Category Archives: Money

Using an e-scooter can add £1,000 to your car insurance quote

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Under-30s risk a huge hike in huge car insurance premiums later in life if handed the IN10 endorsement

Young people using private electric scooters on roads and pavements risk facing huge insurance premiums when they want to drive a car, says the comparison website MoneySuperMarket.

It emerged this week that almost 800 children aged 13 to 16 had been issued an IN10 endorsement – the code used by the police for “using a vehicle uninsured against third-party risks” since the start of 2020. It stays on a person’s driving record for four years from the date of the offence.

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UK hiring on the rise as confidence lifts, research suggests

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Companies increase hiring for first time since June, and households more optimistic about their finances

Companies have ramped up hiring in recent weeks while consumer confidence has started to rise, research suggests, in a boost for Rachel Reeves as the government looks for signs of economic growth.

The chancellor has received a fillip after the market research company GfK’s consumer index improved from -22 in January to -20 in February as households said they were more optimistic about their personal finances and the economic outlook.

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Energy bills in Great Britain forecast to rise by 5% from April

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Households face greater than expected rise in Ofgem price cap after Europe’s gas storage levels slump, analysts say

Millions of households face a greater than expected increase to their energy bills of about 5% from April after a slump in Europe’s gas storage levels caused market prices to climb, according to analysts.

The average gas and electricity bill for a typical household in Great Britain is expected to rise by £85 from April to £1,823 a year under the energy regulator’s price cap.

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UK marketplace sellers face ‘second Brexit’ hit from Trump’s US import rules

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End of ‘de minimis’ policy for Chinese goods also expected to hit bigger fashion retailers such as Asos and Boohoo

Many UK-based independent sellers on marketplaces such as eBay and Amazon could suffer a significant hit to US sales from planned changes to import rules under Donald Trump, with experts comparing the impact to a second Brexit.

The new rules, which mean all parcels originating or made in China and being sold into the US must pay import duty – of as much as 15% on fashion items – and an additional 10% tariff, are also expected to impact bigger online clothing retailers such as Asos and Boohoo.

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Poorest UK households pay rising share of income on council tax, study finds

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Resolution Foundation report says failure to reform has ‘slowly recreated the issues that undid the poll tax’

Britain’s poorest households are paying an increasing share of their income on council tax, according to new analysis that likened it to the poll tax that contributed to the downfall of Margaret Thatcher.

The poorest fifth of households paid 4.8% of their income on council tax in England, Wales and Scotland and on domestic rates in Northern Ireland in the 2020-21 financial year, up from 2.9% in 2002-3, according to research by the Resolution Foundation.

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UK firms mull biggest layoffs in a decade as business confidence slumps

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Impending tax rises from autumn budget fuel collapse in sentiment and rising redundancy intentions, surveys show

UK employers are preparing for the biggest redundancy round in a decade amid collapsing business confidence as firms brace for tax increases from April that Rachel Reeves announced in her autumn budget.

In a fresh blow for the chancellor, the Chartered Institute of Personnel and Development (CIPD), which represents human resources professionals, said a survey of 2,000 employers showed redundancy intentions at their highest level in 10 years, barring the Covid pandemic.

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Fall in overseas students fuels threat to English universities despite rise in fees

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Higher tuition costs have already been ‘wiped out’ by government tax hikes, critics claim

A fall in international students applying for visas risks prolonging the existential threat facing some of England’s universities, sources in higher education say, amid warnings that an increase in tuition fees has already been “wiped out” by the government’s tax rises.

Despite the decision by ministers to increase fees for UK students this year to £9,535 – the first rise in eight years – figures across the universities sector said the financial situation remained dire, with further course closures and redundancies being widely considered.

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The heartlessness of the deal: how Trump’s ‘America first’ stance sold out Ukraine

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The US president does not care who controls east Ukraine, so long as he can access the rare earth minerals underneath

In Donald Trump’s world, everything has its price.

There is no place for sentiment in his politics. Common values cannot secure loans for military aid. And the US president does not care who controls the blood-soaked soils of east Ukraine, so long as he can access the rare earth minerals that lie beneath.

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Solar panels could cut fuel-poor UK families’ energy bills by 24%, says study

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Call for means-tested grants or loans to cover upfront costs that prevent poorer households from benefiting

Poorer households could cut their energy bills by a quarter if solar panels were installed on their rooftops, a report has found.

However, the upfront costs mean that those who stand to benefit most from decreased energy bills are prevented from getting panels installed, according to the Resolution Foundation thinktank.

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UK health insurer Vitality to offer members discounted anti-obesity drugs

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Third-largest healthcare insurer will be first to give 20% off treatments such as Wegovy and Mounjaro through health cover

Vitality has become the first health insurer in the UK to offer customers discounted weight loss treatments for up to a year through its health cover.

The UK’s third-largest health insurer behind Bupa and Axa, with 1.9 million members, said it would offer discounts of up to 20% for medications such as Wegovy and Mounjaro – which are popular but pricey – to members, based on their body mass index (BMI) and weight-related health conditions.

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UK tax administration costs spiralling due to complex system, says watchdog

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Businesses pay hundreds of millions of pounds more and losing trust in HMRC, reports National Audit Office

An increasingly complex tax system is burdening the government and businesses with hundreds of millions of pounds more in administration costs, Whitehall’s spending watchdog has warned.

The report by the National Audit Office (NAO) also said “poor levels of service” meant some taxpayers and their representatives were “finding it more difficult to deal with their tax matters and are losing trust in HM Revenue & Customs [HMRC]”.

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Bereaved parents launch court challenge over UK benefit ‘discrimination’

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Widowed parent’s allowance claims for those not married or in civil partnership can only be backdated from 30 August 2018

Two bereaved parents have filed a case at the European court of human rights, claiming that the UK government’s treatment of them is discriminatory.

Jyotee Gunnooa and Andrew Byles lost their partners but were unable to claim a benefit for widowed parents because they were not married or in civil partnerships when the deaths happened.

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Australians paid 10% more in bank fees last year, Reserve Bank says

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Rise was partly due to more households using their credit and debit cards overseas as travel bounces back, analyst from central bank says

Australian households paid almost 10% more in bank fees in the 2023/24 financial year, with credit card and personal loan use soaring amid the rising cost of living.

That contributed to banks enjoying a 5% jump in fee revenue in 2023/24 – the first annual increase in fee earnings in seven years, the Reserve Bank said in its January bulletin.

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Unpaid internships ‘locking out’ young working-class people from careers

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UK charity calls for positions of four weeks or longer to be banned to help close social mobility gap

Young people from working-class or disadvantaged backgrounds are being “locked out” of careers by unpaid or low-paid internships that benefit middle-class graduates, according to a social mobility charity.

Research by the Sutton Trust found that middle-class graduates made more use of internships as stepping stones into sectors such as finance or IT, even in cases where the internships paid nothing or below the minimum wage as required by legislation.

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Work-life balance more important than pay for employees worldwide

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Annual survey finds workers have ‘multifaceted expectations’ after changes cause by Covid pandemic

Work-life balance has soared in importance for workers around the world, becoming their top motivator and pushing pay into second place, according to an annual international survey of thousands of employees.

It is the first time that finding or keeping a job that fits in with the rest of their lives has outranked salary in the 22-year history of the international recruitment company Randstad’s annual review of the world of work, highlighting the corporate revolution caused by the coronavirus pandemic.

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UK mortgage rules could be eased to increase growth

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FCA also aims to change law to try to prevent a repeat of mass compensation schemes for consumers such as PPI

Mortgage rules could be loosened by the City regulator as it comes under government pressure to increase economic growth and home ownership across the UK.

The move to “simplify responsible lending” for property purchases is part of a range of proposals put forward by the Financial Conduct Authority in an attempt to prove that the watchdog is not standing in the way of the Labour cabinet’s “growth mission”.

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Brad Pitt reacts to ‘awful’ scammers who fooled French woman using his pictures

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Anne, 53, was scammed out of hundreds of thousands after believing she was in a long-term relationship with the actor

A spokesperson for Brad Pitt has addressed the viral story about a French woman who believed she was in a long-term relationship with the actor and was scammed out of €830,000 ($855,000, £700,000) by someone posing as him.

“It’s awful that scammers take advantage of the strong bond between fans and celebrities,” the spokesperson said in a statement obtained by E! News. “But this is an important reminder not to respond to unsolicited online outreach, especially from actors who have no social media presence.”

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Sunbury-on-Thames sees biggest house price rise in UK in 2024

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Surrey town saw 12.5% increase in asking prices last year with rest of UK rising just 1.4%, according to Rightmove

It’s very name conjures images of warmth, and now Sunbury-on-Thames has been named as a property hotspot. According to listings website Rightmove, the Surrey town recorded the biggest rise in asking prices in Great Britain last year, registering a 12.5% leap in the average, from £527,005 to £592,976.

The town has long been popular with commuters, as it takes less than an hour to travel into London Waterloo station, and is close to the recently expanded Shepperton Studios, which now claims to be the second biggest film studio in the world.

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One in six UK workers skipping meals to make ends meet, says TUC

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Trade unions body finds 17% have skipped meal in past three months, and as many as 10% do so most days

As many as one in six workers in Britain are skipping meals to make ends meet as households remain under pressure from the higher cost of groceries, energy and other essentials.

Highlighting the impact of the cost of living crisis on working households, figures from the Trades Union Congress (TUC) showed 17% of full- or part-time workers had skipped a meal to reduce their spending in the past three months.

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‘Hotel of mum and dad’ in UK at its fullest in two decades, study finds

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Almost a fifth of adults aged 24-34 are living with parents, particularly in areas of high-cost housing

The “hotel of mum and dad” is the busiest it has been for two decades as an increasing number of young adults in the UK choose – or are forced by low wages and rising rents – to live with their parents, research has found.

The prohibitive cost of renting, let alone buying, a home explains why more twenty- and thirtysomethings are “co-residing” with family at an age when their parents would have been living independently, the Institute for Fiscal Studies (IFS) said.

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