Financial news

• Touts to remain ‘rampant’ on resale sites after UK government avoids crackdown

  11-05-2023 19:53
  
  Campaign group backed by artists including Ed Sheeran criticises decision not to prevent bulk buying and speculative sellingA campaign group backed by Ed Sheeran, PJ Harvey and Arctic Monkeys has warned that music fans will continue to face “rampant” ripoffs by touts on resale sites, after ministers rejected plans to crack down on the sector.The Department for Business and Trade decided not to implement proposals from the competition watchdog designed to make life harder for professi
  
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• UK will have to raise retirement age after election, minister says

  11-05-2023 17:48
  
  Work and pensions secretary says his successor will have to ‘grasp nettle’ of bringing forward rise to 68Ministers will have to “grasp the nettle” on bringing forward the rise in the state pension age to 68 in the first couple of years of the next parliament, Mel Stride, the work and pensions secretary, has suggested.After delaying the decision because of stalling life expectancy, Stride said it would still have to be taken, but it would probably be one for his successor
  
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• ‘You have to move quickly’: two startup owners give advice on launching a digital brand

  11-05-2023 17:27
  
  With more than half of Gen Z planning to set up their own business, according to new research, entrepreneurs Harpreet Kaur and Kira Goode share their experiences of taking products to market on a limited budgetEntrepreneur Harpreet Kaur learned a thing or two about straight talking after she clinched the coveted crown in the BBC’s long-running The Apprentice last year. She faced Lord Sugar’s infamous boardroom but says she emerged stronger for it.“There’s nothing fluffy o
  
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• Devon bolthole: caves for sale billed as ‘Britain’s oldest home’

  11-05-2023 17:25
  
  Kents Cavern, described as ‘the most important prehistoric cave complex in Britain’, is up for sale for £2.5mIt is billed by the estate agent as “Britain’s oldest home” and includes a network of caves featuring stalagmites and stalactites, a collection of full-size (replica) ice age animals, and an acre of woodland trails.Kents Cavern in Devon, which has been open to the public since the 19th century and in the ownership of the same family for 100 years, is up
  
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• ‘We won’t be able to pay this much’: UK interest rate hike hits home

  11-05-2023 15:13
  
  Families who have remortgaged or are about to do so tell of a precarious position after rate raised to 4.5%Full story: Bank of England raises UK interest rates to 4.5%Explainer: UK interest rate rise: how will it affect you?When Rob, 35, from Trowbridge in Wiltshire, and his wife bought their first home for £375,000 in 2021, they were unable to imagine that 18 months later the Bank of England would have raised interest rates to 4.5% – their highest point since 2008.“We bought a
  
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• UK interest rate rise: how will it affect you?

  11-05-2023 13:06
  
  The quarter-point rise to 4.5% hits mortgage holders, credit card users and people seeking loans, but savers could benefitFull story: Bank of England raises UK interest rates to 4.5%Larry Elliott: What happens next?The Bank of England has yet again hiked interest rates, in the 12th consecutive rise since December 2021. This time the increase is 0.25 percentage points – taking the base rate to 4.5%. So what does that mean for your finances? Continue reading...
  
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• House price crash alert as BoE interest rate hike drags UK property market to the brink

  11-05-2023 10:18 via express.co.uk
  
  Property prices in top cities around the world have dropped for the first time in 14 years and the UK could follow with the Bank of England set to make a costly "mistake" by hiking interest rates today.
  
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• ‘It’s a win-win’: the adult children living at home

  11-05-2023 10:00
  
  Rising numbers of adult children are living with their parents compared with a decade agoNumber of adults living with parents in England and Wales risesSoaring rents and the cost of living crisis mean there are 620,000 more adult children now living with their parents than a decade ago, figures from the 2021 census show.There has been an almost 15% rise in the number of “non dependant adult children” living in their parents’ home, taking the number to 4.9 million. Continue read
  
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• London’s ‘super-prime’ property market back to pre-Brexit levels

  11-05-2023 07:00
  
  More than 160 luxury homes worth £10m or more have been sold in past year at a combined price of £3.1bnMore than 160 properties worth £10m or more were sold in London in the financial year just finished – the most since 2016 when Brexit spooked the global super-rich from investing in the UK’s “super-prime” market.A total of 161 such sales – or three a week – were made in the capital in the year to March, according to analysis of Land Registry
  
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• 1.5m UK homeowners on variable rate mortgages face new borrowing rise

  11-05-2023 06:00
  
  Poll of City analysts shows unanimous expectation of Bank of England raising interest rates to 4.5%Almost 1.5 million homeowners with variable rate mortgages face higher borrowing costs with the Bank of England expected to push up interest rates on Thursday to 4.5%.City analysts polled by Refinitiv were unanimous in forecasting the central bank would increase its base rate by 0.25 percentage points when policymakers meet to tackle Britain’s stubbornly high inflation rate. Continue reading.
  
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• Social media firms should reimburse online fraud victims, say UK bankers

  11-05-2023 01:01
  
  Boss of industry body UK Finance accuses tech companies of ‘profiting’ from scams on their platformsThe boss of the banking industry body UK Finance has called on social media companies to reimburse victims of online fraud, accusing them of “profiting” from scams taking place on their platforms.Figures from its fraud report show that 78% of authorised push payment scams, where a victim is tricked into approving a transaction, started online in the second half of last year
  
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