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Tax wealthiest to end rip-off Britain, says Green leader Polanski

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Tax wealthiest to end rip-off Britain, says Green leader Polanski


Kate WhannelPolitical reporter

Green Party leader of England and Wales Zack Polanski: ‘We will make sure that the very wealthiest pay more tax’

Newly-elected Green Party leader Zack Polanski has told his party’s conference a tax on the wealthiest would end “rip-off Britain” and make the country “an affordable” place to live.

Addressing members in Bournemouth, he said taxing the assets of the richest 1% would enable the government to fund universal free childcare, special needs education and rural bus routes.

He also defended migrants and refugees to loud applause from the audience and accused Labour of being “handmaidens” of Reform UK adding: “When Farage says jump, Labour asks ‘how high’.”

Polanski has described himself as an “eco-populist” and is seeking to shift the party to the left to take on Sir Keir Starmer’s Labour Party.

The prime minister has sought to tighten immigration controls in recent months, in what is being seen by critics as a response to Reform leading national opinion polls.

But Sir Keir launched an attack on Reform leader Nigel Farage in his Labour conference speech this week, accusing him of sowing division and not believing in Britain – something denied by Farage.

Polanski described Farage as a “Trump-loving corporate stooge” and accused Sir Keir of jumping to his tune.

Unusually for a speech by a Green Party leader, Polanski did not focus primarily on the environment.

He told the conference: “You can not be an effective environmentalist without talking about the deep inequality in our society.”

Much of his speech centred on the problems posed by the cost of living, pointing to a rise in homelessness, tenants worried about their rent and families struggling to pay bills.

Polanski argued that the country’s problems were “rooted in an economic model built on austerity and privatisation” but that the Green Party would “break the shackles of poverty and hardship that lock so many in”.

“This is a country with so much going for it, but we have been failed time and time again by a political class poisoned by extreme wealth and you can see that poison everyday.”

“A country where a tiny few have taken our power and wealth. Things must change. It’s time to take it back.”

He said some voters might worry that they could be hit by taxes on the wealthiest being proposed by his party.

“Hairdressers and plumbers say understandably ‘I’ve worked hard all my life. Why are you taxing me? Why are you taxing my ambition?'”

However, Polanski said he was targeting people who “will make more money in one night than everyone in this room could probably earn in an entire year”.

In a 20 minute speech, Polanski told the conference his party’s “horizons” would not be “narrow” and that he would “not be silent” on “the mass slaughter in Palestine”.

“We must stop selling arms to Israel, we must stop sharing intelligence,” he said.

He also criticised what he called a “draconian crackdown on the right to protest”.

“From terrorist proscription against protesters, to banning journalists from their conference, to diving into a rushed evidence-free plan for digital IDs that are likely to discriminate against minorities – the alarm bells of authoritarianism are now ringing.”

In his defence of refugees and migrants, Polanski said it was the “economic system” that was a “threat to the places we love… not people arriving small boats”.

To loud cheers from party members he declared: “We’ll say it loud, we’ll say it clear migrants and refugees are welcome here.”

He said the Greens wanted to stop small boats crossing the Channel through “safe and legal routes”.

He also blamed “a politics that tries to divide us and points the finger at each other, instead of at billionaires”.

In a contrast with comments from Sir Keir earlier this year, who said the UK risked becoming an “island of strangers”, Polanski said: “This is a nation of neighbours.”

He said defending migration was important to him because of his own “confused and muddled” Jewish ancestry, which saw his family flee from Latvia to Ukraine to Poland and eventually to England.

Taking a moment to mark Thursday’s attack on a synagogue in Manchester, where Polanski grew up, he said “my heart is with the community.”

In the past year the Green Party has built on its success at the 2024 general election – when it won four MPs – by winning 74 seats in the local council elections.

Last month, Polanski was overwhelmingly backed by members in a leadership contest against the less combative duo of Green MPs Adrian Ramsay and Ellie Chowns.

Since the election the party says its membership has risen by 20% to an all-time high of 80,000.

Polanski, who is a member of the London Assembly but does not have a seat in Parliament, has expressed interest in working with the new party being set up by former Labour leader Jeremy Corbyn and former Labour MP Zarah Sultana.

Speaking after the leadership election, he said it was “too soon to talk about joining electoral coalitions”, but he was interested in working with “anyone who wants to challenge a failing Labour government and take on fascism and the far right”.

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Detroit auto stocks jump on report of tariff relief for U.S. vehicles

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Detroit auto stocks jump on report of tariff relief for U.S. vehicles


GM Hummer EV production in Detroit.

Photo by Jeffrey Sauger for General Motors

DETROIT — Shares of the Detroit automakers closed higher Friday following an afternoon report that President Donald Trump is considering “significant tariff relief” for the production of vehicles in the U.S.

Stocks for General Motors, Ford Motor and Chrysler parent Stellantis shifted from trading level or down to closing up between 1% to 4% on the report from Reuters.

The news organization, citing Republican Senator Bernie Moreno of Ohio as well as auto officials, said the potential change could “effectively eliminate much of the costs major car companies are paying.”

“The signal to the car companies around the world is, look, you have final assembly in the U.S.: we’re going to reward you,” Moreno told Reuters during an interview. “For Ford, for Toyota, for Honda, for Tesla, for GM, those are the, almost in order, the top five domestic content vehicle producers — they’ll be immune to tariffs.”

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GM, Ford, Stellantis and Tesla stocks

Reuters reported that the changes could include extending a tariff offset of 3.75% for five years, as well as adding U.S. engine production to the relief.

Shares of Ford, which assembles the most vehicles in the U.S., closed Friday at a new 52-week high of $12.67, up 3.7%. U.S.-listed shares of Stellantis closed up 3.2% to $10.73 per share, while GM closed at $60.13, up 1.3%

Tesla stock was little changed on the news, closing down 1.4% to $429.83 per share, while U.S.-listed shares for other automakers with notable operations in the U.S., such as Honda Motor and Toyota Motor, saw bumps.

Trump’s tariffs of 25% on imported vehicles and parts have been a major concern for the automotive industry, costing companies billions of dollars in higher costs.

Ford previously said it expected $3 billion in U.S. tariff-related costs this year, $1 billion of which it believed it could mitigate. GM has said it expected up to $5 billion in gross tariff-related costs this year, adding that it could potentially avoid at least 30% of that cost this year.

Automakers have been lobbying the Trump administration for relief, especially for U.S.-produced vehicles, as well as those imported from Canada and Mexico.



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Navratri sales hit 10-year high on GST cuts: Officials – The Times of India

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Navratri sales hit 10-year high on GST cuts: Officials – The Times of India


NEW DELHI: On the back of a fillip provided by a reduction in GST on 375 items, Indian consumers flocked to stores and car dealerships resulting in the highest Navratri sales in over a decade, govt officials said, citing industry data.They argued that the move lowered prices, helping families upgrade vehicles, buy white goods and spend more freely on lifestyle products, “turning festive cheer into record-breaking consumption”.GST rates for food items, daily-use products, white goods, cement and automobiles have been slashed as the Centre and the states agreed to reduce the number of slabs and end cess on all luxury and sin products, barring tobacco. Apart from making the indirect tax regime simpler, the idea was to boost consumption, even if it resulted in a temporary impact on tax collections.

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Car sales vroom

“By rationalising GST slabs and easing the tax burden on both essential and aspirational items, govt fostered an environment of confident spending. As a result, brands and retailers reported sales growth ranging from 25% to 100%, marking a major boost for India’s consumption-driven economy,” an official said.

GST reset, pent-up demand driving sales over last 10 days

Although companies had complained about an adverse impact on sales after PM Narendra Modi first announced the plan for GST rate rationalisation in his Independence Day speech, collections in Sept – based on transactions in Aug – grew at over 9%, the fastest pace of growth in four months, according to the data released on Wednesday.While goods and services are more affordable, especially after govt nudged businesses to pass on the benefits to consumers, pent up demand is also a factor behind a surge in sales over the last 10 days.As a result, companies such as Maruti Suzuki, the country’s largest carmaker, reported 3.5 lakh bookings with nearly 2.5 lakh pending orders. By the end of Navratri, it was expected to deliver 2 lakh vehicles, 2.3 times last year’s level of 85,000 cars. Similarly, M&M has reported a 60% jump in its top selling XUV700 and Scorpio N sales, while demand for Hyundai’s Creta and Venue are also seen to be strong.In the consumer electronics space, companies and top retailers are reporting significant rise in sales.





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Related party lending rules eased for banks – The Times of India

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Related party lending rules eased for banks – The Times of India


MUMBAI: RBI has released a draft circular revising its framework for lending to related parties, a move expected to significantly improve ease of doing business in the financial sector. By introducing scale-based materiality thresholds, the draft ensures that only sizeable loans to related parties require board or committee approval, replacing earlier blanket restrictions that often hampered operational flexibility.Independent directors from other banks will no longer be classified as related persons, resolving ambiguities that had complicated compliance. Principle-based exemptions further ease rigid constraints, allowing institutions to tailor lending within the regulatory perimeter.The circular also strengthens supervisory reporting and disclosure requirements. A wide array of entities—including commercial banks and small finance bank smust now furnish detailed reports on related-party transactions, enhancing transparency.





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