Sir Elton John: Glastonbury and farewell tour helps singer rocket up The Sunday Times Rich List
Sir Elton John is worth an estimated £470m, according to The Sunday Times Rich List. The Rocket Man singer came in at 291th on the annual list, up from 309th last year.
Elton John’s net wealth
Best known for his bedazzled glasses and hits such as Your Song, the British icon racked up millions in 2023 thanks to his headline set at Glastonbury and his five-year Farewell Yellow Brick Road tour, which wrapped up last year.
The worldwide musical excursion was said to be the performer’s last ever string of concerts and sold 6m tickets, grossing $939m (£786m). Surpassed only by Taylor Swift’s Eras Tour.
How did Sir Elton make his money?
Looking at filings from Companies House, the Sunday Times said John made a whopping £20m in 2023. The majority of this cash was said to be from music ventures.
The 77-year-old composed the music for the stage performance of The Devil Wears Prada, which opens in the West End in October.
Sir Elton John also hosts the Apple Music show Rocket Hour and sells a range of dazzling spectacles through his Elton John eyewear brand.
In 2019, the father of two collaborated on Rocketman, the box office hit which details his rise to fame and overcoming his addiction with drugs and alcohol.
John and his husband, David Furnish, also made headlines earlier this week when they announced a new exhibition of photographs at London’s Victoria and Albert Museum.
The display includes more than 300 pieces by 140 photographers selected from the vast collection of the pair.
Sir Elton John began collecting photographs after getting sober in the 1990s. Tickets for the event which opens this Saturday cost £20 and feature snaps of everything from Marilyn Monroe to harrowing photography from the tragic 9/11 attack.
Janet Street-Porter embodies this country’s pensioner problem
Where on earth does Loose Women’s Janet Street-Porter get the idea Rishi Sunak ‘hates pensioners’? The entire Conservative agenda is built around appeasing this entitled generation and the rest of us are paying for it, says Sam Bidwell
The fable of The Scorpion and The Frog tells the story of a scorpion who wants to cross a river, and so asks a frog to carry it across. The frog is hesitant at first, fearing that the scorpion will sting him – but the scorpion promises not to, pointing out that it would drown if it did so. Yet, lo and behold, when the pair are midway across the river, the scorpion stings the frog anyway, condemning them both. Despite its self-interest in keeping the frog alive, the scorpion cannot resist the temptation to sting – it is simply in his nature.
As I watched Loose Women’s Janet Street-Porter castigate a visibly uncomfortable Rishi Sunak for “hating pensioners” on Tuesday, I couldn’t help but wonder if the fable ought instead to be called The Pensioner and The Politician. Despite attempts by successive Governments to turn the UK into a retirement home with an aircraft carrier, many of Britain’s ageing baby boomers are still intent on bashing the Conservative Party. The ‘grey vote’ has benefitted handily from 14 years of Tory rule, and yet can’t resist an opportunity to grumble.
That’s despite April’s record-breaking 8.5 per cent increase to the state pension, which will see all pensioners get an additional £900 a year, regardless of wealth. Apropos of nothing, about a quarter of British pensioners are millionaires.
Since the triple lock was introduced by the Conservatives in 2011/12, the cost of the state pension has increased by £78bn – all paid for, of course, through more borrowing and higher taxes on working-age people. Then there are the free bus passes, the winter fuel allowance, the free prescriptions, and the planning system that gives outsized weight to the opinions of elderly Nimbys.
All bought and paid for? Hardly. The average person born in 1956 will receive £291,000 more from the state than they paid into the system across their lifetime. In fact, today’s pensioners are simply the beneficiaries of Britain’s 20th century boom years. Despite post-war difficulties, the 1980s and 1990s saw Britain achieve unprecedented prosperity, the result of deliberate policy decisions and global economic factors. The stars aligned just as baby boomers were at the peak of their careers.
Yet today’s working-age voters are being squeezed by a historically high tax burden, soaring housing costs, and sluggish wage growth. The prosperity that baby boomers like Janet Street-Porter enjoyed is a mere fantasy for many young people today. Efforts to leverage even more of the state’s resources towards the engorged coffers of rich pensioners are only making it more difficult to deliver the economic renaissance that this country badly needs. Is it any wonder that so many young people today are sceptical about capitalism’s ability to improve their lives?
There is a political lesson in all of this. As it turns out, building an electoral coalition around a single, entitled demographic is a dangerous thing; choosing a demographic reliant on ever-growing state subsidy is downright suicidal. As the Tory Party regroups after the election, it should remember the lesson of Janet Street-Porter. Whatever promises you make, however much funding you deliver, some pensioners will simply never be satisfied. Maybe it’s time to try speaking to those squeezed working-age voters instead. As Edmund Burke once said, the arrogance of age must submit to be taught by youth.
Sam Bidwell is director the Next Generation Centre at the Adam Smith Institute
XL Media: US revenue tanks at betting firm amid ‘increased competition from large publishers’
XL Media, a gaming and betting media company, reported a slide in US revenue for the full year as the company was hindered by “evolving” dynamics in its North America arm.
This morning, the owner of SportsBettingDime and Which Bingo, said revenue in the US was down 42 per cent down on last year’s figure to $26.9m (£21.2m).
XL Media said the US market dynamics continued to evolve at a rapid pace, which placed pressure on North America revenues.
They said: “In particular, the market saw increased competition from large publishers, average customer acquisition payment (CPA) rates gradually falling and rates varying in different states.”
The company also said it disposed of a number of non-core assets over the course of the year as part of a strategic process to grow its business in Europe.
During the year, XL Media re-platformed its Europe Sports websites alongside investing in its Europe Gaming websites.
This delivered nine per cent year-on-year growth in Europe Sports, led by Freebets.com. Premium gaming marketing sites, Nettikasinot.com and WhichBingo, also returned to growth.
In Europe, the business ended the year with $22.8m (£18m) worth of revenue down from $23.2m ($18.3m) recorded in the 12 months prior.
David King, chief executive officer of XL Media, said: “Following the announcement of the sale of the Europe Sports and Gaming business on 1 April 2024, we are focused on driving organic revenues in the North America market, while continuing both to expand our footprint in preparation for new state launches when they happen, while also right sizing the Group’s cost base for 2025.”
Natalie Elphicke wasn’t worth it
Keir Starmer will regret alienating Labour Party members and women’s rights campaigners by welcoming in the morally and politically tainted Natalie Elphicke, says Morgan Jones
The words “new Labour MP” are music to the ears of many on the left – unless they are followed directly by “Natalie Elphicke”.
A former member of the European Research Group from the right of the Conservative Party, Elphicke hit the headlines in 2021 for criticising Marcus Rashford, who she accused of “playing politics” after his school meals campaign. Her parliamentary career has been most marked out, however, by her involvement in the trial of her husband, and predecessor as Dover MP, Charlie Elphicke.
Mr Elphicke was convicted of three counts of sexual assault in 2020. Natalie Elphicke was temporarily suspended from the Commons in 2021 for attempting to influence the judge in her husband’s trial; she backed his appeal, telling The Sun at the time that “Charlie is charming, wealthy, charismatic and successful — attractive, and attracted to, women. All things that in today’s climate made him an easy target for dirty politics and false allegations”. Since defecting, she has apologised for what she had said: she’s also been accused by then-Justice Secretary Robert Buckland of attempting to lobby him on behalf of her husband.
The reasoning behind welcoming Natalie Elphicke into the Labour Party is obvious: she’s the MP for Dover, and Labour, generally feeling itself to be at a disadvantage in immigration and asylum debates, wants the upper hand in rows over small boats, along with the general embarrassment to the Tories a defection causes. This would be fair enough if Elphicke were and other Tory MP – if she were, for example, Dan Poulter, the Central Suffolk and North Ipswich MP who unobtrusively defected to Labour some weeks ago, to a pleased murmur from Labour MPs and members alike. But she is not. Her politics are notably more extreme; her support for her husband through his sexual assault conviction and her smearing of his victims means that she is both morally and politically compromised.
There are those who argue that Keir Starmer is being pragmatic in welcoming into the fold and that it is the right move strategically. They think that the trade-off is worth it, that this is smart politics. I don’t.
Firstly, consider the polling. Labour is on course to win; the Tories have just been wiped out in the locals. Labour doesn’t need to do anything big or showy – it doesn’t need to take risks, like, for example, admitting a former ERG member – to stay on track. Elphicke won’t stand again so with or without her defection the result in Dover is in all likelihood the same: the party’s candidate Mike Tapp will be elected at some point between now and January. Elsewhere, in the places around the country where Labour lost ground to the Greens at the locals (something General Secretary David Evans has discussed the need to work on), one can easily imagine leaflet attack lines about the party welcoming hard right Tories.
Tory sleaze has been a consistent, and winning, attack line for Labour in the last few years. It was, after all, Tory sleaze – the Pincher affair – that finally brought down Boris Johnson. Labour has won by-elections in Wellingborough, Wakefield, Tamworth and Blackpool campaigning to replace MPs who had fallen foul of the standards commissioner or the law. Lines about standards in public life, and doing things differently, don’t really work if you invite the sleaze in (far from incidentally, Elphicke also had a lucrative 2nd job while an MP, another thing Labour has been vocal about opposing). As Buckland’s lobbying disclosure clearly illustrates, the story of Elphicke’s involvement in her former husband’s trial is not a closed matter: more may very possibly come out, and when it does it will be the Labour Party’s problem.
The decision to let Elphicke become a Labour MP has been met with a mixed response within the party (Labourlist’s readers’ poll found more than 76 per cent thought it was the wrong call). Many people who have spent years in the party fighting for migrants’ rights, or a safer internal party (sexual harassment lawyer and former Labour aide Deeba Syed wrote that Labour’s new MP “abused her position of power and privilege to interfere with the criminal justice process”) or trade union rights (the TUC president described her views and past positions on trade union rights as “incompatible” with the party) feel a very raw anger that the door was opened to this person whose entire career has been a rebuke to them.
If you think this is an irrelevant consideration that big and clever politics can put aside, it isn’t: volunteer hours make the difference in tight races and internal discontent being aired in the press is not good. The leadership should treat the party it’s attached to as a resource, not a nuisance. It’s inevitable that sometimes the leadership will annoy the party: deciding when it’s worthwhile to spend political capital to do so is important. Natalie Elphicke, trailing days of stories about sexual assault, second jobs, and internal hypocrisy across the Labour party’s generally clean, well-polling floor, is not a good use of that capital.
Investment in London’s industrial market slumps to decade low as online sales fades
Investment into London’s industrial market has slumped to a decade low as demand for warehouse and logistics sites faded after the pandemic boom.
Just over £100m was spent on greater London industrial investment last quarter, down 62 per cent on the same quarter a year ago, figures by CoStar shared exclusively with City A.M reveal.
The last major transaction in Greater London occurred last year when Valor Real Estate acquired Tera 40 in Greenford for £146m.
CoStar said the price-per-square-foot of £301 on this deal was “less than half the record £709 the same investor paid to acquire two units on nearby Willen Field Road for £38m a year earlier”.
The pandemic saw shopping habits move predominantly online in response to social distancing laws, leading retailers to increase their warehouse space to manage orders and ship out more stock.
However, high inflation and a squeeze on living costs has led many customers to scale back on spending.
Other challenges such as high labour and material costs have also slowed down development numbers.
Mark Stansfield, senior director of UK Analytics at CoStar, said: “The past two quarters have been the weakest since 2014, the period before the e-commerce-inspired sugar rush that made industrial properties the darling of real estate investors at the expense of those in the retail sector.
“London has suffered disproportionately from price declines since the Bank of England began rising interest rates to combat runaway inflation two years ago.”
He added: “While some market participants report prime industrial yields rising by about 100 basis points during this period, average yields in the capital have risen by 200 basis points, far higher than the 150-basis-point outward yield shift recorded across the UK.”
Stansfield said: “Yields are now stabilising and hopes of interest rate cuts and better economic conditions on the near-term horizon, could lead activity to pick up in London in the coming months.”
Which Sports are the new Frontier for Gender Inclusivity?
Women in sports have long been at the forefront of breaking barriers and redefining the athletic landscape. From once being relegated to the side-lines, they now fiercely compete at the highest levels across a wide range of sports; the recent Madird Open final with Iga Swiatek’s victory against Aryna Sabalenka was arguably one of the greatest matches of the Open Era. Their achievements on the field, court, and track have not only shattered stereotypes but also paved the way for future generations of female athletes. Their impact extends beyond the sports field, shaping the narrative of athleticism and empowering generations worldwide.
Icons such as Serena Williams, Abby Wambach, Megan Rapinoe, Trischa Zorn, Simone Biles and many more have broken barriers, challenged norms, and advocated for equality in sports. They serve as role models not only for young girls but for aspiring athletes of all genders.
However, the journey towards gender equality in sports hasn’t been easy. Is it the sports or the environment we create and our society that has caused this painstaking long journey? In the case of football, achieving visibility for female matches took countless years compared to their male counterparts. Equality in prize money and pay is still a fundamental issue in some sports, with female athletes often receiving significantly less than their male counterparts and with female participation in tennis is still at only 15%; there is much still to be done.
Football and rugby have long been perceived as ‘un-lady like’ from the nature of play, presenting issues with uptake and spectators. Moreover, sports like golf have historically limited access for women in exclusive clubs, competitions, courses and restricted membership policies, further hindering their participation and advancement.
But in recent years, a sport that is steadily rising through the ranks, not only in the growth of its general uptake but also hailed by professionals and beginners alike as a gender neutral sport, is padel.
The dynamics of the game are naturally driven by experience and player level, not gender with many stating that key aspects of a successful game are “strategy and precision rather than brute force”. A padel commentator previously advised watching women’s professional matches as “there you will see tactics, shot selection and strategy.”
Glenn, a player at Stratford Padel Club commented: “I play many mixed matches and the key differences I have experienced with this sport are that strategy, shot selection, and technique beat a player with only power every day of the week.”
This dynamic racket sport is emerging as a beacon of inclusivity and equality in sports. Unlike traditional sports that often reinforce gender division, padel offers a level playing field where gender barriers are virtually non-existent, particularly at the amateur level. The sport’s smaller court size and slower ball speeds makes it more accessible, transcending gender disparities. Players are also assessed and ranked based on skill and strategy rather than physical strength, or gender, enabling both men and women to compete on equal footing.
This inclusive approach has led to a notable increase in female participation, with women representing 37.55% of total padel players globally (compared to just the aforementioned 15% in tennis). This number continues to rise steadily, driven by the sport’s increasing popularity and the emergence of notable female players like Ari Sanchez and Paula Josemaria, amongst others.
Glenn, also commented: “Generally speaking and from my experience, padel has stronger inclusion of women in comparison to the other sports I play. I have played in four cities and have seen some clubs where the gender split is near enough to 50/50.”
Marina, the female coach of Stratford Padel Club, expressed her admiration for the inclusivity of padel in a recent interview, “In padel, if a female plays against a male counterpart, they perceive her as another player, and see no difference playing against a female player – a contrast to many other sports.”
The professional padel scene for women is remarkably equal to that of men in terms of visibility, participation numbers together with fan engagement. Marina, emphasised: “Female padel matches enjoy the same visibility as that of males, unlike other sports which are typically male-dominated.” Although, while amateur padel embraces mixed-gender doubles matches and encourages collaboration between players of all genders, professional competitions often see separate tournaments for men and women.
Another racket sport emerging on the scene is pickleball, gaining attraction among women, senior adults and enthusiasts alike. Originating in the United States in the 1960s, pickleball combines elements of tennis and table tennis and is played on a smaller court with a paddle and perforated plastic ball. Its simplicity and accessibility has contributed to its rapid growth, with over 13.6 million players in the United States alone in 2023[1] with countries such as Canada, the United Kingdom (an increase of 87.5% of players in 2023, compared to 2022[i]), and Australia are also witnessing a surge in pickleball’s popularity. The number of pickleball venues in the United Kingdom also surged by 58%, reaching 449 compared to 284, the previous year.
Despite its relatively recent rise, pickleball has quickly become a favourite among women of all ages, who appreciate its low-impact nature and social aspect. According to the SFIA Single Sport Participation Report on pickleball, women’s participation has seen a faster growth rate than men, with a 17.6% increase year-over-year in 2021, compared to men’s 13.0% growth[2].
Dan & Adam – @thepicklebrosuk
(UK & Europe Pickleball Ambassadors) commented, “Pickleball has been an absolute breath of fresh air, it brings together communities and takes away any social boundaries between them.
With Pickleball the sport is open arms to all backgrounds and genders, it’s a sport for the people without prejudice.
It’s informal, fashionable and eclectic but most importantly an instant boost in positive headspace”
The popularity of both of these sports among women could be attributed to various factors, including their social nature, minimal physical impact, and accessible gameplay.
Both padel and pickleball emphasise teamwork and cooperation, fostering a sense of community, camaraderie, sportsmanship and empowerment among women of all ages and fitness levels; see here for CLA’s article on the benefits of sports for businesses. Not to mention the endless benefits to mental health, and in this week’s Mental Health Awareness week, sporting activities should certainly be embraced and endorsed. Regardless of gender or skill level, these racket sports provide an inclusive environment where players can thrive and enjoy the game together.
As both padel and pickleball gain popularity, they contribute to breaking down gender stereotypes in sports and paving the way for greater equality and representation. Let us continue to support initiatives shaping a more inclusive and equitable athletic landscape, where talent knows no gender boundaries.
[1] 2024 Sports & Fitness Industry Association (SFIA) Topline Participation Report
[2] Pickleball England
Shein favours London for blockbuster IPO as China fears spike New York float
Ultra fast-fashion retailer Shein could favour London instead of New York for its blockbuster IPO, as bosses at the global retailer failed to convince US lawmakers it is not controlled from China.
Executive chair Donald Tang told the Financial Times the Singapore-domiciled company had “made progress” in shooting down this belief but not enough to fully win them over.
Six months ago the disruptor in the low cost fashion space filed preparatory paperwork with the US Securities and Exchange Commission.
However, Shein is being probed by the House Select Committee on the Chinese Communist Party for ties to Beijing and its data privacy practices, damaging plans for a listing in New York.
Sources familiar with the situation told the outlet it may now begin prioritising its backup listing in London.
Last week, Reuters said Shein had started engaging with the London-based teams of its financial and legal advisors to explore a listing in the City earlier this year.
Tang said: “We want to explore all the options.“No decision has been made.”
A spokesperson for Shein declined to comment.
If the listing went ahead, it would be seen as a major boost for London’s financial market after waving goodbye to a number of high profile businesses such as TUI.
Shein is said to be valued at $66m (£52m).
While a mega success, the company has faced a number of controversies mainly around its workplace practices.
Shein had previously promised to improve workplace conditions for its employees but a recent report by advocacy group the Public Eye found some staff continue to work 75 hour weeks.
A Shein spokesperson said; “While we do not recognise many of the allegations in this report, the discussion on working hours and wages raised by Public Eye is important to us, and we have made significant progress on enhancing conditions across our ecosystem.
“The Public Eye Report is based on a sample of 13 interviewees and, though all voices in our supply chain are important, this small sample size should be seen in the context of our comprehensive ongoing process to continually improve our supply chain, which involves engaging with thousands of suppliers and workers within the supply chain.”
They added: “Shein is investing tens of millions of dollars in strengthening governance and compliance across our supply chain, as well as empowering our suppliers to build more successful and responsible businesses, and we will continue to make substantial investments in these areas. “
“These efforts are already delivering results, with our regular supplier audits showing a consistent improvement in performance and compliance by our supplier partners.”
Vistry lifts profit outlook and build target on demand for affordable homes
British housebuilder Vistry is on track to build close to 2,000 more homes than what it built last year, as it bucks industry trends off the back of affordable homes.
In an update on Thursday, the business formerly known as Bovis Homes, said it plans to complete 18,000 new homes this year, 500 ahead of previous expectations and a steady rise on the 16,118 completed the year before.
Last October, the FTSE 250 firm said it would focus solely on building affordable homes via its Partnerships business. This partners with local authorities and other social housing providers after a volatile housing market eroded demand for building in the private sector.
The company said it predicts half year and full year profit to be ahead of last year and “remains confident” in achieving £800m operating profit in the medium term.
Vistry is also currently in the process of completing a £100m share buyback following a £55m buyback programme launched in September.
Greg Fitzgerald, chief executive said: “The group has had a good start to the year with our unique Partnerships model clearly demonstrating its market resilience.
“Working closely with our partners, we are seeing good demand in the Partner Funded market and accompanied by an improving trend for our open market sales, are on track to deliver more than 10 per cent growth in completions in FY24, with half year and full year profit expected to be ahead of last year.
He added: “This is underpinned by our strong forward sales position totalling £4.9bn, up 10 per cent on the same position last year. We remain confident in our differentiated strategy and are making good progress towards our medium-term targets.”
It comes as sentiment in the housing market has shown signs of improvement this year, despite mortgage rates increasing and the central bank continuing to hold interest rates.
Earlier this year the CMA launched a probe into Vistry and a number of its peers following concerns about competition in the housebuilding sector and the country’s inability to meet rising demand for new homes.
The Competition Market Authority (CMA) said the year-long study identified a number of issues with the market, including complex planning regulations holding back housebuilding, poor quality of homes constructed and high estate management charges.
Watches of Switzerland: Rolex seller ‘cautiously optimistic’ as it posts modest growth amid ‘rich-session’
Watches of Switzerland, the British retailer which sells the likes of Rolex and Tag Heuer luxury items, said it was “cautiously optimistic” about trading over the next financial year as the firm reports modest growth.
This morning, the luxury FTSE 250 firm, reported a four per cent increase in group revenue to £380m over the 13 weeks to the end of April.
Shares have risen by over 15 per cent in early trade as markets respond to the news.
US revenue remained strong up 14 per cent on last year’s figure to £190m, but in the UK the figure slumped by four per cent.
The retailer blamed the impact of the tourist tax, noting that UK performance continues to be driven by “domestic clientele with minimal return of tourist spending due to the lack of VAT free shopping”.
As customers get savvy amid the cost of living crisis the business also reported a growing demand for second hand luxury Rolex watches and other pricey wares.
For the year ahead, Watches of Switzerland expects adjusted EBITDA to rise between just 0.2 -0.6 per cent.
Brian Duffy, chief executive officer, said: “We enter FY25 with cautious optimism. We have a terrific programme of showroom developments on both sides of the Atlantic with the Rolex flagship boutique on Old Bond Street, London; a 3,000 sq. ft Rolex boutique replacing the Mayors multi-brand in Atlanta, Georgia; and our first Rolex showroom in Texas in Plano.
“We are also looking forward to the Audemars Piguet Town House and the Mappin & Webb luxury jewellery showroom both in Manchester, and the expanded Patek Philippe space in Greenwich, Connecticut.
He added: “The inherent strength of the categories we operate in, coupled with our superior business model and retail expertise continues to set us apart. We remain focused on executing our Long Range Plan and are committed to the targets to more than double sales and Adjusted EBIT by the end of FY28.”
Watches of Switzerland is just one of many high end designers feeling the squeeze.
London’s global edge has kept it punching well above its weight
You’ve got the job, you’ve told your friends, you’ve even put it on your LinkedIn – and then it all falls apart. Something of a nightmare, and not just for the ego but it’s happening to foreign-born graduates of UK universities with visa issues.
HSBC and Deloitte are the latest to pull job offers, driven by the government’s new immigration starting salary rules. KPMG went first last month. Self-defeating, thy name is Britain.
There are two sides to this story: some have argued that without the tap of “cheap” foreign labour, firms based here will hire Brits. KPMG said as much. But London has never been a “Buy British” place.
We’re a small island in the North Atlantic with a convenient time zone, a universal-ish language and above all a global outlook.
That’s why, from day dot, our capital has punched above its global weight. It’s why we have some of the biggest financial institutions in the world, some of the best restaurants in the world, and a wildly overheated housing market. For good or ill, this is a global city. It won’t succeed as anything but.
The irony is that, other than the starting salary nonsense, post-Brexit immigration policy has broadly been success.
Tech firms in particular have found life easier than they suspected. The details and bureaucracy not nearly as bad as feared. But whilst small boats cross the channel and dominate the airwaves, the rhetoric instead ramps up.
The government’s new visa policies to get a job are damaging around the edges, but they’re more problematic as signalling.
In fact, it’s that that matters most. The noises off from our politicians have done little to tell Lithuanians, Lebanese and Lesothan entrepreneurs that the UK is the place for them to get a job. That has to change now.