Business
Labour must stick to manifesto pledge not to raise key taxes, Lucy Powell says
Labour’s new deputy leader Lucy Powell has said the Government should not rip up its manifesto promises over tax hikes, amid mounting speculation it is preparing to do so at the Budget.
Ms Powell, who was sacked from Sir Keir Starmer’s Cabinet in September before winning the deputy leadership election last month, said “we should be following through on our manifesto, of course”.
She suggested breaking the pledge not to raise income tax, national insurance or VAT would damage “trust in politics”.
Speaking to BBC Radio 5 Live, the former Commons leader said: “We should be following through on our manifesto, of course. There’s no question about that.”
She continued: “Trust in politics is a key part of that because if we’re to take the country with us then they’ve got to trust us and that’s really important too.”
Ms Powell said the highly anticipated Budget should be about “putting more money back into the pockets of ordinary working people”.
She said: “That’s what that manifesto commitment is all about. And that’s what this Budget will be about I’m sure.”
She added: “It’s really important we stand by the promises that we were elected on and that we do what we said we would do.”
The Manchester Central MP also called for the two-child benefit cap to be lifted “in full” as a matter of urgency.
The Government has come under increasing pressure to scrap the policy, which restricts child tax credit and universal credit to the first two children in most households.
Ms Reeves is expected to make changes to the limit, first announced in 2015 by the Conservatives, in her autumn statement.
It has been reported the Treasury is looking at different options including whether additional benefits might be limited to three or four children, or whether there could be a taper rate meaning parents would receive the most benefits for their first child and less for subsequent children.
Ms Powell said: “I think what we’ve all been talking about recently is the urgency of that now, because every year that passes with this policy in place, another 40,000 minimum, 40,000 children, are pushed into deep levels of poverty as a result of it and that’s why it is urgent that we do lift it and we lift it in full.”
Her comments could cause a headache for the Prime Minister and Chancellor Rachel Reeves, who have recently heightened expectations that the November 26 Budget will feature an increase in the basic rate of income tax.
Doing so would mean ditching Labour’s commitment to voters ahead of last year’s general election not to increase income tax, national insurance or VAT.
Ms Reeves could use a 2p rise in income tax to help plug what the National Institute of Economic and Social Research said is a £50 billion black hole in the nation’s public finances and give herself a larger fiscal headroom.
Ms Powell won the deputy leadership race after a campaign based on a call for the party to change course.
Her intervention will be seen as evidence that she will use her position to speak out against Sir Keir’s administration’s policies, which she is free to do from the back benches, unlike her defeated deputy leadership rival, Education Secretary Bridget Phillipson, who is bound by collective responsibility.
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Petrol, Diesel Price On November 7: Check City-Wise Rates Across India Including In Delhi, Mumbai and Chennai.
Petrol, Diesel Prices On November 7
Petrol and Diesel Prices on November 7, 2025: OMCs update petrol and diesel prices daily at 6 AM, aligning them with fluctuations in global crude oil prices and currency exchange rates. This daily revision promotes transparency and ensures consumers have access to the most up-to-date and accurate fuel prices.
Petrol Diesel Price Today In India
Check city-wise petrol and diesel prices on November 7:
| City | Petrol (₹/L) | Diesel (₹/L) |
|---|---|---|
| New Delhi | 94.72 | 87.62 |
| Mumbai | 104.21 | 92.15 |
| Kolkata | 103.94 | 90.76 |
| Chennai | 100.75 | 92.34 |
| Ahmedabad | 94.49 | 90.17 |
| Bengaluru | 102.92 | 89.02 |
| Hyderabad | 107.46 | 95.70 |
| Jaipur | 104.72 | 90.21 |
| Lucknow | 94.69 | 87.80 |
| Pune | 104.04 | 90.57 |
| Chandigarh | 94.30 | 82.45 |
| Indore | 106.48 | 91.88 |
| Patna | 105.58 | 93.80 |
| Surat | 95.00 | 89.00 |
| Nashik | 95.50 | 89.50 |
Key Factors Behind Petrol and Diesel Rates
Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.
Oil Marketing Companies (OMCs) update fuel prices daily at 6 am, adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps.
Key Factors Influencing Fuel Prices in India
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Crude Oil Prices: Global crude oil prices are a primary driver of fuel prices, as crude is the main input in petrol and diesel production.
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Exchange Rate: Since India relies heavily on crude oil imports, the value of the Indian rupee against the US dollar significantly affects fuel costs. A weaker rupee typically translates to higher prices.
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Taxes: Central and state-level taxes constitute a major portion of retail fuel prices. Tax rates vary across states, leading to regional price differences.
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Refining Costs: The cost of processing crude oil into usable fuel impacts retail prices. These costs can fluctuate depending on crude quality and refinery efficiency.
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Demand-Supply Dynamics: Market demand also influences fuel pricing. Higher demand can push prices up as supply adjusts to consumption trends.
How to Check Petrol and Diesel Prices via SMS
You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
November 07, 2025, 07:13 IST
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Tesla shareholders have approved a record-breaking pay package for boss Elon Musk that could be worth nearly $1tn (£760bn).
The unprecedented deal was approved by 75% of Tesla shareholders who cast votes at the firm’s annual general meeting on Thursday.
The deal requires Musk, who is already the world’s richest man, to drastically raise the electric car firm’s market value over a period of years. If he meets various targets, he will be rewarded with hundreds of millions of new shares.
The scale of the deal is controversial, but the Tesla board argued that Musk might leave the company if it was not approved – and that it could not afford to lose him.
The announcement drew loud applause from the audience at the meeting in Austin, Texas. Musk took to the stage and danced to chants of his name.
“What we’re about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book,” he said.
“Other shareholder meetings are snoozefests but ours are bangers. Look at this. This is sick,” Musk said.
The milestones Musk achieve include raising Tesla’s market value to $8.5tn from $1.4tn at time of writing.
He would also need to get a million self-driving “Robotaxi” vehicles into commercial operation.
But his early remarks on Thursday placed the spotlight on the Optimus robot, dashing the hopes of some long-time analysts and Tesla watchers who want Musk to focus on reviving the company’s electric vehicle business.
“Let it sink in where Musk’s head is at,” wrote analyst Gene Munster, the managing partner at Deepwater Asset Management, on X.
“His vision of the ‘new book’ starts with Optimus. No mention of cars, FDS and robotaxi yet.”
Later in his remarks, Musk did refer to FSD, shorthand for full-self driving, saying the company was “almost comfortable” allowing drivers to “text and drive essentially.”
He also likened dealing with regulators to being in a Franz Kafka novel.
US regulators are investigating Tesla’s self-driving feature after multiple incidents in which the cars drove through red lights or on the wrong side of the road.
Some of these incidents have resulted in crashes that have caused injuries.
Tesla shares were slightly higher in after hours trading but have risen more than 62% over the last six months.
Wedbush Securities’ Dan Ives, a tech analyst whose been a long time advocate of Musk’s leadership of Tesla, called Musk “Tesla’s biggest asset” in a note published after the vote.
“We continue to believe that the AI valuation is getting unlocked, and we believe the march to an AI driven valuation for TSLA over the next 6-9 months has now begun,” Mr Ives added.
Danielle KayeBusiness reporter
ReutersUS President Donald Trump has announced deals that aim to lower the cost of popular weight-loss drugs, as pharmaceutical prices take centre stage in his administration’s messaging around affordability.
Speaking alongside drug executives at the White House, Trump unveiled agreements with Eli Lilly and Novo Nordisk. Consumers are set to pay between $245 and $350 per month for obesity drugs including Wegovy and Zepbound.
Many GLP-1 drugs, used to treat diabetes and obesity, cost over $1,000 a month without insurance or discounts.
The deals will expand Eli Lilly and Novo Nordisk’s access to Medicare and Medicaid, the government’s public healthcare plans for elderly and low-income Americans.
Eli Lilly also said in a statement it would escape tariffs for three years as part of the agreement with the Trump administration.
An estimated 10% of Medicare beneficiaries will be eligible for expanded access to GLP-1 drugs, and will only pay $50, according to senior administration officials.
Those enrolled in Medicaid will see a rolling start date based on when states sign up to participate, the officials said.
Trump has long pushed for “most-favoured nations” prices – a policy aimed at aligning drug prices in the US with lower ones abroad.
The obesity drugs will be sold at discounted prices on the direct-to-consumer TrumpRx, a government-run website set to launch by January.
On TrumpRx, Wegovy and Zepbound will start at $350 per month on average, and drop to $250 within two years, administration officials said. The Medicare prices of Ozempic, Wegovy, Mounjaro and Zepbound will be $245.
Along with Novo Nordisk’s Wegovy, Eli Lilly’s weight-loss pill, orforglipron, will be sold for $149 for the lowest dose, Eli Lilly said in a statement. The company’s Zepbound medication will cost $299 for a starting dose.
Those prices are dependent on Food and Drug Administration approval of the pills.
“Lilly is in a unique position to work with the US government to rebalance the global system, expand access and lower costs for Americans,” David Ricks, Eli Lilly’s chief executive, said in a statement.
GLP-1 drugs are often not covered by private insurance. Federal law bans Medicare from covering the drugs when used for weight loss, though they usually are covered when used to treat diabetes and cardiovascular disease. Only 13 states provide coverage under Medicaid for weight loss purposes.
Health Secretary Robert F Kennedy Jr, speaking at the White House, said the deals were products of months of negotiations with Eli Lilly and Novo Nordisk. He called obesity “the number one driver of chronic disease” in the US.
“This will be a lifesaver to them,” Kennedy said.
“It’s not a panacea, it’s not a silver bullet,” he added, stressing the importance of dietary changes and physical exercise.
Since July, Trump has been pressuring pharmaceutical firms to lower drug prices. He sent letters to 17 drug companies in the summer, giving them 60 days to respond to his demands for lower prices.
Pfizer was the first major drug maker to reach a deal with Trump, slashing prices for some medicines by up to 85% on the TrumpRx site. Pfizer also agreed to lower prescription drug prices for Medicaid.
AstraZeneca and EMD Serono have also reached deals with the administration in recent weeks.
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