Business
Conservatives announce £5,000 tax rebate for young home buyers
Kate WhannelPolitical reporter and
Georgia RobertsPolitical correspondent, Manchester
Getty ImagesThe Conservatives will set out plans to “reward work” by giving young people a £5,000 tax rebate towards their first home when they get their first full-time job.
In his speech to the party’s conference in Manchester, shadow chancellor Mel Stride is expected to announce proposals for a “first-job bonus” that would divert National Insurance payments into a long-term savings account.
The party says the plans will be funded by cuts to public spending worth £47bn over five years in areas such as welfare, the civil service and the foreign aid budget.
In a speech on Monday, Sir Mel is expected to say that there is “no more pretending we can keep spending money we simply do not have”.
Proposals include stopping welfare claims for people with “low-level mental health problems” and reducing the number of civil servants by around 132,000 to bring it back to 2016 staffing levels – a pledge made under Boris Johnson.
Sir Mel will also say his party would reduce aid spending by £7bn, by reducing the budget to 0.1% of national income, from 0.5% currently.
The conference in Manchester marks almost one year since Kemi Badenoch was elected party leader.
In the last 12 months, the party has struggled to counter the political threat posed by Reform UK and suffered heavy defeats in this year’s local elections.
During their conference, which began on Sunday, the Conservatives are hoping to portray themselves as more competent and more credible – particularly on public spending – than their political rivals.
It comes as the Labour government has unveiled major housing market reform plans which will make sellers and estate agents legally required to provide more information about a property up front, in a bid to reduce the cost of moving.
The Conservatives say their £47bn target would be delivered over the lifetime of a five-year Parliament by saving:
- £23bn from the welfare bill
- £8bn by bringing civil servant numbers from 517,000 down to 2016 levels of 384,000
- £7bn from the overseas aid budget
- £3.5bn by ending the use of hotels to home asylum seekers
- £4bn by ensuring benefits and social housing are reserved for UK nationals
- £1.6bn by scrapping environmental policies, including cutting subsidies for heat pumps and electric vehicles.
Speaking to BBC Radio 4, Sir Mel said welfare savings could be delivered by reducing payments to those with “lower level mental health issues”, citing mild depression, anxiety, and attention deficit hyperactivity disorder (ADHD).
The Tories also want to review exemptions for the household benefit cap, limiting the VAT subsidy for Motability – which allows claimants to lease vehicles – and changing obligations for job-seekers.
He defended the party’s decision not to back a government attempt to cut nearly £5bn from the disability and health-related benefits bill.
Labour ministers, he added, had been “pulling a quick lever to make quick savings” whereas the Tories were interested in “fundamental reform”.
He also insisted the Tories’ policy of restricting foreign nationals’ access to disability and sickness benefits was backed by the public, adding that the Tories wanted British citizenship to “really mean something here”.
Those losing their benefits could try to find a better-paying job or work additional hours, he suggested, and would also “have an option to return to other parts of the world”.
Last year, the Office for Budget Responsibility forecast that total spending on health and disability benefits would rise from £64.7bn in 2023-24 to £100.7bn in 2029-30.
Earlier this year, Prime Minister Sir Keir Starmer said he would cut the UK’s aid budget from 0.5% of gross national income to 0.3% in 2027 in order to pay for an increase in defence spending.
The Conservatives say further reducing spending to 0.1% would save nearly £7bn.
Currently, a portion of the existing aid budget is used to pay for hotels to accommodate asylum seekers.
The Institute for Economic Affairs (IEA) think tank welcomed some of the proposals but warned the Conservatives not to ignore “elephant in the room” of age-related spending such as pensions.
Tom Clougherty, IEA executive director, said: “Ultimately, no political party is going to be able to balance the books only by cutting things their supporters don’t like.
“Without that, other cuts are likely to amount to running to stand still.”
The Conservatives have not committed to changing the triple lock, which guarantees that the state pension will go up each year in line with either inflation, wage increases or 2.5% – whichever is the highest.
Romilly Greenhill, chief executive of Bond, the network of international development organisations, said the proposed aid budget cuts were “reckless, short-sighted, and morally indefensible”.
Business
Tech spectrum tussle: US majors push Wi-Fi use for entire 6GHz band as Jio, Vi seek mobile allocation; Airtel, Qualcomm call for deferment – The Times of India
US technology giants Apple, Amazon, Cisco, Meta, HP and Intel have jointly opposed demands from Reliance Jio and Vodafone Idea to allocate spectrum in the 6GHz band for mobile services, instead urging that the entire band be reserved for Wi-Fi use, reported PTI.In a joint response to Trai’s consultation paper for the next round of spectrum auctions, the companies said technical and commercial readiness in the 6GHz band “is not established” for mobile services and asked the government to avoid setting timelines for auction of the 6425-6725 MHz and 7025-7125 MHz ranges.“We do not recommend setting timelines for any future auction of the 6425-6725 MHz and 7025-7125 MHz ranges for IMT… TRAI, together with the Department of Telecommunications, should review the allocation of the upper 6 GHz band following the outcomes of WRC-27,” the joint submission said, adding that any unused upper 6GHz spectrum should be made available for unlicensed use in the interim.The government has said 400 MHz of 6GHz spectrum is immediately available for auction, an additional 300 MHz will be available by 2030, and 500 MHz in the lower band will be delicensed for low-power applications such as Wi-Fi.Jio has demanded inclusion of the entire 1200 MHz available in the 6GHz band in the auction, even though the government has decided to delicense 500 MHz in the lower range. Vodafone Idea has sought the sale of 400 MHz currently available for use. Airtel has asked the government to defer auction of the 6GHz band due to concerns over device availability, equipment readiness and global harmonisation.Qualcomm echoed similar concerns, stating, “The upper 6 GHz band is critical for mobile growth in India… By deferring the auction… until after WRC-27, India safeguards its 6G future, aligns with global standards, and honours its leadership aspirations.”Telecom industry body COAI, whose members include Jio, Airtel and Vodafone Idea, opposed delicensing. “Delicensing is misleading and counterproductive… Licensed IMT spectrum ensures quality-of-service, predictable performance and nationwide scalability,” COAI said, warning that allowing unlicensed Wi-Fi deployments could reduce exchequer revenues and give “disproportionate advantage to foreign OTT players”.The newly identified 6425-6725 MHz and 6725-7125 MHz bands form part of the upper 6GHz range, while the 5925-6425 MHz band has been earmarked for unlicensed low-power applications.
New Delhi: Union Minister for Commerce and Industry Piyush Goyal on Sunday met with Isaac Herzog, President of Israel, to further strengthen the strategic partnership between India and Israel.
During the discussions, Goyal conveyed warm greetings from the people of India and highlighted opportunities for deeper collaboration across trade, investment, innovation, and technology.
During the meeting, Goyal shared the positive outcomes of the recently held Business Forum and CEOs Forum, which brought together business leaders from both countries. He also underscored the first major step towards Free Trade Agreement (FTA) negotiations, highlighting its potential to boost economic engagement and facilitate bilateral trade.
In a post on social media platform X, he wrote, “Honoured to call on H.E. @Isaac_Herzog, President of the State of Israel. Conveyed the warm greetings of the people of India. Our discussions covered the full spectrum of our strategic partnership, including trade and investment, science & technology, innovation, and deeper economic engagement.”
Goyal emphasised India’s robust growth story and the wide-ranging opportunities available for Israeli partners in sectors such as science and technology, innovation, and investment. The discussions reflected a mutual commitment to deepening economic ties and leveraging each country’s strengths for strategic and commercial collaboration, he added.
“Shared the positive outcomes of the Business Forum and the CEOs Forum, and the first big step towards FTA negotiations. Also underlined India’s robust growth story and the wide-ranging business opportunities for Israeli partners,” the post added.
Earlier, during his meeting with Israel’s Prime Minister Benjamin Netanyahu, Goyal highlighted the successful Business Forum and CEOs Forum, which attracted over 60 members of the Indian business delegation.
During his visit to Israel, Goyal held a series of wide-ranging engagements, further strengthening bilateral cooperation across agriculture, technology, innovation and trade. During his meetings on 21 November, Goyal met with Israeli Minister of Agriculture and Food Security Avi Dichter for a detailed discussion on advancing agricultural collaboration.
Minister Dichter briefed Goyal on Israel’s 25-year food security roadmap, its advanced seed-improvement strategies, and the country’s global leadership in water-reuse technologies for agriculture.
Earlier, on 20 November 2025, Goyal commenced his official engagements with a meeting with Israel’s Minister of Economy, Barkat. The two leaders reviewed the current trajectory of bilateral trade and explored new areas of cooperation.
Business
‘Stakes are high.’ With shutdown over, airlines predict record numbers of travelers this Thanksgiving
A travelers check flight information at LAX as the shutdown passes the one-month mark, leaving essential workers unpaid in Los Angeles, California, on November 5, 2025.
Grace Hie Yoon | Anadolu | Getty Images
U.S. airlines are predicting another record Thanksgiving holiday travel period and are upbeat now that the travel-snarling government shutdown has ended.
Airlines will carry more than 31 million people between Friday, Nov. 21, and Monday, Dec. 1, Airlines for America, a lobbying group representing the largest U.S. carriers, predicted Thursday. The busiest days are expected to be the Sunday after Thanksgiving, with about 3.4 million people flying, followed by the Monday after Thanksgiving, with around 3.1 passengers.
Airline executives have expressed relief after the longest-ever government shutdown ended Nov. 12. Shortages of air traffic controllers, who were required to work without their regular pay, delayed and canceled flights, disrupting travel plans for some 6 million people, A4A said.
The industry is now pushing lawmakers to pass legislation to ensure that air traffic controllers are paid in the case of another shutdown, with executives complaining in recent weeks about air travel becoming a political bargaining chip. The latest bill funds the government only through January, so industry members are hoping to avoid a repeat of the closure just before winter break and spring break seasons begin.
Bank of America estimated the big network airlines could see an operating income hit of $150 million to $200 million and smaller carriers would see an impact of $100 million because of the shutdown, but airlines haven’t yet come out with revised estimates.
Some travelers appeared to be waiting until the shutdown ended before booking their travel.
United Airlines said bookings between Nov. 15 and Nov. 16 were up 16% compared with the prior weekend, when air travel disruptions spiked.
The carrier also said bookings for international trips are at a record for the holiday period, up 10% over last year, with Cancun, Mexico, and major European hubs in London and Frankfurt, Germany, as top destinations.
Overall, United forecast it will fly 6.6 million customers between Nov. 20 and Dec. 2., up more than 4% from last year.
The largest U.S. carriers’ international capacity is up about 5% between Nov. 26 and Nov. 30 compared with a similar period last year, according to aviation-data firm Cirium, while domestic capacity is about 2% higher.
American Airlines said it plans to run 80,759 flights from Nov. 20 through Dec. 2., more than any airline.
“The Thanksgiving holiday period is one of the most condensed and most important for our customers — the stakes are high, and the American team is ready to deliver,” American’s Chief Operating Officer David Seymour said in a news release.
Not all airlines have beefed up their schedules, however. Budget carrier Spirit Airlines, in its second bankruptcy in less than a year, has slashed capacity and furloughed hundreds of pilots to cut costs as it seeks to find more solid financial footing.
Spirit’s domestic flying capacity is down close to 40% from a year earlier, Cirium data shows.
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