Motorists could be hardest hit after Russia and Saudi Arabia extend cuts to supplies
Motorists are braced for higher pump prices after the cost of oil climbed above $90 a barrel for the first time this year as Russia and Saudi Arabia extended cuts to supplies.
Oil jumped to its highest price since last November, after the two oil-rich nations said they would prolong a plan to withhold supplies from the global market until December.
Continue reading...Chinese-owned MG’s MG4 is Britain’s bestselling EV after Tesla’s Model Y in first seven months of year
China’s share of the European electric car market has more than doubled in less than two years as the world’s second largest economy tries to take the lead in the transition away from petrol and diesel cars.
The UK is the largest market in Europe for Chinese electric car brands, accounting for almost a third of sales in 2023 so far, according to data from Schmidt Automotive Research on the 18 largest European car markets. About 5% of all new car sales in the UK were from Chinese brands in the first seven months of 2023, a market share second only to Sweden.
Continue reading...Nathan Gilbert, of Enfield, changed the account details of customers and fraudulently issued passbooks
A former teller at a London branch of Nationwide has been jailed for more than two years for his part in a £130,000 bank fraud.
Nathan Gilbert, 26, of Enfield, north London, who was said to have abused his position of trust at the bank, pleaded guilty at Southwark crown court to committing fraud and was sentenced earlier this year.
Continue reading...Advocates say proposals that cut debt to zero for some borrowers and reduce monthly interest payments are good news
Joe Biden’s new student-loan plan is an important and large step forward on student debt forgiveness in the US even after a previous debt reduction program was controversially struck down by the supreme court, advocates say.
When the justices ruled against Biden’s plan to forgive up to $20,000 in federal student loans per borrower in June, 40 million debt-burdened Americans were left with questions – especially as monthly payments would resume in October after being paused for over three years because of the Covid pandemic.
Continue reading...Company breached rules that state existing policyholders should not be charged more than new ones
Direct Line will pay about £30m to customers who were charged more than they should have been to renew car and home insurance policies.
The UK’s second biggest car insurer said it discovered the overcharging problem after the incorrect implementation of the new pricing practice regulation that came into force in January last year. Under the rules, existing customers should not be charged more than if they were a new customer.
Continue reading...August 5.3% drop comes as sales completions down by about 40% in first half of year compared with 2021
UK house prices fell 5.3% in August compared with the same month last year, the fastest annual drop in 14 years, according to Nationwide Building Society.
The lender said the fall, which was the biggest since July 2009, when the global economy was in the depths of the financial crisis, was driven by soaring mortgage costs, which are putting off potential buyers. Average house prices are more than £14,500 lower than they were a year ago and mortgage approvals have plummeted by a fifth compared with pre-pandemic levels.
Continue reading...Interest rate rises on mortgages are weakening demand, property website says
The number of UK homes sold this year is expected to fall to the lowest level in more than a decade, as the soaring cost of mortgages puts off homebuyers.
House sales reaching completion are expected to fall 21% year-on-year to about 1m in 2023, the lowest level since 2012, according to a report from the property website Zoopla.
Continue reading...Administrative hold-ups leave buyers missing best mortgage deals and some owners unable to sell
Long delays in registering properties with the Land Registry across Great Britain are causing frustration among homeowners and buyers with some being left out of pocket as a result.
Latest figures from His Majesty’s Land Registry show that it is taking almost two years for some applications to make changes to the register to be completed.
Continue reading...Which? advises drivers paying London ultra-low emission zone fee to make sure they’re using official TfL website
Drivers are being ripped off by copycat websites that add extra fees to the ultra low emissions zone charges in London, consumer champion Which? has warned.
As Ulez expands across all boroughs in the capital from Tuesday, Which? has found a series of identical, unofficial websites targeting people trying to pay the charge. This has led to drivers paying more than the £12.50 daily fee.
Continue reading...Fund aims to help struggling winemakers as they adjust to consumers’ changing habits
The French government has announced it is to set aside €200m to fund the destruction of surplus wine production in an attempt to support struggling producers and shore up prices.
Several major wine-producing regions in France, particularly the Bordeaux area, are struggling because of a cocktail of problems including changes in consumption habits, the cost of living crisis and the after-effects of Covid-19.
Continue reading...Lloyd Odain was subjected to discrimination, including monkey chants, in 2019 while working for the service
HM Prison and Probation Service has paid an undisclosed settlement to a former contractor who endured racial discrimination and harassment, including monkey chants.
Lloyd Odain, who worked for the probation service, was subject to incidents of racial discrimination by another contractor in 2019.
Continue reading...Terms and conditions allow firm to raise bills at any time and by an unlimited amount, Which? claims
Virgin Media is facing calls for the telecoms watchdog to urgently investigate the legality of its broadband contracts, under which it can increase bills at any time and by unlimited amounts.
The consumer champion Which? has concluded that Virgin Media’s terms and conditions may amount to unfair contract terms and could be in breach of the Consumer Rights Act. It has written to Ofcom calling on it to intervene.
Continue reading...Half have maximum of a month’s worth of rent put by as costs rise, Shelter survey finds
A third of working tenants in England do not have enough savings to pay rent if they lose their job, putting them at risk of losing their home, according to research by the housing charity Shelter.
Record rents and the rising cost of other household bills are putting tenants’ finances under pressure and mean many are unable to set money aside for emergencies.
Continue reading...Almost one in three people aged 18-34 have been messaged by staff after giving personal details to a business
Almost one in three people aged 18-34 have received unwanted romantic contact after giving their personal information to a business, a UK poll has shown.
The Information Commissioner’s Office (ICO) has called for recipients of such texts to come forward to help the regulator gather evidence of the impact of this phenomenon.
The ICO has an online form for people who want to report an experience of unwanted contact.
Continue reading...Data shows 44% at risk of struggling to afford food and heating after leaving workplace
Close to half of individuals who identify as LGBTQ+ are heading for a retirement where they are at risk of struggling to afford such basics as food and heating, according to new UK data.
Looking across various measures including amounts saved and pension scheme membership, researchers concluded that members of the LGBTQ+ community were “far more likely than the general population” to struggle in retirement.
Continue reading...Government confirms ticket price rises will be delayed until March and will be below retail prices index
Rail fare rises in England will not exceed 9% next year and will be delayed until March, the government has said.
Ticket costs used to increase in January in line with inflation as measured by the retail prices index over the 12 months to the previous July. On Wednesday the Office for National Statistics revealed last month’s RPI rate was 9%.
Continue reading...Charities call for an end to the outsourcing of public debt as firms’ turnover rises nearly 50% in a year
Bailiffs hired by councils to recover unpaid debts have seen their profits rise to record levels during the cost of living crisis, company filings show.
Newlyn Group, which is hired by councils to recover unpaid traffic fines and council tax, saw its turnover from debt collection increase by 43.8% to £25.8m in the year to December 2022, while its gross profit rose to £15.5m. Company documents describe the figures as Newlyn’s “best ever results”.
Continue reading...Campaigners say absorbent alternative to tampons and sanitary towels should not be classed as garments
MPs, retailers and charities have written to the government urging it to axe the 20% VAT on period pants, the absorbent underwear designed to be worn as an alternative to tampons and sanitary towels.
Period pants are classed as garments but campaigners are asking Victoria Atkins, who as financial secretary to the Treasury is the minister responsible for VAT, to get them reclassified as period products in the chancellor’s autumn statement later this year.
Continue reading...In today’s newsletter: No-fault evictions are rocketing, bills are ballooning and social housing lists are overloaded – what the statistics reveal about renting today and why urgent reform is needed
• Sign up here for our daily newsletter, First Edition
Good morning. On average there are 20 people requesting to view each rental property that comes on the market in Britain, more than triple what it was in 2019. In some parts of the north-west, that number inches closer to 30 per property. Moving house has always been stressful, but it has become an all-consuming battle for many people as rents rise and demand outstrips supply.
A chronic housing shortage is the primary reason, however campaigners and tenants have said they cannot wait for the government to build more homes. Rough sleeping increased by 34% in London between 2021 and 2022, while the number of people consistently struggling to pay their rent has increased by 45% since last April to more than 2.5 million, according to the housing charity Shelter.
Global health | Air pollution is helping to drive a rise in antibiotic resistance that poses a significant threat to human health worldwide, a study published in the Lancet Planetary Health journal suggests. Antibiotic resistance is one of the fastest-growing threats to global health, killing an estimated 1.3 million people a year.
Asylum | People seeking refuge who were ordered to live on a giant barge have been reprieved after legal challenges claimed the vessel was unsafe and unsuitable for traumatised people. As the first tranche of 15 people were moved on to the Bibby Stockholm in Portland, Dorset, lawyers said they were intervening to halt the transfer of dozens more on to the 220-bedroom vessel.
Retail | Britain’s stores are being forced to slash their prices to drum up business after dismal summer weather and ever-higher interest rates combined to depress consumer spending in July.
South Korea | The £1m cost of relocating the 4,500-strong UK contingent at the World Scout Jamboree in South Korea will affect the work of the Scout Association for as much as five years, the organisation’s boss has said. Meanwhile South Korea is having to move the thousands remaining out of the way of a typhoon.
Lobbying | The tech firm Palantir, which grew out of a US spy organisation, lobbied the UK disabilities minister to adopt new technology to crack down on benefits fraud, emails released to the Guardian have revealed. The correspondence provides the latest insight into how the firm – co-founded by Peter Thiel, the Donald Trump-supporting libertarian billionaire – is seeking to expand its influence and role within British government.
Continue reading...Simon Squibb plans to provide small businesses with rent-free space after bidding £25,000 for disused stairs
An entrepreneur who woke up homeless in a stairwell at the age of 15 with his first business idea has spent £25,000 on a disused stairwell to provide a rent-free space in London for small businesses to fulfil their dreams.
Simon Squibb, who retired at 40 after selling Fluid, his marketing agency, to PricewaterhouseCoopers, hopes the stairwell in Twickenham, south-west London, will provide a showcase for owners of small businesses.
Continue reading...