Financial news

• UK could be hit by 'contagion' derailing China's £2.4trn banking system, says Harvey-Jones

  15-08-2023 18:30 via express.co.uk
  
  UK stock markets slumped today as concerns mounted over the state of China's economy and the knock-on effect it could have on the West.
  
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• Britain’s ‘house of food’ sits on shaky foundations. To fix it, curb the big supermarkets | Andrew Simms

  15-08-2023 17:33 via theguardian.com
  
  As major retailers rake in huge profits, they are slashing jobs, squeezing suppliers and hollowing out our food industrySupermarkets can seem as mundane as public utilities, as dull as plumbing – until something goes wrong. If the plumbing goes wrong, the ceiling collapses. But when the supermarket goes wrong, you can’t put food on the table.The naked vulnerability of the way we produce and sell our food is revealed whenever there is a shock to the system – whether that be fuel
  
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• Ryanair charges elderly couple £110 after they download wrong boarding cards

  15-08-2023 15:13 via theguardian.com
  
  Ruth Jaffe, 79, and her disabled husband Peter, 80, had checked in for return instead of outgoing flightAn elderly couple have said they were “horrified” to be charged £110 by Ryanair for new boarding passes after they mistakenly checked into the wrong flight.Ruth Jaffe, 79, and Peter Jaffe, 80, had to pay the fee after they accidentally downloaded their return boarding passes instead of the outgoing ones for a flight to France. Continue reading...
  
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• PIP warning as DWP sends out assessments to claimants with first landing within days

  15-08-2023 15:10 via express.co.uk
  
  Britons who claim PIP and are due for a "light-touch" review should expect correspondence as 10-year terms expire.
  
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• Charities and experts call for overhaul of UK’s ‘broken’ sick pay system

  15-08-2023 14:09 via theguardian.com
  
  Coalition urges health secretary to back changes as long-term sickness levels reach record highUK politics live – latest updatesA coalition of charities and health experts has called for an overhaul of the UK’s “broken” sick pay system, as the number of people prevented from working by long-term sickness reached a record high.The group urged the health secretary, Steve Barclay, to support changes that it says would not just address widening health inequalities but also be
  
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• Global wealth fall cost 3.5m people ‘dollar millionaire’ status last year

  15-08-2023 13:47 via theguardian.com
  
  UBS says assets dipped for first time since financial crisis as high inflation and struggling currencies took tollMore than 3.5 million people lost their “dollar millionaire” status last year during the first fall in global wealth since the 2008 financial crisis.The number of adults with assets of more than $1m (£790,000) fell from 62.9 million at the end of 2021 to 59.4 million at the end of 2022, according to the UBS annual wealth report, published on Tuesday. The Swiss bank
  
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• China set to trigger deflationary meltdown - and still the BoE hikes interest rates

  15-08-2023 13:00 via express.co.uk
  
  The Bank of England is about to make a second calamitous error. After ignoring obvious signs that inflation was about to take off it's now making the reverse mistake, and ignoring the looming threat of deflation.
  
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• What wage increases mean for state pension triple lock and Bank of England

  15-08-2023 12:38 via express.co.uk
  
  EXCLUSIVE: Another big state pension boost is likely for next year but the triple lock policy may soon be seen as unsustainable, economist Julian Jessop has warned.
  
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• Water companies are playing dirty over sewage. That’s why 20 million of us are taking them to court | Carolyn Roberts

  15-08-2023 12:37 via theguardian.com
  
  People have had enough. Our historic class action could be the start of desperately needed change in the water industryIn England and Wales, anger about the state of our rivers and beaches is vast. Open-water swimmers, fishers and canoeists describe navigating through filthy liquid covered in brown scum. Social media posts show disturbing pictures of bankside tree roots and sewer outfalls festooned with the tatty remains of toilet paper and tampons. Blankets of silt and algae mask the previously
  
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• 'I live in fear': Woman loses £40,000 to online scam using Martin Lewis in its advert

  15-08-2023 12:14 via express.co.uk
  
  A woman from Somerset invested in cryptocurrency under the false belief it was backed by Money Saving Expert founder Martin Lewis.
  
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• Police leader calls on TikTok to investigate Oxford Street ‘robbery’ campaign

  15-08-2023 11:40
  
  APCC chair says platform has duty to stop promotion of criminal activity after posts allegedly urged users to target JD SportsA UK policing leader has called on TikTok to investigate an Oxford Street “robbery” campaign that was supposedly orchestrated on the platform and led to shuttered stores and a number of arrests.Donna Jones, the chair of the Association of Police and Crime Commissioners (APCC), said: “If I was a person in charge of governance of TikTok at the moment, I wo
  
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• M&S upgrades profit outlook as market share in food and clothing grows

  15-08-2023 11:34
  
  Retailer expects ‘significant improvement’ in interim results despite economic uncertaintiesMarks & Spencer has said it expects increased profits for the current financial year, unexpectedly upgrading its outlook after growing its market share in food, clothing and homeware.In an unscheduled update to the City, the high street retailer told investors its interim results, due to be published in November, would show “a significant improvement” against previous expectati
  
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• UK basic wage growth hits record high; Russia’s central bank lifts rates to 12% – business live

  15-08-2023 11:27
  
  UK regular pay growth highest since 2001 while unemployment rate rises unexpectedly; rouble recovers afters Bank of Russia raises rates at extraordinary meetingThe statement doesn’t mention the rouble, which dropped to its lowest level in nearly 17 months yesterday. The Russian currency has been boosted by the central bank’s move.It now takes 95 roubles to buy a dollar, whereas yesterday the exchange rate was at 102 roubles per dollar at one stage.The decision is aimed at limiting pr
  
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• Food price inflation in UK falls for fifth month in a row

  15-08-2023 10:47
  
  Reduction is second sharp drop in a row as milk and sunflower oil get price cuts while eggs, sweets and chips increase againFood price inflation in the UK eased to 12.7% last month, the second sharp drop in a row, as the price of milk fell back but eggs, sweets and oven chips continued to increase.Price rises slowed for the fifth month in a row in the four weeks to 6 August, the market research group Kantar reported on Tuesday. Continue reading...
  
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• Billions dumped into zero interest accounts leaving millions missing out on extra savings

  15-08-2023 10:42 via express.co.uk
  
  Latest stats from the Bank of England reveal £2.1billion was added to zero percent interest accounts in June alone.
  
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• UK jobs market is cooling despite record pay growth

  15-08-2023 10:31
  
  Risks of interest rate overkill rising fast even though wages grew strongly in last quarterBank under pressure to raise rates after record jump in basic payBusiness live – latest updatesAfter months in which it has defied gravity, a prolonged period of flatlining growth has finally caught up with the UK labour market.The latest bulletin from the Office for National Statistics shows unmistakeable signs of weakness. Employment and job vacancies were down, while unemployment and redundancies
  
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• State pension set to surge as wages jump 8.2% — how much you're expected to get

  15-08-2023 10:11 via express.co.uk
  
  Predictions suggest the state pension could increase by more than £700 a year next year.
  
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• Barclays increases interest on seven savings accounts and ISAs with rates up to 5.5%

  15-08-2023 10:07 via express.co.uk
  
  Banks have recently come under pressure from the FCA to align interest rates with the Bank of England Base Rate, and Barclays is next to revise its deals.
  
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• UK wages rise at record-breaking levels in major new boost for British economy

  15-08-2023 08:49 via express.co.uk
  
  Pay grew at the fastest rate since records began during the second quarter, new figures show.
  
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• I’m paying to lease an electric car that has been off the road for months

  15-08-2023 08:00
  
  After a minor accident, my Jaguar I-Pace was taken away and replaced by a petrol Ford FiestaIn March, I had a very minor accident in the all-electric Jaguar I-Pace that I lease from a company called Tusker via a salary sacrifice deal. The scheme includes the car’s insurance.The problem is that after the crash, which was my fault, the car was taken away and, five months on, I still haven’t received it back. I have been given a petrol Ford Fiesta, which I am having to pay to refuel, pl
  
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• Benefit backlog costing disabled people £24m a month, says Citizens Advice

  15-08-2023 08:00 via theguardian.com
  
  Exclusive: more than 430,000 people in England and Wales awaiting review of personal independence paymentsDisabled people in England and Wales are missing out on an estimated £24m a month as record numbers wait for their personal independence payments (Pip) review, according to Citizens Advice.More than 430,000 people are awaiting a Pip review as the benefit backlog deepens, the charity network’s report says. Some are facing delays of more than two years. Continue reading...
  
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• Shortage of experts and low pay ‘major barriers to UK’s net zero future’

  15-08-2023 07:00
  
  Lack of funding and staff limit climate sector’s impact on conservation and net zero efforts, say workersStaff shortages, a lack of specialist personnel and low pay are major barriers to achieving net zero, according to workers in the UK environment sector.The trade union Prospect, many members of which work in the climate and environment sector, received more than 500 responses to a survey on workplace trends. Continue reading...
  
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• From Beyoncé to Harry Styles, demand for big-name UK gigs is booming

  15-08-2023 07:00
  
  Despite cost of living crisis and rising prices, ticket sales are up – but some festivals and small venues are strugglingWhether it’s Harry Styles selling out multiple dates at Wembley, fans shelling out hundreds for Beyoncé or even forgoing summer vacations to afford Taylor Swift tickets, the demand for live music has never seemed so high.Despite the cost of living crisis, consumer spending on the entertainment sector rose last month by a remarkable 15.8% year-on-year, accord
  
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• Funding of public services in England skewed against poor areas, says IFS

  15-08-2023 01:01
  
  Thinktank warns that government’s promises of levelling up are being undermined by system that is ‘not fit for purpose’The government’s levelling up plans for England are being hampered by a funding system that is “not fit for purpose” and deprives the poorest areas of the financial support to match their needs, a leading thinktank has said.The Institute for Fiscal Studies said that the method for allocating money to pay for public services is out of date, bas
  
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