Category Archives: Money

Kent family charged £80k in error after EDF sent £1m electricity bill

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‘It was quite amusing, until it actually happened,’ says customer, after being left £75,000 overdrawn

A family of four were told they owed nearly £1m to EDF for a year’s electricity and had £80,000 taken by direct debit, despite telling the company it was clearly incorrect.

The payment, which put Richard Baron and his family more than £75,000 over their overdraft limit, was refunded by their bank’s fraud team before any serious damage was done. However, after cancelling their direct debit, they were put on a higher tariff with the energy provider.

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Martin Lewis charity highlights mental toll of cost of living crisis

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Survey finds nearly a fifth of respondents have had suicidal ideation about financial problems

The shocking impact that soaring bills are having on mental health has been laid bare by a report that highlights how money worries are driving many people to thoughts of suicide.

The Money and Mental Health policy institute, a charity founded and chaired by the consumer champion Martin Lewis, reported that 17% of respondents to a survey said they had experienced suicidal ideation over the past nine months owing to the rising cost of living.

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UK house prices fall at fastest pace since 2020 amid fallout from mini-budget

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Nationwide warns inflation and rising interest rates will weigh down housing market

UK house prices have fallen at their fastest rate for two and a half years as the fallout from Liz Truss’s disastrous mini-budget put buyers off according to Nationwide, which warned inflation and rising interest rates would weigh on the market in the coming months.

The price of an average home dropped 1.4% to £263,788 in November, according to the lender’s house price index, accelerating a slowdown that saw prices fall 0.9% in October. It was the third monthly fall in a row, and the biggest drop since June 2020.

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Ofgem tells energy network firms they must invest without increasing bills

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New electricity price controls from 2023 to 2028 will keep costs to customers at about £100 a year

The operators of Great Britain’s local energy networks will be forced to spend more of their profits on investing to future-proof the country’s electricity grid, after the regulator, Ofgem, said it would not allow any rises in household bills.

In a new set of price controls that will run from 2023 to 2028, the energy watchdog said it would keep costs to customers unchanged at about £100 a year.

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Calls for UK ban on pre-payment meter installations made under court warrants

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End Fuel Poverty Coalition fears energy suppliers are using warrants to disconnect poorest ‘by the back door’

Campaigners have called for an immediate ban on pre-payment meter (PPM) installations made under court warrants because of fears that energy suppliers are using them to disconnect the poorest, most indebted customers “by the back door”.

Energy firms’ licence conditions protect many vulnerable people from formal disconnection over the winter, but the End Fuel Poverty Coalition said transferring households on to PPMs, which require regular top-ups and charge for energy at a higher rate, often prompted people in debt to “self-disconnect”.

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UK households have cut energy consumption by 10%, say suppliers

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E.ON reports up to 15% drop as Grant Shapps writes to firms customers cutting back on energy use should not face direct debit rise

Britons have cut their gas and electricity use by more than 10% since October in the first evidence of the impact of the energy crisis on household habits, according to two of Britain’s biggest suppliers.

E.ON, Britain’s second-largest supplier, and the owner of Utility Warehouse have reported “double-digit” declines in recent weeks.

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Sales boost for B&Q and Screwfix owner amid rush for energy-saving products

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Kingfisher says sales of loft insulation roll more than double while smart thermostats rose by nearly a third

The B&Q owner, Kingfisher, has reported higher sales as fears over higher gas and electricity costs boosted demand for energy-efficient products including insulation roll and smart thermostats.

The retail group, which also owns the hardware trade supplier Screwfix, said customers who invested in a raft of energy-saving DIY products helped increase group sales by 0.6% to £3.3bn in the three months to October. When stripping out the impact of the weaker pound, sales were up 1.7%.

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Annual UK energy bills would have hit £4,279 without emergency support, Ofgem says

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Regulator raises cap for start of 2023 by £730 but government limits typical bill to £3,000 from April

The energy regulator Ofgem has said its price cap will reach £4,279 from January – but households will be shielded by the government’s emergency intervention to keep a lid on bills.

Ofgem said the cap, which is adjusted every quarter, will increase by £730 for the three months from the start of next year. However, the government’s energy price guarantee (EPG) will limit typical household bills to £2,500. Analysts had expected the cap to sit at about £4,200.

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EasyJet looks to over-45s in cabin crew recruitment drive

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Airline launches campaign targeting ‘empty nesters’ or people looking for challenge later in life

The airline easyJet has launched a recruitment drive urging people over the age of 45 to join its cabin crews, as firms devise new strategies for hiring staff in the UK amid a shortage of workers.

The airline said it has seen a 27% increase in crew aged 45 and over in the past four years, including a 30% increase in over-60s in the past year.

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Luxury goods boom in Britain as the young, rich and mortgage-free buck the recession

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Rich kids of Insta use strong dollar to fuel sales of high-end brands such as Burberry, Louis Vuitton and Gucci

They’re young, rich and mortgage-free, and the scions of the 1% are having a roaring twenties.

Despite the economic gloom currently shrouding the UK and many other western countries, sales of luxury brands have been booming and growing numbers of buyers are young adults.

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Women £570 a year worse off after 12 years of Conservatives, says Labour

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Analysis of ONS figures suggests average woman’s salary has fallen from £30,250 in 2010 to £29,680 today

Women are £570 a year worse off than they were before the Conservatives came into power 12 years ago and the autumn statement will leave them even worse off, Labour has claimed.

Citing analysis of ONS figures, Labour said that in real terms, the median full-time female worker’s salary has fallen from the equivalent of £30,250 in April 2010 to £29,680.

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UK’s most vulnerable missing out on energy bill support due to confusing systems

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Charity warns of ‘significant risk’ that those on old prepayment meters will be unable to redeem vouchers offering £400 discount

The poorest and most vulnerable people in the UK risk missing out on the energy bill support and cost of living payments they are entitled to, because of a lack of clarity over what is available from the government and how to get it, charities have warned.

Under the energy bills support scheme announced by Rishi Sunak when he was chancellor, all households are eligible for a £400 energy bill discount, paid across six instalments starting last month.

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Millions of UK households to pay more for energy from April

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Jeremy Hunt expected to use autumn statement to announce rise in household energy price cap to as much as £3,100

Millions of UK households will pay more for their energy from next April under plans to cut the generosity of the government’s gas and electricity support scheme expected to be announced by Jeremy Hunt on Thursday.

The chancellor is likely to use his autumn statement to say the need to save money and reduce state borrowing will require the household energy price cap to rise from £2,500 to an expected £3,000 to £3,100.

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Fund England’s bus network now or lose vital routes, campaigners warn

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Charities and transport groups say hundreds more routes face axe without targeted help and long-term funding

Bus services will not survive without sustained Treasury funding, campaigners and industry groups have warned the chancellor after the cutting of hundreds of routes in recent months.

Transport charities and trade bodies have written to Jeremy Hunt asking for support before this week’s autumn statement urging him to guarantee short-term funding, give targeted help to local authorities, and bring in better long-term financial settlements.

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Exodus of first-time buyers puts brakes on UK housing market

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Hike in mortgage costs after mini-budget cuts 20% off buyer demand in October

First-time buyers pulled back most from purchasing a home after the increase in mortgage costs following the mini-budget, according to a report showing a widespread slowdown in the property market.

Figures from the property platform Rightmove show buyer demand fell 20% in October compared with a year ago, as house-hunters put their property searches on hold in response to soaring borrowing costs and rising economic uncertainty.

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Energy bills: older Britons will pay more but youngest will struggle most, report finds

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Cost of living crisis affecting different generations in very different ways, says Resolution Foundation

Older people face a bigger income hit from surging energy costs this winter but younger households are more at risk of being unable to pay their bill or getting into debt amid the cost of living crisis, according to a report.

As households across Britain turn their heating on, the research by the Resolution Foundation thinktank found that older generations, in particular the over-75s, will spend a bigger share of their income, up from 5% to 8%, on their energy bills. For those under 50 the proportion is 5%.

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Minority ethnic Britons’ educational success not reflected in pay, study finds

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‘Clear evidence’ of discrimination in terms of salary and careers despite academic progress, IFS study finds

Most minority ethnic groups in the UK have made remarkable progress in educational achievement but “clear evidence” of discrimination remains in their pay and careers, according to a study published by the Institute for Fiscal Studies.

The IFS report found that most of the largest minority ethnic groups obtain English and maths exam results at least as good or better than those achieved by white British students in England, and are more likely than white teenagers to go on to university.

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Energy bills: thousands of UK households in limbo over £400 support

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Concerns grow that people relying on communal heating may not receive state discount promised

Thousands of people living in homes with centrally supplied electricity are still waiting to hear if and when the UK government will pay them the £400 promised under the energy bills support scheme.

While those living in conventional homes with standard electricity meters are due to receive their second monthly payment of £66, concern is growing among some of the several hundred thousand households that receive their electricity via a communal supply that they will not see any of the money they have been promised.

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Rise in back pain and long-term sickness linked to home working – ONS

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Sharp rise in people leaving labour market in past three years could be related to home working since Covid

Back and neck injuries caused by working from home during the Covid pandemic has been identified by the UK’s official number crunchers as a possible factor contributing to a sharp rise in people leaving the labour market over the past three years.

The Office for National Statistics said there had been a marked increase in disabilities often associated by medical experts with excessive screen use, after the increase in the number of people home working while offices were shut during the pandemic.

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California ticket holder scoops $2bn jackpot in biggest lottery payout ever

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Winner of $2.04bn Powerball prize – $400m greater than previous record – not identified by name

The largest ever lottery prize in history, the $2.04bn Powerball jackpot, has been won.

The US lottery’s official website on Tuesday showed a ticket holder in California had matched the winning numbers, hours after an early Tuesday drawing that had been marred by delays.

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