Financial news

• NatWest plays it safe with new chairman Rick Haythornthwaite

  06-09-2023 19:45
  
  Sir Howard Davies’ replacement has enough City experience to move bank on from Coutts fiascoIn a business career of 40-plus years, Rick Haythornthwaite has never been a banker. The closest he’s come was a long stint as chairman of Mastercard – but that’s a payment processor, which is a different type of financial beast. His chief executive life was as an industrialist: Blue Circle cement and Invensys, as the old BTR engineering conglomerate was rebranded. And his long cha
  
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• The Guardian view on local government finance: a growing crisis with deep roots | Editorial

  06-09-2023 19:30
  
  Ministers are trying to score party political points from Birmingham’s woes, but Tory councils have also been broken by the rising burden of austerityBirmingham city council has followed to the letter Ernest Hemingway’s famous two-speed formula for bankruptcy – “gradually, then suddenly”. A funding crisis has been looming for years as shrinking government grants combined with rising costs. But there have also been recent demands on the budget that speak to a record
  
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• The Guardian view on India’s G20 summit: a backsliding democracy gets to play host | Editorial

  06-09-2023 19:25
  
  Western democracies are wrong to overlook a country’s descent into electoral autocracy because they believe they need it to contain ChinaNarendra Modi is an authoritarian figure who, as India’s prime minister since 2014, has pushed his country into increasingly becoming a “de facto ethnic democracy”, in which Hindus define the national identity and non-Hindus are seen as second-class citizens. Yet as the host of the upcoming talks of the world’s 20 largest economies
  
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• Excess winter deaths caused by cold homes in Great Britain ‘up by about a half’

  06-09-2023 19:07
  
  Campaigners tell MPs more than 1m households missed out on government support for billsThe number of excess winter deaths in Great Britain caused by living in a cold, damp home climbed by about a half last winter after more than 1 million vulnerable households missed out on government energy bill support, MPs have heard.Fuel poverty campaigners told a parliamentary committee on Wednesday that despite relatively mild weather, the number of excess winter deaths had climbed to 4,706, up from 3,186
  
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• Bank of England governor expects ‘quite marked’ fall in UK inflation

  06-09-2023 18:39
  
  Pound falls as Andrew Bailey’s comments call into question need for further interest rate rise The Bank of England governor, Andrew Bailey, expects inflation to “fall quite markedly” this year, calling into question the need for a further interest rate rise when policymakers meet later this month.Delivering a positive message to MPs that inflation was on a downward path, Bailey said falling energy prices and a weakening labour market meant the cycle of interest rates rises was
  
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• NatWest names ex-Centrica boss as chair after Farage saga

  06-09-2023 18:14
  
  Rick Haythornthwaite, who leads boardrooms of Ocado and the AA, will succeed Howard DaviesNatWest has announced that a former Centrica boss will be its next chair, as the lender continues to deal with the fallout from the scandal surrounding the threatened closure of Nigel Farage’s bank accounts.Rick Haythornthwaite – who previously chaired Network Rail and Mastercard as well as the British Gas owner and now leads the boardrooms of Ocado and the AA – will take over from Howard
  
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• From sex life to politics: car driver data grab presents ‘privacy nightmare’, says study

  06-09-2023 16:28
  
  Mozilla Foundation studied 25 car brands and found some collecting data on ‘sexual activity’ and ‘political opinionsDrivers have been warned that cars present a “privacy nightmare” with vehicle manufacturers collecting extensive personal data on drivers, even including their sexual activities.A study of 25 car brands found they all failed consumer privacy tests carried out by internet-focused non-profit Mozilla Foundation. Its research found that 84% of car companie
  
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• Deezer and Universal Music sign deal to focus royalties on big artists

  06-09-2023 15:44
  
  Move to reward tracks that are actively searched for is expected to lift payouts to professional musicians by 10%Business live – latest updatesUniversal Music and Deezer have struck a music streaming deal to create a royalty model designed to hand greater rewards to popular artists.The label’s artists will now be paid more if fans actively seek out their music, rather than because a track auto-plays on the streaming app. Continue reading...
  
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• The UK had safe water. Then Brexit allowed the Tories to flush away our environmental standards | Stella Creasy

  06-09-2023 15:27
  
  Michael Gove, who pledged to boost protections, now plans to scrap them. No wonder natural habitats are threatenedStella Creasy is the chair of the Labour Movement for Europe and the Labour and Cooperative MP for WalthamstowThis week politicians have again been talking crap – the kind that ends up clogging our waterways and streams and making them toxic. Nutrient neutrality sounds like something a health food drink promises. In layperson’s terms, these policies ensure that the materi
  
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• 'Remarkable journey!' Man, 76, cuts energy bill 'as low as £1.50 a day' with key changes

  06-09-2023 15:04 via express.co.uk
  
  The retired IT worker implemented various energy-saving tactics to cut costs as energy bills remained high.
  
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• Work capability test changes ‘could cost some claimants £400 a month’

  06-09-2023 14:56 via theguardian.com
  
  Campaigners say move could lead to many disabled people having to seek work when they are not well enoughProposed welfare changes that the government says will help disabled people benefit from the chance to work from home could lead to many losing out on almost £400 a month in support, campaigners say.The work and pensions secretary, Mel Stride, announced a consultation on changes to the work capability assessment on Tuesday, saying it was aimed at ensuring “no one who can work is p
  
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• Royal Mail stamp prices to rise by 14 percent - book of stamps to hit £10 in weeks

  06-09-2023 13:54 via express.co.uk
  
  First-class stamp prices will rise by 14 percent for standard-size letters, Royal Mail has confirmed.
  
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• Virgin Media O2 to snap up Russian oligarch-backed broadband firm

  06-09-2023 13:41
  
  UK government forced sale of ‘alt-net’ broadband provider Upp on national security groundsVirgin Media 02 is to buy a British broadband company owned by a Russian oligarch-backed investment company, after the government forced its sale on national security grounds.VM02, the UK telecoms merger joint-venture between US group Liberty Global and Spain’s Telefonica, is to buy regional broadband business Upp, in an all-cash deal for an undisclosed amount that is thought to be less th
  
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• Raising standards: Green energy installer’s best practice pledge to customers

  06-09-2023 13:25 via express.co.uk
  
  For all those puzzling over heat pumps, solar panels and battery charging for their next energy move, clean tech group Green Building Renewables is determined to be their leading light, ensuring engineering excellence for installations and contracts that are clear and fair for customers.
  
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• Wilko administrators reveal locations of 52 stores to close next week

  06-09-2023 12:59
  
  PwC warns of more job losses if last-ditch talks to save stricken retailer fall throughBusiness live – latest updatesAdministrators for Wilko have revealed the locations of the 52 stores that will close next week and warned of more job losses if last-ditch talks to save the remainder of the stricken retailer fall through.PwC, which on Tuesday revealed that more than 1,300 Wilko staff are to lose their jobs, said it remains “committed to doing all we can to help affected staff”
  
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• Best ISAs, fixed rate and easy access savings accounts with interest rates up to 6.2%

  06-09-2023 12:49 via express.co.uk
  
  Savers can benefit from interest rates as high as 5.2 percent on easy access accounts.
  
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• State pension petition calls for policy change as 500,000 Britons miss out on increase

  06-09-2023 12:01 via express.co.uk
  
  The petition says it is "immoral" that hundreds of thousands of state pensioners miss out on the yearly increase because of where they live.
  
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• ‘Totally devastating’: borrowers on the start of student loan repayment

  06-09-2023 12:00
  
  Reprieve experienced over the last three years by as many as 43 million Americans comes to an end as payments beginMillions of Americans over the last three years experienced what it was like to live without student debt. For many, that meant hundreds of dollars a month that went toward life’s other expenses – rent, buying or maintaining a home, supporting family. The relief was also coupled with hope: Joe Biden announced in August 2022 a plan to cancel $10,000 in loans for low- and
  
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• Tell us your experiences of ‘skimpflation’ and ‘shrinkflation’

  06-09-2023 11:39 via theguardian.com
  
  We would like to hear your stories of skimpflation and shrinkflation from recent monthsUK consumers are suffering from a bout of “skimpflation”, as manufacturers downgrade the ingredients in certain food and drink products.Have you noticed a reduction in quality or size of products while shopping? Tell us what you’ve spotted below. Continue reading...
  
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• Manchester United shares in record fall after report of sale U-turn

  06-09-2023 11:34
  
  Drop on New York stock exchange comes amid claims Glazer family have taken club off marketManchester United shares have suffered their steepest single-day fall in price after a report claimed the Glazer family was considering a U-turn on plans to sell the club.Shares in the Premier League club dropped by 18.2% on Tuesday to $19.35 (£15.40), the biggest daily drop since they were listed the New York stock exchange in 2012. Continue reading...
  
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• Average mortgage rates today as some lenders slash deals by up to 0.71 percent

  06-09-2023 11:22 via express.co.uk
  
  A number of major mortgage lenders, including HSBC and Barclays, have been reducing rates in recent weeks.
  
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• Pension 25% tax-free cash under attack: falls to just 14% in Hunt stealth raid

  06-09-2023 10:48 via express.co.uk
  
  The freedom to take 25 percent of your pension pot free of tax is a hugely popular perk but a little-noticed reform by Chancellor Jeremy Hunt is set to make it much less attractive over time.
  
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• Coventry Building Society relaunches ‘competitive’ limited access account

  06-09-2023 10:20 via express.co.uk
  
  The account can be opened online and savers have a choice about how their interest is paid.
  
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• Benefit reforms to help thousands back to work will ‘increase anxiety’ for disabled people

  06-09-2023 09:37 via express.co.uk
  
  The Government plans to tighten Work Capability Assessments to reflect the "modern world" of more flexible opportunities.
  
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• Best buy savings accounts now pay 6.2% - but this income option yields 10.75%

  06-09-2023 09:31 via express.co.uk
  
  Now is a great time to be a saver as it's finally possible to get returns of more than six percent a year on cash, without taking any risks.
  
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• DVLA’s ‘temporary glitch’ means a 54% surcharge on a new licence

  06-09-2023 08:00
  
  I can’t do it online because of a year-long technical problemI tried to renew my driving licence on the DVLA’s trashy-looking website. After I had supplied the required passport details, a message appeared stating that I could not continue with the application because passports must be valid in order to confirm identity. My passport was issued in 2021 and I use it monthly to travel to France. I then discovered an article from August 2022 reporting that a “technical” glitc
  
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• UK workers will be worse off in 2024 than in 2019, thinktank warns

  06-09-2023 01:01
  
  Resolution Foundation predicts average Britons will be 4% poorer but better-off pensioners will be ‘big winners’UK workers’ living standards will flatline next year, leaving them on track to be 4% worse off heading into the next election than they were in 2019, according to a leading thinktank.The Resolution Foundation, which focuses its research on low- to middle-income households, said in a report that “never in living memory have families got so much poorer over the co
  
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• ‘A polite beige consensus’: are these really Britain’s best new buildings?

  06-09-2023 01:01
  
  The six nominees for the 2023 RIBA Stirling prize shortlist are tasteful and well made – but a great many quirky buildings with a sense of fun have been overlookedDo you like your bricks in red, brown or grey? And do you prefer your buildings in north, south or east London? Those are some of the limited choices facing the judges of this year’s RIBA Stirling prize for the country’s best building, in one of the most homogenous and metrocentric shortlists in the award’s 27-y
  
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