Osborne slams scrapping HS2 Manchester link as ‘economic vandalism’
Former Chancellor George Osborne has fired a fierce warning against the possible axe falling on the HS2 high-speed rail extension to Manchester. In a stinging op-ed for The Times, Osborne branded the move a “gross act of vandalism” set to cause “huge economic self-harm” for the North and the entire UK.
HS2 fate hangs in the balance this week
The government’s silence on guaranteeing the HS2 expansion from Birmingham to Manchester has sparked alarm, especially up North. Manchester Mayor Andy Burnham slammed any cancellation plans, warning they would deepen the “north-south chasm” and worsen regional inequalities.
Defence Secretary Grant Shapps, the former Transport Secretary, defended calls to review HS2 amid spiralling costs — calling a reassessment “crazy” to ignore. The high-speed rail project, which aims to link London, the Midlands and the North, is already hit by delays and ballooning budgets. The first phase, from west London to Birmingham, is under construction but the eastern leg to Leeds has already been trimmed.
The looming decision on the Manchester extension has thrown the government’s commitment to Northern infrastructure into doubt — a key promise that helped win votes in recent elections.
Aldi rides cost crisis, own-label booming
Elsewhere, grocery giant Aldi is cashing in on the ongoing cost-of-living squeeze. CEO Giles Hurley revealed shoppers are snapping up more own-label products to save pennies. Aldi’s cheaper ranges now account for over half of purchases by value and are growing twice as fast as branded goods.
Aldi recently leapfrogged Morrisons to become the UK’s fourth-largest supermarket. Despite the financial pressures on consumers, Aldi’s annual UK sales surged to £15.5 billion with operating profits nearly tripling to £178.7 million.
Brexit sparks £3.75bn hit for electric car makers
New post-Brexit trade rules for electric vehicles (EVs) are sounding alarm bells in Europe. The European Automobile Manufacturers Association (ACEA) says new “rules of origin” could cost £3.75 billion over three years, forcing EVs to use UK or EU-made batteries to dodge a 10% tariff.
The ACEA warns EU factory output could drop by 480,000 vehicles, pushing up costs for buyers just as the market heats up.
Ladbrokes owner faces storm over stricter gambling crackdown
Entain, operator of Ladbrokes, is feeling the heat from government plans for tougher gambling rules. Proposed new online stake limits and affordability checks are expected to hit their business hard. Combined with poor sporting results, Entain forecasts a drop in online gaming revenue for Q3 and the entire year.
