Monday newspaper round-up: Biden, gambling levy, UK economy...

22nd Jul 2024 07:15

(Sharecast News) - Kamala Harris, the vice-president, has emerged as the frontrunner to replace President Biden as the Democratic nominee for the election against Donald Trump in November. Biden, 81, announced yesterday afternoon that he would drop out of the race. In the hours that followed, Harris, 59, was endorsed by leading Democrats, prospective rivals and the chairs of all 50 state parties. - The Times

Keir Starmer has been urged to follow through on the previous government's plan for a £100m-a-year levy on gambling companies. In an open letter to the prime minister, "deeply concerned" advocates of the proposal issued a warning that a delay could cost lives. The Conservatives published a white paper on reform of gambling regulation last year but many of its proposals have been left up in the air by Labour's election victory. One significant measure yet to be finalised is a statutory levy on gambling companies' revenues to fund research into problem gambling, education and treatment. - The Guardian

The UK economy will need to grow at three times this year's expected rate if the new Labour government is to avoid a hole in the public finances, the IMF has warned, in a stark illustration of the challenges facing chancellor Rachel Reeves as she prepares for a landmark Budget this autumn. GDP growth would need to be around 2.6 per cent every fiscal year from 2025-26 if Labour is to stabilise public debt by 2028-29 without extra tax rises or spending cuts, according to IMF staff estimates provided to the FT. - Financial Times

Britain's least punctual railway line will be among the last to fall into public hands under Labour's nationalisation plans, Telegraph analysis suggests. Labour has vowed to bring Britain's railways under state control but has indicated that it will allow contracts to reach their agreed conclusion before returning them to the public sector, rather than intervening early to seize back those networks with the poorest record of delays and cancellations. - The Telegraph

NHS patients have been warned GP services "cannot be resumed immediately", and stranded holidaymakers told it could take "days" to get them to their destinations, as the effects of Friday's global IT outage continue. CrowdStrike, the cybersecurity company at the heart of the crisis, said on Sunday that it had deployed a fix for the "defect" with its software, which has caused chaos around the world for businesses that use Microsoft operating systems. But the outage has caused a backlog to crucial services, including the NHS, which will take time to clear, the British Medical Association (BMA) said. - The Guardian

About 2,500 former Northern Rock customers who complain they became "mortgage prisoners" after the UK lender collapsed will confront the bank that took on their loans, TSB, in court to demand compensation. The High Court in London is due on Tuesday to hear a case brought against TSB by mortgage holders who argue they were exploited by the high street bank. They claim they were left trapped, paying well over market interest rates, after their loans were transferred from Northern Rock in the wake of its nationalisation at the beginning of the financial crisis. - Financial Times