Category Archives: Money

UK banks expect sharp rise in defaults on unsecured debt

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Lenders forecast biggest quarterly increase in missed repayments on credit cards and loans since 2009

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Britain’s biggest high street lenders expect the sharpest rise in defaults on unsecured lending since 2009, according to a Bank of England survey, as households come under growing pressure amid the cost of living crisis.

The figures from Threadneedle Street show banks expect a marked rise in the number of people who fail to meet repayments on credit cards, loans and other forms of unsecured borrowing over the next three months.

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‘Greedy and dishonest’ touts sold tickets worth £6.5m, court hears

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Ed Sheeran and Little Mix fans among those targeted by firm that resold on Viagogo and StubHub

Ticket touts acting out of “greed and dishonesty” sold tickets worth £6.5m to music fans, a court has heard, as a woman known as the “Ticket Queen” pleaded guilty to fraudulent trading nearly seven years after being named in an Observer investigation.

TQ Tickets Ltd, owned by Maria Chenery-Woods of Norfolk, used fake identities to hoover up large numbers of tickets for acts such as Ed Sheeran and Little Mix, prosecutors for National Trading Standards said.

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BT scraps above-inflation price rises for mobile and broadband customers

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UK’s mobile and broadband firms were accused of ‘greedflation’ last year by the Guardian

BT has become the first major telecoms company to scrap controversial above-inflation price rises for mobile and broadband customers – but not before pushing through a final increase this year.

The owner of mobile operator EE has moved to address the pressure on consumers from rising household costs during the cost of living crisis, after telecoms companies were criticised for increasing bills.

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UK government’s free childcare scheme in disarray, charities say

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Thousands of concerned parents reportedly struggling to sign up for flagship offering that starts in April

A flagship government childcare scheme is at risk of “falling apart” with parents struggling to access new free hours and nurseries in the dark about if they can afford to provide care, according to charities.

Parents’ groups have accused the government of planning the new free offering “on the back of a fag packet”, with thousands of “furious” parents struggling to sign up for the scheme, which starts in April.

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UK car finance: ‘millions of drivers could get payout’ as watchdog investigates

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FCA to examine whether consumers have been charged inflated prices for loans on new and secondhand cars

Millions of drivers could be in line for a payout, it has been claimed, after the UK financial watchdog opened an investigation into whether consumers had been unfairly charged inflated prices for loans on new and secondhand cars.

The Financial Conduct Authority said on Thursday that it had decided to examine whether a compensation scheme was needed to deal with alleged large-scale mis-selling in the £50bn-a-year motor finance sector.

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French post office opens changing room for online shoppers

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Customers can collect their parcels and try on items in one trip during trial at La Poste branches

It is an increasingly common irritant of modern life. You order an item of clothing online; you wait with anticipation for it to arrive, and five minutes after it has arrived you’re packaging it up because it doesn’t fit.

For shoppers in France, however, the national post office may have the answer – or at least a way of making the process less logistically challenging. It is experimenting with in-store changing rooms to cater to people who want to quickly return purchases they do not want.

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Sunak says he wants to reduce workers’ taxes this year and may cut benefits

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PM sets up possibility of income tax coming down in March and says control of welfare is a priority

Rishi Sunak has said he wants to cut taxes for working people further this year, possibly cutting welfare payments to fund it.

The prime minister said on Sunday his priority before the budget in March would be further tax cuts, which he said would entail stricter controls on public spending and benefits.

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‘Ramen noodles budget’: EU moves to end exploitation of unpaid internships

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Unless from a wealthy family, internships for many mean chipping away at savings and cutting back on essentials

By day, he was mostly an unpaid intern, getting a glimpse of day-to-day life in university research as he networked with potential employers.

Nightfall would often send him rushing to his second shift; this time, at a library in the suburbs of Paris as he strives to pay his bills.

What we see is that, many times, they [internships] are actually replacing entry-level jobs

Tea Jarc, of the European Trade Union Confederation

Unpaid internships have really become a barrier for the social mobility of young people

María Rodríguez Alcázar, of the European Youth Forum

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Divorces delayed by cost of living crisis, research finds

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Financial pressures have led to postponement of 19% of divorces, involving 270,000 couples, Legal & General claims

The start of the new year is often boom time for divorce lawyers, but 2024 may be different as new research shows the cost of living crisis has delayed more than 270,000 couples from splitting.

Financial pressures delayed 19% of divorces, researchers at Legal & General found. The impact has been particularly pronounced since 2020, with income concerns, cost of living pressures and the price of divorce all cited as reasons to postpone the split.

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Call to end ‘cruel’ winter rises as energy bills go up by £100 a year

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Campaign groups call on regulator to abolish January bill increase, saying households are facing an ‘assault from all sides’

Midwinter energy price increases should be abolished to protect households from unaffordable bills “at the worst possible time”, according to a coalition of leading charities.

Charities and campaign groups have called on Ofgem, the energy regulator, to scrap future January bill increases as it prepares to raise the cap on energy prices by 5% from Monday.

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Labour to crack down on ‘dodgy’ candy stores in push to revive high streets

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Party says American-style sweetshops – some under investigation for tax evasion – are ripping off public

A Labour government will launch a crackdown on “dodgy” candy stores if it wins the next election, as part of plans to revitalise Britain’s high streets.

There are more than 20 of the US-themed sweet stores on Oxford Street, London, alone. Many of them appeared during lockdown as high-street stalwarts closed down and landlords faced the prospect of long-term empty shops.

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Inflation calculator: find out how much UK household price rises affect you

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This online tool will help you discover what is contributing to your household’s cost of living increases

Inflation has been soaring in the UK, with people being hit by higher prices for everyday essentials, but cost of living pressures are finally starting to ease.

The latest inflation rate for the 12 months to November 2023 means that goods and services cost 3.9% more than they did a year ago – in most cases, surpassing any pay rises workers can expect to receive.

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UK telecoms firms told to safeguard at-risk customers in switch to digital landlines

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Minister’s move follows reports of pensioners left unable to call for help

Telecoms providers have been forced to pause plans to impose digital phone lines on vulnerable customers after reports of pensioners left unable to call for help during power cuts.

Companies including BT and Virgin Media have been forced by Michelle Donelan, the technology secretary, to sign a charter to safeguard at-risk households during the nationwide switchover from analogue to internet-based landlines.

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Lifetime Isas: calls to increase price cap that ‘fines’ first-time buyers

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People who want to buy property costing more than £450,000 say they unfairly face losing money

Campaigners are pressing for changes to a UK government scheme for would-be first-time buyers that “fines” people if they use it to buy a home costing more than £450,000.

Martin Lewis, the founder of MoneySavingExpert.com, is among those calling for an urgent revamp of the rules that apply to lifetime Isas, which let people save for a first home or for their retirement.

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Currys boss: minimum wage hike shows government does not ‘care’ about retail

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Planned 10% UK increase as business rates rise will put pressure on already overburdened industry, says Alex Baldock

The boss of Currys has accused the government of failing to “understand or care” about UK retailers by pushing through a “big hike” in the UK’s minimum wage.

Alex Baldock’s comments come weeks after chancellor Jeremy Hunt announced plans to increase the legal minimum wage for the UK’s lowest paid workers to £11.44 an hour, representing a hike of almost 10%, from April 2024. The move will force employers to pay full time workers around £1,800 more per year.

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Thames Water appoints Chris Weston as boss with up to £2.3m package

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Former British Gas executive tasked with leading turnaround in face of debts and controversy over sewage

Thames Water has appointed a former British Gas executive as its new boss with a pay package of up to £2.3m a year and tasked with leading a crucial turnaround as it faces mounting debts and controversy over dumping sewage in Britain’s waterways.

Chris Weston replaces Sarah Bentley, who resigned with immediate effect in June amid a backlash over the firm’s poor environmental track record. Weston will take up the role on 8 January.

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UK Christmas shoppers will pay more for less this year, say economists

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Cost of festive season is up almost a quarter in three years, according to the Centre for Economics and Business Research

Consumers will pay more for less this Christmas, economists have warned, getting less of a bang for their buck than the faint phutting of a puny, overpriced cracker being pulled.

Although Britons will spend more than in the belt-tightening 2022 festive season, the resultant fare won’t yet match the pre-pandemic Christmases past.

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South East Water paid £2.25m to shareholders despite £18m losses

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Cost of debt rises for firm that left thousands of customers without running water in summer

South East Water, which left thousands of customers without running water this summer, has paid out dividends of £2.25m over six months while overseeing increased losses of £18.1m before tax.

The water company, which serves customers in Kent, Sussex, Berkshire and Surrey, made the payout to shareholders despite facing huge rises in the costs of its £1.4bn debt mountain, its half-year report showed on Thursday. In the six months to 30 September, the cost of serving the debt rose by £7.4m to £54.8m, as inflation and higher interest rates bit.

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Millions will struggle to heat homes this Christmas, says UK’s National Debtline

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About 2.7m will have to choose between buying food or presents as cost of living crisis bites

Millions of people will have to make stark financial choices this Christmas including choosing between buying food or presents and be unable to afford to keep their homes warm through the festive season, according to new research by National Debtline.

About 6.5 million people will struggle to heat their homes sufficiently this festive season, while 2.7 million will have to choose between buying food or presents, highlighting the drastic impact the cost of living crisis continues to have on household budgets.

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London borough of Richmond is ‘happiest place to live in Great Britain’

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Access to huge parks, restaurants and transport links plus a Ted Lasso-factor lead area to top Rightmove’s ‘happy at home’ index

It is home to London’s largest royal park as well as big-hitting tourist attractions such as Kew Gardens and Hampton Court Palace, and has more recently become a place of pilgrimage for fans of the hit TV comedy Ted Lasso. Now, the borough of Richmond upon Thames in south-west London has been named “the happiest place to live” in Great Britain.

It received the accolade from property website Rightmove, which runs a “happy at home” index – now in its 12th year – where it asks residents how they feel about their area based on 13 “happiness factors”.

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