Author: Blake Anderson

A groundbreaking legal claim against Mastercard had been billed as the UK’s largest class action lawsuit, putting much of the population in line for hundreds of pounds each in compensation for alleged overcharging by the global payment network.But after a legal battle lasting over eight years, the prospect of a big payday for tens of millions of people — and the threat of a multibillion pound bill for Mastercard — has failed to materialise.The US company this week reached an agreement in principle to settle the case, brought by former financial ombudsman Walter Merricks on behalf of about 46mn consumers,…

Brussels is drawing up tough red lines for its coming ‘reset’ negotiations with the UK — including demanding an early deal on fishing rights and repeating the “no cherry-picking” mantra — according to internal discussion documents.UK ministers, including chancellor Rachel Reeves who will travel to Brussels on Monday, have said they are seeking a “very ambitious” reset of the UK’s security and trading arrangements with the EU when talks begin next year.However a 19-page working paper setting out EU interests observed there were “limited” economic gains on offer as a result of the UK’s own red lines ruling out rejoining…

1. The Bull’s Head, Craswall, HerefordshireThe slate-walled bar at the Bull’s Head . . .  © Sam Ingles Photography. . . and the cabins in the meadow behind the pub. Opened this year, they each sleep two © Sam Ingles This remote drovers’ tavern in the foothills of the Black Mountains is typical of the thoughtful new breed of pub cropping up around the country. It was taken on in 2021 by Jake Townley (chef) and brother-in-law Ed Dickson (sales manager turned farmer) and their families, who moved back to the Welsh borders in search of a slower life. On their regenerative farm, native breeds of…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Pubs occupy a particular place in British hearts. But that hasn’t prevented the sector from being a terrible investment over the past decade. The industry’s challenges have been numerous and substantial: competition from cheap supermarket booze, sizeable debt piles, pandemic-era lockdowns and — more recently — higher costs arising from measures in the UK Budget. Pub group valuations on an enterprise value/ebitda basis have fallen between 16 and 28 per cent over the past decade, according to S&P Capital IQ data. But…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Germany has Europe’s industrial titans. Denmark is home to one of the world’s hottest pharma stocks. France has the kings of luxury goods. Meanwhile, the latest recruit to the UK’s blue-chip index makes injection-moulded figurines of necrons, dark angels and imperial knights.It would be easy to depict Games Workshop, whose shares will join the FTSE 100 from December 23, as emblematic of the growing unseriousness of the country’s stock market. Its central brand is Warhammer, a fantasy realm similar in concept to…

Rachel Reeves will on Monday lay the ground in Brussels for an “ambitious” new economic partnership with the EU, when she promises to fully honour post-Brexit deals struck by the last Conservative government.Reeves will become the first British chancellor to attend a meeting of European finance ministers since Brexit, reflecting her belief that improving trade with the bloc is crucial to boosting growth.In a speech to Eurogroup finance ministers, Reeves will allay fears that Britain might renege on parts of the Windsor framework, the deal covering post-Brexit trading in Northern Ireland. Reeves is expected to tell the Eurogroup: “Yes, we…

Plumes of smoke roll along the brown patchwork of upland moors on Lochan Estate as its gamekeepers burn heather to regenerate leaves for the red grouse. The hut, where guests break from shooting for lunch, stands eerily empty.Clients, who come from as far as the US and pay £216 per brace, or pair of birds, bagged a record 5,400 grouse over 22 days at the estate in Perthshire, central Scotland in 2017. This year, a late cold snap and fewer insects cut the population, meaning no shooting.“We could tell in the summer that there weren’t enough brooding pairs; you could…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Sir Keir Starmer will next week launch a major six-month review of all government spending, with ministers told to make their case for sparse public funds in a line-by-line haggle with the Treasury.The UK prime minister has warned departments they will have to fight for money from within a tight Whitehall spending envelope set by chancellor Rachel Reeves in October’s Budget, in a so-called “zero-based” review.“It’s going to be bruising but it has to be,” said one government official. Treasury chief secretary…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Even the most ornery Scrooge would have to admit there’s something magical about St James’s and Mayfair in December – all the twinkly lights and extravagant window displays make it feel like a Christmas card. For wine and spirits lovers, it’s a destination that’s now more attractive than ever.Whiskies at the Berry Bros & Rudd spirits shop © Berry Bros & RuddSt James’s shopping listBerry Bros & RuddFrom left: Beyoncé’s SirDavis Rye Whiskey, £79 for 70cl. No.3 Vesper Martini bottled cocktail, £30.50…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Nigel Farage’s biggest backer asked an associate to donate £50,000 on his behalf so that it would appear that the Brexit party had a broader donor base, according to messages seen by the Financial Times.Businessman Christopher Harborne told the associate in 2019 that he wanted to avoid the perception that Farage’s party, later renamed Reform UK, had just one big backer at the UK general election that year.Harborne, an aviation entrepreneur and crypto investor, said in the messages: “I would like to…