Financial news

• POLL: Should the Government U-turn on changes to the Warm Home Discount criteria?

  25-01-2023 08:15 via express.co.uk
  
  The Warm Home Discount has increased from £140 to £150 this year but many recipients no longer qualify for the support.
  
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• The Observer view on the shameful premium that the poorest pay for their energy | Observer editorial

  05-02-2023 07:30 via theguardian.com
  
  The forced installation of costly prepayment meters must be stopped. Give low-income consumers a proper safety net insteadThe poverty premium was a term coined decades ago to describe the grim reality that people living on the edge often end up paying some of the highest prices for essential goods and services. And nowhere is that gap more evident than in the energy market, where low-income households are far more likely to be on the prepayment meters that mean they end up with higher energy cos
  
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• Stop UK mobile and broadband firms ‘lining their pockets’, urge consumer experts

  05-02-2023 07:00 via theguardian.com
  
  Companies facing backlash amid warning of mid-contract price rises of up to 17% during cost of living crisisBritain’s telecoms regulator is being urged to intervene over concerns that mobile and broadband operators are “lining their pockets” with £2.2bn of above-inflation price rises during the cost of living crisis.While ministers have urged employees to show pay restraint, the mobile phone and broadband firms are facing a consumer backlash as they announce record price
  
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• Grant Shapps tells Ofgem to toughen up over prepayment meter scandal

  05-02-2023 01:01 via theguardian.com
  
  Business secretary accuses energy market regulator of ‘having the wool pulled over their eyes’ by suppliersThe business secretary has told the energy market regulator to toughen up on suppliers in the wake of the prepayment meter scandal.Grant Shapps accused Ofgem of “having the wool pulled over their eyes” by taking at face value what the energy company bosses were telling them and not listening to customers. Continue reading...
  
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• Bank raises interest rates on savings account to 3.05%

  04-02-2023 16:21 via express.co.uk
  
  Tandem Bank has announced a further interest rate rise following a decision from the Bank of England earlier this week.
  
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• Woman makes £2.5million after side hustle success: ‘It’s quite a leap!’

  04-02-2023 16:20 via express.co.uk
  
  One woman has seen her side hustle turn into a business with a £2.5million turnover and she is sharing how she did it.
  
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• Nationwide launches savings account with 4% interest rate: 'Another boost' for savers!

  04-02-2023 16:19 via express.co.uk
  
  Nationwide Building Society announced earlier this week the launch of a brand new range of bond savings products.
  
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• Mortgage payments could rise by £200 a month: 'Increase to impact your budget!'

  04-02-2023 16:16 via express.co.uk
  
  Mortgage repayments could rise by over £200 a month following the Bank of England's recent decision regarding the base rate, according to experts.
  
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• Food bills to rise by extra £788 as grocery price inflation rises to 16.7%

  04-02-2023 15:24 via express.co.uk
  
  Households could face paying an additional £788 annually on their grocery bills as the UK's inflation continues to put pressure on pockets.
  
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• Pension expert shares number one tip to avoid paying 55% pension tax

  04-02-2023 08:01 via express.co.uk
  
  A pension expert has shared her number one tip for retirement planning to help Britons avoid being hit with a 55 percent tax on their pension.
  
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• What is the best alternative to a wood-burning stove?

  04-02-2023 08:00 via theguardian.com
  
  We look at the best cosy and climate-friendly options that are less likely to land you with a £300 fineAs wood-burning stoves have become a talking point in England after warnings about the pollution they emit, those who installed them and feel guilt may worry about how to replace their beloved burner.However, there are good options that are just as cosy-looking and warm but emit fewer particulates and are less likely to land you with a £300 fine. Continue reading...
  
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• New London Ulez scrappage scheme worth up to £3,000 to low-income motorists

  04-02-2023 08:00 via theguardian.com
  
  Package for dealing with old polluting vehicles launched in run-up to expansion of zone on 29 AugustLow-income Londoners are being offered a package worth as much as £3,000 to scrap their old polluting cars in readiness for this summer’s expansion of the ultra-low emission zone (Ulez) to cover most of the city’s roads.Transport for London (TfL) estimates that 30,000 vehicle owners will access payouts from the scrappage scheme. However, there is only £110m up for grabs and
  
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• Cost of living crisis: how to make smart money decisions in tough times

  04-02-2023 08:00 via theguardian.com
  
  Interest rates rose this week, adding to pressure from bills. We look at how to make the best choices in an uncertain worldMaking big financial decisions is tough at the best of times but when, like now the sand is shifting under your feet, the challenge becomes even greater. This week the Bank of England raised interest rates again, adding ever higher borrowing costs to the worry caused by higher food and energy bills.These financial pressures can make it difficult to see beyond the end of the
  
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• Pension and Isa savers make billions as FTSE 100 hits all-time high and 'It's still cheap’

  04-02-2023 07:30 via express.co.uk
  
  The UK economy may be on the ropes but our stock market has rocketed to a new high, boosting the value of everybody's pensions and stocks and shares Isas.
  
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• Jeremy Hunt’s ‘knee-jerk’ reaction means more Britons will be hit by 55% 'brutal' tax

  04-02-2023 06:01 via express.co.uk
  
  Jeremy Hunt has been critiqued for his recent decisions relating to tax allowances.
  
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• Premium Bonds saver dispels common myth as she wins £1,050 in February draw

  04-02-2023 06:00 via express.co.uk
  
  The woman from Lincolnshire, who spoke to Express.co.uk in an exclusive interview this week, previously had a run of six months where she won in each draw.
  
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• ‘Bridging payment’ needed for ill Britons who are affected by state pension age changes

  04-02-2023 05:00 via express.co.uk
  
  A bridging payment should be provided to those who cannot work up to the state pension age due to health reasons, an expert exclusively told Express.co.uk.
  
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• Scams: FCA blocks more than 10,000 ads from Instagram, Facebook and YouTube

  03-02-2023 18:55 via theguardian.com
  
  Financial watchdog warns over rise of ‘fin-fluencers’ targeting younger people on social mediaMore than 10,000 misleading financial promotions and scams aimed at consumers via social media sites such as Instagram, Facebook, YouTube and TikTok have been identified and targeted by the financial watchdog during the past year.The Financial Conduct Authority (FCA) said the use of social media marketing channels and the rise of so-called “fin-fluencers” – particularly dir
  
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• ‘It’s not who we are,’ wails British Gas. Sorry but when you’re using bailiffs to install meters, that’s exactly who you are | Marina Hyde

  03-02-2023 15:18 via theguardian.com
  
  It’s not the only company filling its boots while poor people have to pay more for electricity. Luckily Grant Shapps is on hand to look busyWe now live in a time when energy firms talk like celebrities who’ve just lamped someone at the Oscars, or been covertly filmed making racist remarks. On being confronted with the fact that debt collectors in its pay are breaking into the homes of vulnerable customers to forcibly install prepayment meters, British Gas yesterday summoned the full
  
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• Bill to extend maternity protections passes in House of Commons

  03-02-2023 14:48 via theguardian.com
  
  If bill goes through Lords, firms cannot make women redundant from moment pregnancy disclosed until child is 18 monthsA push to secure better protection from maternity discrimination has taken a step forward, after a bill extending maternity protections passed its final stage in the House of Commons.A private member’s bill led by Labour’s Dan Jarvis, which passed its final reading in the House of Commons on Friday, would prevent companies from making women redundant from the moment s
  
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• ‘This is bullying’: How much of your money are gas suppliers holding?

  03-02-2023 14:43 via theguardian.com
  
  Revelations that suppliers have been stockpiling credit amid soaring bills have sparked fears customers are being taken advantage ofMark Wilson was furious on receiving a message asking him to bring his energy account “back on track”. Ovo, which had taken on his supply after acquiring SSE’s retail arm, was proposing to increase his monthly direct debit from £102 to £168. Wilson* had built up £500 in credit, and had even reduced his direct debits previously as
  
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• Disabled people left short in universal credit move may get compensation

  03-02-2023 12:36 via theguardian.com
  
  Court rules against DWP in case where move to universal credit deprived claimants of £2,100 a yearTens of thousands of disabled people across the UK wrongly deprived of benefits by the Department for Work and Pensions could share in compensation potentially totalling about £150m after an appeal court ruling.Lawyers for two disabled men who first took the DWP to court five years ago have written to the government asking them to set out how they will compensate them and others who were
  
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• Nadhim Zahawi: it was the paltry size of his tax bill that should shock us | Arun Advani

  03-02-2023 10:18 via theguardian.com
  
  Former Conservative chair received a tax break that the poor can only dream ofNadhim Zahawi’s tax row reveals an even bigger scandal: the rich are getting a tax break that those on low incomes can only dream of.While the revelation that the former Conservative chair had to pay a tax penalty was shocking, the bigger concern is that the only tax he was required to pay on £27m was £3.7m. That implies an average tax rate of less than 14%, lower than the rate for someone working ful
  
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• ‘I’m really worried’: homeowners and would-be buyers on UK interest rates

  03-02-2023 08:00 via theguardian.com
  
  As the base rate reaches 4%, we hear from people concerned about rising mortgage costsChris Felix-Hill, 47, and his wife, Adeline, from Steeple, Essex, are struggling to keep alive their dream of one day becoming homeowners, after “demoralising” house price rises during the pandemic and yet another interest rate rise from the Bank of England on Thursday, to 4%, a 14-year high.“Today’s announcement just means more disappointment and frustration,” says Felix-Hill, who
  
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• British homes for sale in areas perfect for spring walks – in pictures

  03-02-2023 08:00 via theguardian.com
  
  Properties from a rambling former manse to a radical modernist 1960s terrace Continue reading...
  
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• Tory backbenchers plan to put pressure on Hunt to cut childcare costs

  03-02-2023 07:00 via theguardian.com
  
  Exclusive: Group led by Siobhan Baillie want chancellor to use budget to relax rules and eliminate business rates for nurseries A handful of influential Tory backbenchers have created an informal pressure group to push the chancellor, Jeremy Hunt, to cut the costs of childcare at next month’s budget, as experts say the sector is in crisis.The MPs, led by Siobhan Baillie, have been meeting regularly in recent weeks to discuss a range of measures they want Hunt to introduce to help parents a
  
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• Criminals, oligarchs and kleptocrats still own large chunks of the UK – and they’re using this loophole to stay anonymous | Oliver Bullough

  03-02-2023 07:00 via theguardian.com
  
  The clampdown on the rich Russians using shell companies to buy up London, launched after Putin invaded Ukraine, hasn’t worked. Here’s whyWhen Vladimir Putin launched all-out war on Ukraine a year ago, the British government realised that letting Russian oligarchs buy large chunks of west London had been foolish. The long-cherished belief that the civilising air of Eaton Square might turn kleptocrats into democrats was finally – if belatedly – abandoned.The fruit of the g
  
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• How much state pension you receive with minimum contributions - and how to boost payment

  02-02-2023 22:00 via express.co.uk
  
  The current age when a Briton can claim their state pension entitlement is 66 for both men and women.
  
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• The Guardian view on the care home sector: trouble looms as rents rise | Editorial

  02-02-2023 19:25 via theguardian.com
  
  An inflationary environment makes care home collapses more probable, given the way they’re financing themselvesWhen Britain’s largest care home operator, Southern Cross, collapsed in 2011, it heaped anxiety on elderly residents and ignited a debate about the role of private finance in the sector. The company had sold off most of its freehold properties to landlords, leaving it with a £230m annual rental bill. Many of these properties were locked into 30-year leases with increas
  
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• Will the interest rate rise trigger a stampede for tracker mortgages?

  02-02-2023 19:23 via theguardian.com
  
  Hints by Bank of England that rates may have peaked leaves those remortgaging in a quandaryWhat does the Bank of England interest rate rise mean for you?The rush towards tracker mortgages that began even before Thursday’s interest rate rise could well become a stampede after the Bank of England signalled that rates may be reaching their peak after 10 consecutive increases. It leaves those remortgaging right now in a big quandary.While UK mortgage buyers have traditionally favoured fixed-ra
  
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