Category Archives: Money

UK shoppers face more identity checks when buying online

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Two-factor authentication is designed to reduce the £376m lost to fraud in 2020

Online shoppers in the UK face more identification checks when paying for purchases on the internet from Monday, as new rules to clamp down on fraud come into force.

The new Strong Customer Authentication (SCA) requirements will change the way people confirm their identity when using their debit or credit cards to make online purchases, and are expected to lead to more card payments being declined. It is the biggest change to card payments since chip and pin was rolled out 16 years ago, and is designed to reduce the £376m lost to online fraud in 2020.

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Cash’s reign fades as Covid accelerates high street switch to card-only

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The trend towards cashless is creeping into food outlets

Popular restaurant chains which stopped taking cash during the pandemic have turned their backs on it long-term in the latest sign of Britain’s shift towards going cash-free.

Prezzo, Itsu and Côte Brasserie are on a growing list of restaurants that have gone card-only for good, citing reduced costs, quicker customer service and claims of improved hygiene.

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Internet scams to be included in UK online safety bill

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Platforms to be required to protect users from pre-paid fraudulent adverts as well as user-generated scams

Measures to protect people from internet scams will now be included in proposed online safety laws, the government has said.

Under a previous draft of the online safety bill, platforms which host user-generated content would have a “duty of care” to protect users from fraud by other users.

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Energy crisis: UK could learn from Fukushima response, MPs told

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Japanese measures including turning down the heating and slower trains could ease pressure on British households, say experts

Britain could learn from Japan’s response to the Fukushima nuclear plant disaster by reducing energy consumption to deal with soaring global gas prices after the Russian invasion of Ukraine, academics have said.

Suggesting a coordinated response to record gas prices could help ease the pressure on households, experts told MPs on the Commons business committee that steps to reduce national demand for gas-fired power next winter could be deployed.

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Ukraine crisis puts Sunak under new pressure to axe national insurance rise

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Tory MPs and business groups urge chancellor to scrap increase intended to fund NHS and social care amid fears of stagflation

Chancellor Rishi Sunak is under renewed pressure from MPs and business groups to rethink plans to increase national insurance next month, as fears grow that Russia’s invasion of Ukraine will dramatically worsen the cost of living crisis and plunge the economy into “stagflation”.

Both Tory and Labour MPs believe Sunak can still be persuaded to ditch the 1.25 percentage point rise – announced last September to fund the NHS and social care – and want him to use the potentially devastating effects of events in Ukraine on prices as justification for what they say is an urgently needed U-turn.

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MPs seeking ‘fast-track’ freeze on oligarchs’ assets before formal sanctions

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Amendment to the economic crime bill comes after criticism that UK has been slower to act than US or EU

Russian oligarchs suspected of having links to Vladimir Putin could have their UK assets seized even before the British authorities have completed formal steps to impose sanctions, under far-reaching plans tabled for debate in parliament on Monday.

The move – put forward in an amendment to the economic crime bill by former Tory cabinet minister David Davis and backed by a cross-party group of MPs – would, if passed, amount to the toughest action yet to clamp down on illicit Russian cash in the UK.

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How London became the place to be for Putin’s oligarchs

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From its biggest private house to a disused tube station, London has long been an attractive place for the Russian president’s cronies to buy property. Their ill-gotten wealth permeated the capital at the expense of us all

For years, if not decades, the luxury property market in London and south-east England has been feasting on investment from Russia and former Soviet states. The oligarch’s mansion, with fantastical multi-level interiors containing swimming pools, art galleries and vintage car collections, has become the stuff of legend. Estate agents, lawyers, accountants, financial institutions, property companies, public relations agencies, architects and interior designers have all done well out of this abundant cash.

Meanwhile, campaigners and journalists have been sounding the alarm. London, they have long pointed out, appeared to be uniquely attractive to “suspicious wealth” – as the anti-corruption organisation Transparency International UK puts it – from all over the world, and from the former Soviet Union in particular. These alarms were mostly ignored until now, when suddenly it appears problematic to have been complicit in the workings of elites whose leader has started the most dangerous war in Europe since 1945.

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Fitbit recalls 1.7m Ionic smartwatches because of ‘burn hazard’

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Reports of fitness watch’s lithium-ion battery overheating leads to warning from US safety commission

The fitness-tracking device maker Fitbit is recalling 1.7m of its Ionic smartwatches after reports of the battery overheating and burning some users.

The company, which was acquired by Google in 2021, had sold about 1m of the model in the US and nearly 700,000 internationally.

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The hidden life of a courier: 13-hour days, rude customers – and big dreams

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An army of drivers risked their health to get us goods during lockdown. But what is it like making deliveries while negotiating parking fines, traffic jams and spiralling costs?

Abdul Khan has a dream. He wants to own a farm, or maybe a zoo. He will keep rabbits, sheep, cows, dogs, cats, horses and pigeons. There will be a guesthouse that he can rent out to tourists. He doesn’t mind where the farm is – in the UK or back home in Pakistan – as long as there is room for his animals. “I love all the animals,” he says. “Farming is a dream life. I would love it.”

For now, Khan (not his real name) works in London as a courier for a delivery app. Khan, who is in his early 30s, didn’t expect to end up couriering. His plan was always to set up a business. He is a natural entrepreneur. When he was at school in Pakistan, he bought sandwiches and sold them for profit at a market. When he was studying business management, he sold sim cards at a train station. He was good at it – and it is not hard to see why. Khan is charming and charismatic, the sort of person who – as his mother-in-law always tells him – could sell sand to Arabs and ice to Inuit.

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Lockdown lifestyles: how has Covid changed lives in the UK?

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Nearly two years after the first lockdown was implemented, legal restrictions related to coronavirus are finally being lifted. Here we chart what has changed in people’s lives

It’s nearly two years since the prime minister, Boris Johnson, announced the first national Covid lockdown and, for many Britons, life feels close to normal.

As of Thursday, there are no longer any restrictions in England – no legal requirement to wear masks or to self-isolate after a positive Covid test. But have our lives changed in other ways that will outlive the pandemic? Have our habits changed for good?

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Johnson’s Germany comparison highlights UK’s low sick pay

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Proportion of UK worker’s salary covered is typically less than quarter of Germany’s 100% in first six weeks

Asked this week about whether his move to drop Covid isolation requirements would drive infectious workers into the office, Boris Johnson said UK workers should learn from their German counterparts and stay home when unwell.

The prime minister did not mention the stark differences in the support available for British workers compared with Germany and the rest of the world, and whether this could explain their reluctance to take a sick day.

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Buy now, pay later grocery schemes are a ‘debt trap’ for struggling families

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UK regulators say the latest surge in interest-free credit does not offer enough protection for those who are slipping into debit

Families hit by the cost-of-living crisis are being targeted by credit firms offering “buy now, pay later” deals on weekly groceries, pet food and hot drinks.

Shoppers are urged to spread their payments for staple foods and treats to help cope with “these difficult times”. One promotion states: “Regardless of your credit rating, we will offer you a tonne of credit to do your shopping with.”

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Memories of office life: as a temp, I was self-conscious and disillusioned – until John arrived

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I worried that I didn’t fit in and that my uninspiring admin role meant I couldn’t be creative. But my work pal made me feel part of the gang

The office was a strange and alienating terrain for me when I arrived in it at 23. I had dropped out of university years before, expecting something to happen to me that would focus my future and simultaneously bestow a great windfall. It hadn’t. But I was sick of being poor and I had a boyfriend I wanted to play house with. When a temporary admin contract at a medical institution in Dublin came up, I jumped at it.

Immediately, I felt overwhelmed, and self-conscious about my stupid little outfits – pastiches of what professional women wear, which I had cobbled together from Topshop sale racks and charity shops. I was prickly, wary of saying the wrong thing, unable to relax.

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Memories of office life: I demanded a decent cup of tea – and sparked a workplace feud

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Now that I work from my boat, I miss the comfort of the office – and the long-running war I waged over my contraband kettle and illicit cider

For the past five years, I’ve been “working from boat”, sailing in a crystal Mediterranean sea, with turtles nibbling at my anchor. Sounds fun. It’s not. I miss the office.

There are problems with working in paradise. Imagine spending your tea breaks checking the anchor isn’t dragging your workspace towards treacherous rocks, stupid jet skiers swerving by while you type. Imagine wondering if the sun has provided enough power to charge your laptop, or assessing whether a storm is likely to hit before deadline – should I sail 20 miles to shelter before I file?

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Memories of office life: I hid under my desk, screaming down the phone at my husband

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New to marriage and my job, an almighty row threatened both. But my colleagues’ stoic determination to ignore the cacophony was the silver lining

Having personal conversations at work, in the days before mobile phones existed, could be perilous. Usually, you had to duck into an unoccupied desk space or wait until everyone was at lunch. But I worked on a trading floor – each desk crammed next to another, with everyone eating lunch there, too. Perilous didn’t begin to cover it.

In addition, phones rang constantly, people shouted across the room or at each other, and market information was broadcast over the Tannoy while overhead TVs blared CNBC and Bloomberg News. Private conversations had to wait.

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‘No running water’: foreign workers criticise UK farm labour scheme

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Government report on post-Brexit recruitment finds staff citing no health and safety equipment, racism and unsafe accommodation

Seasonal workers in the UK on a post-Brexit pilot scheme to harvest fruit and vegetables were subjected to “unacceptable” welfare conditions, according to a government review.

Issues cited by workers included a lack of health and safety equipment, racism, and accommodation without any bathrooms, running water or kitchens.

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I interviewed hundreds of people in search of the perfect routine. I realised there isn’t one

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In our pursuit of improvement, we’re often told consistency is key. But obsessing over productivity means ignoring how our days vary – and how we vary within them

In our culture that places productivity on a pedestal, an optimised routine has been sold as the salve to all kinds of dilemmas. Lost your job? Stick to your routine. Experiencing anxiety, depression, or grief? Find a routine. Living through a pandemic? Get a new routine.

Sometimes we do need the support of a schedule. Routines are beneficial – they appear solid, they promise order, they seem reliable. They can be comforting, providing a sense of certainty and control in a world that offers neither. For some, a routine is crucial to reduce decision fatigue and simply get through the day, but for others the constant vigilance is exhausting.

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‘It felt like losing a husband’: the fraudsters breaking hearts – and emptying bank accounts

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Romance scams robbed Britons of nearly £100m last year. Thanks to online dating and the pandemic, these cruel crimes are more sophisticated and prevalent than ever

In February 2019, Anna, a finance professional in her 50s, joined the dating website Zoosk. She had been single for four years, recovering from an incredibly difficult, abusive marriage. “I was finally ready to meet someone,” she says.

So, when she met Andrew, a handsome Bulgarian food importer living in London, she was thrilled. The pair were soon spending hours talking on the phone each day. Anna was smitten. “He showered me with love and affection,” she says. “If you imagine candy floss, I was the stick and he was the sugar wrapped around me. I felt as though I was floating.”

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Do smart supermarkets herald the end of shopping as we know it?

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A new breed of supermarkets means the days of queues, checkouts and shoplifting are numbered. But what else will we lose when no-transaction shopping becomes the norm?

Welcome to the supermarkets of the future. They may look and feel like the supermarkets we are all used to – and stock the same bread, butter and bananas – but these shops are now fitted out with more than £1m of the latest technology that their bosses promise will put an end to our biggest frustration (queueing) and our most persistent crime (shoplifting).

Jill French, a legal secretary in her 30s, wearing a sharp navy suit and matching beret, has just left a Tesco Express on London’s Holborn Viaduct empty-handed. It’s coming up to 6.30pm on a Thursday and, like dozens of others, French has popped in for a few essentials on her way home. “I just went in to grab pasta, milk and some broccoli,” she says. “But there was such a queue I got frustrated and walked out.”

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