dimanche 15 novembre 2026

The world faces a new credit crunch

The War Room: Play our interactive game | The greatest sporting moments of the 1950s
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Britain’s most popular daily newsletter, read by more than 850,000

Sunday, 15 November 2026

Issue No. 630

Good morning.

For years after the 2008 financial crash, cheap money fuelled a global borrowing boom. However, as interest rates have begun to rise while governments and tech giants compete for capital, the tide is turning. From struggling British businesses to debt-laden utility companies, the consequences of a gathering credit crunch are beginning to emerge, and the squeeze has only just started. Szu Ping Chan, our Economics Editor, reports.

Elsewhere, today we launch The War Room, an interactive game where you can test your decision-making skills in the event of a Russian invasion of Europe. It is prescient and a little terrifying, but well worth your time.

Allister Heath, Sunday Telegraph Editor

P.S. As a valued reader, we’re giving you four months of The Telegraph for 25p each. If you’re already a subscriber, make sure you’re logged in to read today’s stories.


 

In today’s edition

The War Room: Play our interactive game

—

Ranked: The greatest 30 sporting moments of the 1950s

—

Plus, what exercising before 8am does to your brain and waistline

 
 

Email exclusive: four months for just 25p each

Unlock trusted, first-hand reporting, free-thinking opinion and a wealth of practical advice.

 

The world is facing a new credit crunch

Szu Ping Chan

Szu Ping Chan

Economics Editor

 

With 785 apartments demanding rents of $4,200 (£3,181) a month, Los Angeles’ 64-storey skyscraper the Beaudry sounds like a property developer’s dream. So why did its owner choose to hand back the keys?

Brookfield, the Canadian company that built the tower, decided last month that walking away made more sense than refinancing the $360m loan attached to it. It’s a cautionary tale about a global financial system being tested to its limits.

For almost two decades, money was cheap. In the wake of the 2008 financial crisis and the credit crunch it triggered, central banks around the world slashed interest rates to close to zero. Easy borrowing kept economies afloat.

But in recent years, that reality has been shattered. Inflation has come roaring back in the wake of energy shocks and wars, sending interest rates soaring. At the same time, governments have borrowed heavily to fund ballooning spending. Add into the pot AI companies spending historic sums, and you have a dangerous cocktail.

“Governments across the developed world are running huge deficits,” Larry Fink, the boss of BlackRock, said last month.

“That borrowing is now colliding with tremendous demand from the private sector, much of it from technology companies.”
Continue reading ➤

 

The War Room: Can you outsmart Russia?

Dominic Nicholls

Dominic Nicholls

Associate Editor (Defence)

 

This scenario is fictional. It is summer 2027. An uneasy ceasefire in Ukraine has held since December 2026, but Russia has not demobilised.

Belarus is demanding Poland and Lithuania grant access for medical workers to drive to the Russian city of Kaliningrad via the Suwalki Gap to assist in a Covid-like crisis. Elsewhere, religious tensions flare on the Estonian border with Russia, and some ships from the Russian Baltic fleet have been deployed towards Kaliningrad.

The time is 0500 CET (Central European Time) on D-Day, the first day of this crisis.

You are the UK’s representative on Nato’s decision-making council.

You have been rudely awoken by your military assistant who tells you in breathless tones to look at The Telegraph’s live news blog...

After the success of our live event a week ago, we have decided to make our War Room game available to you all.

While it is a bit of fun, it is also a reflection of a world of growing threat and hybrid warfare, and it questions how well the West is equipped to respond.

The power is in your hands. Can you beat Russia back?
Play the game ➤

 

Opinion

Robert Tombs Headshot

Robert Tombs

Nobody wants to talk about the Muslim slave trade

It has taken the government of Malawi to remind the world of the role this country played in fighting it

Continue reading ➤

 
 
Daniel Hannan Headshot

Daniel Hannan

The war on climate change has failed. Only self-loathing Britain hasn’t noticed

Continue reading ➤

 
 
Janet Daley Headshot

Janet Daley

Welfare is a national crisis. It’ll take a battle to the death with the Left to fix it

Continue reading ➤

 
Matt Cartoon
 

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In other news

Taine Plumtree and Blair Murray celebrate a famous Wales win

 

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Essential reads

In 1954, Sir Roger Bannister became the first person to run a mile in under four minutes

Ranked: The greatest 30 sporting moments of the 1950s

What are the greatest sporting events of our time? Today, Telegraph Sport launches a new series to celebrate the most significant sportspeople and pivotal moments that defined the 20th and 21st centuries. Beginning with the 1950s, we’ll work through the eras before ranking an all-time top 50. We invite readers to contest the order and point out those who may have been overlooked.

Continue reading ➤

 

Britain’s chief prepper: If the worst happens, everything stops

Lord Harris of Haringey has a warning: a major power blackout could bring everyday life to a standstill. From dead mobile networks to empty supermarket shelves, the chairman of the National Preparedness Commission explains why the country is more vulnerable than we think, what keeps him awake at night and how we should all prepare.

Continue reading ➤

 

I caught a shoplifter – and saw why our courts are at breaking point

It was an August afternoon in the Sussex town of Arundel when I reported my first shoplifter to the police, writes Charles Hymas. Unkempt, and with an electronic tag on one of his ankles, he took half a dozen bottles of beer from the fridge in the Co-op store on Queen’s Street and walked out without paying. Fast-forward 15 months, and, last Thursday, Jim Cosgrove was standing before magistrates. The staff and courts were slow to act, but I was determined to make sure that he faced justice.

Continue reading ➤

 

Your Sunday

What exercising before 8am does to your brain, sleep and waistline

As the mornings grow darker and colder, dragging yourself out of bed for a workout can feel like a tall order. So, does exercising first-thing offer any particular advantages? From sharpening concentration to burning fat for fuel, two experts explain what happens when you get moving in the morning.
Continue reading ➤

     

    Calder’s Corner

    Cape Verde – where even the e-gates are welcoming

    From a window seat on the Airbus to Cape Verde, the view comprises patches of blue ocean interspersed with large, soupy swathes of cloud.

    But about 1,800 miles out from the UK on Thursday, my journey was enlivened by the sight of Spain’s highest mountain floating magnificently off the starboard wing. Teide, the volcanic massif that dominates the island of Tenerife, had burst clear of the clouds.

    Down below, though, mid-November holidaymakers were enduring grey skies from Playa las Americas to Puerto de la Cruz.

    At this time of year, every mile nearer the Equator can pay off. Investing an extra two hours of flying time beyond the Canary Islands means the warmest of welcomes in the tropical Atlantic archipelago of Cape Verde. Not just the ever-charming islanders and the high-20s temperatures – even the e-gates are visitor-friendly. I was through passport control within seconds.

    Just 15 minutes after touchdown, I was wandering through the pastel-painted cottages and cafes of the capital, Praia – a Portuguese prototype for the cities of the New World – and mapping out a week of sunny adventures among the westernmost fragments of Africa.
    Read more from Simon here ➤

     

    one great life

    Bruno Peek, 40 years as Pageant Master to Elizabeth II

    Bruno Peek, who died last Sunday aged 75, was abandoned as a baby and spent several years in a children’s home; but he rose to become Pageant Master for more than 40 years to Elizabeth II, writes Andrew M Brown, Obituaries Editor.

    Specialising in beacons, he organised chains of flaming torches in Britain and across the Commonwealth for the late Queen’s Golden, Diamond and Platinum Jubilees as well as commemorations for several VE Day anniversaries.

    He also founded the Millennium Beacon Project, in which some 1,400 ceremonial fire beacons were lit around Britain to mark the millenium, after he presented the Queen with a torch to light the first beacon on the River Thames.

    Bruno Peek presents the Millenium torch to Elizabeth II

    Peek had been driven to succeed after the hardship of his early life and then the tragedy of his brother George’s drowning in an accident aged 23, an event which, he said, “made me feel I had to succeed at something for my mother”.

    “I never dreamt I’d meet the Queen,” he said. “I still pinch myself.”
    Read his full obituary ➤

    Plus, sign up to the Characters Newsletter for a daily celebration of the ingenious, the outrageous and the brave ➤

     

    On this day

    1899 | Morning Post reporter Winston Churchill is captured by the Boers in Natal

    2018 | David Hockney’s Portrait of an Artist (Pool with Two Figures) sells for $90.3m (£68.2m), a record for a living artist

    2018 | The details of Andrew Mountbatten-Windsor’s infamous interview with Emily Maitlis are made public (see our coverage in the following day’s paper)

    2023 | The UK Supreme Court rules the Conservative government policy to send asylum seekers to Rwanda is unlawful

    Birthdays
    : Jonny Lee Miller (54), Mahmoud Abbas (91)

    Front Page
     

    Puzzles

    Panagram

    Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including The 1% Club, Cogs, and Quick, Mini or Cryptic Crosswords.


     

    Yesterday’s Panagram was GLORIFIED. Come back tomorrow for the solution to today’s puzzle.

     

    Thank you for reading.

    Allister Heath, Sunday Telegraph Editor

    I’d love to hear what you think of this newsletter. You can email me your feedback at fromtheeditor@telegraph.co.uk.

     
     

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    samedi 14 novembre 2026

    System meltdown grounds US flights

    Lord Cameron: Alzheimer’s drove my mother to beg for death | Trans law risks sending teachers to prison, school leaders warn
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    Britain’s most popular daily newsletter, read by more than 850,000

    Saturday, 14 November 2026

    Issue No. 629

    Good morning.

    Millions of people could face ruined travel plans this weekend after a nationwide ground stop in the US last night caused havoc in the skies. Britain joined Europe in suspending all transatlantic flights after an unprecedented outage led to thousands of delays and cancellations, with planes stranded in the air for hours. Simon Calder, our travel expert, explains that it could take some time for airports to get back to normal.

    Elsewhere, Lord Cameron has revealed how his mother repeatedly begged his sister to kill her as Alzheimer’s disease took hold. The former prime minister told Laura Donnelly, our Health Editor, that Mary Cameron had become increasingly distressed that she was losing her mind, and pleaded with Clare, her younger daughter, to end her life.

    Chris Evans, Editor

    P.S. As a valued reader, we’re giving you four months of The Telegraph for 25p each. If you’re already a subscriber, make sure you’re logged in to read today’s stories.


     

    In today’s edition

    Trans law risks sending teachers to prison, school leaders warn

    —

    Blue wave or blip? Texan voters on historic midterm result

    —

    Plus, practical rainwear is stylish now, in time for the wet weather

     
     

    Email exclusive: four months for just 25p each

    Unlock trusted, first-hand reporting, free-thinking opinion and a wealth of practical advice.

     

    US airport chaos will take days to fix

    Simon Calder

    Simon Calder

    Travel Correspondent

     

    The shutdown of US aviation at absolute peak time yesterday afternoon is going to tear up the travel plans of at least a million people, maybe more.

    More than 5,000 flights were cancelled and 10,000 were delayed in the US alone, with the chaos expected to ripple out across the world’s airports this weekend.

    Thankfully, there does not seem to have been any evil intent behind the system shutdown. It is, I’m afraid, yet another case of air traffic control equipment not being quite smart enough.

    You’ll recall the British Nats system failed along with its backup system on August bank holiday 2023. On that occasion, we had 2,000 flights cancelled, and hundreds of thousands of passengers had their travel plans badly disrupted. This, though, is of an entirely bigger order of magnitude.

    It’s particularly concerning to people who are booked to travel transatlantic from the US to the UK. If you are with British Airways or Virgin Atlantic, you’re covered by air passenger rights rules. The airline must provide hotels and meals for you. But if you’re on American Airlines, Delta or United, those don’t apply when you are flying from a US airport, so you could be on your own.

    Such is the scale of the disruption that, with pilots, passengers, cabin crew and planes all in the wrong places, it is going to take days before people are back where they need to be.

    System meltdown grounds all US flights ➤

    Follow the latest news in our live blog ➤

    Listen to the latest episode of Simon’s podcast, The Travel Expert ➤

     

    David Cameron: My mother asked my sister, ‘Will you kill me? You know how to do it’

    Laura Donnelly

    Laura Donnelly

    Health Editor

     

    “Will you kill me? You know how to do it, Clare.”

    Those were the desperate words of Mary, Lord Cameron’s mother, to his sister as Alzheimer’s disease tightened its grip.

    Speaking to me this week, the former prime minister movingly described the anguish of watching his once formidable mother lose her independence, her ability to communicate and, long before that, her will to live.

    He also spoke candidly about his regrets over what more he could have done in government to improve dementia care, and his determination to make breakthrough Alzheimer’s treatments available on the NHS.

    For me, this was a particularly poignant conversation. My own mum was diagnosed with Alzheimer’s seven years ago, so I know something of the heartbreak this disease can bring.

    Lord Cameron’s account also brought home why we cannot accept the current state of dementia care as inevitable.

    The first drugs shown to slow Alzheimer’s are now licensed in Britain, but remain unavailable on the NHS. Patients face long waits for diagnosis, while too few are offered the chance to take part in clinical trials.

    He believes ministers must do more. His family’s story is a reminder of just how much is at stake.

    This interview is available only to subscribers.
    Continue reading ➤

     

    Opinion

    Jonathan Aitken Headshot

    Jonathan Aitken

    Russell Brand has asked me to pray with him, but I doubt his faith is genuine

    Right now the comedian appears to be on an ego trip about himself rather than on a true journey towards God

    Continue reading ➤

     
     
    Charles Moore Headshot

    Charles Moore

    A reminder of hard power – as seen from the Rock of Gibraltar

    Continue reading ➤

     
     
    Sophia Money-Coutts Headshot

    Sophia Money-Coutts

    Don’t mention ‘Xmas’ – and other words I’m outlawing this Christmas

    Continue reading ➤

     
    Matt Cartoon
     

    To make sure you don’t miss our newsletters when they land in your inbox, click here.

    In other news

    • The head of the SAS regimental association has accused the BBC of misleading the public as part of a witch hunt against troops. An SAS source said coverage had been “vexatious and fallacious”.

    • The Bayesian superyacht sank off the coast of Sicily because of the “incompetence” of its crew, not because of design faults, Italian investigators have claimed.

    • An asylum camp next to the Oxfordshire village of Piddington will pose a risk to women and girls living nearby, the Government has admitted.

    • Scotland Yard has launched a criminal investigation into “serious” sex abuse claims against David Walliams. The force said it had received a number of complaints about non-recent sexual offences.

    • Rhododendrons are at risk of extinction after this summer’s extreme weather. The flower was particularly affected because it originates from cool, moist mountain environments.

    Pink rhododendron flowers at Bodnant Gardens, North Wales

     

    Weekend reads

    Trans law risks sending teachers to prison, school leaders warn

    The National Education Union, Britain’s biggest teaching union, is preparing to challenge Labour’s conversion therapy bill amid fears that teachers could face criminal prosecution for how they handle pupils who want to change gender. School leaders and governors warn that the proposals could put staff in an impossible position, forcing them to choose between safeguarding rules and the risk of a prison sentence of up to five years. Lawyers say even enforcing single-sex lavatories and changing rooms could fall foul of the legislation, which the Government insists will not criminalise ordinary safeguarding.

    Continue reading ➤

     

    Maude Apatow plays Sally Bowles in the Rebecca Frecknall revival of Cabaret in 2023

    The 50 greatest musicals of all time, ranked

    Musical theatre has always generated debate. For everyone who thinks Stephen Sondheim is a god, there are those who think he is wilfully recondite and that we should all worship instead at the altar of Rodgers and Hammerstein. Is there little to admire beyond the commercial nous of Lord Lloyd-Webber? Are jukebox musicals simply shameless cash cows? In her definitive list, lifelong devotee Marianka Swain ranks her top 50. While all the above are included, there are some curveballs guaranteed to make you start scouring Spotify (or YouTube, if you prefer). Does the list honour Cabaret, Cats, Carousel and Camelot, and what is at number one?

    Continue reading ➤

     

    Revealed: Britain’s most desirable suburbs and commuter towns

    Telegraph Money has identified 24 of the most sought-after locations across the UK, with plenty of green space, a friendly community and a major city and urban amenities within easy reach. As prices slow and competition drops, now might be the time to make the move to one of these desirable neighbourhoods.

    Continue reading ➤

     

    Blue wave or blip? Texan voters on historic midterm result

    It is difficult to imagine a path to a Republican presidency without Texas and its 40 electoral college votes, but in the midterms the Democrats turned the tide, writes Poppy Coburn, host of The Right Track. Voters I spoke to have dared to believe that the state will remain blue in two years. Now there is a historic opportunity for the party to take advantage of demographic changes and a weakened Republican Party before the presidential race. Time will tell whether the remarkable midterm result was a mere blip, or the first sign of a consequential and permanent change.

    Continue reading ➤

     

    Your saturday

    Practical rainwear is stylish now, in time for the wet weather

    We’re in for an especially chilly and soggy winter, according to forecasters. Thankfully, fashion brands have stepped up to offer plenty of practical solutions that still feel stylish – there was even a parade of cagoules on the Chloe catwalk at Paris fashion week. Allow Tamara Abraham to help you get kitted out before the deluge, whether it’s mastering your waterproof footwear or finding an elegant solution to going umbrella-free.
    Continue reading ➤

       

      Food for thought

      Don’t know what you’re going to eat this weekend? We’ve got you covered. Every Saturday, Diana Henry, The Telegraph’s award-winning cookery writer, brings you three recipes for a perfect weekend meal, while William Sitwell shares his view from the culinary world – and a recommendation or two.

      Poached pears with sloe gin and blackberries

      Diana Henry

      Diana Henry

       

      It was a piece on pears that got me my first commission as a food writer. I had never sat down and thought about their texture, colour and flavour but I’d obviously been doing it subconsciously, because the copy fell on to the page. Focusing on a food in that way makes you appreciate it more.

      Part of the reason I love pears is that they don’t get their due. Apples are so annoyingly bright and optimistic – always picked from the fruit bowl first. Ask me what my last meal would be and I’d say pears baked in Marsala. Whatever you poach or bake peeled pears in, the flavour – and colour – penetrates their flesh. Red wine, hibiscus syrup, sloe gin – they all have the power to change the pear without cancelling out its essential “pear-ness”. Try these pears with sloe gin and blackberries to find out.

      Butter and brown-sugar-baked pears with rice pudding

      Last week, I ate pears that had sat in red-wine syrup for so long they were almost black. Gorgeous. They would have been good nestled in almond or hazelnut frangipane in a tart – what a contrast of flavours and colours! Contrast is not always what you want: these brown-sugar-baked pears served with rice pudding, for example, make a harmonious autumnal dessert.

      Pear and bitter-leaf salad with Gorgonzola Dolce, ricotta and hazelnuts

      One of my favourite salads, meanwhile, is pear, chicory, blue cheese and nuts, made with slices of perfectly ripe pear or slices fried in a little butter until golden. Last Christmas, I made this for a meal that was full of big flavours and I wanted to soften the impact of the blue cheese. The result was this pear salad with Gorgonzola Dolce, ricotta and hazelnuts. If you make it, try to get fresh ricotta, rather than longer-life versions from the supermarkets, if you can. It will make all the difference.

      One final tip: pears will ripen in a bowl on the kitchen table but perfect ripeness is fleeting. You need to keep an eye on them and pounce at the right time to make that salad. Even unripe, hard-as-brick pears soften with heat. There will be pudding, then, even with the most unpromising specimens.

      Find me here every Saturday and in my Recipes newsletter, which you can sign up to here.

      Meanwhile, the ceiling has quite literally come down on William Sitwell’s business...

      William Sitwell

      William Sitwell

       

      After a restorative visit from our local painter decorator, all seemed calm this week at The White Hart in West Somerset.

      Then it started raining, which it does in these parts, non-stop from October to May. All the better for a cosy pub and restaurant, you might think.

      Except the weather exposed a hole in our business plan. In the name of muddling by (these are trying times for hospitality businesses, remember), we had chosen not to address a hole in the roof and instead opted to paint over stains caused by water ingress.

      Which is probably why, after a good rain shower during dinner, the ceiling quite literally came down on my business.

      It left the back hall – where the back door meets the main staircase leading up to the guest rooms (we are higgledy-piggledy exemplified) – resembling a model village in post-tsunami pose.

      This wasn’t just a physical collapse, it was a metaphor. Patched jobs return to haunt you. So, have I learnt my lesson? Yes, but under this Labour Government, it’s one I can’t afford to put into practice. Instead, as I write, we’re patching up the ceiling, hoping this autumnal bout of sunshine will last for a bit longer yet.

      Fixing the damn roof will have to wait.
      Read William’s full column ➤

       

      Your say

      Early birds

      Every weekday, Orlando Bird, our loyal Reader Correspondent, shares an off-piste topic that has brought out the best of your opinions and stories.

      Orlando writes...
      Is lateness ever excusable? That was the question in Wednesday’s newsletter, in which I confessed to my own occasionally elastic understanding of time. Thanks to everyone who replied, even in order to upbraid me.


       

      “It is absolutely unforgivable,” writes Glennis Toms, “as it shows a flagrant disregard for other people’s time.”

      However, she highlights another vice: “The insistence on being ridiculously early for everything – appointments, flights, events of any kind. My husband does this and it means that we frequently waste a lot of time hanging around waiting.”


       

      Another reader commends “the age-old Armed Forces maxim: ‘Never be later than five minutes early’. It works well in both formal and social settings”.


       

      Patrick Hodgson, meanwhile, recalls how, during his career, “if anyone was late to a meeting, they tended to get most of the tasks, and maybe a cheap clock for Secret Santa”.


       

      I mentioned the Cornish term “dreckly”, used to denote something that is unlikely to happen any time soon. The Rev Colin Leyshon draws attention to “a lovely phrase we have in the Welsh Valleys: ‘I will be there now in a minute’.” That’s the spirit.


       

      In yesterday’s newsletter, I questioned whether a British accent really does attract special treatment in the US, on the grounds that it never has for me. Maybe I’m the problem. “I lived there for seven years,” replies one reader. “Getting wrong numbers could keep me on the phone for an hour or more because the caller ‘loved my accent’.”

      Another recalls: “On a visit to American friends in South Carolina, we were invited to join them for dinner with members of their extended family. I noticed their 12-year-old nephew had been looking at me with undisguised curiosity for some time, when eventually he said: ‘Gee, you sound just like Harry Potter’.”

      That’s all from me for this week folks. I’ll be back on Monday to bring you the best Telegraph talking points. In the meantime, you can contact me here.

      Please confirm in your reply that you are happy to be featured and that we have your permission to use your name.

       

      Puzzler’s corner

      Welcome to Andrew Baker’s Saturday quiz. Test your knowledge below to see if you have been paying attention to our newsletters this week...

      1. What position is held by Dame Antonia Romeo?

      2. Which award did 81-year-old M John Harrison win this week?

      3. Diana Henry, our food expert has written beautifully of her childhood in a small seaside town in Northern Ireland. Which town?

      4. Julian Hipwood captained England’s team in which sport?

      5. Which astronaut took the first “space selfie” on the Gemini 12 mission in 1966?

      Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including The 1% Club, Cogs, and Quick, Mini or Cryptic Crosswords.

      Panagram

      Yesterday’s Panagram was CONFORMED. Come back tomorrow for the solution to today’s puzzle.

      Plus, can you tackle The 1% Club? Scroll down to see if you got the questions right – and play for free on our website and app.

       

      On this day

      1851 | Moby-Dick by Herman Melville is first published in the US

      1994
      | First public trains run through the Channel Tunnel, linking England and France

      2015 | End of the Bataclan Siege in Paris. Shortly before 1am, French security forces storm the theatre, where terrorists had held hostages and killed 90 people (see our coverage in the following day’s paper)

      Birthdays | Travis Barker (51), Condoleezza Rice (72), the King (78)

      Telegraph front page
       

      Thank you for reading. Have a fulfilling day and I hope to see you tomorrow.

      Chris Evans, Editor

      I’d love to hear what you think of this newsletter. You can email me your feedback at fromtheeditor@telegraph.co.uk.

      Quiz answers:

      1. Cabinet Secretary
      2. The Booker Prize
      3. Portstewart
      4. Polo
      5. Buzz Aldrin
       

      The 1% Club answers:

      1. June
      2. Escapades
      3. K
       
       
       

      Email exclusive: four months for just 25p each

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