Financial news

• Plumes of smoke seen as fire breaks out at east London business centre – video

  25-08-2023 23:03
  
  A huge fire was raging in east London on Friday evening, sending thick black smoke billowing into the air. About 100 firefighters were tackling the blaze, which started at a business centre in Fairfield Road in Bow. The London fire brigade described it as 'a very visible fire' and said most of the roof of the six-storey building was alight. The cause of the fire is not yet known and there were no reports of injuriesAbout 100 firefighters tackle huge blaze at east London business centre Continue
  
  Read more

• The Guardian view on the energy price cap: nothing to boast about | Editorial

  25-08-2023 19:30 via theguardian.com
  
  In spite of the overall fall in household bill levels, millions will not gain from cheaper gas and electricity this winter“Energy prices to fall again this winter” was the upbeat headline on the press release published on Friday by the energy regulator, Ofgem. On the face of it, the fall in the energy price cap from October is indeed welcome news for every household in Britain. In the current quarter, the cap for a typical household energy bill is set at £2,074 a year; from Oct
  
  Read more

• Ministers urged to offer financial support for Britain’s rising energy bills

  25-08-2023 17:48 via theguardian.com
  
  Costs forecast to increase again from January despite announcement of fall in energy price capMinisters have been urged to intervene to prevent a “winter of despair and suffering” by offering financial support to millions of households facing unmanageable energy bills.The government is under renewed pressure to act after warnings that energy costs will remain unaffordable for the most vulnerable in society, despite Friday’s announcement of a fall in the energy price cap. Contin
  
  Read more

• BoE has just been given green light to hike interest rates to 5.5% – may soon hit 6%

  25-08-2023 17:46 via express.co.uk
  
  The hype surrounding artificial intelligence has sent US tech stocks like Nvidia rocketing but ultimately it's just a sideshow.
  
  Read more

• Advertisement

• Formula milk advert restrictions are patronising – let parents decide what’s best | Rhiannon Lucy Cosslett

  25-08-2023 16:43 via theguardian.com
  
  For those who can’t breastfeed, or choose not to, our present laws and the stigma attached to bottle feeding are unhelpfulLike many parents, I wasn’t aware of the laws around the promotion of baby formula until I needed to buy it, to feed my pre-term, extremely hungry baby. I discussed the stigma with a friend who was also formula feeding. She had had a double mastectomy, so couldn’t breastfeed. Thus we discovered that advertising promotions for baby formula for use from birth
  
  Read more

• Germany now 'sick man of Europe' while Brexit Britain outstrips EU giant in growth

  25-08-2023 15:58 via express.co.uk
  
  Europe's largest economy has regained the unfavourable title while post-Brexit Britain continues to show economic growth.
  
  Read more

• Heineken finallyb sells its Russian business for one euro and takes a €300 million loss

  25-08-2023 15:54 via express.co.uk
  
  The strategic move underscores Heineken's commitment to its global business restructuring efforts.
  
  Read more

• Wilko's last-ditch bid for survival with man who saved HMV is 'stone dead'

  25-08-2023 15:43 via express.co.uk
  
  Time is ticking as it is understood that PwC have given a deadline for all final offers today.
  
  Read more

• Advertisement

• Mum's ‘avalanche of expenses’ as school uniforms cost £2k — and how not to get stung

  25-08-2023 15:02 via express.co.uk
  
  EXCLUSIVE: Back to school season is back and many parents are anxious about the potential cost of uniforms and supplies.
  
  Read more

• ‘Usually it’s packed in August’: UK seaside towns suffer in cost of living crisis

  25-08-2023 14:44 via theguardian.com
  
  Torquay business owners tell of struggling to pay bills as footfall drops and people cut costs“Just look at it, this is the middle of the summer holidays,” says Phillip Garnsey, the exasperated co-owner of the Oggy Oggy pasty company, as he surveys an empty high street in Torquay.Just a few hundred metres up the road in the Devon town, the juxtaposition could not be more stark as families relax on the beach, enjoying one of the first sunny days of August, and paddleboarders make thei
  
  Read more

• UK competition watchdog raises concerns over housing market

  25-08-2023 14:27 via theguardian.com
  
  Some landlords could be breaching consumer protection rules, while CMA is also investigating land held by largest housebuildersA “significant minority” of landlords and letting agents may not be following consumer protection rules, according to the UK’s competition watchdog, which raised concerns including complaints about onerous guarantees, discrimination against certain types of tenants and fees charged to older people entering retirement housing.The Competition and Markets
  
  Read more

• Lost in a crowd: why phone signal is still so scarce at UK music festivals

  25-08-2023 14:01 via theguardian.com
  
  Big events place a strain on networks but when 6G arrives, many of today’s problems will evaporateThis bank holiday weekend is one of the last big dates in the UK summer festival calendar, with Reading and Leeds, All Points East and Creamfields North expected to draw huge crowds.With large attendance numbers at festivals come overloaded mobile phone networks, resulting in friends losing touch with one another and parents being unable to contact their teenagers on their first big weekend aw
  
  Read more

• Rishi Sunak faces calls to scrap 'not fit for purpose' energy price cap

  25-08-2023 13:51 via express.co.uk
  
  The energy price cap has fallen once again but bills remain high for many households with industry figures calling on Rishi Sunak to take action.
  
  Read more

• Five DWP benefits state pensioners need to know about after energy price cap drop

  25-08-2023 12:49 via express.co.uk
  
  Those on the state pension may be entitled to DWP benefits which will help them pay their energy bills.
  
  Read more

• Campaigners want UK social energy tariff but ministers sit on their hands

  25-08-2023 12:44 via theguardian.com
  
  The price cap is not fit for purpose – how would subsidies reach the poorest and how will we pay for them?What is the energy price cap?As a record number of UK consumers head towards winter already in debt to their energy supplier, the price cap that controls what households pay for gas and electricity is clearly no longer fit for purpose.Even the energy regulator presiding over the cap, Ofgem’s Jonathan Brearley, has admitted the mechanism is “very broad and crude” and
  
  Read more

• Mortgage rates slashed at first direct as lender cuts prices across 20 of its products

  25-08-2023 11:51 via express.co.uk
  
  Interest rates are on the rise which is bad news for mortgage holders but first direct is finding ways to help homeowners at this trying time.
  
  Read more

• Ofgem energy price cap: what does drop mean for households and is help available?

  25-08-2023 11:27 via theguardian.com
  
  What consumers can expect to pay, how it affects prepayment meter customers and who is left out in the coldOfgem energy price cap falls below £2,000‘Price cap won’t help much’: customers’ fears over winter billsAnalysis: campaigners want UK social energy tariff but ministers sit on their handsEnergy bills have rocketed during the cost of living crisis, making the price cap one of the most closely watched figures by worried households. The energy regulator for Great
  
  Read more

• Apex Legends gamer transforms side-hustle into £7,000 a month income

  25-08-2023 11:00 via express.co.uk
  
  The entrepreneur is now the most-watched female player in Europe.
  
  Read more

• Take control of your money: how to retain a sense of financial wellbeing during turbulent times

  25-08-2023 10:28 via theguardian.com
  
  Financial turmoil can often leave people feeling confused and panicked – but seeking professional help or adopting a long-term plan can help you feel guided and supported through the volatilityThis year has thrown its fair share of challenges at anyone trying to maintain a sense of control over their lives and personal finances. Credit is more expensive, living costs are rising, and savings and investments have had a volatile ride.Given the extent of the turmoil, it’s understandable
  
  Read more

• From avoiding cash to exploring equities: six tips on how to preserve your money

  25-08-2023 10:28 via theguardian.com
  
  How can we make sure we make the right money decisions during times of high inflation and financial turmoil? Here is some expert advice to help you ride the wave and keep your money safeDuring inflationary times, it can be difficult to know how your savings will be impacted. Matthew Henderson, an investment adviser at Charles Stanley – a UK investment management firm – offers six tips for avoiding the worst of the volatility.1 Understand how inflation affects youHenderson explains th
  
  Read more

• Ofgem price cap explained — why you could still pay more despite energy costs falling

  25-08-2023 10:15 via express.co.uk
  
  EXCLUSIVE: An energy expert urged Britons to track their energy usage as half of consumers wrongly think the Ofgem price cap is the maximum they can pay.
  
  Read more

• Energy bills in Britain to fall to average £1,923 as regulator cuts price cap – business live

  25-08-2023 09:29
  
  Live, rolling coverage of business, economics and financial markets as government faces calls to renew energy bills help for poorest householdsIt is a busy morning for the UK’s business regulators: the Competition and Markets Authority (CMA) has announced not one but two studies on British housing.The regulator has said it will look into concerns that housebuilders’ strategy of buying and holding of land may be anti-competitive, and concerns over the unfair treatment of tenants in th
  
  Read more

• ‘The energy price cap won’t help me much’: customers’ fears over winter bills

  25-08-2023 08:05
  
  Consumers explain why modest drop in unit price for gas and electricity does not go far enoughOfgem energy price cap falls below £2,000 Business live – latest updatesThe typical gas and electricity bill will fall to an average of £1,923 a year from October after the energy regulator for Great Britain, Ofgem, announced its price cap on Friday, but consumer groups warn that prices remain “dangerously high” and unaffordable for millions.Stretched consumers told the Gua
  
  Read more

• Ofgem energy price cap falls below £2,000 but consumers still face high bills

  25-08-2023 08:01
  
  Ministers urged to intervene as households in line for another winter of squeezed budgets‘Price cap won’t help much’: customers’ fears over winter billsBusiness live – latest updatesGreat Britain’s energy price cap has fallen below £2,000 a year for the first time in 18 months but consumer groups have warned that households will feel little relief from high energy costs this winter.Households can expect to pay an average of £1,923 a year from Octob
  
  Read more

• UK homes for sale with uplifting views – in pictures

  25-08-2023 08:00
  
  From a grand Scottish lochside mansion to a Docklands penthouse high above the Thames Continue reading...
  
  Read more

• Home Office won’t respond to citizenship request for our daughter

  25-08-2023 08:00
  
  We made an application in late 2021 but have heard nothingWe applied for British citizenship for our young daughter in November 2021 and paid the £1,000 fee. We have had no update since, despite repeated requests. We paid a law firm £350 to follow up the application and it has refunded us the money because that the Home Office would not respond to it either. We don’t know if the application is pending, declined or simply lost. We asked if we should apply again but got no reply.
  
  Read more

• Summer slice: UK gets a taste for homegrown watermelons despite rain

  25-08-2023 07:00
  
  A Cambridgeshire farm has produced a record crop of the tropical fruit this year, despite the ‘challenging’ British climateOriginally hailing from southern Africa, watermelons and their distinctive green rind and red flesh are traditionally associated with palm trees and tropical climates rather than the British countryside.However, this year’s washout summer has not prevented one UK farm from growing its biggest ever crop of the exotic fruit, in what marks a new domestic produ
  
  Read more

• Fukushima: China accused of hypocrisy over its own release of wastewater from nuclear plants

  25-08-2023 05:23
  
  Plant in China releases water with higher amounts of tritium, scientist says, calling into question the reason for seafood ban imposed on JapanAs China bans all seafood from Japan after the discharge of 1m tonnes of radioactive water from the ruined Fukushima Daiichi nuclear power plant into the Pacific Ocean, Beijing has been accused of hypocrisy and of using the incident to whip up anti-Japanese sentiment.Scientists have pointed out that China’s own nuclear power plants release wastewate
  
  Read more

Follow @financialnwsUK on Twitter!