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...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...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...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...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...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...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...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...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...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...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...Business group says as much as £9bn of investment is needed to improve system
Rishi Sunak should funnel billions of pounds into free childcare to help get more parents into work to tackle acute workforce shortages, according to Britain’s leading business group.
The Confederation of British Industry (CBI) said the government urgently needed to announce extra funding and changes to childcare and early years support, arguing that a more accessible and affordable system was an immediate economic priority.
Continue reading...Companies facing backlash amid warning of mid-contract price rises of up to 17% during cost of living crisis
Britain’s telecoms regulator is being urged to intervene over concerns that mobile and broadband operators are “lining their pockets” with £2.2bn of above-inflation price rises during the cost of living crisis.
While ministers have urged employees to show pay restraint, the mobile phone and broadband firms are facing a consumer backlash as they announce record price increases.
Continue reading...Financial watchdog warns over rise of ‘fin-fluencers’ targeting younger people on social media
More than 10,000 misleading financial promotions and scams aimed at consumers via social media sites such as Instagram, Facebook, YouTube and TikTok have been identified and targeted by the financial watchdog during the past year.
The Financial Conduct Authority (FCA) said the use of social media marketing channels and the rise of so-called “fin-fluencers” – particularly directing investment products at younger age groups – exploded last year, resulting in a record number of takedown notices and alerts.
Continue reading...Differing experts have urged the Monetary Policy Committee to both cut interest rates and to raise them
Turn up. Take the temperature of the economy. Raise interest rates. That’s the been the pattern from the responsible technocrats at the Bank of England for more than a year now – and they show no sign of stopping.
Between the depths of the global financial crisis in March 2009 and the start of the Covid-19 pandemic, interest rates were changed only five times, and three of those were in response to unexpected shocks: one after the Brexit vote in 2016, and two at the arrival of the pandemic in 2020. There was one period of more than seven years when interest rates were pegged at 0.5%.
Continue reading...New government register shows how offshore jurisdictions used for ownership of nearly 200 properties including hotels and country estates
The royal families of Gulf states including Saudi Arabia, the United Arab Emirates and Qatar own more than £1bn of UK property via offshore jurisdictions, such as Jersey and the British Virgin Islands, the Guardian can reveal.
Nearly 200 properties, including hotels, London mansions and country estates, belong to a few small but super-rich dynasties, according to analysis of a new government register that reveals who is behind offshore companies that own UK property.
Continue reading...Richest have gained similar amount over same period, reflecting differing impacts of inflation
The UK’s least affluent households have almost £40 a month less spare cash than they did a year ago while the richest have gained a similar sum in the same period, according to figures exposing how inflation has hit the poorest the hardest.
The wealthiest 20% of households had £36 a month more in discretionary income in December compared with a year before, as they enjoyed record earnings growth which offset rising energy and food bills, analysts at Retail Economics found.
Continue reading...Ofgem could look to take legal action if companies are not taking proper care of vulnerable households
Energy companies are to be investigated by the regulator Ofgem after the number of households struggling with their bills being forced on to prepayment meters has increased sharply.
Ofgem could consider taking legal action if it determines that the rise in the number of homes being forced on to prepayment meters is proven to show companies are not taking proper due care of vulnerable households.
Continue reading...Full list of site closures, which will start in April and carry on through into June this year
Lloyds and Halifax have become the latest high street banks to announce a series of branch closures across England and Wales.
Lloyds Banking Group, which owns both banks, is to close 18 Halifax sites and 22 Lloyds branches, starting in April and through into June this year.
Continue reading...Mild weather in Europe reduces gas demand but bills will remain higher than 2021 energy price cap
Annual energy bills are expected to fall to about £2,200 from July in a fillip for the government and households struggling with ballooning costs.
The energy consultancy Cornwall Insight has predicted that, excluding government subsidies, typical annual household energy bills will have fallen from £4,279 now to £3,208 from April, and then will ease to roughly £2,200 for the remainder of the year.
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