £12.7 billion according to the OBR.
The tax treatment of carried interest will be reformed by first increasing the Capital Gains Tax rates on carried interest to 32% and then, from April 2026, moving to a revised regime – with bespoke rules to reflect the characteristics of the reward.
The UK Government will also introduce 20% VAT on education and boarding services provided for a charge by private schools from 1 January 2025.
The Chancellor also doubled down on fiscal responsibility through two new fiscal rules that put the public finances on a sustainable path and prioritise investment to support long-term growth, and new principles of stability. Spending Reviews will be held every two years, setting plans for at least three years to ensure public services are always planned and improve value for money.
One major fiscal event per year will give families and businesses stability and certainty on tax and spending changes, while giving the Welsh Government greater clarity for in its own budget-setting. A Fiscal Lock will also ensure no future government can sideline the OBR again.
Source: United Kingdom – Executive Government & Departments
Scientists comment on news that the first case of Clade Ib Mpox has been detected in the UK.
Dr Brian Ferguson, Associate Professor of Immunology, University of Cambridge, said:
“The UK Health Security Agency (UKHSA) announced today that it has detected a single confirmed human case of Clade Ib mpox in the UK. This case is from an individual who has recently returned from travelling in countries in Africa where there are currently cases of Clade 1b mpox being found in the community. This is an unsurprising event and likely will not be the only time this happens in the UK. It follows discovery of similar imported cases in Germany and Sweden and other countries globally. The close contacts of this individual are being sought and should be offered testing and vaccines in line with current policy to help reduce the chances of onward transmission. The UK government recently purchased 150,000 doses of mpox vaccine from Bavarian Nordic to help with such efforts, although the longevity of the protection afforded by this vaccine has recently been called into question. The clade 1b mpox is more virulent than clade 2 virus that caused the outbreak in 2022 and is causing more cases of disease in younger people than the clade 2 virus in Africa. As such continued surveillance and early diagnosis and treatment is very important to minimise the chances of onward transmission of imported cases.”
Prof Jonathan Ball, Deputy Vice-Chancellor, and Professor of Molecular Virology, Liverpool School of Tropical Medicine, said:
“This is not unexpected. There are active human to human transmission chains of Clade 1b monkeypox infections in several countries in sub-Saharan Africa, and therefore people coming into close contact with anyone infected is at risk.
“WHO previously announced the Mpox outbreak a public health emergency of international concern in recognition of its potential for continued and potentially accelerated spread if the global community did not come together in a concerted effort to stamp out the current outbreak. This was more recently backed up by the announcement yesterday of activation of the Global Health Emergency Corps to strengthen the response.
“The number of cases reported outside of Africa remains low, but the ability of Clade 1b virus to spread by human to human transmission means that this issue can not be ignored. It is unlikely that we will see extensive outbreaks in countries with well developed public health and surveillance systems, but it is a reminder that we need to do more to remove health inequalities around the world.”
Finance Secretary Shona Robison has welcomed additional funding in the Autumn Budget, but said the Scottish Government will still face “enormous cost pressures” despite the measures.
The Finance Secretary said:
“We called for increased investment in public services, infrastructure and tackling poverty. This budget is a step in the right direction, but still leaves us facing enormous cost pressures going forwards. The additional funding for this financial year has already been factored into our spending plans.
“By changing her fiscal rules and increasing investment in infrastructure, the Chancellor has met a core ask of the Scottish Government. But after 14 years of austerity, it’s going to take more than one year to rebuild and recover – we will need to see continued investment over the coming years to reset and reform public services.
“Indeed, there is a risk that by providing more funding for public services while increasing employer national insurance contributions, the UK Government is giving with one hand while taking away with the other. We estimate that the employer national insurance change could add up to £500 million in costs for the public sector unless it is fully reimbursed – and there is a danger that we won’t get that certainty until after the Scottish budget process for 2025/26 has concluded.
“With the lingering effects of the cost of living crisis still hitting family finances, it is disappointing that there was no mention of abolishing the two-child limit, which evidence shows would be one of the most cost-effective ways to reduce child poverty. Neither was there mention of funding for the Winter Fuel Payment.
“As ever, the devil is in the detail, and we will now take the time to assess the full implications of today’s statement. I will be announcing further details as part of the Scottish Budget on 4 December.”
Office for Value for Money will place value for money at the heart of government spending decisions.
The Chancellor of the Exchequer has today announced the appointment of David Goldstone as independent Chair of the Office for Value for Money.
David will advise the Chancellor of the Exchequer and Chief Secretary to the Treasury on decisions for the multi-year Spending Review. This will include conducting an assessment of where and how to root out waste and inefficiency, undertaking value for money studies in specific high-risk areas of cross-departmental spending, and scrutinising investment proposals to ensure they offer value for money. David will also develop recommendations for system reform, underpinning a ruthless focus within government on realising benefits from every pound of public spending.
David Goldstone, Chair of the Office for Value for Money, said:
I am honoured to have been appointed by the Chancellor and Chief Secretary to this important role. I look forward to working within government over the coming year to bring renewed focus to ensuring we deliver maximum value for the public in how money is spent.
Alongside his role as Chair of the Office for Value for Money, David Goldstone is also a Non-Executive Director of the Submarine Delivery Agency, a Non-Executive Director of HS2 Ltd, acting as HM Treasury’s representative on the Board, and a member of the Projects & Programmes Committee of GB Nuclear. Prior to this, David served as Chief Executive of the Houses of Parliament Restoration and Renewal Delivery Authority since July 2020. He was also a member of the Board of the Major Projects Association from 2022 to 2024.
David was previously the Chief Operating Officer of the Ministry of Defence, where he led the Department’s complex multi-billion transformation programme, and represented the Department on the Boards of the military commands.
David played a leading role in the 2012 Olympic and Paralympic Games. He was responsible for overseeing the Government’s £9.3bn investment for the 2012 Games including the delivery of the Olympic Park venues and infrastructure. As CEO of the London Legacy Development Corporation, David was responsible for the delivery of the East London regeneration legacy, including the development of Queen Elizabeth Olympic Park and the surrounding areas. David was also previously Transport for London’s Chief Finance Officer.
David trained as a CIPFA accountant whilst at the Audit Commission before moving to Price Waterhouse and then spending 12 years in the delivery of locally based investment programmes for Government. He had previously spent two years as a secondary school teacher.
Notes to Editors
Autumn Budget 2024 announced the formal launch of the Office for Value for Money (OVfM), with the direct ministerial appointment of David Goldstone as the independent Chair of OVfM. As part of his role, David will advise the Chancellor on the multi-year Spending Review. In order to ensure David is in place to perform this role, a Direct Ministerial appointment process was run. The criteria used are set out in the accompanying Terms of Reference.
David was appointed Treasury-nominated Non-Executive Director on the board of HS2 on 1st June 2024.
The OVfM will be time limited, and David Goldstone will take up the role on a part-time basis for an initial 12 month period, starting on 30 October 2024. The Government will set out its decisions on the future of the Office and other activities to improve value for money in due course.
David will be supported by a multidisciplinary team of up to 20 civil servants based in HM Treasury.
The federal government has invested more than $7 million through the Canada Community-Building Fund and the Investing in Canada Infrastructure Program to support 12 roads and bridges projects across Prince Edward Island.
The federal government has invested more than $7 million through the Canada Community-Building Fund and the Investing in Canada Infrastructure Program to support 12 roads and bridges projects across Prince Edward Island.
Project Information:
Canada Community-Building Fund
Location
Project Name
Project Details
Federal Funding
Provincial Funding
Alberton
Church St/Albion St/Weeks Dr
Replacing asphalt to improve road conditions for motorists
$423,000
$27,000
Bonshaw
Route 1
Repaving the bridge to improve safety, road conditions
$223,720
$14,280
Charlottetown
Route 2 – Country View
Installing traffic lights to improve safety for a new housing development
$188,000
$12,000
Charlottetown
Route 2 & Melody Lane
Adding traffic signals to improve safety and traffic flow at an intersection for housing development
$188,000
$12,000
Montrose
Route –152
Raising the road bed at the intersection to improve sight distance for safety
$517,000
$33,000
Mount Stewart
Storm sewer
Replacing a storm sewer to keep water from flooding the road
$188,000
$12,000
Newtown
Route 1 – Lower Newtown
Replacing asphalt to improve road conditions for motorists
$831,900
$53,100
Nine Mile Creek
Route 19
Replacing asphalt to improve road conditions for motorists
$653,300
$41,700
Hazelbrook
Route 1
Replacing asphalt to improve road conditions for motorists
$1,057,500
$67,500
ICIP – Rural and Northern Communities Infrastructure Stream
Location
Project Name
Project Details
Federal Funding
Provincial Funding
Basin Head, Kingsboro, Little Harbour, New London, Red Point
Collector Road Safety Improvements
Widening and paving roads to improve road safety; raising the road to improve sight distance in New London
Source: United States House of Representatives – Representative David Kustoff (TN-08)
WASHINGTON, D.C. — Congressman David Kustoff (R-TN) joined Congressman Trent Kelly (R-MS) to introduce the bipartisan Farmer Assistance and Revenue Mitigation Act of 2024 (FARM Act) in the House of Representatives. This legislation will provide emergency assistance to farmers of eligible commodities for which the expected revenue in crop year 2024 is below the projected per-acre cost of production.
As Congress continues to debate an updated Farm Bill, this legislation will provide immediate relief by helping farmers pay down debt relative to the 2024 crop and help obtain financing for the 2025 crop year.
“Our farmers produce the food, fuel, and fiber used around the world,” said Congressman Kustoff. “Recently, our farmers have been forced to grapple with many circumstances out of their control, such as natural disasters, high inflation, and drought. That is why I am pleased to join Congressman Kelly to introduce this vital legislation that will provide our farmers with the assistance they need to keep up production. Farmers are the backbone of our economy, and I am working to ensure they have the resources they need from Washington.”
This legislation has been supported by the American Farm Bureau Federation, Tennessee Farm Bureau, Mississippi Farm Bureau, American Soybean Association, National Association of Wheat Growers, National Barley Growers Association, National Cotton Council, National Sorghum Producers, National Sunflower Association, U.S. Canola Association, U.S. Peanut Federation, USA Dry Pea & Lentil Council, USA Rice, and the Western Peanut Growers Association.
Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)
Griffith Statement on SCOTUS Order Upholding Governor Youngkin’s Act to Protect Virginia’s Elections
In a 6-3 decision, the U.S. Supreme Court ruled in favor of Governor Youngkin as the Commonwealth can resume removing the names of noncitizens from Virginia’s voter rolls. The brief order did not explain the majority’s reasoning, due to the emergency nature of the case. By granting the emergency stay, Virginia’s removal of noncitizens is permitted and may continue. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:
“Today’s decision by the Supreme Court is the correct ruling. The Department of Justice waited until it was too close to the election to suddenly have a new theory of enforcing an old federal law.”
A team of paleontologists recently discovered that an ancient seascape known for its diverse assemblage of exceptionally preserved fossils represents an unexpected oceanic setting, placing the fossils in an environmental context that is dramatically different from other fossil assemblages of the Cambrian age. The team published their findings in the journal, ScienceAdvances.
Credit: Robert R. Gaines, Pomona College
The giant trilobite Redlichida rex in outcrop of the Emu Bay Shale.
The team explored the Emu Bay Shale, exposed across a sea cliff in South Australia, and found its strata — the layers of material settled over time — were deposited in an energetic fan river delta at the edge of a tectonically active rift basin, which forms as two continents move apart from each other. These unique features mean gravel and cobbles were catastrophically deposited into the ocean by debris flows that originated on land.
“It’s not where you would expect to see delicate, soft-bodied creatures preserved,” Robert Gaines, a professor at Pomona College, said. “The shale’s unique setting hosted a diverse ecosystem with extraordinary fossil preservation, and now we know that the environmental setting exerted a strong influence on the structure of this early animal community.”
These findings help to explain why the bottom-dwelling fauna was dominated by endemic species, likely inhabiting niche habitats, while swimming species that were unaffected by conditions on the seafloor include cosmopolitan forms seen elsewhere during the same time, like Anomalocaris — a large predator with acute vision and big claws. Emu Bay Shale fossils are associated with the Cambrian Explosion, which marked a massive jump in animal evolution over 500 million years ago that led to all the major animal groupings we have today.
The Emu Bay Shale and its more studied counterpart, the Burgess Shale in the Canadian Rocky Mountains, are Cambrian Lagerstätten, a German term noting well-preserved organic remains in a rock layer.
Credit: Robert R. Gaines, Pomona College
Exposure of the Emu Bay Shale on Kangaroo Island.
Before these findings, the research community debated whether the Emu Bay Shale represented a shallow or deep environment. The rift basin promoted the short-lived development of deep-water conditions regionally. Specific features associated with the fan river delta, like murky sediment-rich water, helped explain the lack of certain species, like sponges, which are frequently found in the Burgess Shale.
“At Emu Bay, we see a smorgasbord of sedimentary structure; it told us something different is happening there,” Gaines said.
On October 26, 2024, at approximately 10:55 am, RCMP officers were called to attend to the screening area at the Winnipeg James Armstrong Richardson International Airport on a report of a suitcase containing a large quantity of Canadian currency.
Officers then attended to the departure area and located the owner of the suitcase.
A 30-year-old male, from Calgary, who was destined for Toronto, was arrested for Possession of Proceeds of Crime and later released from custody for a court appearance scheduled for February 3, 2025, in Winnipeg.
The Saint-Quentin RCMP is seeking the public’s help to locate a stolen snowmobile from Kedgwick, N.B.
The theft is believed to have occurred between September 14 and 29, 2024, at a residence on Route 17 in Kedgwick.
The snowmobile is described as a sable 2024 Ski-Doo Summit X850 with vehicle identification number 2BPSTDRL5RV000008.
If you have seen the snowmobile since September 14, or if you have information that could help further the investigation, please contact the Saint-Quentin RCMP at 506-235-2149. Information can also be provided anonymously through Crime Stoppers at 1-800-222-TIPS (8477), by downloading the secure P3 Mobile App, or by Secure Web Tips atwww.crimenb.ca.
ATLANTA, Oct. 30, 2024 (GLOBE NEWSWIRE) — White House National Cyber Director, CEOs, Key Financial Services Companies, Congressional and Executive Branch Experts will discuss industry priorities for 2025 and beyond
The American Transaction Processors Coalition (ATPC) Cyber Council will convene “The Tie that Binds: A 21st Century Cybersecurity Dialogue,” on October 31, 2024, at the Bank of America Financial Center Tower’s Convention Hall in Atlanta. This event will feature leading cyber experts from the financial services sector, Federal agencies, the White House, and Congress to focus on pressing cybersecurity issues and ways the financial services sector is addressing these issues. It will include discussions on evolving technologies that will influence the path forward, the role of AI, supply chain security needs, and more.
“Cybersecurity is the backbone of the payment processing industry,” said H. West Richards, ATPC executive director. “The work of the ATPC Cyber Council is a testament to our commitment to safeguarding our financial ecosystem and fostering a collaborative approach to tackling the cybersecurity challenges of tomorrow.”
Key Speakers and Highlights:
The Honorable Harry Coker, Jr., White House National Cyber Director, will deliver the luncheon keynote.
The Honorable Rich McCormick (R-GA-06) will deliver a keynote address.
Moira Bergin, Subcommittee on Cybersecurity Staff Director, House Committee on Homeland Security, will discuss legislative priorities and global cybersecurity risks.
The Honorable Andre Dickens, Mayor of Atlanta, will provide a video address.
Barry McCarthy, CEO of Deluxe and Chair of the ATPC Board of Directors, will also deliver a keynote.
Bridgette Walsh, Executive Director of the Financial Services Sector Coordinating Council, and Josh Magri, Founder & CEO of Cyber Risk Institute, will participate in a fireside discussion on private sector best practices.
A panel on AI in financial services will feature Clarissa Banks (Deluxe), David Excell (Featurespace), David King (Mastercard), and Donna Teevens (ACI Worldwide), moderated by Rick Van Luvender.
A panel on cyber education will include Dr. Tony Coulson (CSUSB), Dr. Albena Asenova-Belal (Gwinnett Technical College), Dr. Humayun Zafar (Kennesaw State University), and Dr. Michael Nowatkowski (Augusta University).
H. West Richards, ATPC Executive Director, will open the event with a welcome address.
Rick Van Luvender, ATPC Cyber Council Chair & SVP, Head of Cybersecurity Client Trust & International Cybersecurity Service at Fiserv, will deliver the opening remarks.
Norma Krayem, ATPC Cyber Council Director & Vice President, Chair of the Cybersecurity, Privacy & Digital Innovation Practice Group at Van Scoyoc Associates, will provide insights on future cybersecurity trends.
The forum will conclude with a fireside chat focused on “A Look to the Future: 2025: Top Cybersecurity and Critical Technology Priorities for the ATPC Cyber Council,” featuring Rick Van Luvender from Fiserv and Norma Krayem, the ATPC Cyber Council director, focusing on future cybersecurity and critical technology priorities.
ATPC is a leading voice for America’s payments processors, consisting of the world’s largest, global payment processors, banks, credit card companies and financial services companies. ATPC member companies are uniquely positioned to ensure global payments move seamlessly across the world, while empowering broader and more diverse participation within the financial services system. In the race for a better tomorrow, technology solutions can advance faster than companies can keep up with cybersecurity risks. As a result, the ATPC is one of the few coalitions that created a standalone Cybersecurity Council to prioritize these key cybersecurity issues across its member companies. The ATPC Cyber Council is a unique group made up of only CISOs, CSOs, CIOs and CTOs who are on the front lines every day dealing with the operational impacts of cybersecurity. These U.S. based companies serve hundreds of millions of customer businesses across the globe daily and process hundreds of billions of transactions per year.
About the ATPC
The ATPC is a leading voice for America’s payments processors, driving awareness of the industry and its value to consumers, businesses, and the economy with legislators and regulators at federal, state, and international levels. The ATPC is rooted in Georgia’s Transaction Alley where electronic payments and the fintech industry began. Yet, our members enable payments in states across the nation and in every corner of the globe. The ATPC has a rich history of economic development, thought leadership, and engagement on legislative and regulatory topics like cybersecurity, privacy, financial inclusion, fraud, as well as emerging themes like open banking, AI, and stable coins.
About the ATPC Cyber Council
The American Transaction Processors Coalition (ATPC) established a dedicated Cyber Council to galvanize the efforts of the ATPC member companies in addressing cybersecurity risks. The Cyber Council’s mission is to identify best practices and areas of shared risk to help ATPC members address the evolving cyber threat across America’s payments processing system to strengthen industry’s ability to identify, protect, detect, respond to and recover from cyberattacks.
Hollywood actor Luke Evans writes candidly in his memoir about his experience growing up as a Jehovah’s Witness – and having to deal with religious and homophobic prejudice.
Evans describes a childhood where he was taunted by peers as a “Bible-basher”, and how he endured homophobic bullying. He writes:
I was bullied for being gay before I even understood what it meant. The worst nickname was “Jovey Bender”, because it combined two aspects of my identity that could never be reconciled. It wasn’t possible to be a “Jovey” and a “Bender” because being gay was strictly forbidden by the religion.
As an academic who works on religion and sexualities, my latest research focuses on gay ex-Jehovah’s Witnesses.
The Jehovah’s Witnesses, known for their door-knocking evangelising, pique interest because of the closed nature of their group. They are a fundamentalist and apocalyptic religious group organised into congregations, overseen by male elders – women are not permitted to be elders.
They refer to their beliefs and teachings as “the Truth”. There is a governing body, known as The Watch Tower Bible and Tract Society, which establishes all doctrine.
Condemnation
The Jehovah’s Witnesses have a distinctive social world. It’s an exclusive religious group that tries to set itself apart from contemporary society and culture. Research refers to Jehovah’s Witnesses as a “high cost” religious group, which means it demands a high level of obedience from its followers – and homosexuality is condemned.
Evans’s interview follows two other memoirs by gay ex-Jehovah’s Witnesses. In 2020, Mendez’s semi-aut0-biographical book Rainbow Milk was released to critical acclaim. Three years later, Daniel Allen Cox’s memoir detailed the ways growing up as a Jehovah’s Witness shaped him: “I spent eighteen years in a group that taught me to hate myself. You cannot be queer and a Jehovah’s Witness – it’s one or the other.”
Cox has a point. The reason these gay men are considered ex-Witnesses is that technically, one cannot be LGBTQ+ and a Jehovah’s Witness. As the official means of sharing Jehovah’s Witness beliefs, the magazine The Watchtower explains:
They gladly conduct Bible studies with homosexuals so these can learn Jehovah’s requirements, and such persons may attend meetings of the Witnesses to listen, but no one who continues to practice homosexuality can be one of Jehovah’s Witnesses.
Evans’s interview recounts how he was terrified to go door knocking with his parents, in case one of his school bullies answered and hurled abuse at him. The teachings from the Witnesses affected his wellbeing. He recounts:
Every night in the congregation they read scriptures saying terrible things about the way I was feeling and who I was possibly turning into. All that was in my head was: if I don’t sort this out, I’m going to lose my mum and dad. I’m going to lose everything I’ve ever known and I’m also going to die at Armageddon, so I’m giving myself a death sentence unless I sort this out.
Importance of ex-member testimony
The only documented experiences we have about growing up LGBTQ+ as a Jehovah’s Witness comes from former members, like Evans, who have left – or been forced to leave.
But there’s a double bind here. There is a history of resistance to accounts from those who have been forced to leave, often referred to as “apostates” by the Witnesses. Ex-member testimony has often – and wrongly, I argue – been discredited among scholars of religion, as I highlight in my recent research.
Most importantly for LGBTQ+ people, ex-member testimony is the only glimpse we get into the effect of religious teaching that is hostile to non-heterosexual identities.
For LGBTQI+ former Witnesses, biography and memoir is a tool that allows them to write themselves into existence. Others, who are negotiating or navigating an exit from a high-cost religion, need these stories to help make sense of their own lives and experiences.
Making an exit
The method of exit is important. The terms “disfellowshipping”, “disassociation”, and “fading” represent different methods of exiting a religious organisation. Disfellowshipping involves the forced removal of a congregation member, often resulting in their ostracism and shunning by the community.
Jehovah’s Witness teachings describe disfellowshipping as a “loving provision” that “protects the clean, Christian congregation”.
Disassociation is when a Witness voluntarily resigns from the organisation, typically through a formal written request. For LGBTQ+ people, disfellowshipping or disassociation often leads to being labelled as “sexually immoral”, resulting in their expulsion and subsequent shunning by the congregation, including their close friends and family.
In contrast, fading is a more gradual and discreet approach, allowing Witnesses to distance themselves without going through the formal processes of disfellowshipping or disassociation. This method can be especially important for those who wish to maintain relationships with family and friends still involved in the organisation, as it does not involve an official removal.
Exit – forced or voluntary – for LGBTQ+ former Witnesses results in a number of vulnerabilities relating to housing, finance, emotional and psychological distress among other risks to wellbeing. Psychologists, such as Heather Ransom, have researched the cumulative effect on wellbeing for those who leave the Jehovah’s Witnesses, describing this process as “grief”.
In an interview with the Guardian, Evans recounts how he didn’t see a viable option in reconciling his faith and sexuality. This sentiment underpins the urgency for research about how strict, conservative religious frameworks can stifle personal identity, especially for children and young people who are LGBTQ+.
Chris Greenough does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
All young people need to have access to high-quality climate education because, when not overwhelming, emotional engagement with the climate crisis can motivate action.
We recently surveyed more than 2,400 school students aged 11-14 in England about their views on climate change and sustainability education. Students from disadvantaged backgrounds were less likely to experience negative emotions related to climate change. Children from more advantaged backgrounds were more likely to want to learn about climate change and sustainability, to want to do more to look after the environment and to believe that adults are doing enough to look after the planet.
The variation in climate literacy and educational opportunities demonstrated through our survey is highly concerning. These inequalities are particularly concerning as children from disadvantaged backgrounds are more vulnerable to the effects of climate change. But these children’s limited capacity to engage with climate issues is also understandable considering the state of child poverty in the UK and the more immediate challenges they are probably facing.
Much has been written about young people’s fears about the climate crisis and the associated mental health effects. We know far less about how to introduce these challenging topics to children who are less engaged. How can we reach these young people so they’re not isolated or sent into a panic, but empowered to act? Our research suggests that schools are a critical place to start.
In our survey, students of all socio-economic backgrounds told us that they learned about climate change and sustainability in secondary school. Conversely, children from disadvantaged backgrounds were less likely to have learned about these topics in the news and media, from their families and from extracurricular activities.
These findings are somewhat unsurprising given the algorithms limiting engagement with online content that challenges our existing perspectives. Children from disadvantaged backgrounds also experience many barriers to participating in nature-based activities outside school. These include lack of availability, cultural exclusion and safety concerns.
A chance for change
Based on our survey and earlier research (for example, the pioneering work of psychology professor Maria Ojala), we have identified three ways that schools can address inequalities to reach and connect with all children to deliver quality climate and sustainability education.
First, the education sector should include climate and sustainability learning within a broader range of subjects. Climate change intersects with nearly all aspects of our lives. Therefore, all school subjects offer unique learning opportunities.
If climate and sustainability education was integrated throughout the formal and informal curriculum, children could learn about the issues as part of the subjects that most interest them.
A hybrid nature craft tree incorporating nature products, paper leaves, and circuitry. Andrea Gauthier, CC BY-NC-ND
For example, our colleagues at UCL are developing a new type of crafting activity in schools. It involves combining materials from nature and paper circuits which bring nature to life through light. Through integrating nature, technology and art, these hybrid nature crafts align with many subjects and could appeal to children of all ages.
We must also develop emotionally responsive teaching practices. Building climate awareness is emotionally challenging, particularly for children with little prior knowledge of the issues. It can also be emotionally draining for teachers.
Time for emotional reflection should be included in lesson plans. Students should be encouraged to share their emotions, be it sadness, anxiety or anger. These are valid and natural responses when learning about climate change.
Creative practices can encourage emotional engagement with climate learning. For example, arts-based activities and storytelling. Our research found that students felt happier with their life, spent more time outdoors and were more optimistic about the future after taking part in arts-in-nature experiences.
Schools should also give students opportunities to combat the climate crisis and other environmental issues. This supports their sense of agency which is critical to motivating action. Engaging students in collective action can be particularly effective for empowering them and instilling hope.
In our survey, one student highlighted the benefits of whole-school projects for climate and sustainability education. She said that “a whole community feels more empowered when they know everyone is working towards a goal and therefore, it helps [us] understand the depth of global warming and the long-term and short-term changes we can make.”
However, a word of caution. Limiting climate action to activities that don’t challenge existing power structures (through recycling or buying eco-friendly products, for example) does not go far enough. Instead, we advocate for transformative actions that encourage students to critically evaluate the norms and practices around them. This could include partnerships with local organisations, student-driven whole-school approaches and political activism.
It is essential that schools provide high-quality climate and sustainability education that engages all students and avoids causing disengagement and despair. The strategies we’ve outlined here will help schools do so, thereby equipping the next generation with the skills, knowledge and agency to tackle climate change.
Don’t have time to read about climate change as much as you’d like?
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Kamala Harris and Donald Trump are promising big initiatives if elected: tax cuts (and hikes), lots of giveaways, and major pieces of legislation bearing on issues such as abortion, healthcare, the environment and foreign military assistance. Regardless of who wins the presidency, the one thing all these items have in common? They can’t pass without Congress, which comprises the House of Representatives (the lower body) and the Senate (the upper body).
The Senate is currently controlled by Democrats, 51 to 49, while Republicans hold a majority in the House of Representatives, 220 to 212. Website FiveThirtyEight, which aggregates polls, forecasts that the Republicans are far more likely to win the Senate 2024. In the House, the race is expected to be much closer.
Given the numbers, it’s the Senate that most worries Democrats and excites Republicans. Democrats are likely to lose representation in Republican-leaning West Virginia, and could lose additional seats in Ohio, Montana, Michigan, Pennsylvania and Wisconsin. There’s a chance for Democrats to pick up seats in Florida and Texas, but both races are still trending Republican.
Who wins the Senate could constrain the next president, if the party of opposition is in control. In the Senate, the filibuster, a tactic to delay or block legislation, can make it hard to enact many new laws with a simple majority (51 votes). In theory, a simple majority is enough to pass a bill, but if a Senator introduces a filibuster, an extra 60 votes are needed to override it and stop debate so a vote on legislation can be held.
Still, just having a Senate majority is crucial, particularly if there is a tie-breaking vote. (The vice-president is president of the Senate and only has a vote if the vote is tied).
Here are four key ways in which who wins the Senate matters.
1. Legislative agenda
Both the Harris and Trump campaigns have laid out sweeping proposals, especially for the economy, much of which will require Senate backing. While a filibuster-proof 60 votes is usually needed to pass laws, a special process called “budget reconciliation” can (with the consent of the official in charge of the rules, the Senate parliamentarian) be used to approve some budgets – relating to specific tax, spending and debt bills – with a minimum of a tie-breaking majority.
Harris’s plan focuses on building what she calls an “opportunity economy,” which includes US$25,000 (£19,200) in down-payment assistance for first-time homebuyers, US$6,000 tax credits for families with newborns, and federal bans against excessive prices for food and other groceries. Harris has also pledged to raise the corporate tax rate from 21% to 28%, and floated taxing unrealised gains – such as the appreciation in equities, real estate and other assets – for the very rich, a 25% minimum tax on total income exceeding US$100 million.
What is the filibuster?
Trump’s economic blueprint includes making his 2017 tax cuts permanent. He’s called for the elimination of taxes on tips, overtime, and social security benefits. Additionally, Trump has vowed to slash the corporate tax rate from 21% to 15%. Perhaps Trump’s most consequential economic proposal – imposing 10-20% tariffs on all imports into the US and 60% tariffs on goods from China – could be done unilaterally without Congress.
2. Supreme Court
Some of the biggest battles over the next four years are likely to be fought in, and over, the federal judicial system. The Senate must consent to Supreme Court appointments. During his first term, Trump pushed through three court appointments – Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett – which helped solidify a six-three conservative supermajority on the bench. Biden named one justice, Ketanji Brown Jackson.
While no justice has signalled an intent to step down soon, either Trump or Harris could have the opportunity – planned or unplanned – to install one or more new justices. The two oldest-serving members of the court are conservatives Clarence Thomas, 76, and Samuel Alito, 74. For Republicans, the next presidential term could offer an opportunity to cement a right-leaning bench for decades to come.
If Trump wins and the Senate goes Republican, there will be pressure from conservative corners for the older right-leaning justices to retire and to replace them with young blood. By contrast, if Harris wins and the Democrats control the tiebreak, they could begin to redirect a court that’s been drifting rightward for years.
3. Future of the filibuster
Left-wing Congress members have advocated for ending the filibuster throughout President Joe Biden’s term. This “nuclear” option would mean doing away with a Senate rule, which was used in the first Congress in 1789. Ending the filibuster would signal an all-out partisan war that would have wide-ranging ramifications on Capitol Hill not only for the next presidency, but further into the future.
The filibuster has already been diluted in recent years by both Democrats and Republicans. In 2013, Democrats removed the 60-vote threshold to confirm many executive branch nominations, a move they said was necessary due to Republican blockading. In 2017, Republicans responded by killing the filibuster over Supreme Court appointments.
If elected, Harris has indicated that she would support ending the filibuster to reinstate reproductive rights that were eliminated after the overturning of Roe v Wade. However, she has talked little about the issue since becoming the Democratic nominee for president. It’s also unclear that more centrist Democrats would support the move.
4. Foreign policy
While there’s bipartisan support in Washington for both aiding Israel’s military and taking a “tough on China” approach, the incoming Senate will be essential in determining if the US approves additional funds to Ukraine.
One important, but less-discussed, issue that may also arise before the Senate is the ratification of a defence pact between the US and Saudi Arabia. Both the Trump and Biden administrations have envisioned a Saudi-Israel deal normalising relations between the two countries, with a US security pact for Saudi Arabia to back the agreement.
Any future treaty would require a two-thirds Senate majority, a high bar to clear. Twenty Democratic senators raised concerns to Biden about the potential deal in 2023, while Republican senators voted to block Trump’s proposed armed sales to the Saudis in 2019.
Both at home and abroad, it’s not just who wins the White House that will determine the political trajectory of the United States. Races in the Senate could have far-reaching implications under either a President Harris or President Trump.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Transcranial direction current stimulation may help improve depression symptoms in hard-to-treat cases.ArtemisDiana/ Shutterstock
Up to a third of people diagnosed with depression do not respond to antidepressants or therapy.
In such cases, patients may be prescribed neuromodulation therapy, which modulates brain activity in order to reduce depression symptoms. One promising form of neuromodulation therapy that researchers are investigating is transcranial direction current stimulation (tDCS).
Transcranial direct current stimulation delivers a weak electrical current to the brain through electrodes that are held to the head by a band or strap. This changes the excitability of the brain tissue located beneath the electrodes. Reducing the excitability of overactive areas and increasing the excitability in underactive areas, especially in regions connected to emotion, can help to improve depression symptoms.
TDCS is a safe, effective treatment, which, in some studies, has been shown to help patients achieve remission and stay symptom-free for up to a month. However, previous clinical trials of tDCS have required patients to visit a clinic or hospital in order to receive the treatment, despite the equipment being quite portable.
But a recent randomised controlled trial has now shown that tDCS – which was delivered by the patient in their own home with online virtual support – can lead to significant reductions in depression.
To conduct their study, the researchers recruited 174 patients in the UK and US who had been diagnosed with major depressive disorder. Around 63% of these participants had been classed with having treatment-resistant depression.
Half the participants received an at-home tDCS treatment. This was delivered for 30 minutes a day, five times a week for three weeks to begin with. Then, they dropped down to three sessions per week for seven weeks. Because these sessions were carried out in the patient’s own home with remote support, this meant no doctor or nurse visits were required.
The other half of the patients were in a control group. These participants were given a sham condition, where they wore the electrode strap but did not receive any electrical stimulation.
After the initial ten-week study, patients in the tDCS group were give the option to continue receiving the treatment three times a week. Those in the sham condition were also offered the active protocol.
The at-home treatment was generally well tolerated. There were only a few reports of adverse reactions (mainly linked to irritation around the stimulation site).
Patients in both groups filled out a depression assessment scale at the start and end of the study. This assessment asks patients a series of questions, then provides them a score.
Any score above ten indicates depression. Both the active tDCS and sham groups improved – however the active tDCS group’s scores decreased significantly more, showing an over a two-point decrease in depression scores compared to the control group.
Neuromodulation therapies
This study has found home-based tDCS shows enormous promise as a cost-effective, convenient and safe means of providing treatment to patients with treatment-resistant depression.
This gives it an advantage over other forms of neuromodulation therapy – such as transcranial magnetic stimulation (TMS). TMS modulates brain activity by delivering magnetic pulses via an electromagnetic coil held to the skull.
TMS is shown to be effective 50% of the time for patients with treatment-resistant depression when paired with psychotherapy. But a downside of TMS therapy is that it can only be delivered in a clinic or hospital with patients needing to have 30-minute treatments at least five times a week for up to six weeks for TMS to have any effect.
Transcranial direct current stimulation therapy also has significantly fewer side-effects compared to electroconvulsive therapy (ECT) which also passes an electric current through the brain. ECT is also far more invasive than tDCS as it requires anaesthesia to perform. In contrast, tDCS passes a weak electrical current through two points of contact in the brain.
However, the authors raise an important point relating to the treatment-resistant status of some of the participants.
Patients that had a history of depression and had been resistant to three or more therapies were excluded from the study. This means future studies will need to investigate the threshold of efficacy when it comes to at-home tDCS – and whether it can also work for patients with more severe forms of treatment-resistant depression.
Another factor that will be important for future studies to investigate is whether the patient’s at-home environment and social support network affect the efficacy of the treatment. The next steps for researchers will be to take into account the variability of why depression occurs, how it manifests itself as well as the differences in terms of acceptance and how it’s dealt with.
It will also be important for future studies to account for the physiological differences related to age, sex, ethnicity, socioeconomic status and many other factors that can influence the progression of depression.
Still, this study has shown that at-home tDCS delivery leads to significant improvements in mood for people diagnosed with depression who have failed to respond to other treatments.
Amanda Ellison does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Here they come: an apron and tattoos that make you look like chef Carmy from The Bear, or weird insect-like accessories resembling the infamous Paris Fashion Week bedbugs – new year, new over-the-top inventive Halloween trends. Thanks to the proliferation of social media platforms like TikTok and Instagram, we’re in for a treat for this year’s online Halloween extravaganza.
What used to be a traditional holiday celebrated with reverence by the people remembering the religious meaning of All Hallow’s Eve, or simply an excuse for phantasmagorical parties by those who didn’t, Halloween is now exhibiting a whole new digital layer.
Last year, the hashtag #Halloween was viewed three billion times in a week. We live in a time of “information fatigue”, “information anxiety” or even “infobesity”, as some academics call our oversaturated media environment, with plentiful, often unpleasant stimuli coming from the news and social media.
No one’s 20s and 30s look the same. You might be saving for a mortgage or just struggling to pay rent. You could be swiping dating apps, or trying to understand childcare. No matter your current challenges, our Quarter Life series has articles to share in the group chat, or just to remind you that you’re not alone.
All this badly affects our biological systems, which have not developed as fast as the media environment. As a result, we are overwhelmed, anxious, overstimulated and struggling with processing so much information. It is hard to cut through this noise, whether you’re a journalist, politician, influencer or just someone having fun in a pumpkin latte costume.
In my research on viral journalism, I discovered that even professional communicators struggle to keep up with the changes in social media algorithms and various new functions of these platforms. Many feel discouraged by the non-transparency of social media giants and prefer to rely on classic principles of strong reporting and creative presentation formats. But what are the triggers for media virality for those who still want their posts to explode online?
Not a virus, but a choice
Halloween, like St Valentine’s Day and other annual celebrations, presents a chance to be the new viral sensation, simply because using the hashtag #Halloween instantly grants additional visibility.
Virality stands on two pillars – the opaque algorithms of social networks, and people’s emotional reactions. Unlike viruses, from which the word “viral” originates, virality online is not a malady, but a choice. People instinctively choose content that will satisfy their needs. These can be having something to think about, or a distraction, so we don’t have to think about other things going on in the world.
Engagement with stories online is seldom rational – research has shown that emotions dominate our relationship with news and social media. The feelings of awe, anger and anxiety are the strongest predictors for a post to go viral.
So how, when creating content, do we achieve the coveted reaction of “awe”? This feeling can be described in a variety of ways, from a religious epiphany, to deep appreciation because we’re impressed, to the sense of calm experienced through nature. This is where the theory of memes can help.
Halloween costumes on social media are, essentially, wearable and broadcastable memes. These, as my book Internet Memes and Society explains, are half-baked jokes and weird cryptic artefacts that tempt users to figure out why they are supposed to be funny.
Memes are used as everyday language, political tools, and “fast-food” media. Will a costume based on Only Murders in the Buildings’ Christmas fitness influencer make it to viral stardom? Will it be another take on the brat summer? Or perhaps some twisted commentaries on the cost-of-living crisis?
Theories of humour and Halloween costumes
I predict that virality this season will demand either to go full-on maximalist, or be understated and minimalist. The theories of humour stand on three pillars: humour as release, humour as aggression, and humour as incongruity.
Perhaps we will also see the manifestations of what Plato called comedy as scorn: “Taken generally,” the ancient Greek philosopher mused, “the ridiculous is a certain kind of evil, specifically a vice.” Expect the highest-earning or most influential celebrities to be shoved off their pedestal and roundly mocked in a Halloween costume.
What about incongruity? Some of the more absurd costumes from last year featured a drink coaster and a paper bag, or a man dressed as a ULEZ street camera. These examples generate a reaction of awe, surprise and glee, making the posts worthy of sharing.
And finally, release. Humour is invaluable when it comes to dissipating worries or letting off steam. The recent viral sensation from the music band The Kiffness’ “Eating the cats” ft Donald Trump hilariously reimagined a phrase from the US presidential debate as a soft reggae hit – and a hit it has become, amassing eight million views in a matter of weeks.
This Halloween will surely see a couple of TikTokers dressed as cats, or dogs, or even “a catalogue of other things to eat”. Humour allows us to reveal the ridiculousness of certain political claims, and therefore serves as a soothing tool that unites people and challenges those in power through mockery.
Virality as modern mythology
Virality – memes included – forms the modern mythology. The media informs our collective identities and often the things we think about, which means the themes of this Halloween will most likely reveal what people are scared of as a way to release those fears.
Who will people mock because they feel intimidated by a particular public figure’s power, wealth, talent, influence, looks or profile (aggression). Or who or what do people find awe-inspiring or puzzling this year (incongruity)?
After all, Halloween is the one time of the year that reminds people of the medieval carnivals of the 14th century – the only time jesters and critics could come to the main square and have a go at the king. The digital carnival (as academics like myself sometimes call the digital mockery of the elites) is not limited to a specific time in the year.
The never-ending flow of ridicule, sarcasm and dressing up online never ceases to amaze viral studies academics. But the end of October sees a particular concentration of this subversion, attracting the attention of the digital crowds seeking to laugh at the rich, famous and powerful.
People form and negotiate cultural codes through viral cultures, by choosing what posts to share, like, and comment on. Through these interactions, valuable meanings and identities emerge, and it will be fascinating to see which meanings the collective beehive wants to focus on this Halloween 2024. Whether that’s Carmy Berzatto in his blue apron or the cats and dogs of Springfield.
Anastasia Denisova does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: United States House of Representatives – Representative Sean Casten (IL-06)
October 30, 2024
Washington, D.C. — U.S. Congressman Sean Casten (IL-06) introduced the Military Voter Overseas Technical Enhancement (VOTE) Act, legislation to improve access to the ballot for military voters stationed overseas.
“Our service members – who put their lives on the line to defend our freedoms — currently face far too many unnecessary barriers that limit their ability to consistently vote,” said Rep. Sean Casten. “It’s past time we make sure the Department of Defense takes reasonable steps to ensure that members of the Armed Forces have reliable ballot access.”
Since 1986, military members on active duty stationed away from their voting residence have been covered by the Uniformed and Overseas Citizens Absentee Voting Act (UOCAVA), which requires that states allow these military members, their eligible families, and overseas citizens to vote absentee in federal elections.
However, members of the Armed Forces often face barriers to full participation as voters, particularly as they move between duty sites domestically and around the world. In 2020, 49% of military voters participated in the election, as compared to 66% of all voting-eligible Americans, with many reporting that they either didn’t receive their ballot in time, or the ballot never arrived.
To remedy this issue, the Military VOTE Act takes the following steps:
Makes voter registration affirmatively available upon enlistment – service members will be asked if they are eligible to register to vote, and, if so, be provided registration materials. The DOD will then accept the form and transmit it to the appropriate state election official.
Promotes the timely and accurate delivery of absentee ballots by requiring that UOCAVA (military and related overseas voters) voters be provided ballots electronically, unless another preference is specified, or the required information to transmit the ballot electronically is not made available.
Requires that the DOD take steps to ensure that the appropriate state election official has timely and accurate contact information for uniformed service voters and notify the appropriate state when the voter is no longer a uniformed service member.
Requires that states provide absentee ballots for all elections moving forward if service members requests, until the voter is no longer a uniformed service member.
Prohibits states from rejecting absentee ballot applications on the grounds of early submission
Requires that no later than 1 year after the date of enactment of the bill, a report be provided to Congress and the President on the efficacy of the information provided on registration in the change of base packet military voters receive upon transfer to a new duty station.
The Military VOTE Act has been endorsed by FairVote.
Washington, D.C. — House Foreign Affairs Committee Chairman Michael McCaul released the transcribed interview of Setareh Sieg, a senior official at the U.S. Agency for Global Media (USAGM), which was conducted after more than six months of stonewalling by USAGM and Ms. Sieg. In June of 2024, Chairman McCaul released his report into the culture of corruption and mismanagement at USAGM; the report detailed fabrications to Ms. Sieg’s resume, such as her educational credentials, which the agency admitted were false after years of committee oversight. Despite this, USAGM CEO Amanda Bennett — a political appointee — still refuses to acknowledge her own subordinates’ findings and has “condemned” Chairman McCaul’s investigation rather than apologize to USAGM whistleblowers or publicly commit to reforming the agency.
The transcribed interview is minimally redacted.
Setareh Sieg, Director, Program Review, Voice of America. Ms. Sieg formerly served as director of Voice of America’s Persian News Network (VOA-Persia).
It is a violation of federal law to lie during a congressional investigation. 18 U.S.C. §1001 (c)(2) states that material false statements during “any investigation or review, conducted pursuant to the authority of any committee, subcommittee, commission or office of the Congress, consistent with applicable rules of the House or Senate” represent a criminal offense.
When Ms. Sieg appeared before the committee, she stated that she no longer presents herself as holding a Ph.D. (Page 101, Lines 6-12). However, she continues to advertise her falsified credentials online.
Ms. Sieg does not hold a Ph.D., or its equivalent, from the Sorbonne, despite her shifting claims to that effect. In her transcribed interview, she repeatedly stated “controversy” existed regarding whether she held a Ph.D. instead of flatly admitting she does not.
When the Biden-Harris administration brought Ms. Sieg back to the agency, USAGM failed to conduct a thorough investigation about her false credentials and abuses of authority, despite the committee’s calls to do so – indicating incompetence, indifference, or a deliberate conspiracy within USAGM to protect a politically-connected individual from whistleblower complaints.
The committee’s investigation showed Ms. Sieg allowed her preferred employees to collect excessive overtime pay, showed a pattern of favoritism, faced persistent complaints from subordinates due to her abrasive leadership style, and mishandled at least one major programming contract.
Voice of America leadership finally issued a formal reprimand, supported by USAGM human resources staff findings, to Ms. Sieg — acknowledging she lied about her educational credentials — yet CEO Bennett continues to ignore her own staff’s conclusions and defend Ms. Sieg.(Page 80).
Despite the formal reprimand, Ms. Sieg refuses to accept the findings of USAGM, the committee, the French Embassy, and the Foreign Credential Services of America that she does not have a French Doctorate, referring to the assessments as mere “opinions.” (Pages 83-84, 98-101).
[embedded content] NASA’s Perseverance rover captured the silhouette of the Martian moon Phobos as it passed in front of the Sun on Sept. 30, 2024. The video shows the transit speeded up by four times, followed by the eclipse in real time. NASA/JPL-Caltech/ASU/MSSS/SSI
The tiny, potato-shaped moon Phobos, one of two Martian moons, cast a silhouette as it passed in front of the Sun, creating an eye in Mars’ sky. From its perch on the western wall of Mars’ Jezero Crater, NASA’s Perseverance rover recently spied a “googly eye” peering down from space. The pupil in this celestial gaze is the Martian moon Phobos, and the iris is our Sun. Captured by the rover’s Mastcam-Z on Sept. 30, the 1,285th Martian day of Perseverance’s mission, the event took place when the potato-shaped moon passed directly between the Sun and a point on the surface of Mars, obscuring a large part of the Sun’s disc. At the same time that Phobos appeared as a large black disc rapidly moving across the face of the Sun, its shadow, or antumbra, moved across the planet’s surface. Astronomer Asaph Hall named the potato-shaped moon in 1877, after the god of fear and panic in Greek mythology; the word “phobia” comes from Phobos. (And the word for fear of potatoes, and perhaps potato-shaped moons, is potnonomicaphobia.) He named Mars’ other moon Deimos, after Phobos’ mythological twin brother. Roughly 157 times smaller in diameter than Earth’s Moon, Phobos is only about 17 miles (27 kilometers) at its widest point. Deimos is even smaller. Rapid Transit Because Phobos’ orbit is almost perfectly in line with the Martian equator and relatively close to the planet’s surface, transits of the moon occur on most days of the Martian year. Due to its quick orbit (about 7.6 hours to do a full loop around Mars), a transit of Phobos usually lasts only 30 seconds or so. This is not the first time that a NASA rover has witnessed Phobos blocking the Sun’s rays. Perseverance has captured several Phobos transits since landing at Mars’ Jezero Crater in February 2021. Curiosity captured a video in 2019. And Opportunity captured an image in 2004. By comparing the various images, scientists can refine their understanding of the moon’s orbit to learn how it’s changing. Phobos is getting closer to Mars and is predicted to collide with it in about 50 million years. More About Perseverance Arizona State University leads the operations of the Mastcam-Z instrument, working in collaboration with Malin Space Science Systems in San Diego, on the design, fabrication, testing, and operation of the cameras, and in collaboration with the Niels Bohr Institute of the University of Copenhagen on the design, fabrication, and testing of the calibration targets. A key objective for Perseverance’s mission on Mars is astrobiology, including the search for signs of ancient microbial life. The rover will characterize the planet’s geology and past climate, pave the way for human exploration of the Red Planet, and be the first mission to collect and cache Martian rock and regolith (broken rock and dust). Subsequent NASA missions, in cooperation with ESA (European Space Agency), would send spacecraft to Mars to collect these sealed samples from the surface and return them to Earth for in-depth analysis. The Mars 2020 Perseverance mission is part of NASA’s Moon to Mars exploration approach, which includes Artemis missions to the Moon that will help prepare for human exploration of the Red Planet. NASA’s Jet Propulsion Laboratory, which is managed for the agency by Caltech in Pasadena, California, built and manages operations of the Perseverance rover. Space Science Institute produced this video. For more about Perseverance: https://mars.nasa.gov/mars2020 News Media Contacts Karen Fox / Molly WasserNASA Headquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov DC Agle Jet Propulsion Laboratory, Pasadena, Calif.818-393-9011agle@jpl.nasa.gov 2024-150
Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)
MIAMI– A felon in possession of a firearm was sentenced to 144 months in prison, following a shooting at the Palm Beach Gardens Mall (The Gardens Mall) on Valentine’s Day.
Yesterday, U.S. District Judge Aileen M. Cannon imposed an upward variance in sentencing Devon Jamal Graham, 29, to 144 months in prison. Graham previously pled guilty to possession of ammunition by a convicted felon, possession of a firearm and ammunition by a convicted felon, possession with the intent to distribute a controlled substance containing fentanyl and cocaine, and possession of a firearm in furtherance of a drug trafficking crime.
Kamarcio Mitchell, 29, a second man who was arrested following the shooting at The Gardens Mall, is scheduled to be sentenced on Nov. 21 at 9:30 a.m. before Judge Cannon in Fort Pierce, Fla. Mitchell previously pled guilty to possession of a firearm and ammunition as a convicted felon, and possession with intent to distribute fentanyl.
On Feb. 14, both Mitchell and Graham were at The Gardens Mall, both separately in possession of a firearm. Mitchell was on the second level of The Gardens Mall near a retail store. Mitchell followed Graham onto the escalator and was manipulating an object under his shirt. Mitchell was then fired upon by Graham and shot. Mitchell fled the mall to the parking lot, leaving a trail of blood. A loaded firearm that had been disassembled was found in the parking lot by police, near the blood trail. Mitchell was later treated for his injury at a local hospital. Upon his later arrest on a federal warrant, authorities discovered Mitchell in possession of a distribution quantity of fentanyl after he unsuccessfully tried to toss the drugs.
Two firearms were recovered from the vehicle Graham used to travel to the mall, along with a bag containing 35 capsules with a mixture containing fentanyl and a pill bottle with approximately 16 grams of cocaine.
The recovered firearms had previously travelled in interstate commerce.
U.S. Attorney Markenzy Lapointe for the Southern District of Florida, Special Agent in Charge Jeffrey B. Veltri of the FBI, Miami Field Office, Special Agent in Charge Christopher A. Robinson of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), Miami Field Division, U.S. Marshal Gadyaces S. Serralta of the U.S. Marshals Service, Chief Dominick Pape of the Palm Beach Gardens Police Department, and Sheriff Ric Bradshaw of the Palm Beach County Sheriff’s Office announced the sentencing.
The Office of State Attorney Dave Aronberg for the 15th Judicial Circuit – Palm Beach County provided invaluable assistance. Assistant U.S. Attorneys John McMillan and Shannon O’Shea Darsch are prosecuting the case.
This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce gun violence and other violent crime, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.
Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov under case number 24-cr-80022.
SINGAPORE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Leading crypto exchange HTX announced a limited-time boost to the interest rates of its Flexible Earn products for 13 major crypto assets starting from October 29, 2024.This latest update, following recent enhancements to the Earn products, is part of HTX’s ongoing effort to expand user earnings opportunities and diversify investment options.
Prioritizing Leading Assets: Up to 700% APY Increase for Flexible Products
This update highlights the profitability boost of 11 popular Proof-of-Stake (PoS) crypto assets, including ETH, TRX, DOT, TON, SOL, ATOM, CSPR, POL, NEAR, ADA, and EOS. Notably, the APY for ETH subscriptions beyond the 0.2 ETH threshold has risen from 1.25% to 3%, while TRX has leapt from a meager 0.5% APY to a lucrative 4% APY for holdings exceeding 3,000 TRX.. The rate for SOL has increased from 1.2% to 6%, and ATOM has jumped from 1.5% to 12%. These adjustments place HTX’s Flexible products for the mainstream assets among the highest rates in the market, even rivaling on-chain staking yields.
Additionally, interest rates for two popular stablecoins, USDT and USDC, have also increased. USDT holdings beyond the 1,000 USDT tier now earn 4% interest per year, up from 2.25%, while the USDC rate has climbed from 1.1% to 4%. This means users can earn higher returns simply by holding their assets, maximizing capital efficiency.
For more details on the new rates, visit HTX Website
Continuous Flexible Product Enhancements Aim to Optimize User Experience
HTX has recently rolled out a series of major enhancements to its Flexible Earn products, designed to strengthen product functionality and elevate the user experience. These enhancements feature hourly interest calculations, instant earnings upon subscription, fast arrival of redeemed assets, and automatic interest reinvestment. Additionally, Flexible products boast robust risk management to ensure asset security, allowing users to deposit and withdraw assets at any time.
As a vital component of exchange services, flexible investment products have long been a focus for HTX. Through product enhancements and interest rate increases, these products have gained market competitiveness. Users can benefit from both stable earnings and the flexibility to shift between trading and yield-earning as desired. Moreover, by directing funds into the Flexible products, users not only benefit from these attractive returns, but also contribute to a more liquid and efficient crypto market, ultimately fueling the industry’s long-term growth.
HTX is dedicated to enhancing its asset growth services and providing users with an ever-expanding range of financial opportunities. Adhering to its user-first philosophy, HTX is set to present continuous product upgrades with innovation, offering users richer investment opportunities to appreciate their support.
About HTX
Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.
As a world-leading gateway to Web3, we harbor global capabilities that enable us to provide users with safe and reliable services.
Our growth strategy – “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance”, underpins our commitment to providing quality services and values to virtual asset enthusiasts worldwide.
Disclaimer: This content is provided by HTX. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
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Source: The Conversation – UK – By Linda Yueh, Fellow in Economics/Adjunct Professor of Economics, University of Oxford
For the first time in 14 years, it was a Labour chancellor who delivered the UK budget. And for the first time ever, that chancellor was a woman. But Rachel Reeves faces an almighty task: plugging a £40 billion spending gap in the knowledge that pre-election promises not to raise the main taxes are still fresh in people’s memories.
Growth was the buzzword of the election campaign – Reeves now had to lay her cards on the table. So here’s what our panel of experts made of the plans:
More challenges for employers and small businesses
Shampa Roy-Mukherjee, Associate Professor in Economics, University of East London
The budget introduces £40 billion in tax hikes and, in some areas, spending cuts that will put pressure on the economy and business in particular. But it also reflects the government’s focus on economic growth, with policies intended to stabilise finances while addressing some of the concerns of small businesses.
The chancellor has retained her commitment to preserve the rates of income tax, employee national insurance and VAT. But a notable change is the increase in employers’ national insurance contributions (NICs) from 13.8% to 15%.
There was also a reduction in the secondary threshold, which is the amount at which the employer starts paying NI on each employee, from £9,100 to £5,000. Altogether this will raise £25 billion annually but will significantly impact many businesses that will now face higher wage bills.
The national living wage is also rising by 6.7% to £12.21 per hour in April 2025, boosting incomes for about three million workers but again increasing costs for many businesses. These rising taxes and wage increases, alongside incoming employment regulations, will strain businesses, particularly in sectors with high labour demands.
To offset some of these pressures, the employment allowance, which allows some smaller employers to reduce their NICs, has been raised from £5,000 to £10,500. The chancellor said that over 1 million employers will not see their NICs bill rise as a result.
Small businesses in retail, hospitality and leisure, where profits have been hit as consumers struggle with the cost of living, will benefit from a 40% business rate relief on properties up to £110,000. Other supportive measures include a continued freeze on fuel duty, which will aid logistics and transport costs. Corporation tax remains fixed at 25%.
Higher wages for three million, but it could cost more to get the bus to work
Rachel Scarfe, Lecturer in Economics, University of Stirling
The biggest change for those on low incomes was an increase in the national minimum wage (for 18 to 20-year-olds) of 16.3%, from £8.60 to £10 an hour, and an increase in the national living wage (for employees aged 21 and over) of 6.7%, from £11.44 to £12.21, from April 2025. This will lead to a pay rise for more than 3 million workers.
Business associations warn that this will cause job losses, particularly in hospitality and the care sector, where many employees earn the minimum wage. But a large body of research has not found a negative effect of minimum wages on employment.
There is some evidence that earlier minimum wage rises caused an increase in the number of zero-hours contracts in social care, as firms tried other ways to reduce wages. However, the new employment rights bill introduced earlier in October would limit the use of zero-hours contracts in this scenario.
The budget could have an indirect effect on pay packets though. The effect of the change to employer NICs will be greater in sectors with more low-paid workers, such as hospitality, and employer associations have warned that it will risk jobs. There is also some evidence that in the long term, firms pass some of these costs on to employees by reducing their wages.
However, the minimum wage increase will reduce the capacity for firms to reduce wages. And any long-term effect would also be offset by lower income taxes that will come after 2028 when the chancellor has said she will increase the threshold at which people starting paying tax.
So if wages and profits fall because of increased contributions, then the amount Reeves raises will be lower than expected, because income and corporation tax receipts will be hit.
Another indirect factor affecting incomes is the cost of getting to work. The fuel duty freeze will continue, but the bus fare cap will increase from £2 to £3. Lower-paid workers and jobseekers are much more likely to use the bus than those with higher incomes, who are more likely to drive, but the cost of bus travel increased much more than the cost of train travel or petrol over the last parliament.
The fare cap reversed some of this increase, and some evidence shows that it led to more people travelling by bus. But the new £3 cap will only last until the end of 2025, which may be too soon to see much effect.
Jonquil Lowe, Senior Lecturer in Economics and Personal Finance, The Open University
As expected, the budget targeted several wealth taxes, including capital gains tax (CGT), which is charged on profits you make when you “dispose of” (sell or give away) an asset. The first slice of such profits (£3,000 in 2024-25) is tax-free. Profit above that is added to your income to determine what rate will apply: a lower rate for profit covered by the basic income tax rate band and a higher rate on anything more.
Reeves announced that CGT rates on financial assets – things like shares – will immediately increase from 10% to 18% (for the lower rate) and from 18% to 24% (for the higher rate). Financial assets account for around 85% of all disposals within the scope of CGT, but only around 350,000 people a year pay the tax.
This brings the rates on financial assets into line with residential property, such as a second home. (There is no CGT when you sell or give away your only or main home.) But this still leaves wealth taxed less heavily than income.
The government says it is committed to tackling the UK’s housing shortage. So to deter multiple home ownership, it has raised stamp duty for people buying a second (or third or fourth) home. Purchases completed will now incur an extra 5% tax (currently 3%) over and above the normal stamp duty rates.
There were also changes to inheritance tax (IHT). Pension savings left unused at death have in recent years been passed on tax free. But from April 2027, the savings will count as part of the estate and be subject to IHT at a rate of up to 40%.
The first slice of the estate a person leaves, called the nil-rate band, is IHT-free, and that band has been frozen at £325,000 since 2010. Reeves extended the freeze until April 2030.
As a result of these changes, the government expects almost 6% of estates to pay IHT this year, up from fewer than 5% in recent years. People in London and the south east are more likely to be IHT-payers, largely due to higher property values in those areas.
A downpayment on growth – but probably not quickly
Linda Yueh, Adjunct Professor of Economics, University of Oxford
The chancellor declared that the government will “invest, invest, invest”. This is an important enabler of economic growth.
But, the country’s creditors need reassuring, so Reeves also announced two new fiscal rules that aim to achieve that balance of allowing the government to borrow to invest (and generate growth), but not to pay for day-to-day spending.
Specifically, the investment rule permits borrowing to invest and the stability rule requires day-to-day spending to be paid for by taxes. Both rules support the government’s growth aims while trying to reassure the country’s creditors that the borrowing will pay off by generating future growth – and also higher tax receipts with which to repay that borrowing.
But spending watchdog the Office for Budget Responsibility (OBR) has downgraded the UK’s GDP growth outlook from 2% to 1.8% in 2026, and to 1.5% in 2027 and 2028. The OBR’s forecast of slower growth highlights the impact of the £40 billion of tax increases, which dampens economic activity.
This underscores the government’s challenge of investing to grow while at the same having to raise taxes to balance the books when it comes to its daily spending. In particular, the OBR’s assessment of slowing growth towards the middle of this parliament raises questions about how long it will take for the investment-fuelled growth to materialise.
It may be that five years is still too short a period. Many physical investments require planning and those reforms could also take a while. Moreover, getting investment projects under way requires scoping, and private investors will want time to assess before joining the government in energy projects.
But this budget is certainly a start on a much-needed growth strategy.
Good news on public investment – emerging industries could benefit
Phil Tomlinson, Professor of Industrial Strategy, University of Bath
The key budget change related to the chancellor’s fiscal rules. By redefining how public debt is calculated, Reeves has been able to increase public investment by around £100 billion. The new fiscal rules have gone not as far as some economists have advocated – but they are a welcome step in the right direction.
Investment was the core focus of the budget. For decades, the UK has suffered from low investment and weak productivity compared to other leading economies. Since 1990, the UK’s investment gap with the average across rich countries in the Organisation for Economic Co-operation and Development (OECD) has been around £35 billion a year – the UK now ranks 28th of 31 OECD countries on business investment. British workers are using outdated kit and so are less productive. This has meant a stagnant economy and lower living standards.
So, the budget’s plans to boost investment in the UK’s crumbling infrastructure and public services and to support the new industrial strategy are a positive move. The latter should see additional funding to support emerging tech industries, such as artificial intelligence, cyber and clean energy. And this public investment should “crowd in” additional private investment.
In the long run, these investments should pay for themselves. For instance, the Office for Budget Responsibility estimates that a sustained increase in public investment of 1% of GDP increases that GDP by 0.5% after five years and more than 2% after ten to 15 years.
The rise in employer national insurance contributions will increase business’s operating costs, especially those in the care and hospitality sectors. But paradoxically, in the long run, it may encourage some businesses (in sectors where it is feasible) to invest in new labour-saving capital equipment.
The NHS gets a cash injection – but it may not go that far
Karen Bloor, Professor of Health Economics and Policy, University of York
Amid all the gloomy pre-budget talk of tough choices and economic problems, would the government’s plans to improve the NHS cheer up the country (England, at least)? Not entirely.
On the plus side, the chancellor promised a generous spending increase of £22.6 billion in the year 2025 to 2026, with £3.1 billion on capital investment. But solving the problems of the NHS is not just about money, and there will be difficult decisions to come.
Meanwhile, increases in employers’ national insurance contributions, while raising funds, will also have a big impact on the NHS, which employs over 1.5 million people. So the additional spending may be less than it appears.
The new government has said it has three main priorities for healthcare in England: moving care from hospitals to the community, moving resources from treatment to prevention, and changing systems from analogue to digital. None of these ideas are new, and there are good reasons why they haven’t happened already.
Expanding primary and community care often does not translate into reduced demand for hospital services – in fact, it can do the opposite, by uncovering previously unmet needs. And successive governments have failed to address long-standing problems in social care, which is crucial to addressing pressures on the NHS. A successful NHS means people living longer, but often with long-term health problems.
Returns on investment in preventing illness can be substantial, but they vary widely, and can be difficult to achieve. This is particularly true when it comes to interventions needing individual behaviour change, such as increasing exercise or cutting down on alcohol. Even when clearly positive, they take a very long time to generate cost savings.
And there are other aspects of the chancellor’s plans which could arguably harm public health. Abolition of winter fuel payments for example, could affect the health of older people on low incomes.
Rising bus fares could affect people’s ability to attend appointments, and the controversial two-child benefit cap, which can affect child health remains in place.
Finally, while technology should improve the efficiency of services, people need care from people. Capital investment – in scanners, radiotherapy machines and diagnostics – will need to be matched by the cost of the professionals who operate them and interpret their findings.
Karen Bloor receives funding from the NIHR policy research programme to conduct responsive analysis for the Department of Health and Social Care,
Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.
Rachel Scarfe is a member of the Labour Party.
Jonquil Lowe, Linda Yueh, and Shampa Roy-Mukherjee do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
