Financial news

• First-time homebuyers now need nearly 10 years to save a deposit, research finds

  03-07-2023 18:46
  
  Rising rents and property prices mean Londoners are flatsharing into their 40s, says Generation RentThe average time it takes to save for a home deposit in England has climbed to almost 10 years underlining the growing unaffordability for first-time buyers, according to new research.The campaign group Generation Rent said in 2012 it would typically take 6.8 years to save for a deposit for a mortgage. However, soaring private rents and higher house prices have added almost three years to that fig
  
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• Alcohol-free beer: thirst for healthier options fuels jump in UK sales

  03-07-2023 17:32
  
  Rise in demand also down to brands launching no- and low-alcohol products with more ‘authentic’ tasteSales of no- and low-alcohol beer are experiencing a summer surge, with brewers boosting production to meet growing demand.The increasing thirst for beer that is not booze has been attributed to a growing desire among many individuals – particularly some generation Zs and millennials – to lead a healthier lifestyle, coupled with premium brands launching beers that are said
  
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• Further education students in England hit by ‘extreme poverty’, report finds

  03-07-2023 16:48
  
  Decade of cumulative funding cuts means colleges lack resources to meet students’ needs, says reportFurther education students in England are struggling in “extreme poverty”, forced to work excessive hours in insecure jobs to support themselves and their families and falling behind with their studies as a result, according to a report.FE colleges say they are seeing students in “financial desperation”, often dressed in the same clothes for days on end and struggling
  
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• Fuel retailers to be made to publish live prices after using UK motorists as ‘cash cows’

  03-07-2023 15:43
  
  Drivers paying more for petrol and diesel than before Covid because of weakened competition, says CMABusiness live – latest updatesThe UK energy secretary has accused fuel retailers of using motorists as “cash cows” after a consumer watchdog found that drivers were paying more for petrol and diesel than before the Covid pandemic because of “weakened” competition.The Competition and Markets Authority (CMA) said that “due to a decision by the traditional price l
  
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• MPs accuse banks of ‘blatant profiteering’ as savings rates remain low

  03-07-2023 14:27
  
  Commons Treasury committee writes to four largest banks, saying they risk falling foul of incoming City rulesMPs have accused high street banks of failing in their “social duty” to promote saving and instead engaging in “blatant profiteering” by continuing to offer paltry rates.Members of the Commons Treasury committee raised their concerns in a fresh round of letters to the chief executives of the UK’s four largest lenders, which the MPs said had failed to substant
  
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• The saver’s dilemma: open an account now, or hope for even higher rates?

  03-07-2023 09:00
  
  With the best-buy tables changing almost by the hour, what’s the best strategy for maximising returns and not missing out? Rising interest rates mean savers are being offered the best returns in years, with some of the latest deals at more than 6%. After a flurry of activity last week, Anna Bowes, co-founder of website Savings Champion, says fixed-rate deals are more competitive than ever before.“There’s a group of providers that keep leapfrogging each other in the best-buy tab
  
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• UK festivals, TV shows and tours: how to have a fun-packed summer for free

  03-07-2023 08:00
  
  Whether it’s music, festivals or food, art or nature, you don’t need to miss out if money is tightIf Glastonbury has got you in the mood it is not too late to volunteer at a festival as organisers often rely on workers willing to put in a shift behind the bar or pick up litter in exchange for a free ticket. (You might be expected to pay a refundable deposit to ensure you do some work before disappearing off to enjoy the festival.) Continue reading...
  
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• My new Hyundai Kona electric car won’t charge fully – I want a refund

  03-07-2023 08:00
  
  We tried everything but the company’s mantra is ‘We understand your frustration but we cannot help you’Back in mid-January I took delivery of a new £35,000 electric Hyundai Kona. When I collected it from the Slough dealership, it was only 70% charged but I was told that this was down to a fault with their charger.But when I later tried to charge it, it would again only reach 70%. I was advised to run it down and to try again using a third charger but the same thing happen
  
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• Do we have any remortgage options beyond the standard variable rate?

  03-07-2023 08:00
  
  Our fixed term expires in a year and I fear we will not meet affordability checks for new dealQ My wife and I bought a house four years ago. We were lucky to have been given a large amount of money by our parents, so we had a big deposit of 40% and still had enough left to do a lot of work to the house (which badly needed it). So, when we come to remortgage, we will need a loan of about half the current value of the house.Even with a large deposit, we still needed to borrow as much as we could,
  
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• M&S offers money off children’s clothes in exchange for used school uniforms

  03-07-2023 07:00
  
  Promotion is designed to help parents who are struggling to afford clothes amid cost of living crisisFamilies are being offered money off children’s clothes in Marks & Spencer if they donate school uniform hand-me-downs, as part of a push designed to help parents struggling to afford them amid the cost of living crisis.The second-hand uniform collected will be sold via Oxfam’s high street chain as well as via a new “back-to-school” eBay shop. The tie-up is an extensio
  
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• 'NEVER click any of the links!' The 7 clues which signal your Royal Mail message is a scam

  03-07-2023 05:01 via express.co.uk
  
  We have seen an increase in scams that appear to be legitimate contact from Royal Mail, mostly arriving as texts or emails.
  
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