Category Archives: Money

Ofwat letting water firms charge twice to tackle sewage, court to hear

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River Action bringing legal action against water regulator over who should foot bill for firms’ past failures to invest

Ofwat is unlawfully allowing water companies to charge customers twice to fund more than £100bn of investment to reduce sewage pollution, campaigners will allege in court on Tuesday.

Lawyers for River Action say the bill increases being allowed by Ofwat – which amount to an average of £123 a year per household – mean customers will be paying again for improvements to achieve environmental compliance that should have been funded from their previous bills.

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BT ‘considering low-cost mobile brand’ as Revolut and Monzo plan launches

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Move into budget market could involve creating new brand in-house or buying virtual network operator

BT is reportedly considering the launch of new a low-cost mobile brand, as the telecoms group explores ways to compete with new rivals in the market including the fintech companies Revolut and Monzo.

The group is exploring options to enter the budget market, which could involve creating a new brand in-house or buying an existing virtual network operator, according to the Financial Times.

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Cutting cash Isa limit will not boost stock market, MPs warn Rachel Reeves

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Treasury committee says move in November budget could push up mortgage rates instead

Cutting the annual cash Isa allowance will not encourage many savers to switch to shares but could push up mortgage costs, MPs have warned the chancellor.

Adults can put up to £20,000 a year in a tax-free Isa and spread the money between cash and stock market investments as they choose. In the 2023-24 tax year, 66% of all contributions went into cash savings.

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Real living wage to rise by almost 7% in boost for low-paid UK workers

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Hourly rate to increase in April by 95p to £14.80 in London and by 85p to £13.45 for the rest of the country

Almost half a million workers are to receive a pay boost after it was announced that the real living wage paid voluntarily by 16,000 UK companies will rise to £13.45 an hour in April.

Distinct from the national living wage, which is a statutory minimum, the real living wage is calculated each year based on the cost of essentials, and is paid by more than half of the companies in the FTSE 100.

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Suspected scam investment firms ‘exploiting Trustpilot review system’

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Fake reviews, forged certificates and stolen corporate identities being used to lure victims, KwikChex finds

Suspected scam investment companies are exploiting Trustpilot’s review system by giving themselves five-star ratings to persuade would-be investors that they are legitimate businesses, a report has warned.

An investigation by the verification firm KwikChex found operators using fake reviews, forged certificates and stolen corporate identities to lure victims.

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If you like a lot of chocolate on your biscuit … look away now

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Club and Penguin bars are now ‘chocolate flavour’ after owner McVitie’s cuts cocoa content amid soaring prices

If you like a lot of chocolate on your biscuit you can no longer join our Club or pick up a Penguin, as the lunchbox favourites have reduced the amount of cocoa in their recipe so much they are now only “chocolate flavour”.

The two snacks, both made by McVitie’s, changed their recipes earlier this year amid soaring cocoa prices – which have prompted manufacturers to try a number of different tactics to keep prices down.

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Students owe nearly £500m of ‘hidden debts’ to UK universities, figures reveal

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FoI data shows 180,000 students and graduates weighed down by private debt amid cost of living crisis

Students have accrued nearly £500m in “hidden debts” to their universities, including library fines, unpaid accommodation and support loans, according to figures that highlight the cost of living crisis on UK campuses.

The figures from freedom of information requests sent to 148 UK universities showed that 180,000 students and graduates owe private debts totalling £486m to universities, averaging about £2,650 each.

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Vodafone outage: thousands of broadband and mobile users report problems

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Company apologises and says network ‘recovering’ after many customers say there were unable to access services

Tens of thousands of Vodafone customers in the UK have reported they could not access services including the internet and making mobile phone calls.

Consumers started reporting problems on the website of the outage monitor Downdetector from about 3pm on Monday.

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Generational shift as millennials make up half of new buy-to-let investors in England and Wales

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Surprise finding by Hamptons shows age group comprises 50% of all new shareholders in firms set up this year

Millennials now account for half of new buy-to-let investors in England and Wales, signalling a generational shift in landlords, while rents have dipped, according to a report.

It is a surprise finding, as many millennials – people born between 1981 and 1996 – have struggled to afford a housing purchase, which means they are less likely than older generations to own their home. Even so, some have clearly fared better, and millennials are leading the charge in buy-to-let investment, according to analysis of Companies House data by the estate agent Hamptons.

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Widow of man conned out of pension savings to lose half the compensation to tax

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Robert Dewar’s widow, Susan, is a leading campaigner over multimillion-pound Norton Motorcycles fraud

The family of a deceased man, who was conned out of his retirement savings after investing in the Norton Motorcycles pension scam, is to lose almost half the subsequent compensation award because of a little-known tax rule.

A long-running battle to win an award from the Fraud Compensation Fund (FCF) meant that Robert Dewar’s pension was not reimbursed until 2024, five years after his death at the age of 64.

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Millions of households face jump in water bills after regulator backs more price rises

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Competition watchdog agrees requests from Anglian, Northumbrian, Southern, Wessex and South East to raise household bills

Water bills for millions of households in England will increase by even more than expected after the competition regulator gave the green light for five water suppliers to raise charges to customers – but rejected most of the companies’ demands.

An independent group of experts appointed by the Competition and Markets Authority (CMA) provisionally decided to allow the companies to collectively charge customers an extra £556m over the next five years, it said on Thursday. That was only 21% of the £2.7bn that the firms had requested.

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Tory plan to abolish stamp duty ‘will benefit London and the wealthiest the most’ – as it happened

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This blog is now closed, you can read more on this story here

Voting in the Labour deputy leadership election opens today. Lucy Powell, the former Commons leader, is seen as the favourite and, as Jessica Elgot reports, Powell told supporters yesterday that, if she is elected, she will use the post to argue for changes in the way the government is operating. “We can’t sugarcoat the fact that things aren’t going well,” she said.

Powell is no longer a government minister and, if she is elected deputy leader, she will do the job from the backbenches. In an interview on Newsnight last night, Bridget Phillipson, the education secretary standing against Powell, said a Powell victory would be “destabilising” for the party. She said:

[Electing Powell] risks destabilising the party … we best achieve what we need to do together when we have those fierce conversations, including disagreements, behind closed doors.

Members need to understand that there’s a potential challenge around all of that – that if you’re not inside when the big decisions are being made, you’re not at that table, you’re not in those conversations.

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One in three UK workers have called in sick after work drinks, survey finds

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IPPR report warns of ‘productivity crisis’ and says many firms out of step with gen Z shift away from alcohol

One in three UK workers have called in sick after drinking at a work event or after hours with colleagues, research has found.

Many staff feel under pressure to drink in work-related settings against their wishes, despite a big shift among younger adults away from consuming as much alcohol as their predecessors.

32% of workers had called in sick the next day after drinking at a work event or with workmates in the last year.

41% of 18- to 24-year-olds had been too hungover to work, and 47% of 25- to 34-year-olds.

22% of staff in education and 24% in health and social care had cried off work the next day after drinking at or after work in the past six months, and a fifth in both sectors had turned up late the next day.

28% think drinking at work events excludes non-drinkers or creates cliques.

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Lifetime of earnings not enough for UK workers to join wealthiest 10%, report says

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Research finds it would take average worker saving all their earnings for 52 years to match wealth of richest 10th of society

It would take the average earner in the UK 52 years’ worth of earnings to become as wealthy as the richest 10%, according to new research by the Resolution Foundation.

In a new report, the influential thinktank analyses the Office for National Statistics’ latest wealth and assets survey, which covers the Covid pandemic period of 2020-22.

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Gold prices scale record highs as investors seek safe haven

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US government shutdown and uncertainty about the economy has caused a surge in value of precious metal

Gold futures prices topped $4,000 per ounce for the first time on Tuesday as investors continue to seek safe havens for their money, with the US government essentially shut down and widespread uncertainty around the economy.

As of 9.10am ET, gold futures traded at $4,003 in New York. The going price for New York spot gold rose to $3,960.60 per troy ounce – the standard for measuring precious metals.

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UK ministers aim to speed up homebuying by four weeks

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Proposed government overhaul of house purchase process looks at shifting some costs from buyers to sellers

Ministers are attempting to cut the time it takes to buy a home by four weeks under new proposals aimed at overhauling the housebuying process.

The UK government will also consult on plans to shift costs from buyers to sellers, including compelling sellers and estate agents to provide buyers with vital information – such as the condition of the home and the scale of any leasehold costs – upfront.

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‘It’s unsustainable’: homes in Great Britain brace for winter with soaring energy debts

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As typical annual dual-fuel charge rises to £1,755, charities warn over record £4.4bn owed to suppliers

Three and a half years after war plunged Europe into an energy supply crisis, millions of households in Great Britain are braced for another winter of painful gas and electricity bills.

On Wednesday, the quarterly cap on charges will increase again. Despite a fall in wholesale gas prices, the ceiling for a typical annual dual-fuel bill will rise by 2% to £1,755 to help cover the costs of energy policies and network upgrades.

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Britons preparing to ration energy as Ofgem price cap rises, says charity

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National Energy Action says 58% of households expect to cut heating use as typical annual dual-fuel bill increases to £1,755

The majority of British households expect to restrict their home heating this winter to try to keep rising costs in check, according to research released as the price cap that dictates most bills rose again.

The fuel poverty charity National Energy Action said 58% of households told its survey they were likely to trim their energy use, a nine-percentage-point increase from the level in January.

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Andy Burnham calls for UK to rejoin EU within his lifetime and rejects claim he is fiscally irresponsible – as it happened

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Mayor of Greater Manchester says he would have to be ‘wrenched’ out of city and says he wants UK to rejoin EU. This live blog is closed

In her Today interview Rachel Reeves was asked about a FT report saying she will urge business leaders to highlight the risks of a Reform UK government in her speech later.

The FT say Reeves will tell the Labour conference.

Who is standing up for Britain’s stability. A Labour government that is resolute in cutting interest rates and borrowing or a Reform party that cheered on Liz Truss’ mini-budget?

Who is standing up for Britain’s businesses? A Labour government that is forging a closer relationship with our nearest trading partners or a Reform party that talks Britain down and is hungry to cut us off from the world?

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UK graduates and healthcare workers worst hit as jobs market ‘cools’

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Recruitment report identifies sharp rise in vacancies for warehouse staff and cleaners but large fall in graduate opportunities

Graduates fresh from university will find it difficult to find a job after a 35% drop in hiring by employers over the last year, according to analysis by a leading recruitment data provider.

Hiring freezes at many employers have taken the biggest toll on graduates and meant there is fierce competition for the few jobs left for younger workers.

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