Business
‘Little progress’ made opening up top jobs to state-educated people – charity
The privately educated are “maintaining a vice-like grip” on the top jobs in Britain, a charity has said, and is calling for employers to be required to report on the economic backgrounds of their workforce.
The Sutton Trust has found the most influential people in the UK remain five times more likely to have gone to a private school than the general population in its report Elitist Britain, similar to what the social mobility charity found in 2019.
Of the FTSE 100 chief executives who were educated in the UK, only a third (34%) attended a state comprehensive school, which the Sutton Trust said has remained unchanged since 2019. In comparison, 37% of these chief executives attended private schools, and the rest went to grammar schools.
Sutton Trust chief executive Nick Harrison said: “It’s a disgrace that most of the top jobs in Britain are still dominated by those from privileged education backgrounds, representing a small fraction of the wider population. Little progress has been made in opening up positions of power, with those from private schools maintaining a vice-like grip on the most important roles.
“In 2025 you can still buy advantage, massively increasing your chance of getting into the most powerful roles in the country.
“This is grossly unfair, and a waste of talent on a huge scale. If we want a fairer country and a stronger economy, employers and policymakers must take responsibility for levelling the playing field, where privilege is no longer a passport to power.”
In the general UK population, around 7% attend private schools.
The Sutton Trust also said more than two thirds of FTSE 100 chairs were privately educated in 2025, in a 15 percentage point increase from 2019. Nearly half (45%) of chairs attended Oxbridge, and 41% went to both private school and Oxbridge.
Around a third of charity chief executives (34%) went to a private school, 62% of senior judges, 52% of the House of Lords, 50% of newspaper columnists, 45% of podcasters, 47% of political commentators, and 47% of permanent secretaries, the charity said. Among permanent secretaries, 66% are Oxbridge educated, up 10 percentage points since 2019.
This year, the Sutton Trust looked at the educational background of social media influencers and content creators for the first time, and found among this group, 18% had attended private school, and 68% went to a state comprehensive.
A poll by YouGov for the Sutton Trust of 1,492 business senior decision makers also found just 9% of employers said they ask whether employees were eligible for free school meals, and only 15% ask about the profession or class background of employees’ parents, similar levels to 2019.
The polling found there has been a slight increase in the proportion of companies saying they were using contextual recruitment, which considers applicants’ credentials in the context of their background. Up 2% on 2019, 17% of firms said they were using contextual recruitment practices.
The Sutton Trust is calling for the Government to require employers with more than 250 staff to report on the socio-economic background of their workforce, and encourage reporting of class pay gaps. The charity also said employers should look at educational achievements in the context of disadvantage.
Carl Cullinane, director of research and policy at the Sutton Trust, said: “This polling suggests that most employers aren’t building a talent pipeline of young people from less advantaged backgrounds.
“And while there have been efforts to make business more inclusive, work on social mobility is patchy, and too often, social class is not included in the diversity conversation. Just one in 10 companies run specific schemes to support employees in terms of social mobility.
“This means they’re potentially limiting their talent pool. Making the most of talent, wherever it comes from, means employers can move beyond a narrow cohort of candidates from the most advantaged backgrounds. This can be a win-win for employers, society and the economy.”
Business
Trade deal done, says Trump; PM Modi thanks him for cutting tariff to 18% – The Times of India
NEW DELHI/ WASHINGTON: After months of bruising trade tensions, India and the US on Monday announced a bilateral trade deal that will see Washington slash additional tariffs on Indian imports to 18%, from the current 50%, making it more competitive for textiles, leather and seafood exporters.While PM Narendra Modi, in a post on X, which followed US President Donald Trump’s announcement on Truth Social, said he had a wonderful conversation with “dear friend” Trump and thanked him on behalf of 1.4 billion people for the reduced tariff of 18% on Indian goods, he did not mention the trade deal at all in his post on X that followed Trump’s “wonderful” announcement.
PM Modi and Trump
Modi also did not comment on Trump’s claim that in their conversation the PM had agreed to stop buying Russian oil and purchase much more energy from the US, and potentially Venezuela. Trump had said Modi had agreed to stop buying Russian oil and to buy much more from the US — $500 billion of energy, technology and farm products — a step that the President claimed would help end the war in Ukraine.According to the American President, Modi also agreed to bring down tariff and non-tariff barriers against the US to zero. A US embassy spokesperson confirmed that the final tariff now on India is 18%, down from the earlier 50%. This is a better deal for India than countries such Vietnam, Bangladesh, Indonesia, South Korea and China, which face higher tariffs. The Trump-Modi conversation coincided with the visit of EAM S Jaishankar to US for a critical minerals ministerial that will be chaired by Secretary of State Marco Rubio this week.The announcement came six days after India and the EU announced the completion of talks for a comprehensive trade agreement.Trump leadership vitalfor global peace: ModiThe deal had drawn sharp comments from some members of the Trump administration, including attacks on the EU.In his X post, PM said, “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation”. He added that Trump’s leadership was vital for global peace, stability, and prosperity. India fully supports his efforts for peace. Modi said he was looking forward to working closely with Trump to take the partnership to unprecedented heights.Apart from reciprocal tariff, Trump had announced an additional 25% tariff on India for its purchase of Russian oil.Trump said the US had agreed to the trade deal with India out of friendship and respect for Modi, and at the latter’s request. “Our amazing relationship with India will be even stronger going forward. PM Modi and I are two people that GET THINGS DONE, something that cannot be said for mos,” he added.Trump in his social media post also said that it was an honour to speak with Modi whom he described as “one of my greatest friends and, a Powerful and Respected Leader of his Country”.
Ties set to get boost
While the US had acknowledged in past few months that India had cut down its Russian purchase, it had not eliminated the additional tariff.Trump also said, “We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the US and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!”Following the announcement last week of the successful conclusion of FTA negotiations with EU, India had suggested that India and US might be close to finalising the trade agreement they have been discussing since Feb last year.Trump’s disclosure of the trade deal was preceded by two India-related posts a few hours before, one of which featured him and Modi on a magazine cover with the caption “The Mover and the Shaker”. Another post featured New Delhi’s India Gate, which Trump called “India’s beautiful Triumphal Arch” and said, “Ours will be the greatest of them all!” — referring to a similar monument he wants to build in Washington DC.
New York Attorney General Letitia James speaks to the media, after she attended a hearing and pleaded not guilty to charges that she defrauded her mortgage lender, outside the U.S. District Court for the Eastern District of Virginia, in Norfolk, Virginia, U.S., Oct. 24, 2025.
Jonathan Ernst | Reuters
Days before Super Bowl 60, New York Attorney General Letitia James has a message for consumers: Be careful about placing trades on prediction markets.
“New Yorkers need to know the significant risks with unregulated prediction markets,” James said in a statement Monday. “It’s crystal clear: so-called prediction markets do not have the same consumer protections as regulated platforms. I urge all New Yorkers to be cautious of these platforms to protect their money.”
Prediction platforms like Kalshi and Polymarket are expected to generate billions of dollars in trading volume around the Super Bowl.
Consumers can make trades on game events — similar to online sportsbooks like DraftKings or FanDuel — as well as on predetermined outcomes, such as which companies will advertise during the Super Bowl, an issue CNBC Sport reported on last week.
James said the platforms’ products are bets “masquerading” as event contracts.
She warned there are concerns about the nascent prediction market industry, including “upholding prohibitions against insider betting and requiring regulatory review to ensure the financial stability and integrity of gambling operators.”
“Prediction markets may appear as modern, high-tech platforms for speculation or ‘forecasting,’ but in practice, many operate as unregulated gambling without the basic protections New York consumers both deserve and expect from properly licensed operators,” James said in the statement.
Prediction market contracts trade somewhat similarly to all-or-nothing options, with contracts priced between $0 and $1. The contracts trade up or down depending on the action.
In addition to contracts on Super Bowl commercials, both Polymarket and Kalshi are offering other trades related to the game, including on matters like “What songs will be played at the halftime show?,” “Who will attend the big game?,” and more traditional sportsbook “bets” such as “Seattle vs. New England: Most Rushing Yards,” as CNBC reported last week.
There are laws that prohibit insider trading on prediction markets, just as on traditional financial markets. But industry experts say they’re skeptical that the Commodity Futures Trading Commission, recently gutted as part of widespread government cuts, has the will or the means to police those problems.
Last week, CFTC Chairman Michael Selig said he had directed agency staff to withdraw a proposed rule that would have banned prediction trades on sports and politics. He said new rules would be coming.
Disclosure: CNBC has a commercial relationship with Kalshi.
Business
India-US trade deal: 25% penal tariffs linked to Russian oil gone? Here’s what we know – The Times of India
US President Donald Trump has reportedly agreed to remove the 25% tariff America imposed on India for its crude oil imports from Russia. A New Delhi–based source quoted in a Bloomberg report said that the US has agreed to withdraw the 25% penal tariff for India’s Russian oil procurement. In the meantime, India and the US have announced a trade deal, with the Trump administration lowering the tariffs on Indian exports to 18%. Trump took to social media platform Truth Social to announce the trade deal, which was later confirmed by PM Narendra Modi confirming it via X (Twitter). However, India is yet to confirm the details of the trade deal shared by Trump in his post.
Also Read | India-US trade deal announced by US President Donald Trump; check detailsUS Ambassador to India Sergio Gor also told a TV channel that the final figure of tariff on India will be 18%, indicating that the 25% penal tariff linked to Russian crude has also been removed.He also said that the 18% tariff rate is effective immediately, and that India would buy $500 billion worth of US energy, coal, technology and agricultural products.Russia has been the largest supplier of crude for India since the start of the former’s war with Ukraine. The share in India’s oil import basket has gone up to almost 40%. But recently, after US sanctions on Russian oil firms, Indian refiners had been forced to reduce Russian crude oil purchases.
India-US Trade Deal: What PM Modi, Trump said
PM Modi posted on X, “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement. When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights.”Before Trump had posted on social media, “It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to “BUY AMERICAN,” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!”
Trade deal done, says Trump; PM Modi thanks him for cutting tariff to 18% – The Times of India
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