Financial news

• ‘More misery’ for homeowners as Bank of England forecast to raise interest rates to 5.5%

  26-07-2023 18:55 via express.co.uk
  
  Mortgage and debt repayments have increased significantly in the past 12 months and experts believe Britons should prepare for further interest rate hikes.
  
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• Cargo ship carrying 3,000 vehicles continues to burn off Dutch coast – video

  26-07-2023 18:20
  
  A blaze on a cargo ship carrying nearly 3,000 vehicles off the Dutch coast has killed one person and injured several others, and coastguards have warned that the fire could last several days. The fire began on Tuesday night on the 199-metre Panama-registered Fremantle Highway, which was en route from Germany to Egypt. Several crewmembers were forced to jump overboard. Rescue ships were spraying water on to the burning vessel to cool it down, but using too much water would risk its sinking, the D
  
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• Best savings accounts for June 2023 as banks raise interest rates to 6.15 percent

  26-07-2023 18:15 via express.co.uk
  
  Interest rates have skyrocketed over the last year due to action from the Bank of England which has benefited savers.
  
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• 'I thought it was a scam!' Mum's shock at offer to share £180k fortune

  26-07-2023 16:13 via express.co.uk
  
  One mum has revealed how she received a phone call which she initially thought was a scam, but ended up being an offer to share an £180,000 fortune.
  
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• Number of families paying inheritance tax rises 17% with average bill at £214,000

  26-07-2023 16:10 via express.co.uk
  
  Inheritance tax liabilities in the 2020 to 2021 tax year were at their highest level on record.
  
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• ‘I make an extra £2,000 a month from my sofa thanks to my crazy side hustles!'

  26-07-2023 16:05 via express.co.uk
  
  Side hustles are generating people thousands of dollars in extra income and many self-proclaimed side hustlers are sharing how they managed this on TikTok.
  
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• ‘I’ve made over £1,000 extra in one month thanks to the world’s easiest side hustle!’

  26-07-2023 15:50 via express.co.uk
  
  The young woman makes extra cash every month - up to £12,000 in a year - by working with other people's pets in what she calls the world's easiest side hustle.
  
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• Pension alert as new tool can help boost retirement income by £9,400

  26-07-2023 15:45 via express.co.uk
  
  The tool shows who is responsible for the person's pensions today and how much is invested.
  
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• Widow 'overjoyed' with refund after water billing chaos corrected – The Crusader

  26-07-2023 15:07 via express.co.uk
  
  A widow sunk into mystery direct debits, metering failures and debt threats - all of which she did not owe. The chaos that almost swept her away has now been rectified with a £2,000 refund.
  
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• Renters’ health at risk if UK energy efficiency rules delayed, say campaigners

  26-07-2023 14:59
  
  Ministers accused of ‘caving to landlord lobby’ amid reports tougher standards for new lettings could be delayedRenters have told ministers that any delay to new energy efficiency rules for privately let homes risks making people sick as they are forced to turn down the heating in winter.The prime minister, Rishi Sunak, is reported to be ready to pause requirements for new lettings to meet tougher insulation standards by 2025, after landlords lobbied ministers saying many could not a
  
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• Energy suppliers may be made to run evening helplines in Ofgem shake-up

  26-07-2023 14:37
  
  Winter customer service plan part of proposals to stop households and businesses being shortchanged Energy suppliers could be forced to keep customer service lines open on evenings and weekends this winter under rules proposed by the regulator for Great Britain to help struggling customers.Ofgem has set out a string of proposals to stop energy suppliers “shortchanging” households and businesses and reverse the steady decline in customer satisfaction. Continue reading...
  
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• Lloyds puts aside more than £400m for mortgage arrears as rates soar

  26-07-2023 13:33
  
  Bank says profits have fallen as interest rates and cost of living are ‘challenging’ for people and firmsLloyds Banking Group has put aside more than £400m to prepare for a potential increase in customers falling behind on more costly mortgage payments.It comes amid surging interest rates, which have risen sharply since late 2021 and made payments more expensive for new owners and those rolling off existing fixed mortgages. Continue reading...
  
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• What recession? What house price crash? UK is booming as confidence totally recovers

  26-07-2023 13:00 via express.co.uk
  
  The UK is beset with gloom with experts forecasting everything from a property market meltdown to a brutal recession. And they keep getting it wrong.
  
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• The truth about loyalty cards: discounts, data collection and the very best deals

  26-07-2023 11:00
  
  Shoppers could save 50p to £10 for every £100 spent with these money-saving schemes. But are they always worth handing over your personal details?Loyalty cards have been around for decades, but over the past couple of years there has been something of an evolution in the biggest UK schemes. While previously shoppers would rack up points on their spending that they could later cash in for rewards, several major retailers have switched to offering upfront benefits. The loyalty schemes
  
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• Forget Nigel Farage and Coutts – banks have been locking ordinary people out of accounts for years | Amy Taylor

  26-07-2023 11:00
  
  This is a rich person’s row. But as a debt adviser, I’ve seen clients’ lives upended when they are denied access to basic accountsDespite all the recent front-page attention given to Nigel Farage and today’s development – the resignation of NatWest chief executive Alison Rose – there is something else you should know: banks have been quietly closing accounts without giving their customers any reasonable explanation for decades. Setting aside Farage’s pol
  
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• Peak annuity rates! Pensioners can still get £2,250 extra income but must act fast

  26-07-2023 09:38 via express.co.uk
  
  Pensioners are racing to buy annuities as they pay the highest income in 15 years but experts warn rates may soon peak and today's great deals may not last.
  
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• E.ON’s prepayment meter forced us out of our home

  26-07-2023 08:00
  
  Every time we topped up, we were paying down some of the previous tenant’s debt, so we couldn’t afford to heat our flatMy daughter and I were on the housing register for 11 years before being given a flat last September. Unbeknownst to me, the previous tenant owed £2,000 to the gas supplier, E.ON, and a prepayment meter had been installed. Every time I topped up, a large chunk of my money would disappear and the supply would continually cut out. E.ON was clueless whenever I con
  
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• Tax relief system needs overhaul to prevent abuse, say MPs

  26-07-2023 01:01
  
  Treasury committee report says tax system is too complicated and finds two-thirds of relief policies are uncostedAlmost £200bn of tax reliefs handed to businesses and individuals each year should come under greater government scrutiny to prevent fraud and abuse, according to an all-party group of MPs.The Treasury committee said in a report published on Wednesday that “a systematic review” into more than 1,000 tax reliefs was needed after MPs found HM Revenue and Customs did not
  
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• Make nurseries exempt from VAT and business rates to boost wages, say MPs

  26-07-2023 01:01
  
  Committee also says government has more work to do to tackle structural problems in early years childcareMinisters should remove business rates and VAT from nurseries so that they are able to pay their staff more, a group of MPs have recommended.In the spring budget, Jeremy Hunt pledged to reform the childcare system, including by offering parents of children aged nine months to three years 30 hours a week of free childcare in term-time, which was expected to cost £4bn. The government clai
  
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