New forecasts suggest household bills could rise more than £1,000 after another spike in wholesale prices
The energy price cap could reach nearly £3,000 in the Britain at the beginning of October, with the planned increase possibly being more than £1,000 according to a new forecast.
It is expected to rise to £2,980.63 for the next period, which runs between October and December, after another spike in wholesale demand prices last week.
Continue reading...Customers will be able to order from about 2,000 items online, including children’s clothes
Primark will trial a click-and-collect service in the UK, in the budget fashion chain’s first significant move into online shopping.
The high street retailer will launch the trial at 25 stores in the north-west of England by the end of the year, but said it would only cover children’s clothing and accessories, as the company – owned by Associated British Foods (ABF) – tries to draw more families into its stores.
Continue reading...Ukraine war, China lockdowns and Brexit help push up inflation, with products that rely on wheat worst hit
Food price rises in the UK could hit 15% this summer – the highest level in more than 20 years – with inflation lasting into the middle of next year, according to a report.
Meat, cereals, dairy, fruit and vegetables are likely to be the worst affected as the war in Ukraine combines with production lockdowns in China and export bans on key food stuffs such as palm oil from Indonesia and wheat from India, the grocery trade body IGD warns.
Continue reading...Shoppers air frustration at UK fast-fashion retailer’s failure to honour refunds after falling into insolvency
Customers of the collapsed fast fashion retailer Missguided will not receive refunds for returns, administrators of the business have confirmed.
It comes after the Manchester-based company fell into insolvency last month after racking up millions of pounds in outstanding payments to creditors.
Continue reading...Centrica boss also defends Amber Rudd’s appointment to its board as a non-executive
The British Gas owner, Centrica, has warned that Rishi Sunak’s windfall tax will “damage investor confidence” as Britain attempts to build up green energy supplies.
The Centrica chairman, Scott Wheway, and its chief executive, Chris O’Shea, hit out at the chancellor’s 25% levy on oil and gas operators’ excess profits, which will be used to pay for measures to reduce soaring energy bills.
Continue reading...Half worry rocketing prices will cut spending, while three in four fear long-term damage to businesses
Three-quarters of small and medium-sized companies are worried about the long-term impact the cost of living crisis, soaring energy bills and rising inflation will have on their business, a survey has found.
Just over half (51%) of SMEs said they were concerned that rocketing prices would dent consumer spending, in response to Barclays’ SME Barometer, a quarterly survey of business sentiment conducted for the bank.
Continue reading...One-off levy to fund support package amid cost of living crisis which could include increase in benefits
Rishi Sunak will push the button on a controversial windfall tax on energy companies on Thursday, as he lays out measures to ease the pain of rising household bills.
The chancellor has confirmed speculation he will announce fresh support for Britons struggling with the cost of living crisis. The measures are expected to help the poorest households as rampant inflation pushes up the price of everything from food to fuel.
Continue reading...Levy could be extended beyond oil and gas producers to help households in cost of living crisis
Rishi Sunak is reportedly considering imposing a wider windfall tax on electricity generators, as well as on oil and gas producers, that could bring in billions of pounds to help households struggling with soaring food and energy costs.
The chancellor has instructed Treasury officials to work on plans for a potential tax on more than £10bn of excess profits made by electricity generators, including windfarm operators, according to sources cited by the Financial Times.
Continue reading...Michael Lewis calls for substanstial government intervention to help people deal with costs
Consumers will have to cope with extraordinarily high fuel bills for at least another 18 months, the boss of Britain’s biggest energy supplier has said.
Michael Lewis, the chief executive of E.ON UK, called for “very substantial” government intervention to help people with escalating fuel bills, one of the biggest factors in the cost-of-living crisis.
Continue reading...Exclusive: Many tenants aged over 65 are already struggling, Independent Age research finds
Almost two-thirds of tenants over 65 have cut back on their general spending as a result of the cost of living crisis, and campaigners are warning that older people who do not own their homes are particularly vulnerable to rising bills.
Research shared with Guardian Money by the charity Independent Age puts the spotlight on the struggles of older tenants who are battling to keep up with rising household costs.
Continue reading...Now online traders are asking for at least twice the original £95 asking price of the special commemorative doll
The Queen and Barbie are both icons, so the combination was sure to be hot property – now a special platinum jubilee doll has sold out and become the subject of fierce bidding on eBay.
John Lewis said its stock of the £95 doll sold out in three seconds, and most eBay sellers are now hoping to sell the sought-after collectible for at least double that.
Continue reading...Dame Sharon White follows Tesco chief in urging UK government to help with rising energy and grocery bills
The boss of John Lewis has urged the governmentto intervene with a financial package of support to protect families from the cost of living crisis on the same scale as it did to help the nation deal with the Covid pandemic.
Dame Sharon White, a former second permanent secretary at the Treasury, said the government needed to act urgently as families struggle to pay utility and food costs as energy bills and inflation soars.
Continue reading...More than 2.7m attempted frauds interrupted, including fake celebrity endorsements and extortion emails
Britain’s cybersecurity unit has reported a record crackdown on internet scams after tackling more than 2.7m attempted frauds last year, a near-fourfold increase on the figure for 2020.
The National Cyber Security Centre (NCSC), an arm of the GCHQ spy agency, said the interrupted scams included fake celebrity endorsements and bogus extortion emails. It stressed, however, that the increase in detection reflected aggressive targeting by the unit rather than an increase in scams.
Continue reading...ONS says a quarter of households in survey are struggling to pay bills such as fuel and food
Almost 90% of British households reported an increase in their cost of living last month as they were hit by escalating fuel, food and borrowing costs.
Heaping further pressure on Rishi Sunak to increase his support for those on low and middle incomes, the Office for National Statistics said a quarter of all those in its survey were struggling to pay their bills and 17% had turned to loans or borrowing on credit cards to make ends meet.
Continue reading...Move comes 16 years after collapse of Christmas savings club Farepak, which left thousands unable to access cash
New laws are to be announced this week aimed at protecting the hundreds of thousands of Britons who use savings clubs to put money aside for Christmas or pay for other items in advance.
The government said it would also look at whether there were other sectors posing risks to people who prepay for goods or services, and whether similar protections were needed. Home improvements and weddings are two examples of big-ticket items where people frequently hand over substantial sums in advance.
Continue reading...Serious health and safety risks costing NHS £340m a year, public accounts committee report finds
More than one in eight privately rented homes in England pose a serious threat to people’s health and safety, costing the NHS about £340m a year, according to a report from a committee of MPs.
It also uncovered evidence of unlawful discrimination, with an estimated one in four landlords unwilling to let to non-British passport holders.
Continue reading...Money saving expert says UK government must do more to ensure people can heat homes and have enough food
Britain’s self-titled money saving expert Martin Lewis has warned that civil unrest over rising energy bills “isn’t far away”, as he repeated his call for more government intervention to protect people.
Lewis said he was the most scared he has been for people’s finances since he founded his popular website in 2003. It has traditionally offered advice on which bank accounts or phone providers may be cost-effective, and has been a regular port of call for people looking to switch energy provider and save money.
Continue reading...Britons face a shock as household costs soar – and some unexpected items such as beer also go up
It’s been dubbed “bleak Friday” by some: pre-announced price rises for many household bills are to take effect on 1 April, adding to the misery for consumers who are already paying more for goods and food than this time last year.
Continue reading...Popularity of ‘finfluencers’ providing stock tips and flaunting lavish lifestyles is rising as younger demographic looks to invest
The corporate watchdog has warned Instagram and other social media influencers that they need a licence to give financial advice and face up to five years in jail if they break the law.
In a new information sheet aimed at so-called “finfluencers”, issued on Monday, the Australian Securities and Investments Commission (Asic) took aim at social media stock-tippers who promise big returns or promise the investments they recommend are as good as putting money in the bank.
Continue reading...Hamptons expects sums to become 54% of post-tax income for average rented household in Great Britain
Tenants already struggling with the cost of living crisis typically face having to find an extra £1,000 this year to cover higher rent and essential bills, research shows.
The estate agent Hamptons said tenants’ finances faced a record squeeze as higher rents and energy bill increases combined to pile more pressure on households in Great Britain.
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