Category Archives: Money

New prepayment meter rules must be properly enforced, says Grant Shapps

Posted on by

Suppliers in Great Britain have agreed code banning them from installations in homes of over-85s

The energy secretary, Grant Shapps, has urged Ofgem to turn words “into action” to ensure new industry rules designed to protect vulnerable people from being forced on to prepayment meters are properly enforced.

The Guardian revealed on Monday that all energy suppliers in Great Britain had signed up to a code of conduct banning them from putting the meters in the homes of people aged 85 and over as well as those with severe health conditions.

Continue reading...

More house price drops expected despite signs of market stabilising

Posted on by

Rics monthly poll shows new buyer inquiries in UK are flat as volume of agreed sales falls further

UK house prices are expected to continue to fall despite surveyors’ expectations that the housing market will stabilise over the next 12 months, a study has shown.

The Royal Institution of Chartered Surveyors’ (Rics) monthly survey, which measures the proportion of surveyors reporting new buyer inquiries against those saying they fell, found the net balance was -29% in March, almost flat on the -30% recorded in February.

Continue reading...

Actor Leonardo DiCaprio testifies in money laundering and bribery trial

Posted on by

At the heart of the case is Jho Low, a fugitive accused of being the mastermind behind the Malaysian 1MDB scandal

Leonardo DiCaprio testified in a federal court on Monday morning as part of a trial involving international money laundering, bribery and a prominent rap artist.

Prakazrel “Pras” Michel – a founding member of the iconic 1990s hip-hop group, The Fugees – is accused of funneling money from a fugitive Malaysian financier through straw donors to Barack Obama’s 2012 reelection campaign. Five years later, prosecutors say he tried to squelch an investigation into that same financier under Donald Trump’s administration.

Continue reading...

Calls for energy ‘social tariff’ as UK government support ends

Posted on by

Low-income household will spend on average £200 more on bills than last year, Which? warns

Some of the UK’s least well-off households could be left more than £200 worse-off on their energy bills this year because of reduced government support, the consumer body Which? has warned.

Joining calls made by other campaigners, it said the government urgently needed to introduce a “social tariff” for gas and electricity to protect the most financially vulnerable.

Continue reading...

Watchdog to block shareholder payouts if UK water companies miss targets

Posted on by

Ofwat says new powers will be used if firms fail to reach performance and environmental goals

The UK water regulator is to use new powers to block companies from shareholder payouts if they fail to hit performance and environmental targets.

Ofwat, which in December heavily criticised some of the country’s biggest suppliers over the size of dividend payments relative to their financial performance, said the new rules would also mean water companies would “maintain a higher level of overall financial health”.

Continue reading...

Jeremy Hunt defends pensions giveaway as Labour vows to scrap it

Posted on by

Shadow chancellor says decision to axe lifetime allowance is ‘wrong priority at the wrong time for the wrong people’

The Labour party has vowed to reverse the chancellor’s £1bn budget pensions tax “gilded giveaway” for the wealthiest 1% if it wins the next general election, as Jeremy Hunt defended his decision to scrap the lifetime pensions allowance.

The shadow chancellor, Rachel Reeves, said Labour would seek to force a Commons vote next week on the decision, which critics argue will allow the wealthiest people to put a limitless amount into their pension pots, which can then be passed on to their heirs without paying inheritance tax.

Continue reading...

Jeremy Hunt makes U-turn on planned cut to energy support

Posted on by

Campaigners unite with suppliers to call on ministers to give long-term help to struggling households

Ministers are under pressure to announce plans for a social tariff to help Britons struggling with their energy bills over the long term, after the government performed a U-turn on a planned cut to support for households.

On the morning of the chancellor Jeremy Hunt’s budget speech, the government confirmed the energy price guarantee would continue at its current rate, which limits a typical annual household bill to £2,500. It is being extended from April, when it was due to expire, for a further three months until the end of June.

Continue reading...

Budget pension shake-up is £4bn tax giveaway for wealthy, critics say

Posted on by

Jeremy Hunt criticised for scrapping lifetime allowance and increasing annual contribution cap

The chancellor has been accused of unveiling a £4bn tax giveaway that will benefit the wealthiest people in the UK by dramatically increasing how much they can stash away in pensions while enjoying the full tax benefits.

Jeremy Hunt announced a major shake-up of the rules governing how much people can pay into their retirement pots, which will have no impact on the vast majority of the population but could lead to huge gains for the top few per cent of wealthy, older pension savers. Labour claimed it was a handout for “the richest 1%” and that someone with a £2m pension pot would pay up to £275,000 less in tax as a result.

Continue reading...

UK homeowners still better off than renters despite spike in interest rates

Posted on by

Average monthly cost of owning 3-bed home is £500 a year less than renting, but the gap is narrowing

Homeowners in the UK are nearly £500 better off a year than renters, according to new research from Halifax.

The average monthly cost of owning a three-bed home for first-time buyers is now £971, which is £42 lower than the average cost of renting an equivalent property, the mortgage lender said. Renters pay on average £1,013 each month – 4% more.

Continue reading...

Extra costs for customers on prepayment meters to be scrapped in budget

Posted on by

Treasury says move will save four million households £45 a year on their energy bills

Prepayment meter customers will no longer be charged more to receive their energy under reforms to be announced in the budget.

The chancellor is to end the “prepayment premium” from July, saving more than four million households £45 a year on their energy bills, according to the Treasury.

Continue reading...

UK house prices could be stabilising despite falls, say surveyors

Posted on by

Rics data for February shows improvement in new buyer inquiries and sales

The UK housing market remains in decline but there are some signs of stabilisation, with an improvement in new buyer inquiries and sales last month, according to surveyors.

Many told the Royal Institution of Chartered Surveyors (Rics) that a return of optimism, and lower than expected interest rates, had given the housing market some hope for the coming months after a sluggish start to the year.

Continue reading...

UK shoppers slash spending as price rises and energy bills bite

Posted on by

February figures from BRC highlight impact of cost of living crisis on British economy before budget

UK consumers sharply cut back their spending in February as soaring living costs damaged household finances, retailers have warned, despite strong sales of jewellery and fragrances for Valentine’s Day.

Highlighting the impact of the cost of living crisis on the economy before Jeremy Hunt’s budget next week, the British Retail Consortium (BRC) said sky-high energy bills and the rising cost of a weekly shop were forcing shoppers to cut back.

Continue reading...

UK government made £2.4bn from ‘mortgage prisoner’ loan sales, says Martin Lewis

Posted on by

Tens of thousands of borrowers had their loans sold on to providers at which they were unable to switch

The UK government made a £2.4bn “profit” when it pushed tens of thousands of mortgage borrowers “into poverty” after selling their loans on to new lenders, the campaigner Martin Lewis has claimed.

The MoneySavingExpert founder was speaking at the launch of a report, which he funded, into the plight of “mortgage prisoners”: a group of borrowers caught up in the fallout from the 2007-08 financial crisis.

Continue reading...

Labour says it will urge UK firms to publish menopause action plan

Posted on by

Menopausal women could be offered paid time off as part of efforts to support wellbeing of women

Menopausal women could be offered paid time off and working environments with temperature-controlled areas under Labour plans to support the wellbeing of women in the workplace.

About one in 10 women aged 45-55 left their jobs last year due to their symptoms and ultimately the lack of workplace support, according to research supported by the Fawcett Society.

Continue reading...

BBC to suspend licence fee for King Charles coronation ceremony

Posted on by

One-off dispensation for weekend celebrations will allow venues to screen events without a TV licence

The BBC is to suspend the licence fee as part of a one-off dispensation for the king’s coronation weekend.

The move will allow venues to screen the live coronation ceremony coverage on 6 May and the coronation concert on 7 May without needing to buy a TV licence.

Continue reading...

Selfish or a godsend? Readers share their views on wood-burning stoves

Posted on by

Demand for wood stoves is soaring in energy crisis despite research showing their harmful effects

Demand for wood-burning stoves, including in urban areas, has soared as households look for more affordable ways to stay warm during the energy crisis.

Campaigners have called for stricter legislation on their use because of their negative impact on air pollution and health, with wood burning in the UK gaining in popularity over the past decade.

Continue reading...

UK cuts back on cooking Sunday roasts as energy bills soar

Posted on by

Cost of living has made more than a third of adults reconsider cooking end of week meal, survey finds

More than a third of people in the UK have cut back on cooking Sunday roasts because of the soaring cost of energy bills, according to a survey.

A total of 36% of UK adults said the cost of living crisis had made them reconsider a homemade roast dinner at the end of the week. The figure was even higher among those aged 16 to 34, with nearly half (47%) saying they have avoided cookingroasts.

Continue reading...

Texas students raise $250,000 for 80-year-old school janitor forced out of retirement

Posted on by

After Mr James’s rent increased by $400, he had to go back to work, but students raised enough funds for him to retire again

After an 80-year-old janitor had to return to work after his rent was increased, Texas high school students raised more than $250,000 to help him retire.

The janitor, known to students as Mr James, returned to work in January after his rent shot up by $400 a month, according to KDFW. The students at Callisburg high school, about 80 miles (130km) north of Dallas, started their campaign last week and shared it on TikTok, hoping to raise $10,000. As of Friday afternoon, it had received nearly $270,000 from more than 8,000 donors.

Continue reading...

Lloyds accused of ‘stuffing bankers’ pockets’ after proposed pay hikes for top bosses

Posted on by

Chief executive Charlie Nunn could receive £9.1m payout, while top performing bankers to share £446m bonus pot for work in 2022

Lloyds Banking Group has been accused of “stuffing the pockets of already overpaid bankers” after proposing increases for top bosses that could result in a £9.1m payout for its chief executive, Charlie Nunn.

The bank revealed on Wednesday that staff would share a £446m bonus pot – the highest in four years – for their work in 2022, despite reporting flat annual profits, after an increase in the money put aside for a potential jump in defaults.

Continue reading...

UK property demand declines as house prices in England fall

Posted on by

Further slowdown likely amid interest rate rise and cost of living crisis, says surveyors’ body Rics

Property sales and house prices continued to decline across the UK in January, while new buyer demand and fresh listings were also down, surveyors have reported.

A net balance of -47% for new buyer inquiries was reported, down from -40% in December, according to the latest monthly snapshot from the Royal Institution of Chartered Surveyors (Rics). The January return marked the ninth successive negative monthly reading for new buyer inquiries.

Continue reading...