Category Archives: Money

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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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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