Financial news

• Sunak pledges to keep to pension triple lock despite signs of extra £10bn cost

  16-08-2023 20:17 via theguardian.com
  
  PM says he is comfortable with full uplift on state pensions, which cost the taxpayer £124bn this yearRishi Sunak has pledged to stick to the pension triple lock despite signs the guarantee to older people will cost the Treasury an extra £10bn next year – £2.5bn more than estimated in the spring budget.The prime minister insisted he was comfortable with pensioners receiving the full annual uplift. The state pension costs the taxpayer £124bn this year and is on cours
  
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• The Guardian view on inflation: stop hitting homebuyers and squeeze the super-rich | Editorial

  16-08-2023 20:06 via theguardian.com
  
  Interest rates are too blunt an instrument for an economy so finely balanced. It’s time to use taxes“The plan is working,” is how Rishi Sunak greeted Wednesday’s news of a fall in the rate of inflation. “If we stick to the plan I’ve set out, we’ll get it done.”Up to a point, prime minister. Mr Sunak’s “plan” is really nothing of the sort. It is an aspiration to halve the rate by which prices are rising rather than, as is commonly
  
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• Admiral profit up 4% despite insuring 380,000 fewer vehicles

  16-08-2023 19:10 via theguardian.com
  
  Insurer says it had to raise premiums, up 20% in first half of year, in response to high inflation and rising costsThe car insurer Admiral has turned a profit in the first half of this year despite covering 380,000 fewer vehicles, after it put its premiums up by 20%.The price increase came on top of a 20% rise in the previous six months, meaning the cost of cover has gone up by about 44% over a year. Continue reading...
  
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• Pay rises should be a ‘reward for productivity’, says Rishi Sunak

  16-08-2023 19:00 via theguardian.com
  
  Prime minister also calls for wage growth to be sustainable to help economy growRishi Sunak has said pay rises should be “sustainable” and come as rewards for productivity, risking further criticism from trade unions.The prime minister said in an interview with ITV News it was not for the government to intervene in pay talks between companies and employees, when asked if he would like to see employers showing “more moderation” in relation to pay rises. Continue reading...
  
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• Rail fare rises in England will not exceed 9% inflation figure in 2024

  16-08-2023 15:51 via theguardian.com
  
  Government confirms ticket price rises will be delayed until March and will be below retail prices indexRail fare rises in England will not exceed 9% next year and will be delayed until March, the government has said.Ticket costs used to increase in January in line with inflation as measured by the retail prices index over the 12 months to the previous July. On Wednesday the Office for National Statistics revealed last month’s RPI rate was 9%. Continue reading...
  
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• UK inflation: which goods and services have changed most in price?

  16-08-2023 11:15 via theguardian.com
  
  From fruit juice to carpets and cars to hotels, how the cost of everyday items variesUK inflation falls sharply to 6.8%Analysis: Bank may be forced to deploy its only weapon againThe UK’s annual inflation rate fell from 7.9% in June to 6.8% in July, its lowest level since February 2022, mainly driven by lower energy prices. Food price inflation eased, particularly for essentials such as milk, bread and cereal, and summer sales brought down the cost of clothes, footwear and household goods.
  
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• Bank of Ireland glitch let customers withdraw money they didn’t have

  16-08-2023 09:47 via theguardian.com
  
  ‘Technical issue’ allowed transfers and withdrawals beyond customer limits and made online banking unavailableBank of Ireland has apologised for an IT glitch that meant some customers were able to withdraw money they did not have in their accounts at cashpoints.The bank said it had resolved the “technical issue”, which had also allowed transfers beyond customer limits and had made its online banking and mobile app services unavailable. Continue reading...
  
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• Mercedes has refused to pay for a repair to my rusty car

  16-08-2023 08:00 via theguardian.com
  
  There’s one rule for customers in the US, another for UK over key safety issueI seem to have stumbled across one of the car industry’s worst-kept safety secrets: several Mercedes-Benz models are prone to corroded and perforated subframes. These essentially attach the axle and suspension to the main frame. So when they fail, they fail big time. In the US, Mercedes has increased the length of its warranty; in the UK it is handing out no-liability “goodwill” payments to cove
  
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• Ending the tampon tax has just made retailers richer. Can we stop weaponising periods? | Laura Coryton

  16-08-2023 08:00 via theguardian.com
  
  I led the campaign to scrap VAT on period products, but some were omitted, and the savings on others are not being passed on to customersIn 2014, I started a petition to end the unfair and sexist “luxury” tax on period products. After years of campaigning, lobbying politicians, speaking with journalists, travelling the country to raise awareness, and amassing more than 300,000 signatures, there were two big breakthroughs. First, our campaign lobbied the government into establishing t
  
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• Will AI steal my job? Maybe – but here are some possible new opportunities

  16-08-2023 07:00 via theguardian.com
  
  The rise of AI will destroy jobs – but also create them. And if you didn’t nab that £700,000 role at Netflix, there are plenty of new positions in the offing, many in surprising areasThe conversation about AI and the workplace is understandably dominated by the downsides – after decades of automation eliminating manufacturing jobs, people in the service sector are worried about being replaced by “robots”.But every technological shift creates as well as destroy
  
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• The mystery of the Crooked House fire

  16-08-2023 04:00 via theguardian.com
  
  When Britain’s wonkiest pub was destroyed in a fire and the ruins demolished, it sparked protests and made headlines around the world – but why?Thanks to a bad case of subsidence the Crooked House in the Black Country, had become a landmark. Punters talked about how its alarming lean made you feel drunk before you got to your pint, while badly made shelves were said to be ‘as straight as the Crooked House’.But then it was bought by developers, caught fire and was immediat
  
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