Financial news

• Labour is out of touch on the two-child benefit cap | Letters

  25-07-2024 18:44 via theguardian.com
  
  The government can’t be taken seriously on child poverty, writes Alan Sharkey, while Mike Sheaff decries the suspension of rebel MPs. Plus letters from Leah Key and Peter Brooker The government’s reluctance to remove the two-child benefit cap, and the punitive action taken against the Labour MPs who voted with their conscience on this matter, betrays a fundamental lack of understanding of deprivation in our country (Labour suspends seven rebels who voted to scrap two-child benefit ca
  
  Read more

• Premium Bonds customer unhappy as ‘immediate’ withdrawal hasn’t arrived - NS&I responds

  25-07-2024 12:59 via express.co.uk
  
  A benefit of Premium Bonds is you can cash them in at any time.
  
  Read more

• Lloyds predicts drop in defaults on loans and mortgages as UK economy improves

  25-07-2024 12:40 via theguardian.com
  
  Bank sets aside just £44m for bad debts and defaults in second quarter amid upbeat outlookBusiness live – latest updatesFewer borrowers are likely to default on their loans and mortgages, Lloyds has said, as the banking group upped its forecasts for the UK economy.In fresh estimates released as part of its second-quarter results, Lloyds said it expected the economy to grow 0.8% in 2024 – double the rate of growth forecasted in April, when it predicted a 0.4% rise. Continue read
  
  Read more

• Revolut secures UK banking licence after three-year wait

  25-07-2024 12:35 via express.co.uk
  
  The licence means the company will be able to hold customer deposits, and offer lending products like credit cards, personal loans, or mortgages
  
  Read more

• Advertisement

• Hopes of cheaper mortgages and loans as Revolut gets bank licence

  25-07-2024 12:15 via express.co.uk
  
  The decision means the app-based alternative to traditional banks now has the right to dramatically increase the range of services it offers.
  
  Read more

• Millions missing extra pension cash from HMRC by failing to claim

  25-07-2024 11:18 via express.co.uk
  
  75% eligible to claim failed to do so, leaving £1.3 billion unclaimed.Experts say it's relatively pain-free and shouldn't take too long to claim
  
  Read more

• The experts: financial advisers on 18 foolproof ways to spend less and save more

  25-07-2024 11:00 via theguardian.com
  
  Whether you are struggling with debt, preparing for a rainy day or looking forward to your retirement, here is how to turn pennies into poundsSaving, whether it is to build up an accessible pot of cash in case of an emergency, or planning ahead for your retirement, is often easier said than done. Financial advisers share their advice on how to ensure you have enough money in the future while allowing you enough to enjoy the present. Continue reading...
  
  Read more

• Chaos on Asia and US stock markets as investors rush to sell shares in one sort of company

  25-07-2024 10:18 via express.co.uk
  
  US stock indexes suffered their worst losses since 2022 after profit reports from Tesla and Alphabet sucked momentum from Wall Street's AI frenzy.
  
  Read more

• Advertisement

• Scrapping one tax could save pensioners £5,480 and still boost Treasury coffers. Why wait?

  25-07-2024 09:00 via express.co.uk
  
  Some taxes are so misguided that cutting them actually increases HMRC's total receipts. Junking this one could potentially save pensioner homeowners more than £5,000 as well.
  
  Read more

• Future of 1p and 2p pieces in doubt after Treasury orders no new coins

  25-07-2024 08:58 via theguardian.com
  
  Treasury expected not to placeorder with Royal Mint in coming yearsTreasury officials have for the first time ordered no new coins to be minted for general circulation, putting the future of the 1p and 2p pieces in doubt.The government has not placed an annual order with the Royal Mint and does not expect to order any new 1p and 2p coins in the coming years, the Evening Standard reported. Continue reading...
  
  Read more

• Warning as Labour plots inheritance tax hike to 54.4% in ‘double death tax’ raid

  25-07-2024 08:31 via express.co.uk
  
  Earlier this month I warned Keir Starmer's Labour government may launch a "double death tax" raid that could add tens of thousands of pounds to inheritance tax bills. Now we have more details and it looks worse than I thought.
  
  Read more

• UK family’s lottery syndicate finally pays off after 30 years

  25-07-2024 08:00 via theguardian.com
  
  Cobb family, who set up syndicate in 1994, celebrate ‘incredible moment’ that they say has come at the right timeThe year was 1994, East 17’s Stay Another Day was riding high in the Christmas Charts and the Power Rangers toys were so popular there was a national shortage.While some might look back at the era of boybands in baggy hats with a slight wince, one lucky lottery syndicate will forever cherish the year they set up their weekly tilt at the jackpot, to finally see it pay
  
  Read more

• Cards, cash and currencies: how to make your money go further on holiday

  25-07-2024 08:00 via theguardian.com
  
  Overseas charges for credit and debit cards vary, as do exchange rates – and don’t forget duty-free allowance limitsIf you can’t face applying for a new bank account or credit card or are running out of time, at least check the overseas charges that apply to your card before you set off, so you know what the deal is and can adapt your behaviour if necessary. Continue reading...
  
  Read more

• Hyundai wants £6,300 from driver forced to end lease

  25-07-2024 06:00 via theguardian.com
  
  A medical diagnosis meant I had to surrender my driving licence, but I was still asked to pay a termination feeIn August 2023, I took out a four-year lease on a Hyundai Tucson. I paid £3,600 as a deposit, then £398 monthly. In May this year, I experienced two seizures and have now been diagnosed with epilepsy. As a result, I have had to surrender my driving licence for at least 12 months.When I first phoned Hyundai Finance I was told that I should be able to avoid the full terminatio
  
  Read more

• Soaring UK mortgage rates have pushed 320,000 adults into poverty, thinktank says

  25-07-2024 01:01 via theguardian.com
  
  Institute for Fiscal Studies report says interests rate rises have inflicted differing levels of hardshipAs many as 320,000 UK adults have been pushed into poverty by soaring mortgage costs after the sharpest increase in interest rates since the 1980s, a leading thinktank has said.Highlighting the damage caused by Britain’s exploding mortgage timebomb, the Institute for Fiscal Studies (IFS) said individuals who needed to renew their home loans or take out new ones in the past two years had
  
  Read more

• Great British Energy is becoming a reality – bringing with it cheap, clean and secure energy | Ed Miliband

  25-07-2024 01:01
  
  We’re making the case for 21st-century, modern public ownership that serves our communities
  Ed Miliband is the energy secretaryThe public voted for change at the general election. Perhaps nowhere more than when it comes to energy. Every person and business has paid the price of our country’s energy insecurity. As Vladimir Putin sought to use energy as a weapon in his illegal invasion of Ukraine, bills went through the roof in a cost of living crisis unprecedented in modern times.As t
  
  Read more

Follow @financialnwsUK on Twitter!