Category Archives: Money

Rishi Sunak reportedly considering windfall tax on electricity generators

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Levy could be extended beyond oil and gas producers to help households in cost of living crisis

Rishi Sunak is reportedly considering imposing a wider windfall tax on electricity generators, as well as on oil and gas producers, that could bring in billions of pounds to help households struggling with soaring food and energy costs.

The chancellor has instructed Treasury officials to work on plans for a potential tax on more than £10bn of excess profits made by electricity generators, including windfarm operators, according to sources cited by the Financial Times.

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Boris Johnson to stress work as the fix for cost of living crisis

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Ministers remain unable to decide on ways to help as energy firm boss warns soon 40% could be in fuel poverty

Boris Johnson hopes to blunt calls for urgent action on the cost of living crisis by stressing that work is the best route out of poverty, as an energy firm boss warned that 40% of households could soon be in fuel poverty.

No 10 sources confirmed on Sunday that the prime minister will continue to throw the spotlight on the healthy state of the job market, in the face of the rising clamour to help families struggling with their bills.

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UK should expect high fuel bills for at least 18 months, E.ON boss says

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Michael Lewis calls for substanstial government intervention to help people deal with costs

Consumers will have to cope with extraordinarily high fuel bills for at least another 18 months, the boss of Britain’s biggest energy supplier has said.

Michael Lewis, the chief executive of E.ON UK, called for “very substantial” government intervention to help people with escalating fuel bills, one of the biggest factors in the cost-of-living crisis.

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‘We’ve been inundated’: UK housing market frenzy shows no signs of slowing

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Buyers face bidding wars to snare homes despite soaring inflation, cost of living crisis and fears of property crash

It took less than a week to sell a two-bedroom garden flat in north London, with a guide price of £950,000. Featuring a large patio, garden, oak floorboards and underfloor heating, it is in a mixed area on the outskirts of Islington and Camden.

“We’ve been inundated with people wanting to see it,” says Andrew Groocock, a regional partner at the estate agents Knight Frank, which helped organise 23 viewings. “It ticks the boxes of exactly what’s hot in the market at the moment. It’s still an incredibly buoyant market. The last two years have been remarkable.”

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Watchdog urged to step in as UK’s poorest turn off energy supply

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Spate of self-disconnections reflects rising costs, punitive debt collection and disproportionately high charges, says charity

A food bank charity has called for the energy watchdog to intervene after a spate of reports of penniless families self-disconnecting from their gas and electricity, leaving them unable to wash clothes, use cookers or even switch on lights.

Feeding Britain said people on low incomes who used prepayment energy meters were increasingly being pushed into destitution by rising costs, punitive debt collection rules and disproportionately high standing charges.

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Older UK renters forced to cut back on spending as living costs soar

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Exclusive: Many tenants aged over 65 are already struggling, Independent Age research finds

Almost two-thirds of tenants over 65 have cut back on their general spending as a result of the cost of living crisis, and campaigners are warning that older people who do not own their homes are particularly vulnerable to rising bills.

Research shared with Guardian Money by the charity Independent Age puts the spotlight on the struggles of older tenants who are battling to keep up with rising household costs.

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John Lewis boss calls for Covid-style cost of living aid package

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Dame Sharon White follows Tesco chief in urging UK government to help with rising energy and grocery bills

The boss of John Lewis has urged the governmentto intervene with a financial package of support to protect families from the cost of living crisis on the same scale as it did to help the nation deal with the Covid pandemic.

Dame Sharon White, a former second permanent secretary at the Treasury, said the government needed to act urgently as families struggle to pay utility and food costs as energy bills and inflation soars.

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UK cybersecurity unit tackles record number of online scams in 2021

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More than 2.7m attempted frauds interrupted, including fake celebrity endorsements and extortion emails

Britain’s cybersecurity unit has reported a record crackdown on internet scams after tackling more than 2.7m attempted frauds last year, a near-fourfold increase on the figure for 2020.

The National Cyber Security Centre (NCSC), an arm of the GCHQ spy agency, said the interrupted scams included fake celebrity endorsements and bogus extortion emails. It stressed, however, that the increase in detection reflected aggressive targeting by the unit rather than an increase in scams.

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Cost of living crisis forces UK cancer patients to cut back on food and heating

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Macmillan survey suggests hundreds of thousands of people with cancer struggling to make ends meet

Hundreds of thousands of cancer patients are putting their lives at risk by cutting back on meals, heating and other essentials as a result of the cost of living crisis, a charity has said.

Macmillan Cancer Support said it was “hugely concerning” that large numbers of people living with the disease were having to resort to drastic cost-cutting measures to make ends meet.

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Rishi Sunak hints at U-turn on UK oil and gas windfall tax

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The chancellor says nothing is off the table but fellow Tory ministers remain dismissive of idea

Rishi Sunak has opened the door to a windfall tax on oil and gas companies despite previously dismissing the policy, as Labour accused the government of burying its head in the sand over spiralling bills.

The chancellor hinted at a possible U-turn on a tax on oil and gas providers, after repeatedly refusing to countenance the idea in the past when suggested by Labour and the Lib Dems.

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Almost nine in 10 British adults say their living costs are rising

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ONS says a quarter of households in survey are struggling to pay bills such as fuel and food

Almost 90% of British households reported an increase in their cost of living last month as they were hit by escalating fuel, food and borrowing costs.

Heaping further pressure on Rishi Sunak to increase his support for those on low and middle incomes, the Office for National Statistics said a quarter of all those in its survey were struggling to pay their bills and 17% had turned to loans or borrowing on credit cards to make ends meet.

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Tax day: Venmo and PayPal users face more paperwork under new US rules

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Americans paid through digital payment service required to notify IRS of payments amounting to more than $600 a year, down from $20,000

It’s tax day in the US, the deadline for most individuals to file and pay tax owed. But while this year’s tax season may be closing for millions of Americans who are paid through a digital payment service such as PayPal, Venmo, Zelle and Cash App, the next tax year could come with even more complications.

Under a new law buried in the American Rescue Plan Act of 2021, digital payment services, or Third-Party Settlement Organizations (TPSOs), will now be required to notify federal tax collectors of payments amounting to more than $600 in total during the course of the year.

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Government plans new laws to protect Britons who use savings clubs

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Move comes 16 years after collapse of Christmas savings club Farepak, which left thousands unable to access cash

New laws are to be announced this week aimed at protecting the hundreds of thousands of Britons who use savings clubs to put money aside for Christmas or pay for other items in advance.

The government said it would also look at whether there were other sectors posing risks to people who prepay for goods or services, and whether similar protections were needed. Home improvements and weddings are two examples of big-ticket items where people frequently hand over substantial sums in advance.

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One in eight privately rented homes in England pose threat to health, MPs say

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Serious health and safety risks costing NHS £340m a year, public accounts committee report finds

More than one in eight privately rented homes in England pose a serious threat to people’s health and safety, costing the NHS about £340m a year, according to a report from a committee of MPs.

It also uncovered evidence of unlawful discrimination, with an estimated one in four landlords unwilling to let to non-British passport holders.

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Civil unrest due to rising energy bills ‘isn’t far away’, says Martin Lewis

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Money saving expert says UK government must do more to ensure people can heat homes and have enough food

Britain’s self-titled money saving expert Martin Lewis has warned that civil unrest over rising energy bills “isn’t far away”, as he repeated his call for more government intervention to protect people.

Lewis said he was the most scared he has been for people’s finances since he founded his popular website in 2003. It has traditionally offered advice on which bank accounts or phone providers may be cost-effective, and has been a regular port of call for people looking to switch energy provider and save money.

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Time for a change? Cost of producing some Australian coins to outstrip face value

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Prices of copper and nickel, used to make silver coins, have soared due to the Russian invasion of Ukraine

Soaring metal prices mean it will cost more than the face value of the coins to make five cent, 10 cent and 20 cent pieces, according to new research.

Prices of the two key metals in Australia’s silver coins, nickel and copper, have skyrocketed this year due to Russia’s invasion of Ukraine, with the price of nickel spiking 250% on the London Metals Exchange last month to more than US$100,000 a tonne.

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National insurance rise forces UK employers to shoulder £9bn tax burden

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Bosses say 1.25-point rise heaps pressure on firms already enduring soaring costs linked to Covid and Brexit

Britain’s employers are being forced to shoulder a £9bn tax rise after the government pushed ahead with raising national insurance on Wednesday despite stiff opposition.

Company bosses said the 1.25-percentage-point rise in national insurance contributions (NICs), which is paid by workers and their employers, would add to already severe pressure from runaway inflation and soaring business costs this year linked to Covid, Brexit and Russia’s war in Ukraine.

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From energy costs to TV bills: what has gone up in price today?

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Britons face a shock as household costs soar – and some unexpected items such as beer also go up

It’s been dubbed “bleak Friday” by some: pre-announced price rises for many household bills are to take effect on 1 April, adding to the misery for consumers who are already paying more for goods and food than this time last year.

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Average house price in Great Britain exceeds £350,000 for first time

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Asking prices up 1.7% in March, biggest monthly rise for this time of year in 18 years, according to Rightmove

The average price tag on a home in Great Britain has topped £350,000 for the first time, according to Rightmove.

Typical asking prices hit £354,564 in March, up 1.7% or £5,760 compared with February, the property website said. It was the biggest monthly rise for this time of year in 18 years, and pushed the annual rate of growth in asking prices to 10.4%.

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Tenants face having to find extra £1,000 for 2022 rent and bills

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Hamptons expects sums to become 54% of post-tax income for average rented household in Great Britain

Tenants already struggling with the cost of living crisis typically face having to find an extra £1,000 this year to cover higher rent and essential bills, research shows.

The estate agent Hamptons said tenants’ finances faced a record squeeze as higher rents and energy bill increases combined to pile more pressure on households in Great Britain.

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