UK Politics

Reform UK treasurer Nick Candy’s company should receive more than £4.6 million in damages after being lied to “repeatedly and determinedly” to invest in a technology start-up, a High Court judge has ruled.Candy Ventures Sarl (CVS), a portfolio of companies founded by Mr Candy, took legal action against Dutch businessman Robert Bonnier over allegations he “lied” to “deceive” it into investing around 7.5 million euro (£6.5 million) in Aaqua BV, which he directs.Barristers for the company told a trial last month that Mr Bonnier claimed the firm would be the “next Facebook” and that Apple and LVMH Moet Hennessy Louis Vuitton (LVMH) were set to invest one billion US dollars in Aaqua.This led to CVS signing three agreements with Aaqua, which saw it swap shares in podcasting firm Audioboom for “worthless” shares in Aaqua.The company asked a judge to rescind the investment or order Mr Bonnier and Aaqua to pay £5.7 million in damages.On Wednesday, Mr Justice Bright ordered CVS was entitled to £4,623,919 in damages, as well as interest, which must be paid within 28 days.In a 30-page ruling, the judge said: “During the trial, Mr Bonnier confirmed that he was not involved in active negotiations with either Apple or LVMH representatives concerning imminent investment in Aaqua.“Thus, I am satisfied that the representations were false, and he knew them to be false when he made them.“I am satisfied that Mr Bonnier intended CVS to rely on his representation.”He continued: “I am also satisfied that the representations in fact induced CVS to enter into the three agreements, and then to invest in Aaqua.”Mr Bonnier represented himself at trial and, in August, was blocked from defending the claim for breaching court orders.He told the court in London that while he “overstated the prospects of an investment” into Aaqua, he did not believe CVS would “rely” on it.But Mr Justice Bright said: “The only explanation for Mr Bonnier lying so repeatedly and determinedly was in order to secure CVS’s investment.”He continued: “The defendants had no realistic way of attracting investment, or of generating income, except by misrepresenting the position to any potential investor.”At a hearing dealing with the consequences of the judgment on Wednesday, Mr Bonnier failed in a bid to delay having to pay damages.He also told the hearing that he had “personally spent £3.5 million” on the legal battle.In written submissions for the trial, Jonathan Nash KC, for CVS, said that Aaqua, which is now insolvent, was established in the Netherlands in 2020 to develop a “new social media software application”.Mr Bonnier was claimed to have told Mr Candy and Steven Smith, CVS’s executive director, that Apple and LVMH were set to invest in the start-up, which Mr Smith told the court was “completely fundamental” to CVS’s decision to invest.CVS agreed in February 2021 to transfer 1.5 million shares in Audioboom to Aaqua, worth around £6.5 million.It also agreed to purchase 15,000 Aaqua shares, which were believed to be worth around 7.5 million euro (£6.5 million), but Mr Nash said the value of these was “false and artificial, induced, as it was, by Aaqua and Mr Bonnier’s fraud”.Mr Candy, who was announced as Reform UK’s treasurer in December last year, owns 90% of CVS.Giving evidence, he said that Mr Bonnier’s “blatant lies” about Apple and LVMH’s investment were “a very good story”, but stated: “It is disgraceful what has happened.”He said: “I look stupid here now in court, but he was so believable and not just believable to investors, but believable to employees who left high-paid jobs.”He continued: “We want justice for them.”In written submissions, Mr Bonnier admitted “selling his aspirations for Aaqua very enthusiastically, and occasionally perhaps going too far in those efforts”.But he said he had a “proven track record of ‘pulling off the impossible’ and creating substantial value for shareholders”.Following the judgment, Mr Candy said in a statement that the ruling was a “clear vindication”.He said: “It gave me no satisfaction to come to court.“But this was about accountability and the truth and for justice to prevail.“I pursued this claim not only to recover losses, but to expose fraudulent behaviour that has hurt many others who lacked the means to fight back.“The scale of the harm done by Mr Bonnier is enormous and could not simply be ignored.” More

Getting enough teachers for a potential new qualification in AI may be a challenge, experts have warned, after the Government unveiled its planned reforms to the school curriculum.As part of its response to the final report of the curriculum and assessment review, the Government has said it will explore developing a new qualification in data science and AI at level 3.Experts have welcomed the potential new qualification, but warned there may be issues around having enough expert teachers to deliver it.Myles McGinley, managing director of Cambridge OCR, said: “A new qualification focusing on AI and data science could provide real opportunities for young people, and also reflects demand from employers for better skills in these areas.“One of the main challenges here will be capacity, particularly around the supply of expert teachers and examiners.“We know that a shortage of appropriately qualified teachers already affects access to Computer Science.”Alongside the potential new qualification, the Government said the refreshed curriculum will teach AI literacy, and it will replace the current computer science GCSE with a broader computing one.Jon Andrews, head of analysis and director for school system and performance at the Education Policy Institute, also warned that if the Government wants to introduce an AI qualification “it will need to ensure it has a teaching workforce that is skilled and confident enough to teach that content”.He added: “This is part of a wider challenge in the use of AI in education. While schools themselves are working hard to get a grip on the tools they use, both in administration and in teaching and learning, the evidence of effectiveness is currently limited.”In the latest published figures for trainee teacher recruitment in 2024/25, just 37% of the Government’s target for computer science teachers were recruited.However, the National Foundation for Educational Research forecast the DfE would hit 79% of its target for 2025/26.The Government will also strengthen financial education, including by making citizenship compulsory for primary age pupils in key stages 1 and 2 to start this at an early age.MoneySavingExpert.com founder Martin Lewis welcomed the focus on financial education, but added it will need to come with resources for schools and teacher training.Concepts like calculating interest will first be introduced in maths, the Government said in its response to the review.Interim chief executive of academy trust GLF Schools James Nicholson welcomed the proposals for more opportunity to study AI and finance to help students thrive in future careers.The final report of the review, commissioned by Labour last year, has also recommended the Government cut exam volume at key stage 4 by 10%.The DfE said it would work with the regulator Ofqual and exam boards to reduce GCSE exam time by 2.5 to three hours for the average student, while making sure qualifications remained valid.The review also recommended new maths and English tests to be taken during year 8 to help teachers identify learning gaps early, mandatory citizenship in primary schools, and overhauling the key stage 2 test of grammar, punctuation and spelling.In its response, the DfE confirmed it would accept the review’s recommendation to scrap the English Baccalaureate (EBacc) performance measure introduced by Michael Gove, and would introduce a statutory entitlement for all GCSE pupils to study triple science.Curriculum review leader Professor Becky Francis told reporters “we are an international outlier in the number of exams and the volume of exams we have aged 16 – only Singapore is anywhere near us”.“So we do want to try and bring that down,” she said.“It’s a very intense and elongated time, as anyone who’s been a parent of GCSE-age pupils knows, but we don’t want to trade standards and reliability.”“The amount of time that young people spend in exams at key stage 4 has become excessive,” the report said.The Government aims to publish the revised national curriculum by spring 2027, to be implemented for first teaching from September 2028.Citizenship would become compulsory in primary schools to ensure all pupils learn financial and media literacy, about democracy and government, and access climate education.Education Secretary Bridget Phillipson said: “It has been over a decade since the national curriculum was updated, and it’s more crucial than ever that young people are equipped to face the challenges of today, so they can seize the exciting opportunities that life has to offer.”The Government launched a review of curriculum and assessment in schools and colleges just weeks after winning the general election in July 2024.A panel of experts considered a range of evidence, including more than 7,000 responses from the public. More

Cabinet minister Bridget Phillipson has doubled down after the chancellor issued a stark warning over the state of Britain’s ailing economy, saying she would make tough choices to put it back on a secure footing in the long term. The education secretary admitted there are “major problems” plaguing the economy, saying that the government will do what is “necessary” to remedy them. It comes after Rachel Reeves put the country on notice that sweeping tax rises were coming in her Budget, warning “we will all have to contribute” to building a new future for Britain in a major Downing Street address on Tuesday. Promising to put the national interest above “political expediency”, the chancellor signalled she is ready to break Labour’s manifesto commitment not to raise income tax, personal national insurance or VAT. Bridget Phillipson said the government takes its manifesto pledges seriously More

The UK is “sliding into an avoidable crisis” on work, the author of a major review has warned, with one in five adults now out of the labour force. Overall, 2.8 million working age people are now economically inactive due to health conditions, according to the Keep Britain Working review released on Wednesday.Among 16-34 year-olds, the number of people out of work due to long-term sickness and with a mental health condition increased by 76 per cent between 2019 and 2024. Ex-John Lewis boss Sir Charlie Mayfield was commissioned by the government to lead the report that would look at how officials and businesses could work together to get people who are disabled or long-term sick into jobs.His report found that poor workplace health costs UK employers around £85 billion a year.It also warned that Britons being unable to work due to ill health is costing the country around 7% of GDP (gross domestic product).Sir Charlie said there is “broad recognition that Britain is facing a quiet but urgent crisis”, with ill health now one of the biggest drivers of economic inactivity in the UK.His review told of a culture of fear among workers around ill health, a lack of an effective or consistent support system for employers and employees in managing health, and structural challenges for disabled people.Among the figures detailed in the document, Sir Charlie said that 800,000 more people are out of work than were in 2019 due to health problems, with projections that this could climb by a further 600,000 by 2030. He said that “young adults are being hit hard” and added: the growth in 16-34 year-olds with a mental health condition who are economically inactive due to long-term sickness is particularly concerning, having risen by 190,000 (76%) between 2019 and 2024”. Publishing the document, the ex-retail boss said: “Britain is sliding into an avoidable crisis. Ill-health has become one of the biggest brakes on growth and opportunity. But this is not inevitable. “Employers are uniquely placed to make a difference, preventing health issues where possible, supporting people when they arise, and helping them return to work. If we keep Britain working, everyone wins – people, employers, and the state.”He has proposed a new approach where responsibility for health at work is shared between employers, employees and health services rather than being left to the worker and the NHS.Work and Pensions Secretary Pat McFadden during a visit to the Opportunity Hub in Neath More

Prime Minister Keir Starmer has affirmed his commitment to climate action ahead of his journey to Brazil for the UN Cop30 summit.Speaking to sixth form students at Downing Street on Monday, Starmer, joined by Energy Secretary Ed Miliband, reiterated the government’s dedication to clean energy goals and the UK’s role as a global climate leader.He conceded that Cop30 would present a “challenge” because of the sluggish worldwide progress in cutting emissions and the escalating geopolitical rifts surrounding climate initiatives.“I’ve thought climate change has been our biggest challenge as a species for a very long number of years now,” he said.“I haven’t changed my mind because some other people have changed their minds.“It’s very important we go and we show that leadership. So that’s what we’ll be going for.”Asked about how large countries have failed to stick by previous international agreements and what makes him confident Cop30 will be a success, Sir Keir said: “It’s a challenge. There’s no doubt about it.“You’re trying to get a whole bunch of countries to act in a similar way. That’s not easy. They’ve all got their own political pressures in their own country.“But I genuinely believe that only by coming together and committing and coming back and looking at the commitments we made in the past, and making the argument is really important.“And I think one of the main reasons for going is to continue to make that case.”Starmer conceded that Cop30 would present a “challenge,” becuase of the sluggish worldwide progress in cutting emissions More

Rachel Reeves refuses to rule out hiking income tax, VAT or National Insurance in BudgetRachel Reeves has “no regrets” over potential breaches of Labour’s manifesto pledge not to raise certain taxes in the upcoming Budget, her spokesperson said.It comes as the pound has fallen to a six-month low after Ms Reeves refused to rule out hiking taxes to plug a hole in the public finances in the pre-Budget address on Tuesday morning.Sterling fell 0.3 per cent to $1.3064 – its weakest since April. The FTSE 100 Index meanwhile fell deeper into the red after the speech, down 1 per cent or 92.5 points lower at 9608.9.The chancellor refused to rule out breaking Labour’s manifesto pledge not to raise income tax, VAT or National Insurance – saying “each of us must do our bit” as she paved the way for tax rises in her Budget later this month.A leading think tank has warned that tax rises are “inevitable”, but said there was a way to implement them that “boosts confidence in the economy and the public finances, while also reducing child poverty and the cost of living”.Following the speech, Sir Keir Starmer’s spokesperson backed Ms Reeves and pointed to “fresh challenges”, including tariffs deterring business investment and dampening growth, high inflation and the increasing cost of borrowing.Scottish Labour leader says he will cut income tax if electedThe leader of Labour in Scotland has refused to say whether Rachel Reeves will break the party’s manifesto commitment not to raise taxes – but added he would cut it in Scotland if elected.Anas Sarwar said taxpayers will have to “wait and see” what is in the Chancellor’s Budget on November 26.Asked if he can guarantee Labour will not break its manifesto pledges, Mr Sarwar told the PA news agency: “Let’s wait and see what’s in the Budget in a few weeks’ time.“She is the UK Chancellor that’s responsible for income tax in England and Wales.“Income tax in Scotland is the responsibility of the Scottish Government, and actually the only person that’s been campaigning loudly for the last two years for a rise in income tax in England and Wales is John Swinney, and he’s the very same man negotiating the fiscal framework.”Income tax in Scotland is currently higher for middle and higher earners compared to those living in England.Mr Sarwar said taxes are “too high” in Scotland and he is “clear” Scottish Labour will bring down the tax burden if the party wins next year’s Scottish election.Scottish Labour leader Anas Sarwar (Lesley Martine/PA) More

Research has placed the UK’s state pension at the bottom of the pile against other G7 nations, with British pensioners getting only 22 per cent of their pre-retirement income on average from the state pension.That stacks up poorly when directly contrasted to the 76 per cent of Italy or up to 58 per cent in France, data from wealth management firm Fidelity International shows.But the research also shows a wide variance in how retirement incomes are funded, what other services are paid for by pensioners and how retirement income is calculated for individuals across each of those nations, meaning a direct comparison is not always entirely clear-cut.“It’s important to be cautious when drawing direct parallels – every system has its own rules and funding mechanisms,” said Fidelity’s personal finance expert Marianna Hunt. “In the UK, for example, today’s state pension is largely funded through National Insurance contributions, whereas in Italy employees contribute around 9–11 per cent of their salary towards social security, which also covers pensions and other benefits.”The variance is also visible by the fact the state pension in the UK is a set amount depending on the number of years worked and so on, while in France, for example, the 25 highest-earning years of a person’s working life are used to give an average, from which the retirement amount is then derived – up to half of that figure, with with minimum and maximum amounts along with other criteria.Here in the UK, the state pension acts as a foundational chunk of income to which it is hoped people can add additional monthly money through private or workplace pensions, or other assets such as investments or property. Elsewhere, it may be the main or full amount of retirement income.Making workplace pensions an opt-out policy has been successful in getting British people saving additionally for the future, yet it is still estimated that many people will fall short in having the money to maintain a comfortable lifestyle in retirement.Additional recent data from Standard Life suggested people believe they’ll have to retire at least four years later than they ideally wanted to, due to finance pressures, while more than half (53 per cent) of respondents to a survey said they were worried they weren’t saving enough for retirement.The new research Fidelity shows the state pension age as being younger in the UK than in Italy or the USA, though the average expected number of years for a person to receive the state pension – at 19.8 – was notably fewer than for Canada, France, Italy or Japan.Get a free fractional share worth up to £100.Capital at risk.Terms and conditions apply.Go to websiteADVERTISEMENTGet a free fractional share worth up to £100.Capital at risk.Terms and conditions apply.Go to websiteADVERTISEMENTUK government spending on state pensions as a percentage of GDP stands at 4.7 per cent according to the Fidelity data – the joint-lowest in the G7, with Italy (12.8 per cent) being the highest. Despite that, there have been concerns that with the state pension due to rise significantly from April, the amount spent on it will be rendered “completely unaffordable” without a rise in pension age to 80.Additionally, having the NHS means the UK has a health service – an important service for pensioners in particular – which is almost entirely free to use at point of contact, in stark contrast to the US or Canada, and even to European members of the G7. More

The pound has dropped to a six-month low after Rachel Reeves gave her strongest hint yet that taxes will rise at the Budget in a major speech on Tuesday morning.The pound, which was already lower ahead of the speech, fell further after the comments to stand 0.3 per cent lower at 1.31 US dollars and 0.3 per cent weaker at 1.14 euros, not far off last week’s over two-year low against the single currency.Sterling has been under pressure in recent days amid worries over the UK economy and ahead of the Bank of England’s interest rate decision on Thursday, with another cut seen as being increasingly likely.Experts appear split on whether that cut will come in November or December, but the chances of a further reduction from 4 per cent currently have increased as inflation is thought to have peaked now at 3.8 per cent while the jobs market outlook looks more shaky.Meanwhile Britain’s long-term borrowing costs edged lower after the chancellor reiterated an “ironclad” commitment to her fiscal rules.Rachel Reeves refused to be drawn when asked if the government would break the manifesto pledge not to raise income tax, national insurance or VAT More