Category Archives: Money

Number of homes sold in UK up by a third, says Rightmove

Posted on by

Autumn price bump failed to emerge as buyers spoiled for choice, with properties on market at a 10-year high

The number of homes being sold is up almost a third, year on year, so far this month, although the traditional autumn price bump has failed to emerge due to buyers being spoilt for choice, with the number of properties for sale at a 10-year high, according to Rightmove.

The number of sales agreed is up 29%, with the number of house hunters contacting estate agents up 17%, despite some market uncertainty caused by the looming budget at the end of October.

Continue reading...

Rachel Reeves will tax businesses to plug £9bn black hole in NHS

Posted on by

The chancellor is set to announce a revenue-raising budget designed to reset Britain’s public finances

Rachel Reeves is set to use one of the most pivotal budgets of recent times to call on businesses to pay more tax to help restore the NHS, amid warnings that the health service has been left with a £9bn hole in its finances.

The chancellor is expected to stake her reputation on a tax-­raising budget designed as a reset of the public finances. She has already had to deal with cabinet skirmishes over funding unveiled alongside the statement. However, Reeves is understood to believe that the public will accept a multibillion-pound hike in business taxes if it is linked to repairing the health system’s finances.

Continue reading...

Millionaire business owners urge Rachel Reeves to raise £14bn from rise in capital gains tax

Posted on by

Group of wealthy investors argue it would have no impact on investment in the UK and would raise vital funds for public services

Rachel Reeves has been urged by a group of millionaire business owners to raise £14bn from an increase in capital gains tax at this month’s budget, arguing it would have no impact on investment in Britain.

Ahead of the chancellor’s set-piece event on 30 October, the group of wealthy investors said increasing the tax rate on asset disposals would help to raise vital funds for public services and would not lead to slower economic growth.

Continue reading...

PMQs live: Keir Starmer faces Rishi Sunak in the Commons

Posted on by

Latest PMQs comes as sources say chancellor is briefing ministers that £40bn will need to be found in the budget

Robert Jenrick has finished his speech, and he is now taking questions.

Q: Kemi Badenoch says she is Labour’s worst nightmare. Is she right?

I think that our party faces an existential challenge right now. Our party has no divine right to exist. That’s why we need to get the choice right in this leadership election, and that’s why I stand for ending the drama, ending the excuses, and actually delivering for the British people.

Continue reading...

UK ‘risks repeat of surging energy bills’ amid continued reliance on gas

Posted on by

Energy crisis panel warns country is ‘dangerously unprepared’ and must shift away from gas quickly

Britain is at risk of experiencing a repeat of the sharp increase in energy costs which has fuelled the continuing cost of living crisis because it relies too heavily on gas, according to an expert panel of industry leaders.

The Energy Crisis Commission has warned that the UK is still “dangerously underprepared” for another crisis because it continues to rely on gas for its power plants and home heating.

Continue reading...

Shoppers to no longer pay fees when using debit cards under new Albanese government plan

Posted on by

Treasurer says uncovering ‘unfair’ practices also part of proposed surcharge revamp designed to give consumers better deal and cut small business’s costs

The federal government is preparing to ban debit card fees and instruct the consumer watchdog to investigate excessive card costs, as the unpopular system of transaction charges gets set for an overhaul.

The proposed changes would mean consumers no longer pay a fee when using their debit card to buy their morning coffee or make a major retail purchase. Credit card fees would still apply.

Sign up for Guardian Australia’s breaking news email

Continue reading...

Stop pushing heat pumps or face major backlash, green energy magnate tells Labour

Posted on by

Party donor Dale Vince warns that urging homeowners to switch to clean-power technology risks political storm bigger than Ulez

The government risks a huge political backlash if it keeps pushing the public to install heat pumps to replace their boilers, one of Britain’s leading green entrepreneurs has warned.

Dale Vince, a major Labour donor and renewable energy advocate, called on Keir Starmer to rethink national programmes, championed by Boris Johnson, pushing the technology. Vince argued that Whitehall should explore alternatives to the devices, which he said were expensive, caused serious disruption and could end up increasing energy bills for some people.

Continue reading...

Calls for investigation of Uber Eats and Deliveroo after raid on Bristol caravan camp

Posted on by

Migrant workers accuse Home Office of targeting the victims of labour exploitation rather than companies profiting from them

Migrant workers living in a caravan encampment raided by immigration enforcement officers have accused the Home Office of targeting the victims of labour exploitation rather than companies profiting from the hidden economy.

The Observer reported in August that about 30 mainly Brazilian delivery riders working for large companies such as Deliveroo and Uber Eats were living in dilapidated caravans in the centre of Bristol. Many claimed they were, in effect, earning below the minimum wage and could not afford to rent in the city.

Continue reading...

Labour’s workers’ rights plans can win over Tory and Reform voters, says TUC

Posted on by

Trade union leaders meet ministers for final talks on employment rights bill before unveiling on Thursday

Labour can use its overhaul of workers’ rights to win over disaffected Tory and Reform voters, the TUC has said, as the government prepares to introduce landmark legislation that will grant new rights to 7 million workers.

Trade union leaders met ministers on Tuesday for final discussions on the employment rights bill before its announcement on Thursday.

Continue reading...

Many cheered when banks eliminated ATM fees in 2017 – but now it’s a struggle to find one

Posted on by

Bank-owned ATM numbers are down almost 60%, with many spots now taken by privately-owned machines charging about $3 per withdrawal

It is getting increasingly difficult to find an ATM and harder still to find one that doesn’t charge fees, prompting warnings that the push toward a cashless society is neither equitable nor wise.

Bank-owned ATM numbers are down almost 60% since 2017, according to regulatory data, with many spots now taken by third party-owned machines that typically charge about $3 a withdrawal.

Sign up for Guardian Australia’s breaking news email

Continue reading...

Unresolved water complaints in England and Wales rise to near-decade high

Posted on by

Customer disputes over sewage spills, billing mistakes and water meters soar in past year

The number of customer complaints that were unable to be resolved by water companies in England and Wales has risen by almost a third to the highest level in nearly a decade.

There was a 29% increase in 2023-24 in cases escalated to the Consumer Council for Water (CCW) by households that failed to achieve a resolution from their supplier, the watchdog said.

Continue reading...

Martin Lewis says energy price cap is a ‘pants cap’

Posted on by

Consumer champion urges consumers to head to a price comparison website to find a cheaper deal

The consumer champion Martin Lewis has said that the energy price cap should be called the energy “pants cap” because there are much cheaper energy deals available.

The cap is adjusted every quarter by Ofgem, the energy regulator for Great Britain, and imposes a maximum on how much suppliers can charge customers for each unit of gas and electricity. On Tuesday it increased by nearly £150 to the equivalent of £1,717 a year for an average dual-fuel household paying by direct debit.

Continue reading...

UK house prices hit highest annual growth since 2022

Posted on by

Nationwide says yearly rise in house prices increased by 3.2% in September putting the average home at £266,094

UK house prices are growing at their fastest annual rate for nearly two years as borrowing costs continue to fall on expectations that the Bank of England will keep cutting interest rates, Nationwide has said.

The building society said prices grew by 3.2% in September compared with the same month last year, well above the 2.4% annual growth recorded in August, and the fastest pace since the 4.4% recorded in November 2022.

Continue reading...

GP visits costing Australians more than ever, survey finds

Posted on by

Royal Australian College of General Practitioners’ 2024 report shows rising out-of-pocket costs hit vulnerable with chronic, complex and mental illnesses hardest

Out of pocket costs to visit general practitioners are higher than ever, a survey from the peak body for GPs has found, along with the first indications in a long time of a boost in GP workforce numbers.

The gap has risen to an average $36.86 for a 20-minute consult in 2024, up from $34.91 last year, according to the Royal Australian College of General Practitioners’ 2024 health of the nation report.

Sign up for Guardian Australia’s breaking news email

Continue reading...

Winter fuel cut savings will be far less than Reeves expected, new analysis finds

Posted on by

A surge in claims for pension credit will make thousands more people eligible for the payments and other benefits

Rachel Reeves has been warned that her cut to pensioner winter fuel payments risks saving hundreds of millions less than anticipated, in a new blow to her attempts to close the hole in Britain’s finances.

The chancellor and her Treasury team are already re-examining parts of a plan to crack down on non-dom tax status over concerns that it may not raise any money.

Continue reading...

Major fears over Labour’s nursery plan for 9-month-olds in schools

Posted on by

Early years experts warn of lack of staff, playgrounds and toilets

Primary schools may not have enough space, specialist facilities or staff to deliver the 100,000 new nursery places in England that the government has promised, early childhood experts have warned.

Labour is under intense pressure to create enough places to fulfil its promise of 30 hours of free childcare a week for eligible parents of children from the age of nine months to three years from next September – a commitment inherited from the previous government.

Continue reading...

How the most affluent Australians disproportionately benefit from negative gearing

Posted on by

Those in the top tax bracket three times more likely to be negatively geared property investor, says economist

Negative gearing helps high-earning Australians the most, with those with income of more than $180,000 annually snaring almost one-quarter of the benefits, despite numbering just 5% of taxpayers.

Data from the Australian Taxation Office showed people who earn more than $180,000 were able to lower their collective tax bill by $1.3bn in 2021-2022 through negative gearing. The $1.3bn was roughly 25% of all the losses on rental properties claimed by taxpayers in that financial year.

Continue reading...

Winter fuel: thousands more could lose benefit if it becomes means tested, data suggests

Posted on by

A further 175,000 pensioners are likely to stop receiving allowance under such plans, official figures show

A further 175,000 pensioners could lose the winter fuel allowance if the benefit becomes means tested, data suggests.

About 11.6 million people in the UK received the benefit last winter, an increase of 214,000 on the previous year, according to figures released on Tuesday by the Department for Work and Pensions (DWP). The overwhelming majority are to have this removed this winter under plans announced by the Labour government to cut spending on the benefit.

Continue reading...

Lack of City of London oversight hurting efforts to halt dirty money, FCA warns

Posted on by

Bodies responsible for monitoring accounting and legal sectors not doing enough to stop money laundering, watchdog says

A lack of proper oversight across the City of London’s network of lawyers, bookkeepers and accountants is hampering efforts to crack down on dirty money being funnelled through the UK, the City watchdog has warned.

The latest report by the Financial Conduct Authority (FCA) flagged concerns over the work of the UK’s 25 professional bodies – which oversee the accounting and legal sectors – and found that some were spending as little as £73 a year on anti-money laundering supervision or were outsourcing it entirely to third parties.

Continue reading...

Billionaire Guy Hands’ property firm takes housing reforms to European court

Posted on by

Annington Property fears recent legislation will force it to offload some of the 38,000 freeholds it owns on UK military homes

A property company founded by the billionaire Guy Hands has taken a legal fight with the UK government to the European court of human rights over fears it could lose significant sums as a result of planned housing reforms.

Annington Property, which owns the freehold of about 38,000 military homes, has filed the claim against the housing minister, Angela Rayner, over concerns that the new Leasehold and Freehold Reform Act could force it to off-load the homes well below market value. Last month it launched a challenge in the high court on the same grounds.

Continue reading...