costs

The United States has hosted its first critical minerals summit aimed at challenging China’s dominance of the global supply chain for rare earth elements. But political economist Stefan Zylinski warns that Global South countries are likely to bear the greatest cost from any plan conceived by the Global North.

BRITAIN’S first-ever Michelin breakfast tasting menu has just arrived – but how does it really compare to a cheap fry up?

The five-course meal is found at the Four Seasons Hotel’s Pavyllon restaurant on London’s swanky Park Lane, setting you back a whopping £70 for the ‘basic’ option.

On the menu are lobster dishes and decadent French toast – for an extra slice of luxury, you can even add a side of caviar at an extra fiver A GRAM. 

Bizarrely there’s not even a whiff of a Full English listed on the extravagant menu, and a morning cuppa will add even more to the extortionate price.

And if you go for the £20 juice pairings and add 15 per cent service charge, the bill tops £100 a head.

But is it worth it? I decided to give the fine dining option a go and compare it to my favourite fry-up at the Regency Café just over a mile away in Pimlico – which is a tenth of the price.

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Pavyllon’s £100 breakfast

The tasting menu, only available at weekends, kicks off with a sweet pastry. 

From the tray of delightful-looking tarts our friendly waiter brought over I picked out the ‘special’ – a light, crisp and buttery pastry filled with gooey pistachio cream and glazed with clementine marmalade. 

As I’d added in the drinks pairing I washed it down with a tiny cold moka, a chocolate-infused coffee topped with Chantilly cream. 

Up next was a lobster croast – a Pavyllon invention where the topping sits on a toasted croissant. 

As tasting menu diners are seated at a counter around the open-plan kitchen I could watch senior sous chef Nicholas Bussi prepare it, delicately dolloping spoonfuls of lobster mayo onto the croissant followed by rocket leaves and heaps of freshly grated parmesan.

It tasted out of this world, while the pineapple and cherry juice pairing added a sharp hit.

Then came a chia seed pudding soaked overnight in coconut milk and served with sticky mango and pineapple pieces. 

A sprinkling of salt added a twist, although the celery and apple juice pairing failed to excite. 

Next, eschewing the egg muffin which came with the optional caviar – the Benedict version had the menu’s only bacon – I chose instead the chef’s weekly special.

The beautiful wafer-thin omelette filled with prawns and cod roe in a lobster bisque was the stuff of dreams and came paired with a beetroot flavoured alcoholic-free kir royale.

Somehow I managed to squeeze in an indulgent French toast, made with brioche-style bread and caramelised hazelnut and tasting like your gran’s best-ever bread and butter pudding. 

A couple of cappuccinos added a further £16 to the bill so with the 15 per cent service charge, my bill ended up coming out to a staggering £121.90.

The Regency Café’s £10 breakfast

This well-known greasy spoon is decidedly down-to-earth, with formica tables, traditional half-mast checked café curtains and black and white photographs.

The 80-year-old caff may seem familiar – it’s appeared in films and TV shows like Layer Cake and Judge John Deed. 

If you go on a Saturday (it’s closed on Sundays) you’ll likely have to queue to get served at the counter. 

But when I visited on a wet Wednesday I could order immediately and opted for the popular set breakfast – two bacon rashers, a sausage, a fried egg, tomatoes or beans plus bread or toast and a mug of tea or instant coffee. 

Priced at a very reasonable £9.99 you can also add extras like bubble and squeak for £1.75 or chips for £3.50.

I managed to find myself a table, and tucked in. My bacon was done to perfection – thick cut and browned to a crisp yet chewy in the middle. 

The chunky banger was beautifully seared while the tomatoes were lightly singed on top yet juicy inside. 

My egg was slightly overdone – no oozing yolk – and if I was being picky I’d have liked more butter to smear on my white sliced toast. 

The tea however was tasty and piping hot.(Just don’t ask for anything fancy like a cappuccino – I’d asked for decaf tea and was told sternly, “Eh? We have tea.”). 

None of the meal was greasy and afterwards I was comfortably full without that sickly-stuffed feeling. 

Verdict

When it comes to the Pavyllon breakfast taster menu, the variety and the surprise element kept adding exciting twists.

I’m still dreaming of that lobster croast which I would happily have by itself without the rest of the menu.

And with the experience lasting a leisurely two hours, I didn’t need to eat again for most of the day.

But I’ve got to agree with social media reviews – The Regency Cafe is surely London’s best fry-up.

While the eggs were the slightly let down, I was seriously impressed with how well cooked the bacon and sausages were.

And at £10 it’s fantastic value for money – so with the alternative being a £120 pricetag? I’ll stick with the greasy spoon, thanks. 

Plans for the city of Neom, once envisioned as the future of Saudi Arabia, have reportedly been dealt another blow, with Crown Prince Mohammed bin Salman, ordering a reevaluation of the project

Ambitious, controversial, and startlingly futuristic in its design, the city of Neom was intended to drastically change the future of Saudi Arabia, helping the country diversify beyond its oil-dependent economy.

Now, plans for the uniquely striking metropolis have been scaled back considerably, with spiralling costs and mounting delays meaning the extortionate project may well now be “far smaller” in scale. Launched by Crown Prince Mohammed bin Salman, with an eyewatering budget of £365bn, the £6.8tn mega-city was initially given a deadline of 2030, with the most striking feature set to be The Line.

In a design straight out of a sci-fi film, The Line was intended to be a row of mirror-clad skyscrapers, stretching 125 miles across the desert, and connected by leafy walkways. Reaching a half-kilometre into the sky, these bold structures were intended to accommodate some nine million residents, meeting the needs of a country whose booming population of 35 million is now outgrowing existing cities.

READ MORE: Huge £6.8tn mega-city spanning 125 miles of desert faces massive issue

Built on just 34 square kilometres, these properties were designed with “a reduced infrastructure footprint” in mind, “creating never-before-seen efficiencies in city functions”. According to the Neom website, “The ideal climate all year round will ensure that residents can enjoy the surrounding nature. Residents will also have access to all daily essentials within a five-minute walk, in addition to high-speed rail, with an end-to-end transit of 20 minutes.”

Unfortunately for Saudi Arabia, which has already poured billions into this project, the practical realities of such an endeavour have hampered the original vision, and it’s believed construction could now be significantly cut back.

As reported by The Times, the Crown Prince has grown increasingly frustrated about delays to his grand plan for diversifying the nation’s economy over the course of the next decade, and has already postponed or scrapped various other projects.

Now, the de facto ruler has ordered a reevaluation of Neom, which he has previously hailed as a way to “tackle the challenges facing humanity in urban life today” and to “shine a light on alternative ways to live”. It’s thought likely this lofty mission will now change tack somewhat, focusing on smaller-scale goals such as artificial intelligence data centres.

One source familiar with the ongoing matter told the publication that this review is still in progress, and that it is not currently clear whether or not The Line would continue on as a more modest, manageable project.

Neom was initially envisioned as including a 6,500 square kilometre nature reserve, alongside the mountainous retreat Trojena, anticipated to feature Saudi Arabia’s debut outdoor ski slopes, freezing winter conditions and a “moderate year-round climate”.

However, while Trojena had originally been scheduled to welcome the 2029 Asian Winter Games, officials have acknowledged it won’t be completed on time. Indeed, at the time of writing, the only part of the project to open so far is the Red Sea yachting resort of Sindalah, widely regarded as a costly failure, which ultimately led to the firing of Neom’s chief executive.

The extravagant launch party, which saw 40 private yachts docked at the resort, while guests were treated to performances from Will Smith and Alicia Keys. Crown Prince Mohammed reportedly wasn’t pleased by the outcome, however, and had questions about the steep price tag.

The Mirror has reached out to Neom for comment.

Do you have a story to share? Email me at julia.banim@reachplc.com

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WASHINGTON — Donald Trump’s promises on affordability in 2024 helped propel him to a second term in the White House.

Since then, Trump says, the problem has been solved: He now calls affordability a hoax perpetrated by Democrats. Yet the high cost of living, especially housing, continues to weigh heavily on voters, and has dragged down the president’s approval ratings.

In a poll conducted this month by the New York Times and Siena University, 58% of respondents said they disapprove of the way the president is handling the economy.

How the economy fares in the coming months will play an outsize role in determining whether the Democrats can build on their electoral success in 2025 and seize control of one or both chambers of Congress.

With housing costs so central to voters’ perceptions about the economy, both parties have put forward proposals in recent weeks targeting affordability. Here is a closer look at their competing plans for expanding housing and reining in costs:

How bad is the affordability crisis?

Nationwide, wages have barely crept up over the last decade — rising by 21.24% between 2014 and 2024, according to the Federal Reserve. Over the same period, rent and home sale prices more than doubled, and healthcare and grocery costs rose 71.5% and 37.35%, respectively, according to the Fed.

National home price-to-income ratios are at an all-time high, and coastal states like California and Hawaii are the most extreme examples.

Housing costs in California are about twice the national average, according to the state Legislative Analyst‘s Office, which said prices have increased at “historically rapid rates” in recent years. The median California home sold for $877,285 in 2024, according to the California Assn. of Realtors, compared with about $420,000 nationwide, per Federal Reserve economic data.

California needs to add 180,000 housing units annually to keep up with demand, according to the state Department of Housing. So far, California has fallen short of those goals and has just begun to see success in reducing its homeless population, which sat at 116,000 unsheltered people in 2025.

What do the polls say?

More than two-thirds of Americans surveyed in a Gallup poll last month said they felt the economy was getting worse, and 36% expressed approval for the president — the lowest total since his second term began.

The poll found that 47% of U.S. adults now describe current economic conditions as “poor,” up from 40% just a month prior and the highest since Trump took office. Just 21% said economic conditions were either “excellent” or “good,” while 31% described them as “only fair.”

An Associated Press poll found that only 16% of Republicans think Trump has helped “a lot” in fixing cost of living problems.

What have the Democrats proposed?

The party is pushing measures to expand the supply of housing, and cut down on what they call “restrictive” single-family zoning in favor of denser development.

Senate Minority Leader Chuck Schumer (D-N.Y.) said Democrats plan to “supercharge” construction through bills like California Sen. Adam Schiff’s Housing BOOM Act, which he introduced in December.

Schiff said the bill would lower prices by stimulating the development of “millions of affordable homes.” The proposal would expand low-income housing tax credits, set aside funds for rental assistance and homelessness, and provide $10 billion in housing subsidies for “middle-income” workers such as teachers, police officers and firefighters.

The measure has not been heard in committee, and faces long odds in the Republican-controlled body, though Schiff said inaction on the proposal could be used against opponents.

And the Republicans?

A group of 190 House Republicans this month unveiled a successor proposal to the “Big Beautiful Bill,” the sprawling tax and spending plan approved and signed into law by Trump in July.

The Republican Study Committee described the proposal as an affordability package aimed at lowering down payments, enacting mortgage reforms and creating more tax breaks.

Leaders of the group said it would reduce the budget deficit by $1 trillion and could pass with a simple majority.

“This blueprint … locks in President Trump’s deregulatory agenda through the only process Democrats can’t block: reconciliation,” said Rep. August Pfluger (R-Tex.), who chairs the group. “We have 11 months of guaranteed majorities. We’re not wasting a single day.”

Though the proposal has not yet been introduced as legislation, Republicans said it would include a mechanism to revoke funding from blue states over rent control and immigration policy, which they calculated would save $48 billion.

President Trump has endorsed a $200-billion mortgage bond stimulus, which he said would drive down mortgage rates and monthly payments. And the White House, which oversees Fannie Mae and Freddie Mac — the two enterprises that back most U.S. mortgages — continues to push the idea of portable and assumable mortgages.

Trump said the move would allow buyers to keep their existing mortgage rate or enable new homeowners to assume a previous owner’s mortgage.

The Department of Justice, meanwhile, has launched a criminal investigation into Federal Reserve Chair Jerome Powell over the Fed’s renovation costs, as Trump bashed him over “his never ending quest to keep interest rates high.”

The president also vowed to revoke federal funding to states over a wealth of issues such as childcare and immigration policy.

“This is not about any particular policy that they think is harmful,” Rep. Laura Friedman (D-Burbank) said. “This is about Trump’s always trying to find a way to punish blue states.”

Is there any alignment?

The two parties are cooperating on companion measures in the House and Senate.

The bipartisan ROAD to Housing Act seeks to expand housing supply by easing regulatory barriers. It passed the Senate unanimously and has support from the White House, but House Republicans have balked, and it has yet to receive a floor vote.

A bipartisan proposal — the Housing in the 21st Century Act — was approved by the House Financial Services Committee by a 50-1 vote in December. It also has yet to receive a floor vote.

The bill is similar to its twin in the Senate, with Rep. French Hill (R-Ark.) working across the aisle with Rep. Maxine Waters (D-Los Angeles). If approved, it would cut permitting times, support manufactured-housing development and expand financing tools for low-income housing developers.

There was also a recent moment of unusual alignment between the president and California Gov. Gavin Newsom, who both promised to crack down on corporate home buying.

What do the experts say?

Housing experts recoiled at GOP proposals to bar housing dollars from sanctuary jurisdictions and cities that impose rent control.

“Any conditioning on HUD funding that sets up rules that explicitly carve out blue cities is going to be really catastrophic for California’s larger urban areas,” said David Garcia, deputy director of policy at UC Berkeley’s Terner Center for Housing Innovation.

More than 35 cities in California have rent control policies, according to the California Apartment Assn. The state passed its own rent stabilization law in 2019, and lawmakers approved a California sanctuary law in 2017 that prohibits state resources from aiding federal immigration enforcement.

The agenda comes on the heels of a series of HUD spending cuts, including a 30% cap on permanent housing investments and the end of a federal emergency housing voucher program that local homelessness officials estimate would put 14,500 people on the streets.

In Los Angeles County, HUD dollars make up about 28% of homelessness funding.

“It would undermine a lot of the bipartisan efforts that are happening in the House and the Senate to move evidence-backed policy to increase housing supply and stabilize rents and home prices,” Garcia said.

The president’s mortgage directives also prompted skepticism from some experts.

“Fannie Mae and Freddie Mac were pressed to get into the riskier parts of the mortgage market back in the housing bubble and that was a part of the problem,” said Eric McGhee, a researcher at the Public Policy Institute of California.

Carney has been under pressure from the opposition to lower prices of food and other essentials for lower-income people.

Canadian Prime Minister Mark Carney has announced a multibillion-dollar package as part of a series of measures aimed at lowering the costs of food and other essentials for low-income families.

On Monday, Carney announced a five-year 25 percent boost to the Goods and Services Tax (GST) credit that starts this year.

The GST credit, which is being renamed the Canada Groceries and Essentials Benefit, will provide additional, significant support for more than 12 million Canadians, Carney said in a statement.

The government will also provide a one-time top-up equivalent to a 50 percent increase this year to eligible residents.

“We’re bringing in new measures to lower costs and make sure Canadians have the support they need now,” Carney said.

The measures would cost the government 3.1 billion Canadian dollars ($2.26bn) in the first year and between 1.3 billion Canadian dollars ($950m) and 1.8 billion Canadian dollars ($1.3bn) in each of the following four years, he told reporters at a news conference, according to the Reuters news agency.

While overall consumer price inflation in Canada has eased and came in at 2.4 percent for December, “food price inflation remains high due to global and domestic factors, including supply chain disruptions, higher US tariffs from the trade war and climate change/extreme weather”, Tony Stillo, director of Canada Economics at Oxford Economics, told Al Jazeera.

The government is also setting aside 500 million Canadian dollars ($365m) from the Strategic Response Fund to help businesses address the costs of supply chain disruptions without passing those costs on to Canadians, and will create a 150 million Canadian dollar ($110m) Food Security Fund under the existing Regional Tariff Response Initiative for small and medium enterprises and the organisations that support them.

Changing landscape

“The global landscape is rapidly changing, leaving economies, businesses, and workers under a cloud of uncertainty. In response, Canada’s new government is focused on what we can control: building a stronger economy to make life more affordable for Canadians,” Carney said.

The new measures were unveiled on the day Parliament resumes after its winter break.

Opposition parties have urged Carney to reduce prices of daily goods, especially as sections of the economy have come under pressure from United States President Donald Trump, who has slapped 35 percent tariffs on the country as well as separate tariffs on steel, aluminium and lumber, leading to job losses in those sectors.

Over the weekend, Trump escalated his threats and said he would impose a 100 percent tariff on Canada if it makes a trade deal with China. Carney has been working on diversifying Canada’s exports away from the US, its biggest trading partner and to which nearly 80 percent of its exports went last year, including by increasing business with other markets like China.