Economics THE WorLD IN BrIEF October 2024 BMW Shares plummet State pension to increase Google to pay €2.5 billion & More. . . Apple vs Ireland Tax Battle
German car manufacturer BMW has recalled more than 1.5 million vehicles due to a braking system issue, costing the firm around €1 billion and forcing them to revise their plans for the year. The fault in the braking system affected many of BMW’s most popular models, including the luxury 3-series and high performance M-models. The delayed response to the situation ignited debates about the responsibility of manufacturers to address these defects proactively, especially considering that vehicles were affected across 5 countries, including 370,000 in China and 270,000 in the US. A BMW spokesman stated that the company “has developed a diagnostic software to detect the brake fault before it occurs” to alert a driver of a potential brake fault with a warning to get a system replacement as soon as possible at a dealership, free of charge. Continental AG, the suppliers of the braking systems for several BMW shares plummet after vehicle recalls for brake system fix By Anurag & Euan BMWmodels such as the RollsRoyce, Mini Cooper and countryman, has assured that only a “small proportion” of the systems it supplies to BMW are affected. Although BMW said that the system in newer models was not a safety issue, the extra cost under warranties would lead to a “high three-digit million amount”. The announcement quickly caused a plunge in share prices by 11%, hitting a four-year low. To further aggravate the situation, sluggish demand in China has further impacted sales. BMW states “The competitive landscape in core markets, including China and the USA was significantly affecting both volume and price realisation”. However, with a market cap of €46bn, the firm’s priority remains to maintain its public image rather than to save costs by not recalling vehicles. The 11% drop in share price caused a drop in confidence for investors. This translates to a significant sell-off for BMW. In 2023, BMWs market capitalisation was estimated at approximately 60 billion euros meaning the 11% drop wiped out roughly 6.6 billion off its market value in a single day. The investor anxiety surrounding the situation led to further volatility, which was accentuated from BMWs lack of proactiveness to address the problem quickly. A similar situation occurred at Volkswagen in 2015 when its stock plummeted by 40% following an emissions scandal, as investor confidence collapsed due to concerns about the company’s handling of its environmental compliance. As a result of this, BMW expects significant drops in its earnings before interest and taxes. The €46bn firm has lowered its 2024 forecast, predicting a slight drop in vehicle deliveries, whilst also reducing its profit margins from about 10% to about 6%. This recent announcement presents itself as another setback for the European stock car-making industry, coming soon after the consideration of Volkswagen closing its German factory. European carmakers face rising labour costs, the pressure to shift to green energy, and increased competition from Chinese electric vehicles in local markets. To recover from the loss BMW have cut their 2024 earnings to 6-7%, down from a range of 8-10%. The company now expects its annual return on capital to be between 11 and 13%, down from 15 to 20%. BMW also anticipated a slight decrease in worldwide deliveries in 2024, which contradicts a slight increase that was previously predicted. What is Tata Steel? Tata Steel Limited is an Indian multinational steel-producing company headquartered in Mumbai, Maharashtra. Tata steel is part of the Tata group which is India’s largest conglomerate of companies with an estimated revenue of around $160 billion as of 2024. Tata steel operates in 26 different countries with its key operations being in India, The Netherlands and The UK and it employs around 80,000 people. Tata produces steel for various industries such as automotive, construction and engineering. Recently the company has been striving for a greener future. By 2045, Tata Steel aims to be carbon neutral additionally they are investing in hydrogen based technologies to manufacture steel. However recently Tata Steel has made a controversial decision to transition towards electrical arc furnaces which has resulted in public uproar. What is happening at Port Talbot? Tata steel has an industrial blast furnace plant located in Port Talbot, Southwest Wales. In January 2024 Tata Steel announced that it would be laying off about 2800 workers in the Port Talbot plant within the next 18 months leaving many people fearing for their financial stability in the coming future. Not only will this cause financial instability within families, but it will also hurt the supply chain of the UK as it is believed that it is essential for a large country to produce its own steel. port Talbot - 2800 jobs to go By Corey & Aayan However, Tata steel have announced that they have prepared a large fund of about £13.5m to support laid-off workers. In June 2024, Port Talbot’s situation seemed much worse because there were now worries that many contractors would also lose their jobs, pushing the total job loss to about 4000. Many contractors feel ‘overlooked’ by Tata and they believe that they perform a vital role in the company and so they are shocked and devastated that they are now facing structural unemployment due to a mismatch between the workers’ skills and the jobs now available to them. Why is this happening? Tata steel – Port Talbot had two large blast furnaces which were responsible for melting down steel and iron. These blast furnaces were very costly, and The Tata Company said that the blast furnace operation was incurring losses of £1m a day and that the operation was financially unsustainable as of January 2024. Moreover, the two blast furnaces were the largest polluters in Wales, producing around two tonnes of carbon dioxide for every tonne of steel they produced. This caused the Tata steel company to decide to close the blast furnaces and replace them with an electric arc furnace cutting emissions by 15 – 20% and cutting costs too. The first blast furnace closed in July 2024 and the company plans to close the second by the end of September 2024. These closures have caused many jobs to fall into redundancy leading to thousands of workers being laid off as well as hundreds of contractors for the Tata Steel Company. The Future As of September 2024, Labour has confirmed a package of £500 million worth of subsidies to help the Tata Steel company to transition into the electric furnaces. The new deal proposed will come at no additional cost to taxpayers. Additionally, Ministers add that the Tata Steel Company must keep at least 5000 workers in Port Talbot to keep the money. This will allow greater job security with the company and will help to prevent layoffs in the future. For the laid off workers, they are being urged to accept a voluntary redundancy deal where they will be entitled to a minimum £15,000 payout in addition to a £5000 payment for training for a skilled job in the future. For the full-time workers, Tata steel have offered 2.8 weeks pay for each year of service, up to a maximum of 25 years. Furthermore, the new electric furnace is said to create at least 500 jobs which will help offset the huge loss that the company and the UK economy has incurred. The new government has that they will be watching and helping not only Tata steel but many other manufacturing companies to prevent more layoffs in the future.
Apple has been caught red-handed by the European Court of Justice, taking an illegal ‘sweetheart deal’ that allowed Apple to access a tax rate of less than 1%. The ruling means that Apple will be forced to pay Ireland €13 billion to cover the tax avoided by this lower tax deal. But why? The trial began in 2016, and the European Commission confirmed its 2016 verdict, “that Ireland granted Apple unlawful aid, which Ireland is to recover.” This is significant as it was a win for the Commission and also “for the level playing field of the internal market and for tax justice,” but this trial needed a reason to be reviewed. This case revolves around the lower tax rates Ireland provided to Apple and was instigated by EU competition chief Margrethe Vestager, who accused Ireland of giving Apple an illegal tax deal. The Commission ruled that Ireland must recover €13 billion, or £11 billion, from Apple for providing illegal tax advantages. “The original decision covered the period from 1991 to 2014 and related to the way in which profits generated by two Apple subsidiaries based in Ireland were treated for tax purposes.” Apple’s tax structure in Ireland excluded the profits generated from the intellectual property licences held by its international and European arms, which amounted to state aid. Apple vs Ireland - €13 Billion Tax Battle By ollie & Bilal Why does Ireland hold such significance for tech companies like Apple? The key reason is that Ireland lowered its corporation tax to 12.5%. Corporation tax is a type of direct tax levied on the income or capital of corporations. So it’s easy to see why Apple would be interested in investing in Ireland. As a result, Irish GDP increased by 26% in 2016 after Apple restructured to place patents and intellectual property in the country. The investment caused an economic windfall, but Ireland also benefited from the improved infrastructure after the capital investment from Apple. Apple even spent €10 million in government funds on legal fees defending its tax situation in Ireland, but with little success. However, Ireland does not want the money. Why? The ruling from the European Court of Justice nowmeans Ireland must recover the lost taxes. The trade bloc itself has extensive powers to regulate state aid and argued that by applying very low tax rates to Apple, Ireland was granting it an unfair subsidy. While this was a victory for the European Commission in stopping big companies from bending the rules, Ireland argues that it shouldn’t have to pay back the taxes as it considered the loss worthwhile to make Ireland an attractive home for big companies like Apple. Despite the disagreement, the Irish government will respect the ruling. For Apple, the consequences are significant, as they now have to pay €13 billion to Ireland. In a statement, Apple expressed disappointment, saying they were “disappointed with today’s decision as previously the General Court reviewed the facts and categorically annulled this case.” Apple’s reputation is tarnished, even with the new iPhone 16 releasing the day before the ruling. The ruling has significantly impacted Apple and will this effect any future investment from Apple in Ireland? In summary, due to Ireland’s attractive low tax rates for many transnational corporations (TNCs) such as Apple, it is very likely that Apple will invest in Ireland again. However, this significant ruling has cost Apple €13 billion, damaged the relationship between Apple and Ireland, and could affect Apple’s confidence in future investments in the country. On September 20th Apple launched the completely redesigned iPhone 16 and unlike most years where the release of the iPhone is met with a collective shrug, this year is actually different. Typically, we look forward to the same device with a new paint job and a slightly improved camera, but this time around, Apple has something extremely game-changing – Apple AI. This is more than just Siri capable of setting reminder alarms. It is the most sophisticated system of intelligence that Apple has ever built and will affect the way people use their phones. Most critically for Apple, it will create demand for the iPhone 16 that will be unprecedented. According to reports, Apple AI is expected to have capabilities that rival other major AI technologies like Google Assistant and Amazon Alexa, but with a far deeper integration into the phone’s core system, providing a more seamless user experience. There was no ambiguity in the statement made by Apple’s chief Tim Cook to the effect that iPhone 16 is the “first iPhone designed for the Age of Apple Intelligence.” Simply that will already raise the appetites of both the techno geeks and the average users, thus making this aspect a great marketable feature. At last, Apple is bringing out a model with AI capabilities that go beyond offering cookery tips. It promises to be a proper aid and friend that adapts to users’ habits and behaviours to ease existence for them. Additionally, Cook stated that this new AI would have the power to process tasks and provide recommendations faster than any other iPhone model, thanks to its new A18 chip. FromDynamic Island Comes Dynamic AI We witnessed this last year when Apple launched the iPhone 15 with the coined name ‘Dynamic Island.’ In the beginning, it appeared to many as nonsense. Why was there a strange bubble located on the screen? But when the users began to explore it more, the growth in sales was recorded by 3 percent year-on-year, resulting Apple ¡phone 16 - AI app to boost sales of ¡phone 16 By Audvik & Kieran in iPhone revenues reaching 43.8 billion USD. If a simple feature such as Dynamic Island can achieve those kinds of figures, it is easy to predict the reaction to the launch of Apple AI. Apple AI focuses on enhancing the day-to-day utility, intuitiveness, and intelligence of the new iPhone 16. One of the aspects of new functionalities includes Smart Assist, which will understand the consumer’s behaviour patterns and make appropriate suggestions even before the need occurs. Book an Uber? Before you open your travel application, Smart Assist will already have it booked. It’s like having a virtual secretary wherever you go, without any of the embarrassing small talk. This feature is also set to integrate deeply with third-party apps and services, making it easier to connect to tools like Spotify, Netflix, and Google Maps without ever needing to navigate manually. Creative people are likely to find the use of Apple AI even more beneficial. The Pro Studio in-built application, for instance, enhances your images and videos to professional levels without the need for utmost input from the user. This is a great attraction for people who wish to produce wellmade content without learning how to use difficult programs for editing. Therefore, whether you are a content creator or a typical person who just loves taking beautiful pictures, Apple AI is sure to turn out to be useful. In fact, early previews of the Pro Studio app have shown it can adjust lighting, shadows, and colours in real-time, and even automatically suggest the best filters to match your style. Is the technology still in development? Bewildering as it may seem, there is one more catch in the narrative. While the iPhone 16 has been launched with a lot of content of Apple AI, the actual feature is somehow not incorporated into the devices yet. Yes, they sold the phone without the full-fledged AI software in it. Excessive promises with the AI have been made by the company in June during the World Developers Conference and later during the launch of the iPhone 16, but unfortunately, they are still under wraps. It seems that Apple has over-promised this year. Analysts believe this delay might be due to the complexity of the software integration or a desire to ensure everything is flawless before a full public release, but it does introduce a slight pause in the excitement. In some cases, this equally extended period of the rollout could restrain some of the initial excitement, especially for the first-time consumers who want to have a fully operational AI from the very beginning. Although Apple has let people down, they will take advantage of this period with expectations of promoting every update which is now filled with more and more content for iPhone 16. It is a policy that allows the gadget to grow and become more functional over time, and in the end, can prove to be a positive factor in increasing the sales even further and in maintaining prolonged interest iPhone 16 Sales: Will AI Assist in Boosting It? Certainly. Given that Apple AI has a very late launch of the features, it can be inferred that the impending iPhone 16 sales will be very high. There is no question about it, everyone wants a more intelligent, more customised smartphone! The updates make it easy for people to understand why this technology is worth the wait. Moreover, with the iPhone 16 already selling out in many major markets within hours of its release, it is clear that excitement remains strong, despite the delayed AI integration. In view of how Apple continues to build up excitement and loyalty amongst its users, iPhone 16 is not just another phone. It is a device that actually gets better the more you use it. As consumers realise the full potential of Apple AI, demand for the iPhone 16 is expected to soar, making it not just a phone, but a long-term investment in innovation. This is exactly the kind of tech upgrade that will push sales to new heights.
What determines the amount the state pension increases? Under the arrangement of ‘triple lock,’ every year the state pension increases by one of three things: either 2.5%, inflation or average earnings growth - whatever is higher. How does this affect pensioners? More than 12 million people currently receive this pension: People who became pensioners after 2016 will receive £230.05 a week which becomes £11,962.60 a year (which is the £460 increase.) However, the people who became pensioners before 2016 will receive £176.30 a week which becomes £9,167.60 a year (which equates to only a £353.60 increase) State pension to increase by £460 by next year By Max & Matthew What are some reasons for this increase? This increase comes as a response after the government chose to cut winter fuel payments for pensioners which meant they were left with less money therefore some wouldn’t be able to afford heating over the winter months. More than 9 million pensioners last year were paid £300 by the government in order to pay for heating. However, this stopped as Rachel Reeves transformed this system into means-testing for these pensioners anyway. Howmuch of the pension is received? Only about £210 represents an actual increase (and this is before regarding the income tax paid on the income tax rise). After pensioners are no longer paid £300 for winter fuel, they will still be worse off financially as they have been given an insufficient amount to account for inflation. Some may have to choose between ‘heating and eating’ Although the rise in state pensions may seem useful, experts have deduced that it may not fully compensate for the cuts to winter fuel payments. As a result, it may leave some pensioners with the choice between heating and eating. Money expert Martin Lewis stated, “This winter, most pensioners are facing, looking at energy bills alone, a typical £500 higher cost compared to last year.’ Furthermore, there are up to 800,000 of the poorest pensioners, who aren’t claiming pension credit, who get less than the full state pension. Additionally, they will also miss out on the winter fuel payment even though they should get it. As a result, the government is aware of these pensioners but are unable to help due to difficulties in the system. Seeing that many pensioners will endure this winter without winter fuel payments, they will have to cut back on energy use in order to eat. Consequently, this could leave many older citizens with cold, damp homes which could possibly lead to health problems. Google to pay a 2.4bn Euro fine, for abusing the market dominance of its shopping comparison service By Danyal & Seth On September 10th, Google lost an appeal to dismiss a 2.42 billion euro fine levied by EU antitrust regulators seven years ago. In 2017, the European Commission fined the tech giant for abusing its market dominance with its shopping comparison services. The fine imposed was the largest in the Commission’s history, yet it was soon supplanted by larger fines on Google in 2018. This defeated appeal marked the end to a long-running case that was initially brought by the British firm Founded in 2009, when the UK was a member of the EU. Shopping comparison site Kelkoo marks this victory with a post on twitter that the appeal’s defeat was a “win for fair competition and consumer choice”. This is bad news for Google as it raises questions of other search engine misuses within Alphabet that are currently under investigation by the European Commission and the US federal government. Since 2017, the firm has been subject to additional fines. For example, in 2018, it was fined 4.3 billion euros for unfair promotion of its own apps using Android software, followed by a further 1.5 billion euros in 2019, for blocking adverts from rival search engines. On the market front, over 800 other comparison shopping services have benefited from billions of clicks over the past 7 years. Google’s strong financial results reflect the rapid growth of Internet advertising in general, and their popularity in particular. Since Google’s extraordinary growth in 2000, it has expanded its broad product portfolio and size to handle goods beyond its original search tool. This has put the company in a position where it is rival with the top three influential companies in the high-tech marketplace, with Apple, IBM and Microsoft. However, the products are only a partial means of success, and a more significant $175 billion in revenue belongs to its advertising based on users search requests - 57%. Within this case, European legislators argued that Google was actively using its dominance in the digital market to preference its own services. This has severe implications on publishers and advertisers, who are prevented from competing with Google’s goods and services on a level playing field, hindering growth in these provider’s businesses. In fact, a 2019 market study performed by the UK Competition and Markets authority determined that advertisers were spending around 1.8 billion pounds annually on opendisplay ads, marketing goods and services via apps and websites to UK consumers. Google is unique in that it became one of the first major platforms to use digital content for advertising purposes. As a digital marketing provider, formally known as an ad tech stack, it facilitates the digital marketplace. This high degree of control contributes to fears of market manipulation. However, fear cannot be prosecuted. UK’s Competition and Market Authority founded that Google has been abusing its dominant position since 2015. Through the operation of both its buying tools (i.e Google Ads and DV360) and its Publisher Ad Servers (i.e. DFP), the position of AdX’s market position is strengthened and protected from competition with other change as AdX gives publishers access to a larger pool of advertisers. The CMA has provisionally found that since at least 2015, Google has abused its dominant positions through its buying tools and publisher ad server in order to strengthen AdX’s market position to protect AdX from competition from other exchanges. In 2009, Google was accused of anti-competitive practices in opendisplay ad tech. The Competition and Markets Authority believed this could harm thousands of UK publishers and advertisers.
Vodafone and Three are two telecommunication companies that run in competition in a rapidly evolving industry. For years, both companies have been falling behind, failing to keep up with far larger and more successful rivals such as BT, O2 and EE. However, this is looking to change due to the potential merge which has both many positives and negatives. Noticeably, these negatives are solely experienced by consumers and the many various companies involved in and around the industry. Whilst this happens, the benefits are reaped by the two companies themselves that have little to lose from this merger. Therefore, this has led to many questions being asked without any answers about the future of telecommunications and economic moral reasons as to whether its right for a company to have so much power. vodafone clashes with watchdog over Three merger By Sam & Yash This planned merger is viewed as a possible breakthrough moment in the UK telecoms industry, with the merged business poised to dominate the market in terms of scale and infrastructure. Supporters of the merger claim that it would result in major investments in 5G technology, which is critical to maintaining the UK competitive in the global digital economy. Both Vodafone and Three have pledged to invest extensively in increasing coverage, with the goal of offering quicker and more reliable services to neglected rural regions. This might help overcome the digital gap, improving connection for both enterprises and people. Potential Benefits of a Vodafone and Three Merger One of the primary benefits of the planned Vodafone-Three merger is the possibility for considerable investment in 5G infrastructure, which may dramatically improve the UK’s digital and telecoms environment. Vodafone and Three have agreed to invest £11 billion over the next decade, with a focus on increasing 5G coverage to more than 99% of the population by 2034. This would not only increase network speed and stability, but it would also eliminate the connectivity gap between urban and rural regions, giving millions of people quicker internet access than they presently have. The merger would pool resources, allowing the businesses to install 5G infrastructure more effectively, lowering operational costs and raising funds for investment in next-generation technologies. The newly merged business would become the UK’s largest mobile operator, boosting its capacity to compete with market leaders EE and O2. This increased competitiveness may encourage all big businesses to enhance their services and develop quicker, thereby benefiting customers through better pricing and technical breakthroughs. Furthermore, a more financially stable corporation may be able to provide companies and customers with more dependable and inexpensive service options, thanks to increased economies of scale. Vodafone and Three also believe that increasing network capacity would encourage innovation in areas that rely on high-speed mobile internet, such as smart cities, autonomous cars, and the Internet of Things (IoT), propelling the UK’s digital economy ahead. Concerns Over Partnership Despite the potential benefits, Vodafone is facing opposition from UK regulators over the proposed £15, billion merger with Three: the UK’s Competition and Markets Authority (CMA) has raised concerns that the merger could reduce competition leading to higher prices and fewer choices for consumers. Vodafone and Three both argue that the merger is vital in order to improve 5G infrastructure and enhance services across the UK- hence benefiting consumers. However, regulatory watchdogs (like the CMA) are worried that this partnership could lead to less competition in the telecoms market. In a competitive market, multiple companies offer similar services, which force them to keep prices fair and continually work on improving their quality to attract customers. However, if a few big companies dominate ( Vodafone & Three), they might not face the same pressure to lower prices or improve services. This consolidation means the merged company would be able to raise prices or reduce options; therefore lead to customers with fewer, potentially worse, choices. The outcome of this clash will be crucial for the future of the UK’s telecoms market. Negative Impacts on Job Security and Industry Innovation Beyond consumer prices and choice, there are more concerns about the potential negative effects of the merger, particularly on employment and innovation. Large mergers often result in cost-cutting and quite efficient measures to maximise profits, which could lead to significant job cuts. Vodafone and Three may look to streamline operations, which could lead to large redundancies across different departments. Thousands of jobs could be at risk. While the companies argue that the merger will drive investment and growth, job losses could have a short-term negative impact on the workforce. Overall, it is clear that this merger will have great potential to cause a large monopoly in the UK telecommunications industry. The negative effects of this are mainly on consumers who will be forced to have less choice and increased prices which will eventually create a knockon effect of more profit for Vodafone and Three and, hence increased prices for consumers. While Vodafone and Three argue that the merger will enhance 5G infrastructure and drive technological growth, it is crucial to consider whether these benefits will outweigh the risks of reduced competition and consumer detriment. As the debate continues, the decision made by regulators will not only shape the telecom industry but also serve as a key moment for evaluating corporate power and its effects on the economy as a whole.
Kate Raworth’s Doughnut economics is a groundbreaking critique at modern day economic thinking and ideologies. The book revolves around “reimagining” economics by moving away from an “inherently degenerative linear industrial system,” towards a newmodel, the Doughnut. Consisting of an inner ring of basic social foundation, surrounded by an outer ring of the Earth’s ecological boundaries. She provides a compelling argument for a shift away from the heavily GDP-fixated thinking, stating that an economically focused society is dangerous and does not include the threats of environmental sciences of the present day on future generations, and how she is both fascinated and petrified by our ignorance towards it. Raworths’s Doughnut model acts as a symbol of economic balance, opposing the conventional GDP growth focused economy which dominated since the 20th century. The space within the donut represents the social foundation, which are society’s basic needs, Doughnut economics book review By Adarsh & Nick including food, water, education and healthcare. The doughnut itself represents a “safe and just” zone where humanity can thrive without overshooting planetary limits whilst not leaving people in deprivation. Lastly, outside the doughnut represents the ecological ceiling, to ensure that humanity does not break global boundaries. This model is fascinating as it completely disregards the globally accepted linear model, and replaces it with an elegant yet simple one. The book systematically breaks down the conventional economic methods in 7 ways, starting with Raworth explaining her “new way to think”. A particularly intriguing chapter ‘change the goal’ was the main critique Raworth had for conventional Economics where she depicted her innovative and fresh approach of limiting focus on GDP to measure Economic Growth. Instead she advocates for the use of measures regarding social well-being and Environmental Health alongside GDP in measuring the growth of a certain Economy. Further into the book, Raworth explores our traditional attitudes towards Growth in “Be agnostic to Growth”. Here Raworth addresses the infinite and blind pursuit of Growth in our Economies Everyday. She argues that while growth may be essential for developing countries, in higher income countries she promotes ‘Growth Agnosticism,’ an approach where sustainability and well-being are prioritised over Growth. To conclude, ‘Doughnut Economics’ is an intriguing and captivating read, providing particular interest for those wanting to explore newer and more sustainable methods and ideologies regarding the Conventional Economy. Raworth confidently calls out the issues and problems to do with traditional Economic thinking, its current and future negative impacts on people’s well being and the Environment, replacing themwith a more sustainable and social approach to Economics. Method 1. Boil the pasta for 8 minutes 2. In a large pan heat the oil and add the crushed garlic 3. Once the garlic starts to brown add the harissa, mascarpone, and grated parmesan. Mix it all together, it should turn into a thick sauce. 4. Add some of the pasta water into the sauce. 5. Add the spinach into the sauce. 6. Once the eight minutes cooking time has ended, drain the pasta, and add to the sauce. 7. Let all the spinach wilt and then serve. Optional: grate extra Parmesan before serving. Ingredients 1 tablespoon of Olive oil 2-3 garlic cloves – crushed 1-2 large spoons of Rose Harissa – Belazu Rose Harissa 1-2 large spoons of Mascarpone 40-50g of grated parmesan – Waitrose and M&S do a Vegetarian Parmesan 100-150g – Baby Spinach 300g – Pasta Mrs Carr's rose Harissa & Mascarpone recipe
www.rgshw.com created by the rGSHW Economics department Part of Involvement. Designed by Invo Design sales@invo-design.co.uk Editors: Jerome & Nico
RkJQdWJsaXNoZXIy ODA2Njk=