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Kenneth Petterson has been a cornerstone of philanthropic success in the nonprofit sector for over three decades. As the Director of Donor Engagement at the Autism Spectrum Disorder Foundation since 2022,Ken has significantly enhanced the organization’s ability to secure funding and expand its crucial services for individuals with autism.

His profound impact on donor relations has propelled the foundation’s initiatives, helping it reach and support a wider audience effectively. Beyond his professional pursuits, Ken has been an avid volunteer and coach for the Special Olympics for 25 years, currently serving as the Co-commissioner for pickleball with Special Olympics Missouri.

His leadership in this role involves organizing events and promoting athlete participation, demonstrating his commitment to inclusivity and the empowerment of athletes with intellectual disabilities. Ken’s dual roles highlight his dedication to enriching lives through both his career and volunteer efforts.

What inspired you to dedicate your career to the nonprofit sector, particularly organizations focused on autism and intellectual disabilities?
My inspiration comes from a deep-seated belief that everyone deserves the opportunity to lead a fulfilling life, regardless of their abilities or circumstances.

Early in my career, I witnessed the transformative impact that targeted support and resources could have on individuals with disabilities. This experience solidified my commitment to the nonprofit sector, where I realized I could make a tangible difference. Working with the Autism Spectrum Disorder Foundation, I’ve seen firsthand how strategic donor engagement can fuel programs that significantly improve lives, motivating me to continue advancing our mission.

How do you approach building relationships with donors to ensure sustained support for the foundation?

Building relationships with donors is all about trust, transparency, and alignment of values. I focus on open communication, ensuring that our donors are fully aware of how their contributions are utilized and the direct impact they have. By regularly sharing success stories and challenges, we create a partnership based on mutual respect and a shared vision. This approach not only fosters long-term support but also turns our donors into passionate advocates for our cause.

Can you describe a particularly rewarding experience from your time coaching with the Special Olympics?
One of the most rewarding experiences was coaching a young athlete who struggled with severe anxiety and social interactions. Through months of training and encouragement, I watched him not only improve in pickleball but also grow in confidence and start to enjoy socializing with his peers. The moment he won his first match, the joy and pride on his face were indescribable. It was a stark reminder of why I do what I do—empowering individuals to achieve their potential and celebrate their achievements.

What challenges do you face in your role as Co-commissioner for pickleball, and how do you overcome them?

One of the main challenges is ensuring that we have enough resources and volunteers to host events that provide a great experience for all athletes. Overcoming this involves a lot of community engagement and collaboration. I actively work to build strong relationships within local communities and among businesses to garner support. Promoting the benefits of inclusivity in sports also helps in rallying more community involvement and resources.

Looking ahead, what developments or goals are you most excited about for the Autism Spectrum Disorder Foundation?

I am particularly excited about our upcoming initiatives to integrate more community-based programs that will not only support individuals with autism but also educate the public about autism spectrum disorders. We are also looking to enhance our technological capabilities to better track the effectiveness of our programs, which will help us tailor our approaches more effectively and efficiently. These developments are crucial in scaling our impact and reaching more individuals in need.

How do you balance your demanding professional life with your passion for volunteer work?

Balancing a demanding professional life with volunteer work is challenging, but it is also incredibly rewarding. For me, the key is passion. When you are passionate about what you do, finding the energy and time becomes part of the fulfillment process. I also prioritize and manage my time effectively, ensuring that neither my professional responsibilities nor my volunteer commitments are compromised. The joy and satisfaction I derive from both areas fuel my energy and commitment.

What message would you like to share with individuals considering a career in nonprofit management or volunteering?

My message would be that a career in nonprofit management or volunteering is one of the most fulfilling paths you can pursue. It provides an opportunity to make a real difference in people’s lives. If you have a passion for helping others and are ready to face challenges head-on, this field will not only offer you a career but also an avenue to fulfill your personal and professional aspirations. Remember, every small effort counts, and the impact you can make is limitless.

Read more:
Insights from Kenneth Petterson, Director of Donor Engagement at the Autism Spectrum Disorder Foundation

Rick Saleeby is a veteran journalist and broadcaster based in New York. He has more than 20 years of experience in news production and sports journalism.

Rick earned a Bachelor of Science in Communication Arts from St. John’s University, where he also minored in Business Administration. His career began at News 12 Interactive, where he worked as a producer and video graphics editor.

Rick’s experience expanded when he joined News 12 Connecticut as an Associate Producer and Sports Producer. In 2004, he moved to FOX News Channel, working as an Associate Producer and Writer for shows like “Studio B” and “The FOX Report” with Shepard Smith.

Rick spent the majority of his career at CNN, where he worked for 15 years. As a Senior Producer, Senior Copy Editor, and Head Writer for “The Lead with Jake Tapper,” he played a key role in managing breaking news and crafting engaging stories. His work earned him multiple industry recognitions, including Peabody Awards and Emmy nominations.

Throughout his career, Rick has been known for his integrity, adaptability, and passion for storytelling. He advocates for ethical journalism in the digital age and is committed to upholding high standards in reporting. Outside of work, Rick enjoys sports, fitness, and travel, always seeking new ways to draw inspiration from the world around him.

Rick Saleeby continues to be a respected figure in the industry, influencing the next generation of journalists with his experience and insights.

How has broadcast journalism changed over the past 20 years?

The changes have been immense. When I started, broadcast journalism was more structured around traditional news cycles—morning, afternoon, and evening news. Today, the 24/7 news cycle and social media have transformed how news is consumed. Speed is prioritized, and journalists are expected to deliver news in real-time across multiple platforms. The rise of digital media has also brought a shift from long-form, in-depth pieces to more short-form, attention-grabbing content. There’s more pressure to produce fast, but it’s important not to sacrifice accuracy for speed.

What advice would you give to someone starting out in broadcast journalism today?

First, always be curious and willing to learn. This industry is evolving fast, so you need to stay up-to-date with the latest trends and technology. Second, don’t be afraid to start small. Every experience counts, whether it’s working at a local station or writing for an online platform. Finally, focus on storytelling. No matter how fast things move, storytelling is still the foundation of good journalism.

What skills should aspiring broadcast journalists develop to succeed?

Adaptability is key. You need to be comfortable working across different media platforms—TV, digital, social media. Master the basics like writing and editing, but also develop technical skills in video production and data analytics. And of course, strong communication skills are essential. The ability to connect with your audience and explain complex topics in simple terms will set you apart.

How can young journalists stand out in such a competitive field?

Be authentic and build a personal brand that reflects your voice. In a crowded space, having a unique perspective is what will make people take notice. Be consistent in your work ethic and always strive for accuracy and fairness. Networking is also crucial. Build relationships with mentors, colleagues, and professionals in the industry who can help guide you along the way.

What challenges do journalists face today that weren’t as prevalent 20 years ago?

One of the biggest challenges is the rise of misinformation and fake news. Journalists now have to spend more time verifying sources and ensuring accuracy, as false information spreads faster than ever. Additionally, the shift towards more sensationalist, “rage bait” content has made it harder for in-depth, thoughtful reporting to get the attention it deserves. Navigating the balance between what the audience wants and what they need is more difficult now.

How important is it for journalists to adapt to new technologies in the digital age?

Extremely important. The future of journalism is digital, and the ability to adapt to new technologies is essential for staying relevant. This includes everything from using social media effectively to understanding how AI and data-driven tools can enhance reporting. Journalists who can combine traditional skills with technological know-how will have a huge advantage.

What’s one thing that hasn’t changed in journalism despite all these shifts?

Integrity. No matter how much the industry changes, being truthful, fair, and accurate will always be the cornerstone of journalism. Audiences might be consuming news differently now, but they still expect journalists to uphold the truth. Ethics and accountability are timeless principles in our field, and they should never be compromised.

What is your advice for handling the fast-paced nature of the industry?

Organization is critical. You need to be able to juggle multiple tasks at once—whether that’s reporting, editing, or prepping for the next story. I’ve developed routines over the years to manage stress, like taking moments to breathe, refocus, and prioritize. Staying calm under pressure is also key. The industry moves quickly, but it’s important to stay grounded and not let the chaos affect the quality of your work.

How do you see the future of broadcast journalism?

I think we’ll continue to see more integration between digital and traditional media. The challenge will be finding a balance between quick, engaging content and in-depth, investigative reporting. There’s always going to be a demand for good storytelling, but journalists will need to embrace new technologies and be adaptable. I’m hopeful that there will be a resurgence in quality journalism, as audiences begin to prioritize trustworthy sources over sensationalism.

What’s the best piece of advice you’ve received in your career?

Always stay curious and don’t be afraid to ask questions.” Journalism is about discovery, and the moment you stop being curious is the moment you stop growing as a journalist. Keep learning, keep questioning, and keep pushing yourself to find the truth in every story.

Read more:
Rick Saleeby: Discussing Integrity, Technology, and the Future of Journalism

Male pattern hair loss is a genetic condition, but that doesn’t mean there’s nothing that can be done to rectify what you’re experiencing. Even if genetics isn’t the reason for your hair loss, there are many choices available to fight the problems you face.

Let’s explore different hair loss treatment and medication options so you can evaluate the best course of action depending on how severe your condition is.

 Minoxidil: A Topical Solution

For men who want a topical solution to apply to their scalp, Minoxidil is the perfect choice; this prescribed medication helps boost the blood flow to the scalp’s blood vessels, so there is a better chance of healthier hair growing. Your hair follicles need the requisite blood flow and oxygen levels to function properly, and applying Minoxidil twice daily, as directed, can dilate the blood vessels to rejuvenate hair growth, if used consistently for a prolonged period, and increase how long your hair cycle’s growth phase lasts.

Finasteride: Oral Consumption

Although Finasteride works differently from Minoxidil, it is also very effective; this oral tablet is taken once a day to halt the conversion of testosterone into dihydrotestosterone (DHT), a known cause of hair loss. The natural activity of the 5α-reductase enzyme due to DHT can have damaging effects on your hair. Quelling this problem reverses the miniaturisation of your hair follicles, and you will likely see thicker hair grow.

Minoxidil and Finasteride Combined

If your hair loss is further along or you want to take stronger action against the rate of hair thinning or loss you’re experiencing, combining Finasteride and Minoxidil can be even more effective than using each medication individually. Consistency is key with these hair loss medications, so avoid skipping doses, using less than prescribed, or using more than prescribed, and you’re likely to see positive signs.

Prescribed Medication and Supplements

Now that you know how Minoxidil and Finasteride work and their effectiveness, is there anything you can do to complement these for an even greater chance of success?

Biotin is a supplement that may positively affect the quality of your hair, even if it isn’t a solution to hair loss; the capsule works by boosting the body’s keratin production to support healthy hair. Other hair maintenance products containing an array of natural ingredients can help maintain your hair’s quality by giving it the vitamins and nutrients necessary.

Good quality DHT-blocking shampoos can also protect your scalp from the negative effects of the DHT hormone. When paired with a strengthening conditioner, your hair could benefit as you take routine care of it. Supplements and shower products won’t reverse hair loss, no matter what TV adverts claim, but they can have benefits for maintaining hair quality.

Read more:
Sons – Possible Treatment Plans for Hair Loss

Business confidence in the UK has taken a sharp downturn, recording its first decline in a year, as concerns mount over Chancellor Rachel Reeves’ forthcoming Autumn Budget.

The latest economic data, alongside insights from the upcoming SME Barometer brought to you by Prism, highlights growing apprehension among businesses, with many fearing significant fiscal challenges ahead.

The Institute of Chartered Accountants in England and Wales (ICAEW) reports that business confidence dropped to 14.4 in Q3 2024, down from 16.7 in Q2. This decline marks a significant shift in sentiment as slow business growth and a deteriorating economic outlook begin to take hold. Prime Minister Sir Keir Starmer’s recent warning that the upcoming budget “will be painful” has only exacerbated these concerns.

Declining business confidence

The latest Lloyds Bank Business Barometer shows that business confidence fell to 47% in September, its lowest level in three months. While companies remain optimistic about their own trading prospects, there is widespread unease about the broader economic landscape. This suggests that while businesses may feel secure in their individual operations, they are losing faith in the UK’s overall economic direction.

SME concerns ahead of the budget

Prism’s forthcoming SME Barometer reveals a troubling outlook for small and medium-sized enterprises (SMEs). The data shows that:

– 75% of SMEs express concern that political uncertainty could negatively impact their business.
– 78% are worried about post-budget fiscal challenges, with fears of tax increases at the forefront.

The tax burden is emerging as a major issue, with 29% of businesses citing it as a significant barrier to growth. ICAEW data indicates that the sectors most concerned include energy, water, and mining (44%), property (38%), and retail and wholesale (32%).

Sectoral variations in concern

The differing levels of concern across industries highlight the uneven impact of potential fiscal measures. Resource-intensive sectors, such as energy and mining, are particularly vulnerable to changes in the tax regime due to their high fixed costs and reliance on stable fiscal conditions. Property and retail businesses are also feeling the pressure, as they brace for potential increases in operating expenses due to tax hikes or regulatory changes.

A turning point for the UK economy

The drop in business confidence is particularly significant given the relative stability over the past year. This shift comes at a critical moment for the UK economy, as companies face ongoing challenges such as inflation, labour shortages, and rising energy costs. The looming Autumn Budget is seen as a pivotal moment that could either restore confidence or further erode it, depending on the measures announced.

Read more:
UK business confidence hits twelve-month low as Autumn Budget looms

Retail leaders are calling on Chancellor Rachel Reeves to scrap the so-called “tourist tax,” warning that Britain is losing billions in economic growth as tourists opt to shop elsewhere in Europe

In a letter signed by more than 300 chief executives, including leaders from John Lewis, British Airways, Fortnum & Mason, and the Royal Opera House, Reeves is urged to reintroduce VAT-free shopping for overseas visitors in her upcoming Budget.

The signatories, which also include high-profile figures such as hotelier Sir Rocco Forte, fashion designers Sir Paul Smith and Anya Hindmarch, argue that the removal of tax-free shopping has left the UK at a “massive global disadvantage.”

The letter states: “What has become known as the ‘tourist tax’ has turned into a spectacular own goal for the UK. The UK is now the only country in Europe that does not offer tax-free shopping to tourists, leaving British businesses at a massive global disadvantage. This does not just affect a few luxury stores in London’s West End… The entire tourist economy is affected.”

Brexit and the tourist tax

The tourist tax refers to the end of VAT-free shopping for tourists, a policy scrapped by then-chancellor Rishi Sunak in the wake of Brexit. The Treasury has maintained that reinstating the scheme would cost up to £2 billion annually in lost tax revenue. However, retailers argue that this assessment is flawed and overlooks the broader economic benefits of encouraging tourism.

Research by the Centre for Economics and Business Research (Cebr) suggests the decision is costing the UK £11.1 billion in lost GDP each year and is deterring 2 million tourists annually. The letter stresses that tourists are increasingly choosing to visit cities like Paris, Milan, and Berlin where VAT rebates are still available, rather than shopping in the UK.

Brian Duffy, CEO of the Watches of Switzerland Group, highlighted the potential economic benefits of reintroducing VAT-free shopping: “The new Labour Government says that growth is its priority. Bringing the UK in line with other countries and removing the tourist tax would make an immediate positive impact on UK economic growth.”

Treasury review and ongoing debate

Earlier this year, former chancellor Jeremy Hunt ordered the Office for Budget Responsibility (OBR) to review the impact of the tourist tax. Despite the retail sector’s concerns, the OBR maintained that the Treasury’s initial calculations, which concluded that the tourist tax would not significantly impact the economy, were accurate. The OBR noted that reinstating VAT-free shopping would be unlikely to increase the UK’s productive capacity.

Nevertheless, retail bosses are calling for a new assessment. The letter to Reeves asks for “decisive action” and a fresh, objective review of the issue to address the financial harm the tourist tax is allegedly causing.

Economic impact and industry pressure

Retailers argue that the tourist tax is not just a burden on luxury brands in London’s West End but impacts the entire hospitality and retail sectors across the UK. The tax discourages international visitors from spending in Britain, hurting businesses nationwide that depend on tourism revenue.

The government’s resistance to restoring the tax-free shopping scheme has left many in the retail sector frustrated, with industry leaders warning that British businesses are being forced to compete on an uneven playing field. Sir Rocco Forte and other signatories insist that reintroducing VAT-free shopping would not only align the UK with other European countries but also boost tourism, generate additional revenue, and support economic growth.

The Treasury has yet to respond to these latest calls, but as Rachel Reeves prepares to deliver her maiden Budget, pressure is mounting from retail leaders who argue that scrapping the tourist tax could provide a much-needed boost to the UK’s post-Brexit economy.

Read more:
UK at ‘massive global disadvantage’ over tourist tax, retail bosses warn Rachel Reeves

Chancellor Rachel Reeves’s upcoming Budget risks pushing the UK towards having one of the least competitive tax systems in the developed world, according to a major new analysis by the US-based Tax Foundation and the UK’s Centre for Policy Studies (CPS).

The report warns that if Labour introduces a widely expected capital gains tax increase, the UK could plummet further down the Organisation for Economic Co-operation and Development (OECD) tax competitiveness rankings.

The UK has already dropped to 30th place out of 38 OECD countries in the Tax Foundation’s 2024 International Tax Competitiveness Index, as a result of the previous government’s measures. However, the study suggests that further tax hikes under Ms Reeves could see Britain fall another four to five places, leaving it just ahead of France, Italy, and Colombia in the overall rankings.

Daniel Herring, a researcher at the CPS, warned: “There’s a real danger that Britain could end up with one of the least competitive and most anti-growth tax systems in the OECD if the expected tax rises come to fruition in the Budget. If Labour truly wants long-term economic growth, it needs to consider fundamental tax reform, rather than just increasing taxes.”

Concerns over capital gains and dividend tax hikes

The analysis focuses particularly on potential increases in capital gains tax and dividend tax. The CPS modelled the impact of these measures, showing that raising capital gains tax could drop the UK’s ranking to between 32nd and 34th. Similarly, raising the higher rate of dividend tax to 45%, to align with income tax, would drop the UK two places to 32nd. If both changes are combined with a mooted wealth tax, the UK could fall to 35th place, fourth from the bottom of the OECD rankings.

These changes are being considered as part of Ms Reeves’s broader tax reform agenda, which aims to raise £35 billion in new revenue. While a wealth tax has reportedly been ruled out, tougher measures on capital gains tax and inheritance tax appear likely. The Chancellor is said to be reviewing business and agricultural reliefs offered under inheritance tax, which currently grant 50% relief on the value of property and land.

Threat of a brain drain and market destabilisation

Wealth advisors are warning that the proposed tax changes could lead to a “brain drain” as business owners consider relocating abroad to avoid punitive taxes. Jason Hollands, managing director of Evelyn Partners, highlighted that many entrepreneurs are already exploring options to become non-residents if the UK’s tax environment becomes too hostile.

“There is a risk that we end up exporting many of our entrepreneurs overseas, sapping the economy of job creators,” said Hollands. He noted that his firm is already having numerous conversations with clients who are researching the possibility of leaving the UK in response to potential tax hikes.

In addition to the potential exodus of entrepreneurs, analysts have raised concerns that changes to inheritance tax reliefs, particularly on Aim-listed stocks, could destabilise investment markets. Mr Hollands pointed out that removing Aim’s business relief could have a significant impact on the market, as a large portion of Aim investments are tied to tax mitigation strategies. He warned that removing business relief without transitional arrangements could prompt a wave of sell-offs, further weakening the exchange.

“Aim has already been struggling with a dearth of IPOs and a reduction in the number of companies listed. Removing business relief would be a real hammer blow, especially if existing shareholders are given no incentives to hold on,” Hollands said.

Mixed messages on pro-growth agenda

The potential tax increases come at a time when the government is promoting itself as pro-growth. A Treasury spokesperson pointed to the record £63 billion of private investment secured at the recent International Investment Summit as proof that the UK remains a top destination for business investment. They added that Ms Reeves’s budget would continue to support businesses by capping corporation tax at 25% and publishing a business tax roadmap to provide long-term certainty for businesses.

However, mid-sized businesses remain concerned about the impact of the Budget. A recent survey by accounting firm BDO found that many of the 500 businesses surveyed were worried about rising costs and a lack of clarity on government policy. Richard Austin, a partner at BDO, said: “These businesses are crying out for some certainty.”

As the UK government walks a fine line between increasing revenue and maintaining competitiveness, the upcoming Budget will be crucial in determining whether Britain can balance its growth ambitions with a tax system that supports businesses and entrepreneurs.

Read more:
Capital gains tax raid could create one of the world’s most ‘anti-growth’ tax systems

Small businesses in southeast England are benefitting from a strong recovery in bank lending, leaving the rest of the UK trailing behind, according to new research from the British Business Bank.

Lending to businesses in the region surged, driving a 21% rise in approved loans and overdrafts across the UK in the first half of the year, marking the first positive movement in small business finance since the pandemic.

Data from the report reveals that while lending in the South East increased by 10% in 2023, other regions of the UK are still struggling. Last year, the number of approved loans fell by 9% across the country, with sharp declines in areas such as the North East and Wales. Moreover, the total value of loans approved dropped 18% nationwide, though the South East bucked this trend, recording a 21% increase in loan values.

Patchy recovery across regions

The uneven recovery in lending highlights the growing divide between the southeast and other parts of the UK. The British Business Bank noted that while lenders have shown greater caution towards loan approvals, businesses in the South East have managed to secure much-needed finance, helping boost economic activity in the region.

Louis Taylor, chief executive of the British Business Bank, said: “To the extent that there is an increase in the provision of bank finance to small businesses, credit card growth is the largest, overdrafts as well, and also leasing [asset finance], which has seen an almost post-Covid boom.”

Despite the strong performance in the South East, Taylor acknowledged the broader challenges facing small businesses across the UK. High interest rates and cautious lending have curbed borrowing in other regions, with the North East experiencing a 24% drop in the volume of loans in the first half of 2024, compounding a 37% fall the previous year. The North East, home to key industries like manufacturing and agriculture, has been hit particularly hard by the slow recovery in lending.

Credit card reliance and cautious confidence

The British Business Bank report also revealed a significant rise in the use of credit cards by small business owners, with many turning to this form of finance to meet short-term needs or to bridge gaps in their access to loans. Taylor noted that the reasons behind this trend were unclear but could be linked to restricted access to other forms of finance.

Although the demand for bank loans has been subdued, businesses across the UK are increasingly exploring alternative sources of finance. Last year, 59% of debt funding for small and medium-sized enterprises (SMEs) came from new lenders such as Starling Bank, Funding Circle, and Thin Cats, marking a shift away from traditional banks like Barclays, NatWest, and Lloyds, which dominated SME lending a decade ago.

However, businesses are finding the landscape for external finance more complex. “Companies will have multiple relationships for different things,” Taylor explained. “They will have some transactional banking relationships, others for things like foreign exchange. It is a more complex picture for SMEs, and we are doing what we can to guide them.”

Despite this, the majority of small businesses (72%) continue to operate without external finance, a slight decrease from 77% in 2022. Confidence in using external finance remains low, with only 33% of businesses expressing confidence in borrowing to fund growth.

Government support and long-term funding

The British Business Bank, established in 2014 to diversify access to finance for small businesses, has played a critical role in helping businesses navigate the evolving financial landscape. As it marks its tenth anniversary, the bank has secured permanent funding for its £7.9 billion in equity and debt capital, following an announcement by Chancellor Rachel Reeves.

This long-term commitment includes key funds such as the £660 million Northern Powerhouse Fund, which co-invests alongside private-sector partners to support businesses across the UK. In the year to March 2024, the fund invested £246 million in more than 200 companies.

Louis Taylor hailed the decision as a “significant moment,” explaining that the new structure allows the bank to reinvest capital rather than returning it to the Treasury. This change, he said, gives the bank greater flexibility in how it allocates funds and positions it to be a more credible investor in earlier-stage companies.

“We now have £7.9 billion of commercially focused capital that has a consistent risk appetite through the economic cycle. We will continue to write cheques into [venture] funds to cornerstone them and encourage others in, without compromising our underwriting standards,” Taylor added.

As the South East continues to lead the recovery in small business lending, other regions of the UK are hoping for more support to bridge the financing gap. With the British Business Bank’s new long-term funding and commitment to diversifying finance, there are hopes that regional disparities in lending could start to narrow, supporting economic growth across the country.

Read more:
South East leads in bank loans to small businesses as other UK regions lag behind

Gold prices surged past the $2,700-per-ounce mark for the first time on Friday, as escalating tensions in the Middle East and ongoing global economic uncertainty drove demand for the precious metal.

By Friday evening in New York, gold had risen 0.8% on the day to reach $2,713.70, marking a weekly gain of 2.1%. So far this year, gold has soared nearly 32%, making it one of the top-performing commodities of 2024.

The jump in gold prices comes as investors seek a safe haven amid geopolitical instability and a series of interest rate cuts by major central banks. Gold, which offers no interest payments, tends to rise in value when interest rates fall, as it becomes a more attractive store of value.

Gold demand remains strong despite market trends

Philip Newman, managing director of Metals Focus, noted that some of the recent strength in gold prices may seem counter-intuitive, given that the European Central Bank’s (ECB) interest rate cut typically boosts the US dollar, which can weaken gold. However, the safe-haven appeal of gold, along with continued investment inflows, is keeping demand high.

“Investment inflows are meaningful,” Newman said, adding that the upcoming US presidential election and heightened geopolitical concerns are further fuelling gold’s rise.

Chris Beauchamp, chief market analyst at IG, believes the precious metal will continue its upward trend. “Gold’s gains are being driven by continued geopolitical worries, central bank buying, and falling interest rates,” he said. “There are no signs of a reversal in the trend yet.”

Central banks have been increasing their gold reserves this year, with global central bank purchases rising by 6% to 183 tons in the second quarter of 2024, according to the World Gold Council. This sustained buying activity is helping to support the upward pressure on gold prices.

Stock markets rally alongside gold’s rise

While gold continues to shine, stock markets have also been performing strongly. On Wall Street, equities rallied, with the Dow Jones industrial average climbing 36.86 points (0.1%) to close at a record-breaking 43,275.91—its 40th record close of the year and a weekly gain of 1%. The S&P 500 gained 23.20 points (0.4%) to reach 5,864.67, while the Nasdaq rose 115.94 points (0.6%) to 18,489.55, up 0.8% for the week but still shy of its record close in July.

Despite strong economic data from the US, markets are overwhelmingly expecting a 25-basis-point interest rate cut at the Federal Reserve’s November meeting. This expectation, along with uncertainty surrounding the upcoming US presidential election, has further stoked demand for gold as a stable investment option.

Outlook: gold prices likely to rise further

Frank Watson, a market analyst at Kinesis Money, expects gold prices to continue rising but warned of potential resistance around the $2,750 mark. “The precious metal should continue to push higher,” he said, noting that central banks are likely to remain active buyers of gold.

The combination of rate cuts by the ECB, the Bank of England, and the Federal Reserve is adding new momentum to gold purchases, according to BullionVault, an online bullion marketplace. With further rate cuts expected and continued geopolitical instability, analysts believe that gold’s bullish run is far from over.

Read more:
Gold tops $2,700 an ounce amid Middle East tensions and falling interest rates

The UK’s hospitality sector is facing a potential £900 million financial blow when business rates relief expires in spring 2024, prompting urgent calls for reform.

Industry leaders have warned that without action from Chancellor Rachel Reeves in the upcoming budget, business rates will quadruple when relief ends on 31 March, costing the sector an additional £914 million.

A group of 170 hospitality business leaders, including the heads of major pub chains like Greene King and JD Wetherspoon, as well as representatives from high street venues such as Caffè Nero and IHG Hotels, have written to the chancellor, calling for immediate reform. In their letter, they urged the government to introduce a lower, permanent business rates multiplier for the hospitality sector across all UK nations.

UKHospitality, the industry’s trade body, has emphasised that the budget is the government’s “last chance” to prevent a significant increase in costs that could devastate the sector. Kate Nicholls, chief executive of UKHospitality, warned that the increase would lead to more closures, leaving high streets with shuttered venues and rising vacancy rates.

Business rates burden stifles growth

The hospitality sector, which includes pubs, restaurants, cafes, and hotels, has benefited from business rates relief since it was introduced in 2020 as part of the government’s pandemic response. However, with the relief set to end in just over five months, the industry is concerned about the long-term implications of a quadrupling tax burden.

The 170-strong group of hospitality bosses pointed out that the current cap on business rates relief has discouraged expansion, with many venues deeming the cost of opening additional locations too high. This stifling effect on growth is compounded by the fact that business rates are seen as disproportionately high compared to the economic activity of the sector.

“The current tax system discourages people from running high street businesses,” the group stated in its letter. “The government should be encouraging growth and investment, not making it harder for businesses to operate.”

Without reform, UKHospitality has cautioned that the industry could see a sharp increase in business failures and a reduction in investment, which would have far-reaching consequences for both local economies and the government’s broader growth agenda.

The wider impact on high streets

The threat to the hospitality sector comes at a time when the government is trying to revitalise high streets and encourage investment in local communities. Nicholls argued that without changes to business rates, the government risks undermining its own growth goals.

“Further closures will be so detrimental to the government’s growth agenda and put a dent in our sector’s ability to create places where people want to live, work and invest,” she said. “If we don’t want to lose out on vital investment, job creation, and the regeneration of our high streets, then the chancellor needs to act to introduce a lower level of business rates for hospitality at the budget.”

Other trade bodies, including the British Retail Consortium, have echoed these concerns. The consortium has argued that high business rates are contributing to a wave of shop closures, job losses, and social as well as economic costs on high streets across the UK.

A call for fairer taxation

As the government comes under increasing fiscal pressure, the hospitality sector has suggested that rebalancing the tax burden could offer a solution. UKHospitality and other industry leaders believe the current system unfairly penalises hospitality businesses, which are paying a disproportionate share of business rates relative to their level of economic activity.

By reforming the business rates system, they argue, the government could support long-term investment in the sector while helping to create jobs and revitalise high streets. As the spring deadline approaches, the industry is urging the chancellor to take decisive action in the upcoming budget to avoid a significant crisis in one of the UK’s most vital sectors.

Read more:
Hospitality business rates set to quadruple without government intervention in spring

The UK housing market is seeing a shift as estate agents report the highest number of homes on their books in over a decade, helping to stabilise house prices.

Data from Rightmove, the property search website, reveals that branches across Britain are marketing an average of 63 homes, marking a 12% increase from the same time last year and the most since 2014.

During the pandemic’s “race for space,” housing stock was scarce, with agents often having fewer than 40 properties listed at any one time. This shortage, combined with heightened demand and stamp duty holidays, drove house prices to unprecedented levels. Now, however, an increase in available homes is giving buyers more negotiating power and helping to slow price growth.

In October, the average asking price for new listings on Rightmove rose by just 0.3%, to £371,958. This is significantly lower than the usual 1.3% increase typically seen during the busy autumn months when many buyers return to the market after the school holidays.

Tim Bannister, head of property data at Rightmove, commented: “This month’s subdued price growth comes as buyer choice soars to a level not seen since 2014. With the ball in the buyer’s court and a wide selection to choose from, sellers need to price competitively to secure a buyer, especially with affordability still stretched.”

Improving conditions fuel market activity

The growing number of homes for sale is largely driven by falling mortgage rates, which are encouraging potential buyers — many of whom need to sell their current homes — to return to the market. The average five-year fixed mortgage rate has dropped to 4.6%, down from a peak of 6.1% in July 2023, making it more affordable for people to move.

As a result, the number of agreed sales is up 29% compared to this time last year, and estate agents are reporting a 17% increase in inquiries from prospective buyers. This signals a recovery after two years of stagnation, when rapidly rising mortgage rates forced many to delay their plans to buy or move.

Housebuilders have also reported a rise in sales, and estate agents are growing more optimistic about the outlook for the housing market. Rightmove data shows that asking prices have increased by 1% over the past year, with mid-market properties such as three-bedroom homes seeing the largest gains, up by 1.7% year-on-year.

However, at the higher end of the market, prices for larger properties, such as five-bedroom houses and four-bedroom detached homes, have decreased slightly by 0.2%. Bannister noted that some potential buyers at the top of the market are holding off on making a move until they have more clarity about fiscal policy.

Looking ahead: a bright 2025?

Despite the current market uncertainties, Bannister is optimistic about the future, forecasting an “active 2025.” Interest rates are expected to fall further, and wage growth is outpacing house price inflation, improving affordability for many potential buyers.

Bannister anticipates that more certainty following the 30 October budget, along with potential further cuts in bank interest rates, could trigger renewed market optimism, similar to the surge seen during the summer of 2022.

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Estate agents’ books fill up as mortgage rates drop, easing pressure on house prices