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Taxes on personal income are set to go down in Wednesday’s autumn statement and reduce again in the spring budget, as the chancellor focuses on low and middle income working families.

The Politics at Jack and Sam’s podcast, by Sky News and Politico, reveals the overwhelming focus of the autumn statement will be on helping struggling families with the cost of living and boosting growth.

Click to subscribe to Politics at Jack and Sam’s wherever you get your podcasts

Chancellor Jeremy Hunt told Sky News on Sunday he wanted to set out a “path” to reducing overall taxation.

This is likely to mean reducing the tax burden both on Wednesday and next year.

This week’s autumn statement has all but been completed with decisions on measures like inheritance tax – which will be a minimal part of the statement if anything – all taken before the row over the tax in the last few days.

Cuts to the tax levied on take home pay are unlikely to be made by cutting the basic rate of income tax, which the Treasury at the start of the year suggested was less effective – in terms of the cost for amount saved for individuals – than other measures.

For more on the autumn statement, please listen to Politics at Jack and Sam’s above or download wherever you get your podcasts.

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Blackstone to pledge £100bn UK investment during Trump visit

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Blackstone to pledge £100bn UK investment during Trump visit

Blackstone, the private equity giant which owns stakes in Legoland and swathes of British real estate, will this week pledge to invest £100bn in UK assets over the next decade during President Trump’s state visit.

Sky News has learnt that the investment group will unveil the commitment as part of a government-orchestrated announcement aimed at shifting attention back to the economic ties between Britain and the US.

President Trump’s arrival in the UK this week will come against a febrile political backdrop, following Lord Mandelson’s sacking as US ambassador over his ties to the late sex offender Jeffrey Epstein.

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Ministers have already begun announcing billions of pounds worth of partnerships in sectors such as financial services and nuclear power, with further deals to follow in areas including artificial intelligence.

Blackstone’s £100bn commitment to UK investments over the next decade forms part of a $500bn European splurge announced by the buyout firm in June, according to a person familiar with its plans.

The figure will encompass private equity buyouts as well as other forms of investment, they added.

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A source close to the firm said it had agreed to invest the sum following talks with Downing Street officials led by Varun Chandra, Sir Keir Starmer’s business adviser.

Blackstone has for decades been one of the most prolific investors in British companies, and only last week triumphed in a £490m takeover battle for Warehouse REIT, a London-listed logistics company.

Last week, it emerged that Southern Water had banned water tanker deliveries to a country estate owned by Stephen Schwarzman, Blackstone’s billionaire chief executive.

Sky News revealed last week that Mr Schwarzman would be among the corporate chiefs accompanying President Trump on his state visit.

Blackstone, which manages assets worth about $1.2trn, declined to comment.

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New shops to open as Aldi revenues reach record high

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New shops to open as Aldi revenues reach record high

Aldi is to open 80 new shops over the next two years after sales hit a record high.

On top of the new sites to be launched, the UK arm of the German discount retailer said a further 21 stores will open within the next 13 weeks, in London, Durham, and Scotland.

Earlier this year, Aldi also said it was seeking sites in Bromley and Ealing in London, South Shields in Tyne and Wear, and Witney in Oxfordshire.

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It comes as Aldi’s UK and Ireland annual revenue reached a new record of £18.1bn in 2024.

The retailer’s market share continued to rise as Aldi said more families were choosing it as the place to do their weekly shop and were also going more frequently for top-up shops.

Aldi has overtaken Asda to become the UK’s third most popular supermarket.

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Following the record revenue, the retailer announced another record figure, an investment of £1.6bn over the next two years to open the new shops.

There are currently 1,060 Aldis in the UK, with an ambition to bring the total to 1,500.

But despite the fact revenue has never been higher, profit fell more than £100m – dropping to £435.5m, down from £552.9m a year earlier.

This came due to pay increases for staff, cutting prices for customers and investment, Aldi said.

Store assistant pay rose this month to a minimum of £13.02 an hour nationally, and £14.35 within the M25.

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UK and US firms announce deals in new ‘golden age’ of nuclear power ahead of Trump visit

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UK and US firms announce deals in new 'golden age' of nuclear power ahead of Trump visit

The prime minister has hailed a new “golden age” of nuclear power as British and US companies announce five new commercial deals, ahead of the US president’s state visit this week.

The plans include a new nuclear power plant in Hartlepool using latent, potentially cheaper technology and data centres powered by mini reactors in Nottinghamshire.

Officials have been hurrying to coordinate the agreements before President Donald Trump jets in on Tuesday, with the two leaders expected to sign off on multibillion-pound tech deals as well as a revamped agreement to work together on nuclear power.

They hope the new Atlantic Partnership for Advanced Nuclear Energy will speed up notoriously slow nuclear projects in both countries by slashing red tape and aligning safety standards.

Both governments are betting big on nuclear to meet rising electricity demand and AI’s voracious appetite for energy, while Sir Keir Starmer hopes it will boost jobs, growth and manufacturing in former industrial heartlands.

The two leaders will also be hoping the high-profile visit will shake off last week’s scandal over revelations of the ambassador to the US Lord Mandelson’s links with convicted paedophile Jeffrey Epstein, with whom Mr Trump’s own association is being scrutinised.

The jewel of today’s announcements is the plan to replace the outgoing Hartlepool nuclear power plant, which expires in 2028, with a new plant of up to 960MW using new “advanced modular reactor” (AMR) technology.

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The AMR designer, US firm X-Energy, signed a Joint Development Agreement with British Gas-owner Centrica to build and fund the fleet, which they said would generate 2,500 construction jobs and maintain hundreds when up and running in the 2030s.

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Trump visit: Vanity trip or power play?

What are advanced modular reactors?

Advanced or small modular reactors (AMR or SMR) are new, small nuclear power plants hoped to be quicker and faster to build than traditional technology, such as that used at the delayed and overbudget Hinkley and Sizewell sites.

Around 80 designs are in development globally and they have long been promised but barely materialised.

Read more: Why the UK has warmed up to nuclear power again

Industry says SMRs are finally about to breakthrough, given governments’ renewed appetite for nuclear power to meet energy security concerns, growing electricity demands and climate targets to phase out polluting fossil fuels.

Why tech giants love new nuclear technology

Tech giants are also hungry for SMRs to power booming AI data centres, which need the kind of clean, steady, 24/7 energy nuclear can provide.

Today EDF announced early-stage plans with US nuclear energy firm Holtec to build data centres powered by SMRs at the former Cottam coal-fired power station in Nottinghamshire. If it goes ahead, it would be worth £11bn and create thousands of jobs during construction.

These new reactors need a type of fuel (High-assay low-enriched uranium or HALEU) that is only available to buy commercially from Russia and China.

Anxious about energy security, the UK government has been funding a company called Urenco to build a HALEU facility in Cheshire.

Urenco has also announced a £4m deal to sell that fuel to the US market, where it is also exploring another manufacturing site.

Two further deals to come out today involve a micro plant to power London Gateway Port and the scouting of sites for nuclear reactors designed by Bill Gates’s Terrapower.

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Are higher energy prices the new normal?

The news has been welcomed by industry and the union Prospect.

Tom Greatrex, chief executive of the UK’s Nuclear Industry Association, said: “These deals are hugely welcome and build on a summer of record government investment in nuclear which is driving an industrial revival, creating thousands of high-value jobs, and strengthening the UK’s energy security.”

But critics warn the new technology will still be expensive and slow, arguing the money should instead pay for renewables, batteries and insulating homes to reduce energy demand in the first place. They also fear Britain’s disposal facilities can’t cope with the nuclear waste.

US promises ‘nuclear renaissance’

Sir Keir said the “landmark UK-US nuclear partnership” would “drive down household bills in the long run, while delivering thousands of good jobs in the short term”.

“Together with the US, we’re building a golden age of nuclear that puts both countries at the forefront of global innovation and investment,” he added.

US energy secretary Chris Wright hailed a “true nuclear renaissance – harnessing the power of commercial nuclear to meet rising energy demand and fuel the AI revolution”.

“Meeting this demand will require strong partnerships with our allies around the world and robust collaboration with private sector innovators,” he said.

“Today’s commercial deals set up a framework to unleash commercial access in both the US and UK, enhancing global energy security, strengthening US energy dominance, and securing nuclear supply chains across the Atlantic.”

Andrew Bowie, shadow energy minister, said: “All these announcements are simply building on the strong legacy left by the previous Conservative government who kick-started the nuclear revolution in the UK.”

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