Financial matters

[SteveH]

Check your savings accounts if you are of pension age, experts warn
Pensioners with a three per cent or less interest rate of could be losing out

All those of state pension age are being urged to check the current interest rate on their saving accounts as new research suggested that at least half of pensioners could be losing out on hundreds of pounds annually. Pension experts at Pension Bee warned that those with an interest rate of three per cent or less are missing out

cont https://www.inyourarea.co.uk/news/check-your-savings-accounts-if-you-are-of-pension-age-experts-warn/

[SteveH]

Mortgage warning as half a million fixed rate deals set to end around Christmas
Homeowners will struggle with price hike at a time when budgets are already stretched

Homeowners may be hit with higher monthly payments during what can be the most expensive time of the year as many fixed rate mortgage deals come to an end, Which? warns. More than 500,000 fixed rate mortgage deals are set to end during the three months between November and January, which could mean a payment hike for many before or just after Christmas.
cont https://www.inyourarea.co.uk/news/mortgage-warning-as-half-a-million-fixed-rate-deals-set-to-end-around-christmas/


From 1 October 2023 the energy price cap is set at ?1,923 a year for a typical household who use gas and electricity and pay by Direct Debit.
The level of the energy price cap is based on typical household energy use and reflects recent falls in wholesale energy prices.

Read about typical household energy use and how the price cap is calculated on our Average gas and electricity usage page.
cont https://www.ofgem.gov.uk/information-consumers/energy-advice-households/energy-price-cap#:~:text=From%201%20October%202023%20the,falls%20in%20wholesale%20energy%20prices.

[SteveH]

Nationwide issues ?8,000 warning to anybody with a credit card
Nationwide, the UK's largest building society, has issued a study after finding spending in August was up 5 per cent year on year, with transactions up 6 per cent.

Nationwide has issued a warning to people in the UK as money troubles peak with household spending continuing to rise. Nationwide, the UK's largest building society, has issued a study after finding spending in August was up 5 per cent year on year, with transactions up 6 per cent.

The building society has found the poll of 2,000 respondents shows that the average person now had a debt of ?8,000 on their credit card. Nationwide says money worries are on the rise, too, with seven in 10 concerned about personal finances and ability to cover essentials costs. Rent spending increased 19 per cent, while spend on mortgages increase by 11 per cent.

cont https://www.dailypost.co.uk/news/north-wales-news/nationwide-issues-8000-warning-anybody-27773354

[SteveH]

Martin Lewis has warned motorists to prepare themselves as car insurance costs continue to soar, with the financial guru saying prices had risen by a 'shocking' 41 per cent. His claims also extended to home insurance, saying it'd hiked by 26 per cent.

Mr Lewis said the insurers had said the rises were due to 'rising car repair costs, more subsidence housing claims and overall inflation'. He recommended that residents review their insurance policies to check they're not overpaying, but the figures utilised by Martin are by no means alone, reports BristolLive.

Consumer Intelligence data from August (which studies quotes from Confused.com, Go Compare, Compare the Market and MoneySuperMarket) showed that average premiums hiked by 48 per cent on average in the 12 months to June 2023. They are now at their highest since the start of 2018

cont https://www.inyourarea.co.uk/news/martin-lewis-warns-drivers-over-shocking-41-rise-in-car-insurance-costs/

[SteveH]

Two articles on saving heating costs.............

Five smart ways to keep your home warm and energy costs down this winter
Preparation is key if you want to have a cosy and cost-efficient winter ahead

As autumn and winter approach, concern over rising energy bills becomes a reality for many homeowners. Even with a ?151 reduction in the energy price cap from October, keeping your home warm efficiently is crucial.
cont https://www.inyourarea.co.uk/news/experts-reveal-5-ways-to-heat-your-home-for-longer-this-autumn/


Take action before energy payment rates change people warned
Uswitch is offering tips on what households need to do ahead of the changes

People have been urged to take action, before Sunday October 1, when the amount paid for gas and electricity changes again. Experts say there are some steps you should take this week to prepare for the new rates.

cont https://www.dailypost.co.uk/news/cost-of-living/take-action-before-energy-payment-27783219

[SteveH]

Job cuts and rising debt means things will get worse

The recent cost of living crisis has led to painful choices for many households facing soaring food and energy prices.

In addition, the higher interest rates deployed to tackle rising prices have caused problems for many mortgage holders, tenants and businesses.

But recent figures showed pay rises are now matching the cost of living, and interest rates are on hold for now.

However, that doesn't mean all of us will see a rapid improvement in our fortunes.

Although many will be hoping the current squeeze on finances is coming to an end, there are several reasons why some may yet be worse off.

cont/stats https://www.bbc.co.uk/news/business-66889008

[Hugo]

Asylum seeker plan for Flintshire Northop Hall hotel rejected
Owners of Northop Hall Country House Hotel in Flintshire wanted to put the 400 men up in the building's 37 bedrooms and in temporary units in the car park, for up to seven years.

Flintshire council got 2,500 letters of objection, with opponents calling it the "wrong plan" in the "wrong place".

The owners said the hotel would reopen while they considered their options.



https://www.bbc.co.uk/news/uk-wales-66924999

[SteveH]

Annual energy bills for a typical household are expected to rise by ?73 in January, a new forecast suggests.

Consultancy firm Cornwall Insight predicts bills could increase to ?1,996 under the official price cap set by the UK's energy regulator Ofgem.

The energy price cap limits how much suppliers can charge households for each unit of energy they use.

Cornwall analysts said a rise in January would be largely down to increases in wholesale energy prices.

The rise comes as millions are set to see energy bills fall from 1 October, when the next price cap comes into force.

From October a typical dual-fuel household will pay ?1,923 a year until December, which is down from ?2,074 in the previous three-month period. However, some government support, which helped with bills last winter, has been withdrawn and bills are still much higher than in 2021.

cont https://www.bbc.co.uk/news/business-66957847

[SteveH]

UK interest rates held at 5.25% - what it means for your money
The Bank of England recently met to decide how to combat high inflation.

The Bank of England held interest rates at 5.25 per cent this month after imposing hikes that began in December 2021 as inflation and energy and food prices soared. Bank policymakers halted this recent trend, so PA has explored what exactly this decision means for the UK economy and if rates will soon drop.

At its September meeting, the Bank of England's Monetary Policy Committee opted to hold the base interest rate at 5.25 per cent, marking the first time it has not changed interest rates since November 2021. The UK has seen 14 rises in a row, with the rate escalating from 0.1 per cent, meaning the base rate is at its highest since 2008.

Interest rate hikes have been problematic for borrowers, with those on variable-rate mortgages seeing their monthly interest payments rise due to a hike in the base rate. With rates held at 5.25 per cent, borrowers have landed a slight reprieve; this is especially fortunate, as banks and economists predicted a rise.

cont https://www.inyourarea.co.uk/news/uk-interest-rates-held-at-5-25-what-it-means-for-the-economy/

[SteveH]

Water companies want bills to increase by 156 a year by 2030 to pay for upgrades and reduce sewage discharges.
The increase would allow infrastructure spending to almost double to ?96bn and fund the construction of 10 new reservoirs, the water industry says.

But the proposals come amid public anger at the amount of sewage being discharged into rivers and seas and continued cost of living pressures.

Water industry regulator Ofwat has been asked to approve the plans.

If given the green light, water companies say the "record-breaking investment proposals" will secure the country's water supply in the long-term.

Industry body Water UK said it was planning the "most ambitious modernisation of sewers since the Victorian era" and by the end of the decade said it could reduce leaks by a quarter compared with 2020.

It also said it would cut sewage spills into waterways by more than 140,000 each year by 2030. Water companies spilled sewage into rivers and seas more than 300,000 times in 2022.

The cost of the upgrades will be spread over decades, but if the regulator approves the plans the average annual bill will go up by ?84 in 2025 rising gradually each year to ?156 extra by 2030.

Water firms have been criticised for their poor performance, but David Henderson, chief executive of Water UK, defended their investment record.

"Since privatisation ?200bn has been invested, almost double the rate before privatisation. Drinking water is what was funded from that money to be now at the highest standard in the world.
cont https://www.bbc.co.uk/news/business-66979271


PS
The price of a first class stamp has risen to 1.25 from 1.10, the third increase in the space of 18 months.
Royal Mail blamed increasing cost pressures and the tough economic environment for the latest rise.
cont https://www.bbc.co.uk/news/business-66961877

[SteveH]

The UK Government has rejected suggestions they were looking at cutting the Winter Fuel Payment for millions of pensioners. Reports suggested Prime Minister Rishi Sunak was drawing up plans to stop most claimants receiving the payment in his latest bid to save cash.

All but the very poorest OAPs would have the money taken away, according to Sky News. Only those who receive Pension Credit would have qualified, according to the report.

These Winter Fuel Payments currently go to about 8.4million households, and is forecast to cost ?2billion this year, according to the Mirror. Anyone born before September 25, 1957 can get between ?250 and ?600 to help pay for bills this winter. The exact amount depends on factors such as age and whether other people in a household also qualify.

cont https://www.dailypost.co.uk/news/cost-of-living/uk-government-insists-pensioners-wont-27827636


PS
Food prices see first fall for two years as stores compete
Fierce competition between supermarkets has led to the first monthly drop in food prices for more than two years, an industry body has said.

The British Retail Consortium (BRC) said prices in September were down 0.1% from the previous month.

Prices of dairy goods, margarine, fish and vegetables - which are often own-brand lines - all saw falls, it said.

Grocery inflation - the annual rate at which food prices are rising - remains high but is starting to ease.

The BRC said food prices rose by 9.9% in the year to September, down from a rate of 11.5% in August.
cont https://www.bbc.co.uk/news/business-66981036

[SteveH]

A national living wage rise that will see more than two million workers aged over 23 secure ?11 per hour or roughly ?1,000 extra per year. The UK Government confirmed this week that the rise would equate to two-thirds of average earnings, with HM Treasury officials saying it would come into effect from April 2024.

cont https://www.inyourarea.co.uk/news/jeremy-hunt-agrees-to-national-living-wage-rise-with-extra-1k-per-year/

[SteveH]

Broadband customers could face 'outrageous' ?150 bill rise, warns Which?
The consumer watchdog said the hike is due to 'unpredictable' mid-contract price rises

UK broadband users who get their internet from a series of major firms could face a ?150 bill hike over two years due to mid-contract price rises, Which? has said. The watchdog has urged Ofcom to ban the practice after discovering BT, EE, Plusnet, Shell Energy, TalkTalk and Vodafone customers may see rises of more than 8 per cent on average next year.

Virgin Media customers may experience a rise of more than 10 per cent, analysis of Bank of England inflation forecasts has suggested. A number of the UK's most prominent broadband firms, including BT, EE, Plusnet, Shell Energy, TalkTalk, Virgin Media and Vodafone, hike their prices each April in accordance with the Consumer Price Index (CPI) or the Retail Price Index (RPI) and an extra 3 per cent, 3.7 per cent or 3.9 per cent

cont https://www.inyourarea.co.uk/news/broadband-customers-could-face-outrageous-150-bill-rise-warns-which/

[SteveH]

A one-off rise to energy bills of up to ?17 a year to help prevent suppliers going bust is being considered by the UK's energy watchdog.

Ofgem said it was considering the measure to protect the market and consumers after figures showed energy debts reached ?2.6bn in the summer.

The rise in debt was due to both the increase in wholesale energy prices and wider cost of living pressures.

Any rise in bills would not take place until April next year, Ofgem said.

"We know that households across the country are struggling with wider cost of living challenges, including energy, so any decision to add costs to the price cap is not one we take lightly," said Tim Jarvis, director general for markets at Ofgem.

cont https://www.bbc.co.uk/news/business-67087043

[Helig]

There was a significant number of suppliers that went bust in the last couple of years. Rather than hit the consumer yet again, shouldn't they renationalise these companies? How many times can the consumer be expected to bail them out for one reason, or another. They find money to pay enormous salaries to their executives, plus for dividends to shareholders. The consumer is being ripped out time after time.