Category Archives: Money

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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Give working parents help with childcare and commuting costs, UK thinktank says

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Child poverty plan must address the 70% of families with at least one parent in work, Resolution Foundation says

Labour must offer extra support to working parents, including with childcare and commuting, if it is to fulfil its promise of cutting child poverty, the Resolution Foundation thinktank has argued.

The government’s manifesto promised an “ambitious strategy” on child poverty, and ministers have said they will publish a 10-year plan in the spring.

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UK house prices rise for fourth month in a row, says Nationwide

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Cost of average home in December reaches £269,426, with value increasing over year by almost £12,000

House prices rose for a fourth consecutive month in December, ending 2024 on a “strong footing”, Nationwide said, with the cost of an average home hitting £269,426.

The building society’s monthly tracker found prices in December rose 0.7% on the previous month and were up 4.7% on an annual basis.

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Millions of households in Great Britain face higher energy bills as price cap rises

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Average annual bill in England, Scotland and Wales increases by 1.2% to £1,738 from New Year’s Day

Nine million homes will face higher energy bills from Wednesday as Britain braces for freezing temperatures and snow warnings for the new year period.

The average energy bill for households across England, Scotland and Wales will rise by 1.2% from New Year’s Day to £1,738 a year for a typical household after the energy regulator raised its cap on gas and electricity charges.

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UK employers ‘risk losing good people’ without policies on infertility, say managers

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Survey by Chartered Management Institute finds only 19% of companies have a policy in place

Employers should have formal policies in place to help workers who are undergoing fertility treatment, the Chartered Management Institute (CMI) has said, warning that businesses are increasingly losing talented people by failing to support them.

With NHS data showing that one in every seven couples have difficulty conceiving, the professional body urged companies to be understanding and supportive, and offer flexible work hours and paid time off to accommodate medical appointments, as well as paid compassionate leave when necessary.

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Number of UK retailers on brink of collapse soars by 25%

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Report for final three months of year shows pressure driven by rising costs and weak consumer confidence

The number of UK retailers on the brink of collapse soared by a quarter in the final three months of the year, driven by a combination of rising business costs and weak consumer confidence, according to a report.

The proportion of retail businesses classed as being in “critical” financial distress jumped 25% to 2,124 in the fourth quarter compared with the third, the insolvency specialists Begbies Traynor said.

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Cancer patient fears dying without justice as tribunal date repeatedly delayed

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IT technician Joe Mezgebe arrived at unfair dismissal hearing to find no judge available – for the second time

A disabled man with prostate cancer has had his employment tribunal for unfair dismissal postponed the day before it was due to take place because a judge was not available – 13 months after exactly the same thing happened.

Joe Mezgebe, an IT technician, who first presented his claim against Christ’s College, Finchley academy in June 2021, has lost £15,300 in fees to his barrister as a result of the cancellations, and fears he may not live to see justice done.

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US business leaders set to break record on donations to Trump inaugural fund

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Donations, not restricted by campaign finance laws, come as industries seek favor with incoming administration

US business leaders are spending big on Donald Trump’s second inaugural fund, which is predicted to exceed even the record-setting $107m raised in 2017.

The donations, which are not restricted by campaign finance laws, come as industries and business leaders seek to curry favor with the incoming administration after the president-elect decisively won a second, non-consecutive term in November.

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UK house prices rise at fastest rate in nearly two years

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Nationwide reports surprise growth despite near-record prices straining affordability

House prices in the UK grew at the fastest rate in nearly two years in November, in a surprise acceleration despite near-record highs straining affordability, according to figures from Nationwide.

The annual growth rate rebounded to 3.7% in November, up from 2.4% in October, according to the UK’s biggest building society. That was the fastest rate since November 2022.

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Retailers warn inflation could hamper UK shoppers in run-up to Christmas

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British Retail Consortium figures come alongside data showing a fall in household disposable income

Shoppers’ ability to afford Christmas treats has been put under threat as retailers warned November could mark a turning point for inflation, with the recent fall in prices slowing amid increased fresh produce costs and fewer discounts on the shelves.

Shop prices fell by 0.6% in November, compared with a fall of 0.8% in October, according to the latest report from the British Retail Consortium (BRC) and research firm NielsenIQ. The slowdown in deflation was driven by non-food goods and a slight increase in fresh food prices, including seafood.

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Energy bills, mortgages, food: will cost of living surge again under Labour?

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The government claims to be fixing the economy but households may face more pressure in the months ahead

Labour swept to power in the wake of a cost of living crisis that hit households hard, with the price of food and energy rocketing alongside the impact of Liz Truss’s disastrous mini-budget on mortgage rates.

At 2.3%, inflation is nowhere the 10% peak after Russia’s invasion of Ukraine, but it is creeping up, and could hit 3% in 2025, say forecasters.

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UK bank fraud victims could face £100 excess on refund claims

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Despite new rules, many lenders have decided to implement the optional exemption

Some victims of bank transfer scams will not get a penny back despite beefed-up rules designed to better protect consumers from fraudsters, because several big banks have introduced an excess on refund claims.

New rules requiring banks and other payment companies to reimburse fraud victims who have been tricked into sending money to scammers took effect last month, and included an optional £100 excess that firms can apply to a claim.

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E.ON must pay £14.5m to prepayment customers after billing failures

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Ofgem says nearly 250,000 people will each receive average of £144 in compensation and refunds

The energy regulator has ordered power supplier E.ON Next to pay £14.5m in compensation to nearly 250,000 prepayment customers, after an investigation found “unacceptable” failures to pay credit they had on accounts or final bill payments they were owed.

Ofgem found that the customers were affected over an 18-month period from early 2021 to late last year by an error in E.ON Next’s billing system. About 100,000 of the affected accounts were also in credit.

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