Category Archives: Money

Asda publishes daily petrol prices online after pressure from watchdog

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Other retailers say they are working with government on implementing industry-wide comparison service

Asda has begun publishing local fuel prices at its forecourts online, becoming the first retailer to launch the service following pressure from the competition watchdog and MPs over widened profit margins at the pump.

The Competition and Markets Authority (CMA) has called on the government to introduce legislation to ensure fuel retailers provide up-to-date pricing for a new industry-wide comparison service.

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UK shop prices in first monthly fall for two years amid big discounts

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Clothing and footwear among items reduced most in July as retailers try to counter bad weather

The UK’s biggest retailers have reported the first monthly fall in shop prices for two years, as stores tried to tempt in customers with big discounts during July’s unseasonably wet weather.

The British Retail Consortium (BRC) said its annual shop price inflation rate, compiled with the help of NielsenIQ, had declined to its lowest level of the year, sliding to 7.6% last month from 8.4% in June.

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Step to riches? Disused stairwell in London could be yours for just £20,000

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Estate agents selling Twickenham ‘property’ believe it could have development potential

If climbing the property ladder seems stressful to you, why not consider taking the stairs?

A disused four-storey stairwell at the back of a branch of Starbucks in south-west London has become the latest peculiar piece of property to go on sale in London’s feverish housing market.

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Make nurseries exempt from VAT and business rates to boost wages, say MPs

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Committee also says government has more work to do to tackle structural problems in early years childcare

Ministers should remove business rates and VAT from nurseries so that they are able to pay their staff more, a group of MPs have recommended.

In the spring budget, Jeremy Hunt pledged to reform the childcare system, including by offering parents of children aged nine months to three years 30 hours a week of free childcare in term-time, which was expected to cost £4bn. The government claimed that it would reduce childcare costs for a family by almost 60%.

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Tax relief system needs overhaul to prevent abuse, say MPs

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Treasury committee report says tax system is too complicated and finds two-thirds of relief policies are uncosted

Almost £200bn of tax reliefs handed to businesses and individuals each year should come under greater government scrutiny to prevent fraud and abuse, according to an all-party group of MPs.

The Treasury committee said in a report published on Wednesday that “a systematic review” into more than 1,000 tax reliefs was needed after MPs found HM Revenue and Customs did not have the resources to monitor how tax breaks and deductions were used.

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Rhodes wildfires are climate wake-up call, says UK minister

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Patrick Courtown sounds warning as evacuation flights head to Greek island to rescue stranded Britons

Wildfires in Rhodes are a “wake-up call” on the effects of the climate crisis, a UK government minister has said, as empty planes were sent to the Greek island to help bring home stranded Britons.

After a mass evacuation from parts of Rhodes, members of the House of Lords were told the situation was “stabilising” and there was no immediate need for the government to advise people to stop travelling there.

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‘Absolutely physically knackered’: UK workers on intensifying conditions

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Teachers have to fill in social worker gaps while postal workers report being physically exhausted after having to walk miles with heavy bags at speed

When Karen Wilson started work as a secondary school teacher almost 40 years ago she had plenty of energy for life outside of school. She loved singing in choirs and opera groups and enjoyed her evenings.

But in the last decade that all changed. “The intensity has definitely increased,” she said. “Teaching becomes your whole life because you don’t have any energy to do anything else.”

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People at increased risk of burnout due to more demanding workdays, TUC says

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Exclusive: More than half of workers in England and Wales report work is becoming more intense, according to polling

People are facing more intense working days than ever, with less time for their private lives and an increased risk of burnout, according to research by the TUC.

More than half of workers (55%) reported that work has become more intense and demanding, according to polling for the union body.

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Private rents outside London have risen by a third in four years, data shows

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Rightmove says average advertised rent in Great Britain is at all-time high of £1,231 a month outside the capital

Private rents in Great Britain have soared to fresh all-time highs and the average amount being asked for outside London is now a third higher than four years ago, figures from Rightmove show.

Despite rental growth running well ahead of inflation, the property website said homes were continuing to be let quickly, with many landlords “still being met with long queues of prospective tenants wanting to view and rent their property”.

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Asda’s profit margins at the pump have trebled, MPs told

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Competition regulator tells business committee of ‘significant change’ in retailer’s fuel pricing

Asda’s profit margins on fuel have tripled since before the pandemic, according to the competition regulator at a bad-tempered parliamentary hearing where the supermarket chain’s co-owner repeatedly refused to explain its pricing strategy.

Mohsin Issa declined to answer multiple questions on whether Asda had increased its profit margins on fuel since its takeover in 2021, prompting MPs on the business select committee to become increasingly furious as the retailer insisted it had not changed its strategy.

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Grant Shapps appears to row back on supermarket petrol prices law

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Energy secretary backs voluntary price comparison scheme in meeting with supermarket bosses rather than new law

The energy secretary, Grant Shapps, appears to have rowed back on plans for a law to force supermarkets to make fuel prices more transparent, instead backing a voluntary price comparison scheme in a meeting with supermarket bosses.

Shapps on Monday endorsed the non-mandatory scheme, which had been suggested by the competition regulator, after a summit with retailers that he had promised would involve him holding “rip-off retailers” to account.

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UK supermarket food prices up by more than 25% in two years, says Which?

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Retailers should be forced to display detailed price information on loyalty card deals, says consumer group

Supermarket food prices have increased by more than 25% over the past two years according to the consumer group Which?, with the size of the rise reinforcing the case for retailers to be forced to display detailed price information on loyalty card offers and promotions so shoppers can find the best deal.

Which? said the government needed to close loopholes that result in “confusing and inconsistent” pricing practices of some supermarkets. Last month it reported Tesco to the UK’s competition watchdog because it does not provide unit prices – such as the price for each 100g or 100ml – for the loyalty card offers it uses as a sales tactic to pull in shoppers.

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UK savings: more accounts now offering 6%-plus interest

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Government-backed NS&I increases its rates, as building societies and banks launch better deals

Amid the mortgage misery, there was more good news this week on savings rates, with a growing number of accounts now paying 6%-plus interest.

Meanwhile, the government-backed NS&I – a favourite of many in these uncertain times – has upped the rates on some of its popular fixed-rate accounts.

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Record UK pay growth adds to pressure for interest rate rise

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Jeremy Hunt and Bank of England’s Andrew Bailey call for wage restraint to help curb inflation

Wages increased at a faster rate than expected in May, putting pressure on the Bank of England to push up the cost of borrowing at its next meeting in August.

Earnings growth hit 7.3%, driven by the strongest rise in private sector pay growth outside the pandemic period of 7.7%, the Office for National Statistics said.

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‘It’s like a hostile environment’: London’s creative core at risk as artists in poverty quit

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UK capital as ‘huge generator of wealth’ under threat as a third of visual artists struggle to pay for studios

What makes Britain’s capital city so magnetic? Familiar landmarks? The nightlife? Or its financial, fashion and art trades? Maybe. But behind the glamour and money a network of artists is giving London the crucial appeal of a place where new things happen, while working on the edge of poverty.

A survey released on 13 July is to reveal just how close many of London’s visual artists are to giving up on a career that has pushed them to the bottom of the pile. Close to a third of those asked said lack of funds might force them out within five years. And just under half said they cannot afford to build savings or pay into a pension plan.

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UK house prices fall at fastest annual rate since 2011, says Halifax

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Average price of property drops by 2.6% year on year in June as mortgage rates climb

UK house prices experienced their biggest annual fall in 12 years, according to Halifax, the latest sign that soaring interest rates on mortgages is bringing a halt to the housing boom.

The average price of a UK home tumbled 2.6% year on year last month, the largest annual decrease the lender has reported since June 2011, a significant acceleration from the 1.1% decline record in May.

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Benefits claimants in UK were underpaid by record £3.3bn last year

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National Audit Office criticises Department for Work and Pensions over its ‘material fraud and error’

Thousands of people in the UK could receive a payout after official figures revealed that benefit claimants were underpaid by £3.3bn last year, the highest level on record.

The Department for Work and Pensions also admitted that as many as 330,000 people, some of whom have since died, may have missed out on as much as £1.5bn of valuable state pension entitlement – a disclosure that prompted some commentators to warn of a new scandal. Steve Webb, the former pensions minister, said: “The scale of these errors is huge.”

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Average rate on five-year fixed mortgage deal in UK climbs above 6%

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Rate is at highest level since last November, and average two-year fix is now 6.47%

A typical five-year fixed mortgage deal in the UK now has an interest rate of more than 6%, putting further pressure on borrowers who are hoping to buy a home or reaching the end of their existing deals.

Data from the financial information firm Moneyfacts shows the cost of a five-year deal for homeowners rose to 6.01% on Tuesday, up from 5.97% on Monday. It is the highest level since last November, after mortgage rates had been driven up by the mini-budget chaos of last autumn.

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Court hears councils’ legal challenge over London Ulez expansion

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Five Tory-led councils seeking to block mayor’s plans to extend ultra-low emission zone to whole of capital

A legal challenge to plans to expand London’s ultra-low emission zone (Ulez) to the whole of the capital will be heard in the high court on Tuesday as five Conservative-led councils seek to block the proposals.

The Ulez is due to expand at the end of August from the boundary of the north and south circular roads to throughout Greater London, requiring drivers of the most polluting vehicles to pay a fee when using them in the area.

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