Three Towns Forum

Members' Lounge => Politics & Current Affairs => Topic started by: Ian on September 11, 2010, 08:34:31 am

Title: Financial matters
Post by: Ian on September 11, 2010, 08:34:31 am
he UK's top tax man has refused to apologise after taking the wrong amount of tax from six million people.

Dave Hartnett, Permanent Secretary at her Majesty's Revenue and Customs, claimed media stories of blunders and IT failures were wrong.

And he warned those who owed £2,000 or more in back tax they would have just over three months to repay it in full. Speaking exclusively to Radio 4's Money Box programme, Mr Hartnett said: "I'm not sure I see a need to apologise."

He added: "I've read the papers, listened to the media and heard stories of HMRC blunders and IT failure - neither of those are true."

He said the 5.7 million letters that he would be sending out to taxpayers before Christmas were the result of a normal process of matching the tax deducted from each taxpayer with their circumstances. He confirmed that 1.4 million people would be told they had extra tax to pay. And he revealed that those who owed the most tax would have the least time to pay.
HMRC coding notice Some taxpayers can expect more letters and tax returns from HMRC in the coming months

"Those [who owe] more than £2,000… will be given an opportunity to pay based on a notice from us, or, failing that, they will be brought within self-assessment. People who enter self-assessment are expected to pay within three months and a little bit more."

Those owing below £2,000 will have the money deducted from their pay or pension over 12 months, or three years in cases of hardship. Mr Hartnett said that system would apply to "more than 80%" of those who owed money. But he defended the tighter deadline for the biggest bills.

"I think owing the most may actually mean they're earning the most… I think it's very unlikely that a low earner will owe us more than £2,000 as a result of the process we're going through."
Title: Re: Tax
Post by: Bellringer on September 11, 2010, 10:24:37 am
The apparent arrogance of some of these people at times defies belief!

HMRC appear to be a body which makes mistakes and then insists it is your and my fault!! Who else would get away with that one?
Title: Re: Tax
Post by: Bellringer on September 11, 2010, 10:02:43 pm
Well what a surprise! His statement earlier has brought such a reaction that Mr Hartnett has now said he "is deeply sorry".
Speculation is that the Chancellor has 'leaned on him' - personally I think someone should have 'flattened him' and especially so if I get one of the promised letters.
Title: Re: Tax
Post by: DaveR on September 12, 2010, 08:38:12 am
HMRC are a law unto themselves, why don't we scrap them.  :D  ;D
Title: Re: Tax
Post by: Ian on September 12, 2010, 08:44:42 am
Quote
personally I think someone should have 'flattened him' and especially so if I get one of the promised letters.
_))* _))*

In think quite a few will sympathise with that view, Stan.
Title: Re: Tax
Post by: Fester on September 13, 2010, 11:54:38 pm
In what other walk of life could this happen?
How can mistakes by HMRC be laid at the door of those simplistic people who it affected?
Its hard enough these days earning an honest living, and those who do kind of get accutomed to what their wage is, and budget accordingly.
They may even put a little aside each week, like the Govt have always recommened....for a weekend at the seaside?

Then, due to some overpaid, (and under qualified) buffoons, there is the unbearable shock that you owe the taxman EVEN MORE !

I calculated last year, that because of my high tax band, plus council tax and allowing for VAT, that I have to work until July 20th before I earn one penny for myself ...and now thats getting even worse...and I HAVE HAD ENOUGH ....I'M SICK OF IT !
Title: Re: Tax
Post by: Ian on September 14, 2010, 08:12:23 am
I think most would agree with you.
Title: Re: Tax
Post by: Yorkie on September 22, 2010, 09:57:55 am
One of the main problems in my mind is that too many people do not understand their own tax situation, even if they are on pure old PAYE.  ))*
Title: Re: Tax
Post by: Fester on September 22, 2010, 05:48:08 pm
Hi Yorkie,
It was good to meet you (and Mrs Yorkie) the other day..

I understand a lot about taxation, my own and others, direct and indirect ...I studied it in earlier life and I have advised others in recent years.

However, the burden increases incessantly, in line with the underlying decline in the economy.
It is needed to pay for all the free-loaders , ficticious kids and other examples of the benefit system's abuse and mis-management.

As we create and export less, we tax ourselves more ..and this is how I feel about it,    :puke2: :puke2: ..because its not my fault.
Title: Re: Tax
Post by: Yorkie on October 02, 2010, 11:36:21 am
I hope you've made good provision for your retirement!  Without a private pension to supplement the State handout life could be very difficult indeed.    :paranoid: :paranoid:
Title: Re: Tax
Post by: Fester on October 02, 2010, 09:01:02 pm
Not sure if that reply was for me personally ....but MY answer is YES ..and NO.

Yes, I was in a very cushy pension scheme for 25 years, and it WAS non-contributary, and it WAS index linked.

No ... because that scheme became frozen when I left the company ... and I watch its value dwindle yearon year now.

It might just buy me a bag of chips in 2029 when its due to pay out !

 Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@
Title: Re: Tax
Post by: Scott on October 06, 2010, 04:52:26 pm
In what other walk of life could this happen?
How can mistakes by HMRC be laid at the door of those simplistic people who it affected?
Its hard enough these days earning an honest living, and those who do kind of get accutomed to what their wage is, and budget accordingly.
They may even put a little aside each week, like the Govt have always recommened....for a weekend at the seaside?

Then, due to some overpaid, (and under qualified) buffoons, there is the unbearable shock that you owe the taxman EVEN MORE !

I calculated last year, that because of my high tax band, plus council tax and allowing for VAT, that I have to work until July 20th before I earn one penny for myself ...and now thats getting even worse...and I HAVE HAD ENOUGH ....I'M SICK OF IT !

Fester
It's a good thing that i am prevented from commenting on the subject but I feel I must question the remark ''overpaid (and under qualified buffoons)''
Is that just HMRC that have this honour that you refer to (in your rather 'under qualified' opinion')? Or do VAT, DWP & the Benefits agency get your utter disapproval too?
Title: Re: Tax
Post by: Fester on October 06, 2010, 10:13:02 pm
In what other walk of life could this happen?
How can mistakes by HMRC be laid at the door of those simplistic people who it affected?
Its hard enough these days earning an honest living, and those who do kind of get accutomed to what their wage is, and budget accordingly.
They may even put a little aside each week, like the Govt have always recommened....for a weekend at the seaside?

Then, due to some overpaid, (and under qualified) buffoons, there is the unbearable shock that you owe the taxman EVEN MORE !

I calculated last year, that because of my high tax band, plus council tax and allowing for VAT, that I have to work until July 20th before I earn one penny for myself ...and now thats getting even worse...and I HAVE HAD ENOUGH ....I'M SICK OF IT !

Fester
It's a good thing that i am prevented from commenting on the subject but I feel I must question the remark ''overpaid (and under qualified buffoons)''
Is that just HMRC that have this honour that you refer to (in your rather 'under qualified' opinion')? Or do VAT, DWP & the Benefits agency get your utter disapproval too?

...Scott!  .. and I thought you were a friend of mine!

But I will answer your point directly.

When mistakes of such enormous and wide-reaching consequence are made, they are inevitably made by very Senior people.  Therefore, because they failed on fat salaries, they are by definition OVERPAID.
They are also incompetent. (therefore Buffoons)
This is true of ANY organisation, including the NHS, Benefits Agency, HMRC etc.

Its also true of NON Government organisations... i.e. private business where I spent my whole career.
The difference is, in private business, you fail, you get the boot......in Public service, it gets covered up, apologised for... and an early fat pension beckons.

But this is NOT a swipe at frontline, hardworking HMRC or NHS staff.  They are not overpaid, or buffoons ... so don't get defensive on me!






Title: Re: Tax
Post by: Scott on October 06, 2010, 11:23:29 pm
Ok cool no problem because as I said I am prevented from expressing my opinion on the subject but you are entitled to express yours.

The frontline staff in such jobs as you quite rightly point out are hard working and definitely not overpaid....I must admit though in nearly 30 years I thought I'd heard just about everything but I've never before been called a buffoon.....but will I need a 'bit' bigger salary before I actually qualify for that status?

I wasn't getting at you personally (as if I would)...ok maybe just a tad to see if you took the bait .......................... ;D
Title: Re: Tax
Post by: Fester on October 06, 2010, 11:35:32 pm
Scotty!  Beam me up please to where you are ...

Because you know full well that I said that frontline staff are not the buffoons.

Ask yourself this question ... how many times have YOU seen new systems, or new procedures handed down from above, with no consultation and inadequate training.   Have YOU never referred to those responsible as overpaid buffoons?

Now we are in agreement.   ZXZ ZXZ
Title: Re: Tax
Post by: Scott on October 06, 2010, 11:55:03 pm
I'm afraid I am unable to comment on your question...and it wouldn't be much fun if me & you were in agreement.  _))* and anyway would I ever admit it if we were??
Title: Re: Tax
Post by: Fester on October 07, 2010, 12:13:56 am
I'm afraid I am unable to comment on your question...and it wouldn't be much fun if me & you were in agreement.  _))* and anyway would I ever admit it if we were??

Its like being bleedin' married!   ..... without the sex.
No, hang on .... it IS EXACTLY like being married then....!   L0L L0L
Title: Re: Tax
Post by: Hugo on October 10, 2010, 02:56:18 pm
There is a TV programme on Monday that may give  everyone more understanding of the current problems that the general public and HMRC staff are facing.
It is Panorama and is on BBC 1 at 8.30pm  Adam Shaw hears from whistlebowers from inside HMRC.   It sounds like interesting viewing and people can then form their own opinions.
Title: Re: Tax
Post by: Scott on October 10, 2010, 10:12:49 pm
If it's the same (or similar) to one that was on BBC1 a couple of weeks ago....yep watch it.
Title: Re: Tax
Post by: Fester on October 10, 2010, 11:32:31 pm
I would rather watch paint dry than watch a programme about tax, and HMRC problems.

The general public just need to look at their wage slips,  P60 forms, Tax Code notifications and the petrol pumps prices to know what the problems with tax are.

There is just TOO MUCH of it.

 
Title: Re: Tax
Post by: Scott on October 11, 2010, 12:00:06 am
Obviously nothing is going to change your opinion or make you see differently, I give up on you Fester no point in continuing to try anymore. 
Title: Re: Tax
Post by: Fester on October 11, 2010, 12:10:43 am
Steady on ..... and you are right, you can't change my opinion on the only fundamental point I have made.

There is TOO MUCH TAX.

Title: Re: Tax
Post by: Ian on October 11, 2010, 08:09:18 am
Yet - interestingly - those who earn the most from the UK pay the least in Tax....
Title: Re: Tax
Post by: Hugo on October 12, 2010, 11:55:45 am
The advertised programme on Panorama last night wasn't shown for some reason   ???  so we couldn't hear what the whistle blowers had to say.   I don't think that it was the programme that you are thinking of Scott, I think this one is about insiders revealing just what the employees think of everything.
Title: Re: Tax
Post by: Yorkie on October 12, 2010, 12:00:55 pm
I often wonder exactly how much of each pound remains in circulation?

The chap who earns it pays tax
He spends and the shopkeeper pays tax
The shopkeeper spends and whoever he spends with pays tax
He pays his employees and they pay tax

Ad infinitum     )*)&

Does anybody actually know???
Title: Re: Tax
Post by: Scott on October 12, 2010, 11:58:30 pm
The advertised programme on Panorama last night wasn't shown for some reason   ???  so we couldn't hear what the whistle blowers had to say.   I don't think that it was the programme that you are thinking of Scott, I think this one is about insiders revealing just what the employees think of everything.

They didn't say why it wasn't shown on Monday but sounds definitely similar to the one I saw one BBC1's Tonight programme a couple of weeks ago.  Insiders eh!!!!!
Title: Re: Tax
Post by: Scott on October 13, 2010, 12:04:18 am
I often wonder exactly how much of each pound remains in circulation?

The chap who earns it pays tax
He spends and the shopkeeper pays tax
The shopkeeper spends and whoever he spends with pays tax
He pays his employees and they pay tax

Ad infinitum     )*)&

Does anybody actually know???

And the people who are paid a salary to collect the tax pay tax on their earnings at the same rate as everyone else.
Title: Re: Tax
Post by: Fester on October 13, 2010, 12:11:57 am
...And there was me thinking there would be a special 'staff rate' for HMRC employees ....  there has to be some perks!

Title: Re: Tax
Post by: Scott on October 13, 2010, 12:17:49 am
...And there was me thinking there would be a special 'staff rate' for HMRC employees ....  there has to be some perks!


Maybe when/if the Panorama is shown the whistle blowers will reveal them to all of us.......I will be interested to hear what they are!
Title: Re: Tax
Post by: Blongb on October 29, 2010, 03:33:01 pm
Very, very, easy to call HMRC and they have done very little to help their cause, but in a vain attempt to explain what went on: HMRC’s old computer  :rage: was designed for an era when most people had just on job and mostly paid tax by PAYE. So because things have moved on they introduced a much more sophisticated computer which has vastly more computing power. This machine was able to quickly and efficiently show up tax payers who had more than one job, but who were claiming the full tax allowances on all their earnings, when in fact they were only entitled to claim the tax allowance on the first wage. Once that allowance was used up, it was and is illegal and immoral to expect honest tax payers to subsidise them. They got away with paying too little for too long and now it’s caught up with them. My heat bleeds.    ¢¢##
Title: Financial matters
Post by: Fester on November 03, 2010, 12:24:40 am
I can't help but notice that the price of very basic things is increasing at an alarming rate.
I got a real shock when I accompanied Mrs Fester around Asda this week...and then other independent shops around town.
Since when did a packet of crisps become 55p?   Or a single bar of chocate become 55p to 65p?
A pint of lager I bought last night had been increased for the THIRD time in a few months ... always by 10p each time.

This is despite one of the Govt's inflation measures being negative,  and the other being in small single figures per annum.
It is also BEFORE the VAT increase, which will only exacerbate the situation.

Has anyone else noticed this?   
Title: Re: Price Inflation
Post by: mull on November 03, 2010, 01:37:33 am
Been going on for ages.

Its called RIP OFF Britain.

If people are stupid enough to pay more than £1 for a cup of coffee they deserve to be ripped off.
Coffee  is just one item there are many more similar products.

We need to wake up and stop paying stupid prices.
Title: Re: Price Inflation
Post by: DaveR on November 03, 2010, 08:21:42 am
What people sometimes forget is the enormous costs that businesses in the UK face, particularly in regard to property costs (rent and rates) and complying with ever increasing reams of legislation. Many local business owners work very hard indeed, in return for a not very large profit. Cutting their prices significantly would mean them going out of business.
Title: Re: Price Inflation
Post by: Merddin Emrys on November 03, 2010, 08:51:44 am
Exactly, if small shops were not over charged by such high business rates and high rents then more would stay open and could pass on lower prices. For donkey's years there have been empty shops because of high rents and I always thought surely its better to receive a lower rent than no rent at all?
Title: Re: Price Inflation
Post by: DaveR on November 03, 2010, 09:02:55 am
Even worse is the fact that property owners are liable for full business rates even on empty premises, so not only are they not receiving rent, they're also having to pay out a substantial sum in rates every year, to the tune of £30,000 a year+ if we're talking about larger shops along Mostyn Street.
Title: Re: Price Inflation
Post by: Ian on November 03, 2010, 09:06:04 am
Quote
What people sometimes forget is the enormous costs that businesses in the UK face, particularly in regard to property costs (rent and rates) and complying with ever increasing reams of legislation.

Indeed.  And it's getting worse.

Small businesses are often hit badly in recession, too; folk are less likely to pop into a cafe and spend a tenner on coffee and cakes.
Title: Re: Price Inflation
Post by: Merddin Emrys on November 03, 2010, 09:50:28 am
Even worse is the fact that property owners are liable for full business rates even on empty premises, so not only are they not receiving rent, they're also having to pay out a substantial sum in rates every year, to the tune of £30,000 a year+ if we're talking about larger shops along Mostyn Street.

and as a result some nice old buildings get demolished and we all lose out (yet again!)  :(
Title: Re: Price Inflation
Post by: DaveR on November 03, 2010, 10:03:53 am
One good thing is that business rates are not payable on Listed Buildings that are unoccupied.
Title: Re: Price Inflation
Post by: Ian on November 03, 2010, 11:31:53 am
Quote
Since when did a packet of crisps become 55p? 


They're not.  On the website, they're 15p.
Title: Re: Price Inflation
Post by: Merddin Emrys on November 03, 2010, 12:25:31 pm
One good thing is that business rates are not payable on Listed Buildings that are unoccupied.

none payable on the Pavilion then!
Title: Re: Price Inflation
Post by: DaveR on November 03, 2010, 12:35:56 pm
Indeed! I did look to see and it was not listed. The Pier has a rateable value of £115,000 and the Grand Hotel has a rateable value of £207,500, which equates to business rates payable of £47,035 and £84,867 respectively.  :o
Title: Re: Price Inflation
Post by: Merddin Emrys on November 03, 2010, 01:36:42 pm
horrifying amounts  :o  and if I remember correctly don't business rates go directly to the  National Govenment (London or Cardiff? ) and not to the local council?
Title: Re: Price Inflation
Post by: DaveR on November 03, 2010, 01:48:48 pm
That's right, and that's why local Authorities are very limited in providing any help in reducing the amounts. WAG has actually provided some useful relief on business rates for smaller businesses, in that business premises with a rateable value up to £6,000 will receive 100% relief and those with a rateable value between £6,001 and £12,000 will receive relief that will be reduced on a tapered basis from 100% to zero.
Title: Re: Price Inflation
Post by: Fester on November 03, 2010, 05:29:29 pm
We are getting well off the point Guys.

I know WHY the prices are rising .. I am facing that pressure too in my miniscule business ...(both rent and VAT increase to come)
What I'm banging on about is the extent of it..  and WHY official government figures are not giving the true picture.

The 55p crisps example came from a local newsagent ..
The 15p crisps you refer to were on sale in both Asda and Home Bargains for TEN PENCE earlier this year.
Thats a 50% increase no matter how you look at it.

I seem to recall unrest and blockades very recently due to Petrol increases which were threatening to go to £1.00 per litre.
Well, now its 20% higher than that,  and no one makes a peep!

Its getting quite scary...

Title: Re: Price Inflation
Post by: Michael on November 03, 2010, 08:16:04 pm
Fester----my friend and fellow forum reader/writer----I hate it contradicting you,of all people, again. However, I must point out that the fuel blockades you mention were ten years ago, almost to the day. And, actually, fuel is now at about the same price it was two years ago. Before you shout RUBBISH, just check me out.  Now, if you want to mention the price of beer sold over a pub counter-------now thats a different matter!!!
Title: Re: Price Inflation
Post by: DaveR on November 03, 2010, 08:21:34 pm
I bought a Twirl chocolate bar in the Co-op today and it was 63p.  Nice, though! ¢¢##
Title: Re: Price Inflation
Post by: DaveR on November 03, 2010, 08:24:25 pm
We are getting well off the point Guys.

I know WHY the prices are rising .. I am facing that pressure too in my miniscule business ...(both rent and VAT increase to come)
What I'm banging on about is the extent of it..  and WHY official government figures are not giving the true picture.

The 55p crisps example came from a local newsagent ..
The 15p crisps you refer to were on sale in both Asda and Home Bargains for TEN PENCE earlier this year.
Thats a 50% increase no matter how you look at it.

I seem to recall unrest and blockades very recently due to Petrol increases which were threatening to go to £1.00 per litre.
Well, now its 20% higher than that,  and no one makes a peep!

Its getting quite scary...


It all comes down to what Economists call Price Elasticity, that is, the price range that consumers are prepared to pay for a particular item. Take the Twirl chocolate bar I just mentioned - how high or low does a price have to go before you refuse to buy it?
Title: Re: Price Inflation
Post by: Fester on November 03, 2010, 10:50:00 pm
Fester----my friend and fellow forum reader/writer----I hate it contradicting you,of all people, again. However, I must point out that the fuel blockades you mention were ten years ago, almost to the day. And, actually, fuel is now at about the same price it was two years ago. Before you shout RUBBISH, just check me out.  Now, if you want to mention the price of beer sold over a pub counter-------now thats a different matter!!!

Mr Mike ... just to prove to myself that I am not going completely mad, I checked my facts .... because I even remember where I was and what car I was driving at each time these things occurred.
10 years ago, as you rightly say, there were protests, and blockades leading to serious disruption... but that is when the price was approaching 80p a litre.
Protests kicked off again in 2005.
But in 2007, blockades at refineries began again , as the price approached £1 per litre.
Panic buying ensued, and for a few days it was the forefront of the news.
The police were much more organised this time...unions were weaker,  and supply was restored to full capacity within days ...the whole thing fizzled out
The price is now £1.20, nothing is heard.   The apathy is deafening.

Dave, with all due respect, I have also given presentations in my time on the subject of price elasticity ... and I tell you what, we are pretty damn near the top of that curve right now!

No, I have to re-iterate my original point.  That being that prices are flying up, several times a year it seems ... (totally out of proportion to earnings or pensions) ... and it bears no relation to official government statistics.





Title: Re: Price Inflation
Post by: Trojan on November 03, 2010, 11:15:35 pm
I bought a Twirl chocolate bar in the Co-op today and it was 63p.  Nice, though! ¢¢##

 *&(






 $lol$
Title: Re: Price Inflation
Post by: Ian on November 04, 2010, 08:03:29 am
Quote
That being that prices are flying up, several times a year it seems ... (totally out of proportion to earnings or pensions) ... and it bears no relation to official government statistics.

I thought there was a commodity availability aspect to these rises? Bread, for instance, shot through the roof (metaphorically speaking) a couple of years ago, and that was linked to the grain harvests being down, owing to the heavily-promoted cost-effectiveness of planting a lot of rape seed for oil substitutes.

And electronics, for instance have never been more affordable.
Title: Re: Price Inflation
Post by: Fester on November 04, 2010, 11:11:06 am
Thats true Ian,  but you buy an electronic item every few months.... but you buy bread every other day.
So, the overwhelming experience is that of rising expenditure... especially for a family with kids I would imagine.

However, hardly anyone seems to agree with me, so it must be just me.

Title: Re: Price Inflation
Post by: Merddin Emrys on November 04, 2010, 11:53:11 am
Petrol is expensive just as a result of the excessive tax on it which is around 66% of the price, I have the local petrol prices emailed to me for the best price. As for bread I stock up (around 3 loaves in the freezer) when the price is right  D) In fact any special offer with a long sell by date, as long as it's something we use anyway we stock up on! Fresh food I ignore 'buy one get one free' offers as it'll go off before we could use it! They said on the telly the other day that corn, wheat etc is at high prices now anyway and supermarkets are doing what they can to cut costs!
Title: Re: Price Inflation
Post by: Ian on November 04, 2010, 02:13:50 pm
Quote
Thats true Ian,  but you buy an electronic item every few months.... but you buy bread every other day.

Yes, but a single electronic item is worth many loaves of bread, and the impact of having to replace, say - a dishwasher or washing machine - is significantly greater than buying bread on a daily basis, so I'm guessing the two more or less equal out.

But you're right, of course;  bread and other natural commodities have risen rapidly, 
Title: Re: Price Inflation
Post by: Nemesis on November 04, 2010, 02:32:24 pm
Another point about the cost of food--- people today think nothing of buying ready prepared food or takeaways, not to mention eating out. Cakes for example, the price of one of these so called 'cup cakes' is beyond silly, same with 'muffins'. To me all they are are lierally 'buns' and can be made at home for very little. ( Also you know who's had their fingers in them ! :o))
A tradesman working for me last week nearly drooled his way through the front door to the smell of home made steak and dumplings.
Perhaps I am old fashioned, but we should never have survived on ready made food.
Title: Re: Price Inflation
Post by: Ian on November 04, 2010, 02:47:47 pm
And I suspect the health cost of ready made convenience foods is starting to hit home.
Title: Re: Price Inflation
Post by: Trojan on November 05, 2010, 05:07:37 am
And I suspect the health cost of ready made convenience foods is starting to hit home.

True. All that excessive sugar, salt, fat & refined carbohydrates = obesity, high blood pressure, high cholesterol etc.  ¢¢##
Title: Re: Price Inflation
Post by: Nemesis on November 05, 2010, 10:29:10 am
Amazing how many people take Statins and then think they can eat a full fried meal with butter and full fat milk, then sit on their backsides watching TV and expect the tablets to lower their cholesterol !
Title: Re: Price Inflation
Post by: Yorkie on November 05, 2010, 10:52:45 am
One just has to watch for the side effects of Statins. Particularly those associated with loss of muscle strength or numbness.  I have been on a number of Statins and have had to give them up for a non-statin.  My cholesterol level is still remaining reasonably low as I also have a sensible eating regime.
Title: Re: Price Inflation
Post by: Fester on November 05, 2010, 06:01:29 pm
As I undersand it, Statins are prescribed as a short to medium term measure .... but its astonishing how many people come into my little shop and tell me they have been on the same medication for TEN YEARS OR MORE !!

Title: Re: Price Inflation
Post by: Scott on November 05, 2010, 11:37:43 pm
Thats true Ian,  but you buy an electronic item every few months.... but you buy bread every other day.
So, the overwhelming experience is that of rising expenditure... especially for a family with kids I would imagine.

However, hardly anyone seems to agree with me, so it must be just me.


Fester If you want to eat it buy it, if you want to drive your car put petrol in it! Welcome to the real world. A year ago you weren't earning a living sitting in a box on a few planks of wood  :) :)
Title: Re: Price Inflation
Post by: Fester on November 06, 2010, 01:01:12 am
Hey Scott ... depends what you call earning ''a living''  ... most days I wish I was.

Last I heard, you earned yours by dipping into the pay packets of others and taking our money   Isn't that what HMC is all about?

If you want it, buy it you say?  ......  when HMRC want it,  they pass a new law ... and steal it !!

You know I love you though .... :-* :-*    By the way, where did that smily with the lovehearts disappear to??



Title: Re: Price Inflation
Post by: Scott on November 06, 2010, 01:07:04 am
Hey Scott ... depends what you call earning ''a living''  ... most days I wish I was.

Last I heard, you earned yours by dipping into the pay packets of others and taking our money   Isn't that what HMC is all about?

If you want it, buy it you say?  ......  when HMRC want it,  they pass a new law ... and steal it !!

You know I love you though .... :-* :-*    By the way, where did that smily with the lovehearts disappear to??

Half a living.......Nah HMRC dont' change the law it's always been the same...you earn it you pay tax on it (at higher rate IF you earn enough) dunno where the smiley has gone but you wouldn't put love hearts on your tax return would you?


Title: Re: Price Inflation
Post by: Fester on November 06, 2010, 01:16:00 am
Tax return?   What's a tax return?   Z** Z**

Filling one of those in would be like asking Dr Harold Shipman to look after my parents.

Or asking Beverley Allit to babysit for my kids,









Title: Re: Price Inflation
Post by: Nemesis on November 06, 2010, 09:00:36 am
Are you Ken Dodd's love child? ;D
Title: Re: Price Inflation
Post by: Fester on November 06, 2010, 07:34:04 pm
Nemesis ... that suggestion is Tattyfilarious !!
Title: Re: Price Inflation
Post by: Trojan on November 07, 2010, 04:17:31 am
Mrs Fester did mention you were one of the "Diddy Men"  ;D
Title: Re: Price Inflation
Post by: Nemesis on November 07, 2010, 08:40:08 am
 _))* _))* _))* _))*
Title: Re: Price Inflation
Post by: Yorkie on November 07, 2010, 11:03:48 am
With a tickling stick!                                        :laugh:  :laugh:
Title: Re: Price Inflation
Post by: Nemesis on November 07, 2010, 03:29:39 pm
Don't forget Dickie Mint !!!! :-X :o _))* *&(
Title: Re: Price Inflation
Post by: Scott on November 07, 2010, 04:16:47 pm
I can't help but notice that the price of very basic things is increasing at an alarming rate.
I got a real shock when I accompanied Mrs Fester around Asda this week...and then other independent shops around town.
Since when did a packet of crisps become 55p?   Or a single bar of chocate become 55p to 65p?
A pint of lager I bought last night had been increased for the THIRD time in a few months ... always by 10p each time.

This is despite one of the Govt's inflation measures being negative,  and the other being in small single figures per annum.
It is also BEFORE the VAT increase, which will only exacerbate the situation.

Has anyone else noticed this?   
Hey Fester
if it makes you feel better and not quite so lonely in your ranting I've just been to my In-laws house and father-in-law spent a long time complaining about the price of crisps these days and how his favourite brand (made in Bradford) a packet of 6 has gone up from £1 to £1.20 'ish. Yawn........it's not something I eat very often but he is 90 years old next week so I 'listened sympathetically & intently'.....Should i ask him about chocolate too?...
Title: Re: Price Inflation
Post by: Bellringer on November 07, 2010, 07:04:29 pm
An elderly relative recently quoted that there was a time when a pint of milk, a loaf of bread, and a pint of beer all cost the same. Unfortunately I forgot to ask "How long ago?".
Title: Re: Price Inflation
Post by: Fester on November 07, 2010, 07:35:31 pm
Stan ... they would all cost roughly the same NOW, if it wasn't for the tax leel on beer!

Hey Scott... ranting am I?
Nah don't ask him, it sounds like your sympathetic ear is all worn out for one week ...... you'll be 90 one day, and you too will be moaning about the cost of thngs.
Knowing you as I do, it will be the cost of Bike repair, Gym membership ....and bottles of wine!   Z** Z**
Title: Re: Price Inflation
Post by: Scott on November 07, 2010, 09:10:21 pm
I do 'sort of' worry about that now  :P (or should I say my other half does!) it's the mundane things like food I don't really have much interest in, that's done on a 'needs-must' basis to keep the family fed and happy.

Maybe when I'm 90 I won't need my bike & gym and the tipple will be sherry!

Incidentally that Panorama programme about the tax man that they pulled is on tomorrow night on BBC1 at 8.30.
Title: Re: Price Inflation
Post by: Bellringer on November 07, 2010, 09:42:30 pm
Stan ... they would all cost roughly the same NOW, if it wasn't for the tax leel on beer!

I don't know how much the tax is on a pint of beer. However a pint of milk on the doorstep is about 47/48p and a standard loaf somewhere between £1 and £1.30 or even more!!
Title: Re: Price Inflation
Post by: Fester on November 08, 2010, 12:42:51 am
Shopping selectively (and wisely) in Asda,  gets me 2 litres of milk for about 70p,  and whatever bread they have on special offer for roughly the same.
The total tax on a pint of lager is roughly 75%,   thus making a £3.00 pint,  down to 75p if it wasn't for the tax man.  (or woman Scott!)

Title: Re: Price Inflation
Post by: Scott on November 08, 2010, 12:47:57 am
Nah not me I don't tax your beer  Z** I tax your income  $thanx$ to pay my salary to keep my bike going to pay my gym membership & buy my wine   *&(
Title: Re: Price Inflation
Post by: Merddin Emrys on November 08, 2010, 08:28:20 am
why not have a go at home brew lager / beer ? 
I'm always wondering why you can't get Tesco 'Value' petrol?  D)
Title: Re: Price Inflation
Post by: Trojan on November 10, 2010, 06:26:32 pm
Some pier price inflation: (with the removal of the steak & kidney pie, and the addition of bottled water)

If you want an inflation beater order the gravy peas curry and a sachet of sauce.  :-X
Title: Re: Price Inflation
Post by: suepp on November 10, 2010, 06:37:39 pm
That seems good value to me! I paid £5 for fish and chips the other night, I wish they would cut the portions down and charge less, there were far too many chips for one person. what a waste!
Title: Re: Price Inflation
Post by: Pendragon on November 10, 2010, 06:50:12 pm
We were just talking in the club now and to make a call from a BT phone box is now 60p. I can't believe that, not that I ever use one, glad I don't at that price, I sound a right fogie now but I remember when it was 2p. )*)&
Title: Re: Price Inflation
Post by: DaveR on November 10, 2010, 07:00:28 pm
We were just talking in the club now and to make a call from a BT phone box is now 60p. I can't believe that, not that I ever use one, glad I don't at that price, I sound a right fogie now but I remember when it was 2p. )*)&
BT make more money from using the boxes as Advertising Hoardings now.
Title: Re: Price Inflation
Post by: DaveR on November 10, 2010, 07:01:16 pm
Sue, don't utter the words 'good value' out loud when looking at the Pier prices .... they don't need any MORE encouragement.
Indeed. Overpriced rubbish would be a better description.
Title: Re: Price Inflation
Post by: suepp on November 10, 2010, 08:50:54 pm
OK  ???


Title: Re: Price Inflation
Post by: Nemesis on November 11, 2010, 08:43:58 am
We were just talking in the club now and to make a call from a BT phone box is now 60p. I can't believe that, not that I ever use one, glad I don't at that price, I sound a right fogie now but I remember when it was 2p. )*)&

and press button B to get your money back ?
Title: Re: Price Inflation
Post by: Ian on November 11, 2010, 10:28:55 am
With the advent of mobiles, most of the boxes are redundant.  The original ones were flogged off for a fiver, I seem to remember, and are now available at £1000 each from various entrepreneurs.

In some places - notably the hills around the Conwy valley - you still need them. When our 'phones go off, there's no mobile signal to compensate, so we actually need a 'phone box to stand in for 45 minutes while we try to translate Urdu from the BT helpdesk into recognisable English.  Joy. 
Title: Financial matters
Post by: Fester on January 06, 2011, 10:36:45 pm
Is everyone aware that 200,000 people were affected by a 'double payment glitch' on New Years Eve?

I was affected, but only realised it when I saw my Internet Banking Statement, and there were 2 payments to the same retailer.
Beware, and check your statements... you might well be out of pocket too.

My bank said that its not an issue for them.... the retailer said its not an issue for them either!

I would have expected that the bank who's systems were at fault (Lloyds TSB) would simply do a batch correction and put this matter right immediately.

BUT NO !

Apparently they have set up a helpline number (and its not a free one either) ...that you have to contact and go through a process.
The bloody number isn't even open out of hours!!    :rage: :rage: :rage:
I tell you, this country has long since lost the ability to manage things sensibly. 
Title: Financial matters
Post by: Ian on February 11, 2011, 02:37:22 pm
.
Title: Re: Financial matters
Post by: Merddin Emrys on February 11, 2011, 03:31:46 pm
.

I can't see anything here?
Title: Re: Financial matters
Post by: Trojan on February 11, 2011, 05:41:48 pm
.

I can't see anything here?

There's actually a full-stop, or a period.
Title: Re: Financial matters
Post by: Merddin Emrys on February 11, 2011, 06:03:11 pm
so there is  *&(
Title: Re: Financial matters
Post by: Fester on February 11, 2011, 10:15:47 pm
Do you think that Ian was trying to make a point?    A POINT!    Get it?    A point!!   .... heres a few more of them .........   _))*
Title: Re: Financial matters
Post by: Blongb on February 11, 2011, 10:22:07 pm
No Fester. he was just waiting for someone to spot his mistake   :o
Title: Re: Financial matters
Post by: Trojan on February 12, 2011, 01:36:09 am
Perhaps he was on his period.  :D
Title: Re: Financial matters
Post by: Ian on February 12, 2011, 09:17:11 am
It was just to make a talking point...


 :twoface:
Title: Re: Financial matters
Post by: Trojan on February 12, 2011, 08:17:49 pm
It was just to make a talking point...


 :twoface:

 L0L
Title: Re: Financial matters
Post by: Ian on February 22, 2011, 02:59:19 pm
For all those who think the spending cuts are inevitable and a result of the current economic situation, think again:

http://falseeconomy.org.uk/cure/how-big-is-the-problem (http://falseeconomy.org.uk/cure/how-big-is-the-problem)

http://falseeconomy.org.uk/cure/what-do-the-experts-say (http://falseeconomy.org.uk/cure/what-do-the-experts-say)

The latter is particularly interesting as no fewer than three Nobel Laureates give their opinions.  The most convincing is almost certainly this:

“By not taking a principled stand of this kind, the last government lost the rhetorical battle. It couldn’t openly say ‘without a large deficit there will be no proper recovery’. It left the running to those who simply said that ‘you can’t spend money you haven’t got’ and there is ‘no more money in the kitty’. This is rubbish. The rise in the deficit and national debt is mainly a consequence of the shrinking of the economy: as the economy recovers – partly because of the stimulus afforded by deficit spending – both will shrink simultaneously as a proportion of national income. Here are some interesting figures. In 1919 the National Debt stood at 135% of GDP – as a result of heavy wartime borrowing. By 1920, after a year’s inflationary boom it was down to 130%. By 1922 it was up to 171%? Why? Because there had been a huge deflation and rise in unemployment in 1921. In the deflationary decade of the 1920s, the debt hardly reduced at all. Nothing could more clearly illustrate the fact that the debt falls when the economy rises and rises when the economy falls.

“There are other points which could have been made. Unlike households, governments don’t have to repay their debt. They can borrow almost without limit, especially from their own people."

Lord (Robert) Skidelsky is the biographer of Keynes and a former Conservative spokesman on the economy in the House of Lords.

Or this one - the Financial Times is not noted for its socialist tendency:

“Very near the beginning of his speech introducing the comprehensive spending review, George Osborne attempted to the frame the exercise in the simplest of terms: ‘We are going to ensure, like every solvent household in the country, that what we buy we can afford; that the bills we incur we have the income to meet.’ Either you accept the chancellor’s analogy or you do not. I do not."


Samuel Brittan is a columnist on the Financial Times.
Title: Re: Financial matters
Post by: DaveR on February 22, 2011, 03:18:42 pm
A website mainly funded by the TUC and Unison, Ian?  :roll:


Title: Re: Financial matters
Post by: Merddin Emrys on February 22, 2011, 05:28:24 pm
As far as I can see, in the 'dark years' of the last labour administration, far too much money was spent on nonsense, I can't see how we as a country can carry on for ever on the never never. We now have to pay the price for the 'dark years'
Title: Re: Financial matters
Post by: DaveR on February 22, 2011, 06:12:58 pm
Quite right. Regardless of who's to blame, the fact is that we have to borrow £400m every day just to maintain current public spending...and it's hardly like we have world class public services. Such levels of borrowing cannot be right - the books should be balanced.
Title: Re: Financial matters
Post by: Ian on February 22, 2011, 06:13:18 pm
Quote
A website mainly funded by the TUC and Unison, Ian?

Is that relevant if the figures are correct? Can't you decide for yourself on the basis of the objective information? And the Financial Times is not exactly a Socialist manifesto...

I've often said that no one really understands international macro economics, but reading that site reveals a lot of information which, viewed intelligently, seems to suggest that there is more than one way to tackle the situation 

Quote
I can't see how we as a country can carry on for ever on the never never

That was the way Thatcher claimed to look at the nation's economy, and it is almost certainly  profoundly mistaken. The way you run your personal finance has very little similarity to the way it's prudent to run the finance of a country. "Every time a politician says we have to do with the nation's finances what a prudent householder would do with a credit card bill, you can stop listening. It's nonsense."

How can it be good for the economy to throw a million out of work as is likely to happen? The country loses the tax income, and we have to support the families that no longer have an income. The policies of this government could well be disastrous, as well as deeply, deeply unfair to the poorest and weakest members of society.

The Conservatives, for reasons of their own, are wildly exaggerating the seriousness of the situation. The British national debt is nothing like as big as that of many other countries, and it's mainly (70%) owed to its own citizens, not to foreign financiers. And it's way below what it's been in the past. In the past, in the last century, it's been 150 and 200% of GDP; at the moment it's just under 60%. That's a fact.
Title: Re: Financial matters
Post by: DaveR on February 22, 2011, 06:34:56 pm
How can it be good for the economy to throw a million out of work as is likely to happen?
Because the people in the public sector do not create any wealth for the country. The public sector just spends wealth (usually inefficiently) created by the private sector.

Saying that the debt figure is fine because its been higher in the past is a poor argument. It's like saying an alcoholic is doing ok because they are down to drinking 10 pints a day from their previous 20. Guess what - it's still going to kill them in the end. We have to pay Interest on every penny we borrow - over £42,000,000,000 last year.

And in absolute terms, of course, the National Debt has never been higher.
Title: Re: Financial matters
Post by: Fester on February 22, 2011, 06:47:37 pm
You can't express National Debt in absolute terms, as it is always relative to the value of the GDP, and the value of currency over time.

What is certain that in times past, when the national debt rose, there was always sufficient manufacturing industry to ensure that wealth would be created in order to rein it back in the future.

Now, a fundamental difference is the ageing population, and the massive pension deficit.
These are now being dealt with by the old trick of INFLATION.  Deliberate inflation.  Through taxation and commodity trading.  (yes the government trade on commodities such as oils and food)

So, the pension deficit will in future 'appear' smaller .... which in fact it will be, as the money owed and paid will be worth much less.

Its all down to the lack of wealth creating industies,  and the lack of future growth.
Title: Re: Financial matters
Post by: Ian on February 22, 2011, 10:05:47 pm
Quote
Quote
How can it be good for the economy to throw a million out of work as is likely to happen?
Because the people in the public sector do not create any wealth for the country. The public sector just spends wealth (usually inefficiently) created by the private sector.

But it's not only the public sector being hit.  It's also private industry.  Second, millions of public sector workers out of work are gong to become a massive drain on the economy, surely? Thirdly, there's proven link between unemployment and health.  As one rises, the other declines - markedly so. And that will cos even more.
Title: Re: Financial matters
Post by: Ian on February 22, 2011, 10:23:46 pm
Back in the '50s, Denmark had a massive public spending programme, a huge deficit and, without instituting any cuts, went on to become one of Europe's wealthiest countries. The real problem is not simply a lack of wealth producing industry:  I suspect it's more than no one really understands the consequence of what actions they take.
Title: Re: Financial matters
Post by: Fester on February 23, 2011, 12:03:15 am
Quote
Quote
How can it be good for the economy to throw a million out of work as is likely to happen?
Because the people in the public sector do not create any wealth for the country. The public sector just spends wealth (usually inefficiently) created by the private sector.

But it's not only the public sector being hit.  It's also private industry.  Second, millions of public sector workers out of work are gong to become a massive drain on the economy, surely? Thirdly, there's proven link between unemployment and health.  As one rises, the other declines - markedly so. And that will cos even more.

I am equally worried about the very real link between unemployment and crime.
Especially when the police and armed forces are being reduced at exactly the wrong time.
Without benefits or quality employment, there will be crime, delinquency and public disorder.... and insufficient resource to conatin it.
Title: Re: Financial matters
Post by: Ian on February 23, 2011, 09:12:24 am
I agree, wholeheartedly.  Very worrying time.
Title: Re: Financial matters
Post by: DaveR on February 23, 2011, 09:21:17 am
To go back to the original point about whether the spending cuts were necessary, the IMF were totally in favour of the cuts, describing them as 'essential':

"The International Monetary Fund (IMF) has said the UK economy is "on the mend" and has backed the coalition government's plans to cut spending. The IMF described the deficit reduction plan as "essential" in supporting the UK's debt position, and said it "supported a balanced recovery"."
http://www.bbc.co.uk/news/business-11419937 (http://www.bbc.co.uk/news/business-11419937)
Title: Re: Financial matters
Post by: Ian on February 23, 2011, 10:09:12 am
I doubt the IMF is any better placed to judge the right measures than any such unelected organisation.  And they've been downsizing their estimates of the recovery consistently since the article quoted above.

Others, with significant qualifications, say this:
Christopher Pissarides is the most recent economics Nobel Prize winner and a Professor at the London School of Economics.

“We have just gone through a severe recession and there is still a lot of uncertainty about the housing market and the level of economic activity over next few years. Unemployment is high and job vacancies few. By taking the action that the Chancellor outlined in his statement, this situation might well become worse.

“The Chancellor is hitting areas that suffer most in recession. Several welfare benefits are to be cut. But they provide support when jobs are scarce and household incomes are falling.

“The cuts are projected to add another half to one million people to the dole. This will make it a lot more difficult for the unemployed to find jobs. It is situations like these that welfare benefits play their most valuable role.

“Capital spending is being cut too. Yet it creates jobs at a time when they are most needed. Overall, the Chancellor is putting the economy through some unnecessary risks because of his fear of sovereign risk, which does not appear justified. And his unwillingness to further tax the well off is inevitably necessitating more cuts to benefits just when the jobless will need them the most.”

In other words, the government is taking a chance - running a risky game. They don't know what the outcome will be, so they're falling back on old ideas. But what we all have to remember is the bulk of the UK's GDP comes - rather worryingly, given their past history - from the Banks and the financial sector in general. We remain one of - if not the - world financial centres and the largest portion of that wealth comes from gambling in futures.  In effect, we're mortgaged to a roulette wheel.
Title: Re: Financial matters
Post by: Fester on February 23, 2011, 10:37:20 am
Talking of 'old ideas', creating inflation to get out of deficit is one of those.

Another one is raising interest rates to stem inflation.
However, although it is being mooted to happen soon, that would be a catastrophic mistake.
The inflation this time round is not caused by people spending too much, (which interest rate rises traditionally cured), not its purely due to taxation and the prices of basic commodities.  (Food, Oil etc)

Any rise in interest rates will do nothing to stem inflation, but will crucify already beleagured families struggling to pay mortgages (and indirectly rents)

Title: Re: Financial matters
Post by: Merddin Emrys on February 23, 2011, 10:42:34 am
on the other hand, savers would no doubt enjoy an interest rate rise
Title: Re: Financial matters
Post by: Ian on February 23, 2011, 11:29:48 am
Quote
Any rise in interest rates will do nothing to stem inflation, but will crucify already beleagured families struggling to pay mortgages (and indirectly rents)

that's very true, and I doubt the boon to savers would be that much, either.  And here's something I've been wondering: most banks are paying virtually nothing to saver with even very large deposits, yet they're charging a small fortune for loans. I suppose the £6bn in salary bonuses have t come from somewhere....
Title: Re: Financial matters
Post by: Fester on February 23, 2011, 11:52:52 am
Yes indeed... the profit margin between lending and borrowing is now at a huge level for the banks.

Title: Re: Financial matters
Post by: Merddin Emrys on February 23, 2011, 12:18:27 pm
the low interest rate for the millions of savers is a nightmare, all that spending power for millions of people cut right down to next to nothing, savings have become 'losings' as the return is way below inflation  :rage:
Some of us have gone to the stock market instead  D)
Title: Re: Financial matters
Post by: Ian on February 25, 2011, 09:39:32 am
This is from another forum I run, and it might be of interest here.  The main text is from a chartered accountant, who owns their own business.  The quotes come from a Language academic.

Quote
So if the private sector is contracting (which is basically what you're saying) where are those jobs going to come from?

You must consider how business works. The contraction in private industry happened in the credit crunch, some 18 months ago. Business reacts very quickly. It looked at its place in the market and, by doing what they did, consolidated their position at the time. They paid less during a difficult time for profits and, more importantly in the short-term, improved cash flow but maintained their experienced workforce. Some businesses will still fail (although if they have a good business model they are more likely to merge or be acquired) but most businesses will have put themselves in a great position to jump when the market recovers.

It is the Government that say the growth which they predict will lead to the required number of jobs being created. I have never said they will or that they won’t. However, I do have confidence in surviving businesses being in a position to embrace growth if and when it happens. There are some glimmers – BT are taking on again but only in numbers which I would, currently, be prepared to describe as a glimmer.    

Quote
And you can't sack an office worker aged maybe 50 and expect him or her to take a job as a bricklayer. Or are we talking out-sourcing? We've all seen what that led to in hospitals. And that still has to be paid for by the public.

You cannot sack people nowadays. They could be made compulsorily redundant but, even then, unless a whole business or business area is being closed, only after the management have been through voluntary procedures. If people accept voluntary redundancy then they are likely to have the ability to do something else, or maybe have another source of income or early pension.

Quote
But quite apart from that, why should the public sector not be growing relative to the private? Surely it's exactly what you'd expect in a modern society.

But it hasn’t grown relative to it. It has outstripped it. That is not a modern society; it is a socialist society. Where one stands on that (or on a capitalist society) is purely a matter of political bent.  I have a personal view on which I consider more modern but that is all it is, a personal opinion.  

Quote
Indeed I would argue that we could do with more public employees, not fewer. Look at hygiene in hospitals; look at the ill-kempt state of most public parks; come and have a look at our road and even more our pavement - both in a disgraceful state. We need more social workers, not fewer; possibly more police; and, according to David, more tax-collecting staff. And I believe him. Industry can manage with fewer workers today and as long as productivity stays high, there is no inherent reason why those workers should not be released to serve society in other ways. Serving society is the basic definition of a public worker as far as I can see.

No, we do not need less public service workers at the coalface (all those above and more). Indeed, HMRC need more and should never have got rid of their qualified staff.

What our public sector needs to lose is the money it consistently leaks.

Examples:

The people involved in the decisions which take endless meetings and years to approve. Meetings are time and time is money.

The procurement of services from set lists of private sector providers who know the system and work it to their advantage.  

The need for so many risk assessments to be undertaken before a service is provided, the delays and extra costs of this actually causes a greater likelihood of failure of service. (I know this exists in the Government supported voluntary sector – Coastguards – and suspect it also exists in social services and the health sector.)

The difficulty of implementing capability procedures and the fact that often all that happens is the incapable are sidelined somewhere and not too much expected from them (and their colleagues have to work harder and are subject to greater stress to cover their inadequate output) or they are moved on quietly because it is easier to do so, leading to them being inefficient elsewhere.

The public sector leadership which has caught a private sector rot known as the gravy train. Thinking it needs to pay it’s top leadership to get the best when, in fact, the best is just a pool of people who move from leadership job to leadership job. There is a glass ceiling making it extremely difficult to move from below to above it and into the pool, even though many would be able to do the work. Those in the pool are supported by each other, unwelcome newcomers are not. The pool have improved their positions immensely by making them seem restricted in quantity.    
      
The acceptance (in some areas) that sickness means a guaranteed x number of days off per year in addition to their annual holiday allowance.

The endless red tape that lead you to being able to count more clip board holders in (for example) hospitals than active care staff.  

Exceptional increases in paperwork in policing and social work which sees millions of hours spent not on the coalface. We should accept that we are all human and allow sensible levels of recording to take place and that’s where duty of care should end. This would free these workers up to do, probably, what they thought they were employed to do and where their skills lie without the constant stress ad worry of not recording every moment.

The overburdening red tape and policy requirements, leading even very small Secondary Schools employing a non-teaching Head and three full-time Deputies on very low teaching hours.

Implementation of software of such poor quality (no doubt at huge cost and after endless meetings) they – probably - end up causing employees twice as much work. (e.g HMRC coding notice system)  
I could go on but I think that is enough for me to illustrate my point. I have no argument with the coalface workers. In fact, I am sure they work extremely hard.

My position:

I am a capitalist - socialist. lol. . I believe in protecting and increasing our state pensions and maintaining the state retirement age as low as possible, lower taxes for the lower paid, fairer taxes (i.e: the use of two basic rate bands for a married couple where only one works) and no child tax credit or benefit for the higher paid (but done on a fair married couple total income basis). I believe our benefits system needs a complete overhaul as it is unwieldy beyond compare but it must look after those who are the poorest and most ill and those who have paid well into the system and fallen on temporary or permanent hard times. I also believe we should cut the deficit because we have time bombs ticking – in PFI and public sector pensions which is going to take a much greater % of our tax take in the next generation.

However, to achieve the above, I do not agree with further higher taxes (we are paying 1/3 of the deficit reduction though greater taxes) while the public sector (as a body) is so incredibly inefficient. Once inefficiencies have really been sorted, then I would support tax increases to support my initial paragraph.
I do have worries that the cuts will not be correctly administered. David Cameron said he tasked the leaders to make cuts without reducing services. I expect him to follow it through if they do not. I also expect him to allow sense to return in terms of unburdening bureaucracy because it is necessary.
Title: Re: Financial matters
Post by: Fester on March 02, 2011, 11:32:02 pm
Whether it be a Police pay cut..... or a pay freeze (which with inflation amounts to a pay freeze) it is a monumental and brutal mistake for a society that prizes law and order.

http://www.bbc.co.uk/news/uk-12619163 (http://www.bbc.co.uk/news/uk-12619163)

We will expect the police to be quelling public protests and disorder, when they will most likely feel like protesting themselves!

Title: Re: Financial matters
Post by: Ian on March 03, 2011, 07:08:07 am
It's curious, isn't it? For as long as I can remember, the Tories have always backed the Police and Armed services, yet no more, it seems. For all the reasons above, I think it's a mistake.
Title: Re: Financial matters
Post by: DaveR on March 05, 2011, 09:21:37 am
Interesting blog post by Dylan Jones-Evans about UK/Wales taxation:
http://dylanje.blogspot.com/2011/03/regional-corporation-tax-comment.html (http://dylanje.blogspot.com/2011/03/regional-corporation-tax-comment.html)
Title: Re: Financial matters
Post by: Ian on March 05, 2011, 09:56:02 am
He makes some very good points, and I've seen these arguments before.  The idea of making Wales an 'Onshore tax Haven' seems incredibly appealing on the surface, but one concern is that such a move would effectively place national taxation in the competition arena. And that could lead to quite a few interesting problems.
Title: Re: Financial matters
Post by: Ian on March 23, 2011, 02:25:56 pm
Main points of the budget:

FUEL, CIGARETTE AND ALCOHOL DUTIES


Fuel duty to be cut by 1p per litre from 1800 GMT

Planned 4p per litre rise due in April to be delayed to 2012

Annual fuel duty escalator scrapped when oil prices are high

VAT on fuel will not be reduced

No additional changes to alcohol duty rates

Tobacco duty rates up by 2% above inflation, duty regime to be reformed
INCOME TAX

No personal tax increases

Personal tax allowance to rise a further £630 to £8,015 in April 2012

Consultation on long-term plan to merge income tax and National Insurance

50% top rate of tax to remain but review of how much it raises

Direct tax rates to be indexed to Consumer Price Index from 2012
UK ECONOMY

2011 growth forecast downgraded from 2.1% to 1.7%

2012 forecast also down from 2.6% to 2.5%

Inflation set to remain between 4% and 5% in 2011, falling to 2.5% in 2012
BORROWING

Forecast borrowing of £146bn this year, £2.5bn lower than anticipated

Borrowing to fall to £122bn next year, dropping to £29bn by 2015-16

National debt forecast to be 60% of national income this year, rising to 71% in 2012 before falling to 69% by 2015
OTHER TAXES AND ALLOWANCES

Council tax to be frozen or reduced this year in every English council

10% inheritance tax discount for those leaving 10% of estate to charity

Rise in air passenger duty to be frozen this year

Private jet users to pay passenger duty for first time

Inflation rise in road tax but duty for HGVs frozen

Levy of up to £50,000 on so-called "non-doms" resident in the UK for 12 years

Support for families in the south-west of England with water bills

Tax avoidance clampdown to raise £1bn this year

Production tax on North Sea oil firms to rise from 20% to 32%
HOUSING

Government-backed shared equity scheme to help 10,000 first-time buyers to purchase properties
HELP FOR BUSINESS

Corporation tax to be cut by 2% in April, not 1% as previously planned

Tax to cut by 1% in each of the next three years, reducing it to 23%

Bank levy to be adjusted so banks do not pay less tax as a result

43 tax reliefs to be scrapped as part of simplification of tax code

No new regulation on firms with fewer than 10 staff for three years

Business rate relief holiday for small firms extended for another year

New rules to require planners to prioritise growth and jobs

£100m funding for science facilities

21 "enterprise zones" to be created in England, backed by tax incentives

Reform of gift aid administration for charitable donations
JOBS AND SKILLS

Funding for 12 further university technical colleges

Extra 40,000 apprenticeships for young people out of work

Funding for 100,000 new work experience placements
PENSIONS

Accepts Hutton review of reform of public sector pension contributions

Long-term aim for £140 a week flat-rate state pension - not to apply to current pensioners
TRANSPORT

£100m for repairing potholes in England

£200m support for regional railways in England
GREEN MEASURES

£2bn extra funding for Green Investment Bank - to launch in 2012

UK to introduce a carbon price floor for the power sector
Title: Re: Financial matters
Post by: Yorkie on March 23, 2011, 04:19:51 pm
Not a lot for Wales then - will have to see what the Assembly do now!    ¢¢##
Title: Re: Financial matters
Post by: Trojan on March 23, 2011, 05:46:02 pm
Not a lot for Wales then - will have to see what the Assembly do now!    ¢¢##

I seem to remember you can buy fuel, cigarettes and alcohol in Wales.  $walesflag$
Title: Re: Financial matters
Post by: Yorkie on March 23, 2011, 06:08:29 pm
What if you don't smoke, don't drink and ride a bike?    _))*
Title: Re: Financial matters
Post by: DaveR on March 23, 2011, 06:52:13 pm
Cut in Corporation Tax is good news.  $good$
Title: Re: Financial matters
Post by: Fester on March 23, 2011, 10:27:10 pm
The odd penny on this or off that, are purely marginal decisions.
Fundamental change is required to Public Spending (thats starting to be seen)  Taxation,  Pensions and  Job Creation, (where very little is happening)
Inflation is running away, and we are not being told the truth.

I have 4 suppliers to my business, and the average price increase I have been handed in 2011 is 13.7%
My rent has increased 58%
Then there is the VAT increase by 2.5 percentage points.

Who's kidding who?

Title: Re: Financial matters
Post by: DaveR on March 24, 2011, 01:41:01 pm
Alan Sugar's speech today in the House of Lords:

My Lords,

I am grateful to the noble Lord Lawson in bringing this debate. He may recall when he was Chancellor under Baroness Thatcher that I was one of her blue-eyed boys – the young fellow from Hackney who had done well; a prime example of entrepreneurial spirit. She hauled me all over the place, displaying me as a model of what can be achieved. I was in and out of Downing Street more often than the window cleaners.
 
The thing is, my Lords, I and people like me are a dying breed. When I went to the bank as young man with my hand out, they thought I was part of the Morecambe and Wise team. “Do you have any collateral, a balance sheet, some history of profits?”
 
“No.” I replied. “Well then, clear off,” was the response.
 
I, like many others realised at an early age that if you want something, you have to get it yourself. My idea of government support was: you supply me hospitals, schools a police force, roads to drive on, and a good environment for me to do business in – that will do me fine – but don’t poke your nose into my business.
 
If we reflect back, say, 15 years, it was customary for a person – dressed in a pair of designer jeans, a nice blue blazer and a white open collar shirt, a bottle of Evian in one hand and wonderful Windows presentation in the other – to walk into a bank, mention the words “dot com” and walk out with £5m.
 
Well, those days are over. We know what went wrong there, and we also know what a mess the banks got into recently.
 
But the penny has not dropped with some people. We still have, in some cases, an expectancy culture where people still think there should be money freely available to finance lost causes or poorly run companies, or the whim of an idea.
 
When I was employed as an advisor to Her Majesty’s government last year, I had occasion to visit many small-to-medium-sized enterprises across the country, and I spoke to several thousand business people.
 
The most frequently asked question of me was, “What can the government do to help my business?”
 
And my reply, my Lords, was not one which was perceived as helpful. I told them, “Do not rely upon any government to assist you in running your business. You are people who have chosen to go into business – which is very enterprising, and I'm pleased about that – but do not expect to get any advice from government on what new products you should make, what ideas you should pursue, what services your business should provide, or how to market your products and generate income… because that’s what you’re supposed to do.
 
More recently I remind people: “Who is there in government to be able to dish out such advice? Just step back and look at them.”
 
Take, with the greatest of respect, the current Business Secretary. He's never been in business! He’s never run a business! He’s been an advisor or a politician all his life. He has never touched the coal face. I mean, frankly, what does he know?
 
It is this realism that brings me on to my next point.
 
The current government, in my opinion, is very good at window dressing the demise of the economy by blaming it all on the banks. It is very convenient to repeat continually the same old broken record: “It’s not our fault; it’s the banks’ fault; it’s the previous government’s fault.”
 
Well let’s look at this for a moment. True, the banks were irresponsible and they have been told in no uncertain terms to get their act together.
 
But having told the banks to get their house in order, the current government is constantly bleating that the banks aren’t being helpful in lending money to small businesses – whereas the message to the small business community should be one of realism: understanding that no-one is going to lend money to a lost cause. The traditional criteria of showing some assets, or having some historic record of profits, are things which banks are now looking at before they part with their money. They are definitely open for business; that is how they make some of their money
 
In my recent seminars I’ve received comments from some people along the lines of, “The bank has been outrageous; they’ve actually asked me to put up some collateral – my house for example!”
 
Well, I'm very sorry, but why not? Why should they take a risk on you if you're not prepared to take a risk on yourself?
 
In my capacity as a Business Advisor to the last government, I visited many Business Link Centres, which I understand are funded in some way through RDAs or maybe directly from government (I’m not at all clear). The cost of running these organisations was something in the region of £250m per year. To be perfectly frank, apart from meeting a nice bunch of people, there was no real business advice dished out other than simple stuff you could pick up and learn for yourself by going on the internet.
 
I would urge the government to redeploy money spent on these types of initiative in other directions. As an example, there are so many empty premises around the country– large factories and warehouses that can be converted and made into ‘incubator factories’. These could contain a core factory and silo workshops on the periphery. The core factory would be accessible to the individual businesses like satellites around a nucleus.
 
The government should come clean in their message to help small-to-medium-sized enterprises. You can not, on the one hand, tell the banks, “You’ve been naughty for being irresponsible,” and on the other hand say, “Go and be irresponsible again and help lost-cause businesses with no asset backing.”
 
Give SMEs the facts of life. By all means be bold, be adventurous, but be realistic. Don’t expect anybody in Whitehall to give you any hints and tips on how to do it, because basically that’s the blind leading the blind. You are the business people; you are the ones with the ideas, and you are the ones who are going to drive your businesses forward. But regrettably, like everything else in life, there are no free lunches.
 
All government can do is to provide a good business environment, assistance from HMRC, for example, Export Credit Guarantee if you are successful enough to find export customers; tax breaks for entrepreneurs who sell their businesses, and tax deductions for investment in R&D.
 
But here's the final point. In taking advantage of all these wonderful tax incentives announced in yesterday’s budget, might I just bring everybody down to earth again and say, “To benefit from them, you have to make a profit.”
 
And how to do that, my Lords, is something on which this government is not capable of advising.
Title: Re: Financial matters
Post by: Fester on March 24, 2011, 05:44:49 pm
I agree with most of what was said, but one most realise that there are not many Alan Sugars around, and therefore a person nervously dipping thier toe in the water to open a business needs help and advice.

I am not talking about hand-outs, I am talking about creating an environment where taxation and legislation is made simple, and lenient for those just starting out.

I have no idea what Alan Sugar is referring to when he talks about 'core factories, and satellite businesses revolving around the nucleus in abandoned factories'

Alan Sugar is an erudite, powerful and interesting man.  These days he would get sacked for bulling and harrassment.
He didn't get lucky, he is a born entrepeneur.  Others need a little more in the way of guidance though.
Title: Re: Financial matters
Post by: Quiggs on March 24, 2011, 06:11:27 pm
Many years ago I purchased an Amstrad Music Centre, Alan Sugars Company, The tape deck soon started chewing up the tapes and after a while the record deck kept slowing down. The engineers that came out never solved the problems. The only thing that worked was the Radio. I swore then that I would never buy anything from him again. He's just an upmarket 'Barrer Boy'.
Title: Re: Financial matters
Post by: Yorkie on March 24, 2011, 06:26:59 pm
Ah - a very rich Barra' Boy! $thanx$
Title: Re: Financial matters
Post by: Ian on March 25, 2011, 07:36:02 am
He's mainly right, but it's only half the story. It wasn't simply unwise lending that caused the current problems: it was fraud, perpetrated on a massive scale and almost exclusively in the US.  This is what people are missing: a small number of incredibly wealthy people played a system that was insufficiently regulated and made billions for themselves, ruined millions of lives and caused a world-wide financial meltdown.

Really, the writing was on the wall when a single individual was credited with bringing about the demise of Barings Bank (http://en.wikipedia.org/wiki/Barings_Bank).  Perhaps if a few more searching questions had been asked then, things might not have become so out of control.  But no;  the city - in its collective but ultimately fossilised wisdom - ascribed the whole mess to one man's naughtiness.  Not one of them suggested that perhaps it wasn't a unique instance, and that perhaps - just perhaps - the whole system needed much, much closer supervision and examination.
Title: Re: Financial matters
Post by: DaveR on March 26, 2011, 11:01:09 am
Interesting piece in the Economist this week about the housing situation in Las Vegas, once America's fastest growing city.

Across the city as a whole, 1 in 10 houses are being foreclosed (repossessed) and, in some areas, the figure is 1 in 5. Property prices have fallen 60% from their 2006 high, with 70% of home-owners being in negative equity.

I still think property in the UK has a lot further to fall.
Title: Re: Financial matters
Post by: Llechwedd on March 26, 2011, 12:12:11 pm
250,000 people are expected to march in London today to complain against all the government cuts.  Anarchists are expected to try and disrupt it.  The fountains in Trafalgar Square have been turned off and barriers everywhere.  I came home early afraid of being kettled!
Title: Re: Financial matters
Post by: DaveR on March 29, 2011, 06:20:33 pm
I bet the Guardian were horrified by the results of this Poll they commissioned on whether people supported the Govt's cuts agenda. No doubt hoping for a damning indictment of the Coalition's policies by the electorate, the results actually showed that 57% of people either supported the current policies or wanted the cuts to go further!

http://www.guardian.co.uk/politics/2011/mar/25/voters-cuts-coalition-poll (http://www.guardian.co.uk/politics/2011/mar/25/voters-cuts-coalition-poll)
Title: Re: Financial matters
Post by: Ian on March 30, 2011, 07:46:46 am
Quote
I bet the Guardian were horrified by the results of this Poll they commissioned on whether people supported the Govt's cuts agenda. No doubt hoping for a damning indictment of the Coalition's policies by the electorate,

I doubt it.  I would argue that the Guardian is one of the two only really trustworthy and objective papers around (the Observer being the other), and has a solid reputation for being fairly unbiased in its reporting. The Indie is pretty reasonable, too, but BOT;  the polls simply reveal how the GBP (Great British Public) has been convinced by the (often highly simplistic) arguments with regard to public expenditure. It also didn't hurt that several banks nearly went to the wall, and had to be bailed out, thus leaving the public purse somewhat threadbare, facts which clearly showed events to be beyond the ken of government.

It's tempting to ask what the alternatives were, however. Should the banks have been allowed to fail? Should the financial future of the UK be so closely tied to the activities of a comparatively small number of extremely highly paid and almost unregulated youngsters?
Title: Re: Financial matters
Post by: DaveR on March 30, 2011, 08:09:28 am
I think they were horrified as the accompanying article went to great lengths to find something, anything in the poll results to make the Govt look bad....  :P
Title: Re: Financial matters
Post by: Ian on March 30, 2011, 08:25:29 am
Quote
I think they were horrified as the accompanying article went to great lengths to find something, anything in the poll results to make the Govt look bad....

Well, they didn't have to look too far then, did they?   _))*

To be fair, I think it's a pretty even interpretation of an objective poll finding, which tells it how it was on the days the poll was taken.  And the GBP are notoriously fickle, as you know. And had they wanted a different outcome, they'd simply have structured the questions differently:

 "Sir Humphrey: "You know what happens: nice young lady comes up to you. Obviously you want to create a good impression, you don't want to look a fool, do you? So she starts asking you some questions: Mr. Woolley, are you worried about the number of young people without jobs?"
Bernard: "Yes"
Sir Humphrey: "Are you worried about the rise in crime among teenagers?"
Bernard: "Yes"
Sir Humphrey: "Do you think there is a lack of discipline in our Comprehensive schools?"
Bernard : "Yes"
Sir Humphrey: "Do you think young people welcome some authority and leadership in their lives?"
Bernard: "Yes"
Sir Humphrey: "Do you think they respond to a challenge?"
Bernard : "Yes"
Sir Humphrey: "Would you be in favour of reintroducing National Service?"
Bernard : "Oh...well, I suppose I might be."
Sir Humphrey: "Yes or no?"
Bernard : "Yes"
Sir Humphrey: "Of course you would, Bernard. After all you told you can't say no to that. So they don't mention the first five questions and they publish the last one."
Bernard : "Is that really what they do?"
Sir Humphrey: "Well, not the reputable ones no, but there aren't many of those. So alternatively the young lady can get the opposite result."
Bernard : "How?"
Sir Humphrey: "Mr. Woolley, are you worried about the danger of war?"
Bernard : "Yes"
Sir Humphrey: "Are you worried about the growth of armaments?"
Bernard : "Yes"
Sir Humphrey: "Do you think there is a danger in giving young people guns and teaching them how to kill?"
Bernard : "Yes"
Sir Humphrey: "Do you think it is wrong to force people to take up arms against their will?"
Bernard : "Yes"
Sir Humphrey: "Would you oppose the reintroduction of National Service?"
Bernard : "Yes"
Sir Humphrey: "There you are, you see Bernard. The perfect balanced sample."
Title: Re: Financial matters
Post by: Ian on April 13, 2011, 09:02:40 am
BONUS culture has come under intense scrutiny since the ongoing financial crisis began in 2007. Many people have been outraged by the way some bankers and top executives seem to have been rewarded for failure. But few have asked whether performance-related bonuses really do boost performance. The answer seems so obvious that even to ask the question can appear absurd. Indeed, despite all the fuss about them, financial incentives continue to be introduced in more and more areas, from healthcare and public services to teaching and academia.

"Economists and workplace consultants regard it as almost unquestioned dogma that people are motivated by rewards, so they don't feel the need to test this," says Alfie Kohn, a teacher turned writer. "It has the status more of religious truth than scientific hypothesis."
So it may come as a shock to many to learn that a large and growing body of evidence suggests that in many circumstances, paying for results can actually make people perform badly, and that the more you pay, the worse they perform.

There are some obvious reasons why such payments can backfire. It has been argued, for instance, that cash bonuses contributed to the financial crash, because traders had little motivation to ensure their companies' long-term survival

"Once you start making people's rewards dependent on outcomes rather than behaviours, the evidence is people will take the shortest route to those outcomes," says psychologist Edward Deci of the University of Rochester in New York state.

These studies suggest that offering rewards can stop people doing things for the sheer joy of it, an idea known as the overjustification effect. This was the basis for a series of books by Kohn in which he argues that rewarding children, students and workers with grades, incentives and other "bribes" leads to inferior work in the long run.


New Scientist 12/4/11


Title: Re: Financial matters
Post by: gwil on April 13, 2011, 07:11:00 pm
I would argue that the Guardian is one of the two only really trustworthy and objective papers around (the Observer being the other), and has a solid reputation for being fairly unbiased in its reporting.

Couldn't agree more about the Guardian. Their stance on tax avoiding measures is impeccable (until it comes to their Group). Also impeccable is their stance on homophobia. Anyone calling a man a Homo would be rightly rounded on. Apart from the cartoonist who produced the one of Hague and called him a Homo which was published in ... well, guess. And The rich Toynbee..where to start.

Maybe the solid reputation is only among it's own readership?
Title: Re: Financial matters
Post by: Ian on April 14, 2011, 07:17:44 am
Quote
Maybe the solid reputation is only among it's own readership?

Not sure how it can be otherwise, by its very definition, actually, but both the Guardian and Observer are owned by trusts, and thus are independent of the whims of capricious owners. On the other hand , if you prefer the Sun, Mail, Times etc.  you're simply lining the pockets of those who stand to make a lot out of encouraging their readers by some rather flaky reporting styles.
Title: Re: Financial matters
Post by: DaveR on April 14, 2011, 08:14:43 am
Roumanian seems to have uncovered something here...

"The Guardian Media Group is one of the shrewdest corporate avoiders of tax in Britain, in 2008 it made a £300 million profit and yet managed to pay no corporation tax, the following year in 2009 it still paid no corporation tax, it uses the offshore Caymans tax haven to own assets, it uses tax efficient trusts and deploys all manner of perfectly legal tax shelter strategies to avoid paying tax"
Title: Re: Financial matters
Post by: Ian on April 14, 2011, 08:21:21 am
But surely, the issue is in the very quote you post:

Quote
it uses tax efficient trusts and deploys all manner of perfectly legal tax shelter strategies to avoid paying tax"

and as for information sources,  when you start quoting from that ultra-right wing bastion of insincerity...

 _))*
Title: Re: Financial matters
Post by: DaveR on April 14, 2011, 08:28:11 am
All large UK corporations use the very same measures as GMG to avoid paying tax, yet they get vilified for doing so (generally in the pages of the Guardian). Surely that's gross hypocrisy?

Facts are facts, respective of the source. If they are incorrect, of course, that would be a different story...
Title: Re: Financial matters
Post by: gwil on April 14, 2011, 12:40:10 pm
All large UK corporations use the very same measures as GMG to avoid paying tax, yet they get vilified for doing so (generally in the pages of the Guardian). Surely that's gross hypocrisy?

Facts are facts, respective of the source. If they are incorrect, of course, that would be a different story...

And the Guardian group have not made any credible headway in convincing anyone that they are no different to anyone else in their tax arrangments. Anyone else of course includes the Marxist Milliband family who have had resounding success with their legal tax avoiding measures. Meaning us poor suckers on PAYE have to pay more.

I'm intrigued with the concept of a rag having a solid reputation because it's own readership likes what it says. By the same token then the rags produced by the BNP and the other suchlike far left weirdoes like the SWP/Greens (same hierarchy mostly), Respect, Labour Party etc are solid reputable papers?
Title: Re: Financial matters
Post by: Ian on April 15, 2011, 09:00:12 am
Quote
I'm intrigued with the concept of a rag having a solid reputation because it's own readership likes what it says. By the same token then the rags produced by the BNP and the other suchlike far left weirdoes like the SWP/Greens (same hierarchy mostly), Respect, Labour Party etc are solid reputable papers?

It's more a question of which are the least bad, when we're debating paper media.  Personally, I prefer something that has a good track record of reporting.  I grant the Gruniad isn't perfect - who is? But it remains a paper whose reporting styles are consistently intelligent, whose stories are - in the main - well researched and presented without the inherent distortions applied by other papers and, above all, where the income is ploughed into the paper itself,  rather than the lining the pockets of the mega-rich.

And I see no conflict whatsoever with the Gruniad's stance on tax avoidance.  What they do is perfectly legal, and  - it could be argued - even in the public interest, but the salient point is that were they not to do it, their ability to compete as a high-quality rag would be severely compromised. And if Guido Fawkes is running scared enough to start mud-slinging, then  they must be doing something right    WWW
Title: Re: Financial matters
Post by: gwil on April 15, 2011, 09:43:13 am
 

If you get the time I'd like to see the argument that it's in the publics interest (note public not lefties) that the Group get away with their hypocrisy. But on second thoughts, I wouldn't believe a word of it so maybe not eh. Save yourself some bother.  ;D

Great attempt at reducing Guidos researching to mud slinging though Ian. Running scared? Reminds me of how some see events in the 3T arms.  ;D
Title: Re: Financial matters
Post by: DaveR on April 15, 2011, 09:58:35 am
It's worth noting that the Guardian itself never makes a profit (GNM made a £53m loss in FY2010), it's only the more commercial elements to the GMG like their AutoTrader investment that make any money.
Title: Re: Financial matters
Post by: Ian on April 15, 2011, 10:43:34 am
Quote
If you get the time I'd like to see the argument that it's in the publics interest (note public not lefties) that the Group get away with their hypocrisy.

It's fairly simple, actually. It can easily and forcefully be argued that it's most definitely in the public interest to have  balanced news media. As long as the mega-rich, such as Murdoch and the Barclay Brothers, use their wealth to publicise their opinions under the guise of "news", then it's essential to have a balanced viewpoint. However, to do that the newspapers themselves have to use the current system to stay afloat, otherwise the balance is lost when the papers go bust.

This isn't a question of Right or Left wing;  it's a question of balance, and while we're still a free society, we need multiple news sources to keep it that way.
Title: Re: Financial matters
Post by: DaveR on April 15, 2011, 11:06:34 am
“He who controls the media controls the minds of the public” – Noam Chomsky
Title: Re: Financial matters
Post by: DaveR on April 15, 2011, 11:12:50 am
However, to do that the newspapers themselves have to use the current system to stay afloat, otherwise the balance is lost when the papers go bust.
Perhaps the Guardian feels it has some sort of right to exist, it certainly has a somewhat complacent feel to it. If you look at 'i', the 20p cut down version of the Independent, that has been a tremendous success. Why doesn't the Guardian try something similar to boost its declining readership? They might be able to break even then and even contribute some taxes to the economy...  :P
Title: Re: Financial matters
Post by: Ian on April 15, 2011, 11:35:43 am
The i is excellent, I agree.  However, not being part of the Gruniad's governing body, I couldn't really say  :D
Title: Re: Financial matters
Post by: DaveR on April 15, 2011, 11:57:39 am
not being part of the Gruniad's governing body
Why on earth not?!  ;D
Title: Re: Financial matters
Post by: Ian on April 15, 2011, 01:16:07 pm
Quote
not being part of the Gruniad's governing body
Quote
Why on earth not?!

 _))*
Title: Re: Financial matters
Post by: Trojan on April 26, 2011, 08:20:18 pm
 *&( article forecasting that America's world financial dominance is coming to an end and will be overtaken by China:

http://finance.yahoo.com/banking-budgeting/article/112616/imf-bombshell-age-america-end-marketwatch (http://finance.yahoo.com/banking-budgeting/article/112616/imf-bombshell-age-america-end-marketwatch)

We have lived in a world dominated by the U.S. for so long that there is no longer anyone alive who remembers anything else. America overtook Great Britain as the world's leading economic power in the 1890s and never looked back.

And both those countries live under very similar rules of constitutional government, respect for civil liberties and the rights of property. China has none of those. The Age of China will feel very different.
Title: Re: Financial matters
Post by: DaveR on April 26, 2011, 08:24:05 pm
Perhaps it will mean an end to the appalling U.S. Foreign Policy that has caused so many problems in the world since the 1950s?
Title: Re: Financial matters
Post by: Fester on April 26, 2011, 09:35:20 pm
I don't imagine many people will complain about the USA's ''interventionist'' policies from 1943 to 1945 ?

Title: Re: Financial matters
Post by: Trojan on April 27, 2011, 03:17:18 am
I don't imagine many people will complain about the USA's ''interventionist'' policies from 1943 to 1945 ?


Or the one's from the 1950's onwards: http://youtu.be/guAcGOTaIts (http://youtu.be/guAcGOTaIts)
Title: Re: Financial matters
Post by: DaveR on April 27, 2011, 08:09:34 am
I don't imagine many people will complain about the USA's ''interventionist'' policies from 1943 to 1945 ?


WWII started in 1939, did it take the U.S. four years to realise there was a war going on?  :o
Title: Re: Financial matters
Post by: Ian on April 27, 2011, 08:10:23 am
In the twentieth century, America veered between isolationism and interventionism, but there was a lot of background to each. Effectively, the latter promoted strong economic growth, resulting in a huge growth spurt after WWII, handily illustrating the thirty fourth rule of acquisition: "War is good for business".  The new-found confidence after WWII, which resulted in an era of hitherto unseen prosperity, made the US very aggressive towards anything that appeared to threaten that prosperity - such as Communism - so they developed a markedly anti-communist mentality and policed both their own country (the McCarthy era, which ushered in McCarthyism) and the world to make sure that nothing and no one could damage the US recovery.

But it hasn't worked: what it has done is encourage the development of rabid anti-US sentiments across the planet and proved that meddling with the internal affairs of other countries eventually results in even more problems.

If there's a distinctiveness to US foreign policy, I think it's that they see world events and other political systems in black and white; for US policy makers, certainly, there are no shades of grey, which is both curious and understandable.  Curious, because so many of the original US settlers were themselves fleeing repression and persecution and understandable for exactly the same reasons.  US history (brief as it is) is also seen in those terms: the North and the South; cowboys and Indians; rich and poor; Communism and  Capitalism; Republicans and Democrats; and so on. While they see the world in such simplistic terms, I wouldn't hold out much hope for change, however.




Title: Re: Financial matters
Post by: DaveR on April 27, 2011, 08:15:42 am
I don't imagine many people will complain about the USA's ''interventionist'' policies from 1943 to 1945 ?


Or the one's from the 1950's onwards: http://youtu.be/guAcGOTaIts (http://youtu.be/guAcGOTaIts)
Most of the present problems in the world stem from U.S. Foreign Policy. How many countries have the U.S. attacked/invaded/blown up since the 1950s? Compare that with how many times the U.S. has been attacked/invaded in the same time period? The rise of radical Islam and Al Qaeda stems from the perceived 'crusades' against Muslim countries carried out by the U.S. And let's not even get started on the CIA and their activities....  :laugh:
Title: Re: Financial matters
Post by: Fester on April 27, 2011, 10:46:29 pm
You are all heretics, and I shall inform my friend Mr X ..(head of the CIA) ..of your disloyalty.
Title: Re: Financial matters
Post by: Trojan on April 28, 2011, 05:59:53 am
You are all heretics, and I shall inform my friend Mr X ..(head of the CIA) ..of your disloyalty.


http://www.justresponse.net/DougalWatt20Aug02.html (http://www.justresponse.net/DougalWatt20Aug02.html)  L0L
Title: Re: Financial matters
Post by: DaveR on April 28, 2011, 08:24:16 am
You are all heretics, and I shall inform my friend Mr X ..(head of the CIA) ..of your disloyalty.

Not......Mr X?! He's got his hands full at the moment....  L0L
Title: Re: Financial matters
Post by: Fester on April 28, 2011, 10:25:52 am
No, You are thinking of Mr Big.

Title: Re: Financial matters
Post by: DaveR on April 28, 2011, 10:46:31 am
No, You are thinking of Mr Big.


John Tenta?
Title: Re: Financial matters
Post by: Ian on April 30, 2011, 07:51:23 am
I've created a new topic - Wrestling - in Sport, where this thread continues.
Title: Re: Financial matters
Post by: Yorkie on April 30, 2011, 10:44:34 am
I've created a new topic - Wrestling - in Sport, where this tread continues.

Well I got a bit TYRED of it !
Title: Re: Financial matters
Post by: Fester on June 14, 2011, 12:15:55 am
I always suspected that chocolate bars etc, were getting smaller...

Here is the proof...(on the link)  Toblerones are getting shorter, soap is getting smaller... and many more 'tricks' to make us believe that inflation is not as bad as we think.  But is it,  its WORSE!

http://www.bbc.co.uk/news/magazine-13725050 (http://www.bbc.co.uk/news/magazine-13725050)
Title: Re: Financial matters
Post by: Ian on June 14, 2011, 10:07:00 am
A trend that's been taking place for years.  When we buy a box of Finish dishwasher tablets, the box itself is only ever half full.
Title: Re: Financial matters
Post by: Trojan on June 14, 2011, 08:49:41 pm
A trend that's been taking place for years.  When we buy a box of Finish dishwasher tablets, the box itself is only ever half full.

I wish I had a Finish dishwasher.  :-* Is she blonde Ian and what kind of tablets does she take?
Title: Re: Financial matters
Post by: DaveR on June 14, 2011, 09:18:47 pm
I believe this is her:
Title: Re: Financial matters
Post by: Merddin Emrys on June 14, 2011, 10:26:28 pm
 :o  $good$  nice!
Title: Re: Financial matters
Post by: Trojan on June 15, 2011, 12:05:55 am
:o  $good$  nice!

I agree. Rubber gloves always make me feel frisky.

Back on topic......I was wondering if it's more cost effective to wash dishes by hand, using dish-washing liquid or to buy dishwasher tablets and have a dish-washing machine using electricity?

Title: Re: Financial matters
Post by: Fester on June 15, 2011, 12:25:24 am
I DON'T KNOW !!!

But I do know that consumer items are getting smaller... which is a scandal.... and it is hiding the REAL rate of inflation which I have said before is closer to TWENTY percent, than anything the government care to admit.
Title: Re: Financial matters
Post by: Fester on June 15, 2011, 12:56:18 am
See the article below... working families actually going HUNGRY... because earnings have not kept pace with basic commodity price rises,
SCARY STUFF.

http://www.bbc.co.uk/news/business-13765820 (http://www.bbc.co.uk/news/business-13765820)

This is the most worrying article I have seen in a long time.

Title: Re: Financial matters
Post by: SDQ on June 15, 2011, 01:19:52 am
The only saving grace for most people is that interest rates are being kept artificially low by the Bank Of England so money saved on mortgage payments is covering a lot of the financial problems in other areas. Its like a time bomb and once they start to raise them the REAL problems will surface at an alarming speed.
Title: Re: Financial matters
Post by: Ian on June 15, 2011, 07:46:41 am
Quote
(Low interest rates) are like a time bomb and once they start to raise them the REAL problems will surface at an alarming speed.

Indeed;  that'll be when we'll see really serious problems.
Title: Re: Financial matters
Post by: Fester on June 15, 2011, 09:05:16 am
That will be accompanied by mass re-possessions,  but also another ramping up of inflation, and widespread industrial action as people are desperate to maintain their earnings to keep pace with all this.

Its been grim since 2008, and the so called credit crunch.  But there is much worse to come.

Title: Re: Financial matters
Post by: Ian on June 15, 2011, 09:32:46 am
I think so, too.  The last time we saw this sort of thing was the early '70s, and social unrest saw riots in various places.
Title: Re: Financial matters
Post by: DaveR on June 15, 2011, 09:15:27 pm
Uk unemployment has fallen sharply this year and unemployment in Wales stood at 115,000, down 9,000 on the previous quarter, a rate of 7.9%, compared with a UK average of 7.7%.

UK unemployment fell 88,000 in the three months to April this year to 2.43 million, the biggest drop since the summer of 2000, latest data shows.

The unemployment rate was 7.7%, according to the Office for National Statistics (ONS), down from 7.9% in the previous quarter.

However, the number of people claiming Jobseeker's Allowance in May rose by 19,600 to 1.49 million.

The rise was the biggest since July 2009, and larger than expected.

"The economy created more than half a million jobs over the last year," said BBC chief economics correspondent Hugh Pym.

"So even after the public sector shed just over 140,000 posts, total employment was still well ahead over twelve months."

http://www.bbc.co.uk/news/business-13773692 (http://www.bbc.co.uk/news/business-13773692)
http://www.bbc.co.uk/news/uk-wales-13776701 (http://www.bbc.co.uk/news/uk-wales-13776701)
Title: Re: Financial matters
Post by: Fester on June 16, 2011, 12:08:19 am
But these are not REAL jobs... these are temporary, even worthless part-time jobs, where people have no chance of creating any real wealth or savings let alone a career.  Minimum wage (or less if the employer can get away with it)  ...

...and please don't forget the countless hordes of people who are not employed, would like to be employed, but have been declared 'DORMANT', and taken out of the unemployed statistics.

They still get full benefit, but are not required to attend to sign on any more... its an absolute scandal.   A disgrace.
Title: Re: Financial matters
Post by: DaveR on June 16, 2011, 09:17:14 am
The Economist says:

Jobs figures worse than they look
Jun 15th 2011, 15:31 by J.O. | LONDON

ONE of the few bright spots in the general gloom around the British economy has been the jobs figures. Today’s data seem like more of the same, at least at first glance. Unemployment fell by 88,000 in the three months to April, the biggest quarterly drop for more than a decade. The jobless rate slipped to 7.7%, which seems almost tolerable given the rates in other debt-ridden, housing-bust economies such as Spain (20.7%), Ireland (14.7%) and America (9.1%). And enough private-sector jobs (105,000) were created in the first quarter to more than make up for government layoffs (24,000). That pay growth is so hopelessly feeble, at just 1.8%, is almost a plus. Any sign of a wage response to high consumer-price inflation (currently 4.5%) might spook the Bank of England into raising interest rates.

But a closer look at the jobs data reveals signs of further slowdown in an already sluggish economy. The fall in unemployment was heavily concentrated in the 18-24 age range, which would be great news if it were matched by job gains. But only 12,000 of the 79,000 youngsters who "left" unemployment in the three months to April found work; the rest simply dropped out of the workforce—into full-time education or idleness.

The claimant-count measure of unemployment also suggests the jobs market has hit a soft spot. It rose by almost 20,000 in May alone, the biggest increase for almost two years, after a 17,000 rise in April. There is less focus these days on this gauge because it captures only those who are eligible for jobless benefits, a small subset of those who are without work. Yet it is more often a better guide to the trend in the jobs market than the more volatile headline measure of unemployment, based on a household survey. Tighter restrictions on welfare support for single parents since the end of 2008 have pushed more people onto the dole, swelling the number of claimants. But that change affects more women than men—and it was men who accounted for most of the rise in unemployment in May. The economy, it seems, is rather wobblier than the headline jobs figures suggest.

http://www.economist.com/blogs/freeexchange/2011/06/british-economy?fsrc=scn/tw/te/bl/jobsfiguresworsethantheylook (http://www.economist.com/blogs/freeexchange/2011/06/british-economy?fsrc=scn/tw/te/bl/jobsfiguresworsethantheylook)
Title: Re: Financial matters
Post by: DaveR on June 22, 2011, 02:08:37 pm
Interesting article about the future of the Guardian:

"The announcement by Guardian Media Group that it is to adopt a digital-first strategy has engendered a mixture of concern, incredulity, hostility and cynicism while fostering a widespread belief that the game is up for the Guardian and its Sunday stablemate, the Observer."

http://www.thisislondon.co.uk/markets/article-23963174-loss-making-guardian-risks-all-on-digital-first.do (http://www.thisislondon.co.uk/markets/article-23963174-loss-making-guardian-risks-all-on-digital-first.do)
Title: Re: Financial matters
Post by: Ian on June 22, 2011, 02:16:26 pm
National newsprint media are all in trouble - very similar to the state of ITV, with losses in advertising revenue mounting daily.  I'll be surprised if we don't lost at least three national papers by the time the economy recovers. The big problem is that the Murdochs will simply plough their own vast fortunes into maintaining loss making papers, and we could be left only with their titles at the end. Then what price a free press?
Title: Re: Financial matters
Post by: DaveR on June 22, 2011, 02:29:43 pm
GMG's problem stem more from poor management and complacency, I feel. GMG lost £30m on its newspaper operations, whilst the Daily Telegraph recorded a £59m profit. Even in these uncertain times, a well managed newspaper can obviously still deliver a decent profit.

As an aside, ITV's fortunes have recovered sharply since their nadir a couple of years ago, with a profit of £286m for FY 2010.
Title: Re: Financial matters
Post by: Ian on June 23, 2011, 08:13:19 am
Yet ITV's earning were massively higher in days of yore. It's a tricky business, making papers sell these days. DT was helped by their MPs' expenses story, of course. ITV simply closed down programmes left, right and centre.  Yorkshire TV exists only in name these days, and that's a shame.
Title: Re: Financial matters
Post by: Merddin Emrys on June 23, 2011, 10:08:04 am
I only buy one newspaper on Saturday and that's mainly to get the tv guide, we get the free local Pioneer, once in a blue moon I may get the North Wales Weekly News. I find most local stories on here first! I think the days of newspapers are coming to an end as I watch the BBC Breakfast news in the morning and all news is on the internet for free!  I don't know how typical I am?
Title: Re: Financial matters
Post by: DaveR on June 24, 2011, 10:09:36 am
I only buy one newspaper on Saturday and that's mainly to get the tv guide, we get the free local Pioneer, once in a blue moon I may get the North Wales Weekly News. I find most local stories on here first! I think the days of newspapers are coming to an end as I watch the BBC Breakfast news in the morning and all news is on the internet for free!  I don't know how typical I am?
Question - would you buy the Weekly News every week if it was, say, only 20p?

I note that the front page story in the Pioneer this week was taken from this forum and Oscar Jnr's blog. I think the Weekly News is foolish to publish full stories for free online, they should just publish the first paragraph as a teaser and then direct people to either buy the paper or maybe pay a small sum to access all their stories online.
Title: Re: Financial matters
Post by: DaveR on June 24, 2011, 10:10:22 am
Big cutbacks at HMRC:

"THE axe is hanging over 540 tax office jobs after HM Revenue & Custom (HMRC) confirmed only one site in Wales is guaranteed to remain open by 2020.

Wrexham tax office with 444 staff; Colwyn Bay with 69 and Porthmadog with 27 have been given no such assurance as HMRC looks to make yet more efficiency savings in the wake of government spending cuts.

The revenue service confirmed to staff last week that its Cardiff base was one of just 16 sites across the UK with a long term future as part of its “People and Offices Plan” review."
http://www.dailypost.co.uk/news/north-wales-news/2011/06/24/540-north-wales-hmrc-jobs-under-threat-55578-28932692/ (http://www.dailypost.co.uk/news/north-wales-news/2011/06/24/540-north-wales-hmrc-jobs-under-threat-55578-28932692/)

 :laugh:
Title: Re: Financial matters
Post by: Merddin Emrys on June 24, 2011, 11:19:31 am
[Question - would you buy the Weekly News every week if it was, say, only 20p?


Yes ;D
Title: Re: Financial matters
Post by: DaveR on June 24, 2011, 11:31:36 am
[Question - would you buy the Weekly News every week if it was, say, only 20p?


Yes ;D
That's very interesting. That's the approach I take with a daily paper - something like the Times or Telegraph is a £1 and you generally stop to think if you really want to spend a pound on a paper. But with the i newspaper, it's only 20p and I just pick it up without even thinking about it...because it's only 20p!

I wonder if a similar approach would work with the Weekly News? Cut the price to 20p or 30p, increase the print run to 30,000 (it sells about 13,000 at present) and try to boost news content by making more use of (reliable) people generated content. At the same time, develop a standalone website containing all the stories (first paragraph only) with the user having to pay a small sum to view the full stories and they would also gain access to the complete archive of stories and photos going back to the start of the paper. The boost in circulation should enable ad rates to be lifted and new advertisers to be lured in.
Title: Re: Financial matters
Post by: Merddin Emrys on June 24, 2011, 12:33:44 pm
The other problem with the Weekly news is the different versions for different adjacent areas, surely it could be just one, we live between Llandudno and Colwyn Bay and I want to see both areas, If the Pioneer (not that good really) can be free (excellent value) Then the Weekly News is far to expensive for what it is at 75p
Title: Re: Financial matters
Post by: DaveR on June 24, 2011, 01:58:31 pm
That's a good point. I tend to use the website to look for the stories in the other areas covered, that don't appear in the local edition.
Title: Re: Financial matters
Post by: Merddin Emrys on June 24, 2011, 04:44:17 pm
Which brings us back to the point 'why buy it if you can see it on the internet?' ;D 

This morning I was going to buy the copy with this story on the front cover about the bogus dog warden

http://www.northwalesweeklynews.co.uk/conwy-county-news/local-conwy-news/2011/06/23/conwy-council-s-warning-over-bogus-dog-warden-55243-28924759/ (http://www.northwalesweeklynews.co.uk/conwy-county-news/local-conwy-news/2011/06/23/conwy-council-s-warning-over-bogus-dog-warden-55243-28924759/)

The chap in the shop said 'it's not the Llandudno edition' so I bought the 'right' edition and the story is not in it  :rage:
Surely it would be far easier to have one edition?
Title: Re: Financial matters
Post by: SDQ on June 24, 2011, 04:59:32 pm
They should do one issue with a section inside for each region so we can all read about what's happening around the area.
Title: Re: Financial matters
Post by: DaveR on June 24, 2011, 05:03:37 pm
They should do one issue with a section inside for each region so we can all read about what's happening around the area.
Defiinitely.  $good$
Title: Re: Financial matters
Post by: Merddin Emrys on June 24, 2011, 05:58:07 pm
 $good$  I'm sure it would be easier and more economic for them to publish and distribute one copy and shops would only need one space for it. Really I consider this to be all one area newswise.
Title: Re: Financial matters
Post by: Trojan on June 24, 2011, 06:39:33 pm
How many credit cards do you carry around with you?

Meet Pete D'Arruda: A man with 25 charge cards, more than a quarter of a million dollars in available credit -- and a lot of financial self-control.

http://finance.yahoo.com/banking-budgeting/article/112976/meet-credit-card-king-with-300000-in-credit-marketwatch?mod=bb-creditreports (http://finance.yahoo.com/banking-budgeting/article/112976/meet-credit-card-king-with-300000-in-credit-marketwatch?mod=bb-creditreports)
Title: Re: Financial matters
Post by: Merddin Emrys on June 24, 2011, 06:52:38 pm
we don't have one at all!
Title: Re: Financial matters
Post by: SDQ on June 24, 2011, 11:35:56 pm
I got myself into a bit of financial trouble with credit cards a few years ago. To help pay the debt quicker I amalgamated all debt on to one card at 0% and changed it every 6 months for another introductory deal. When I eventually cleared my debts I was quite proud of myself but I made one mistake, as I changed cards I never cancelled the old one thinking that as there was no debt on it it didn't matter. I was told that although they were at zero the available credit was counted on my credit score and acted against me for any future applications, so I could apply for a 0% card but would be refused as I had cards with over £30,000 available credit on them. I immediately cancelled all but one and applied for nothing for a couple of years to clear my credit file as I was saving up for a deposit for a house & didn't want to risk blowing the mortgage application on a technicality. They should make things like that known to us mere mortals.

I heard a case where a guy went on the internet to apply for a credit card and shopped around first to get the best deal. When he eventually found the one he liked his application was refused because of all the searches that had been placed on his file by the other companies even though he didn't actually fully apply for them.

Another famous case was DJ Tony Blackburn who applied for his first credit card a few months ago but was refused because having never been in debt and having no mortgage he was told by the company he 'didn't exist' as he had no credit file against his name.

The mind boggles!
Title: Re: Financial matters
Post by: Ian on June 25, 2011, 07:46:12 am
That's right;  a perfect credit history works against you when applying for a credit card or loan. In a sense, that neatly epitomises the current financial mess, sine banks have been driving the credit take-up for years, without bothering to think about the possibility of default on a massive scale.  Combine that with the absurd and potentially suicidal trade in Futures, and we have the world as it now is.
Title: Re: Financial matters
Post by: Fester on June 25, 2011, 11:53:06 pm
Sadly, that is absolutely true..

Since 2008, it is only possible to borrow money if you can PROVE that you don't actually need it !
Title: Re: Financial matters
Post by: DaveR on June 26, 2011, 09:08:38 am
Making it difficult to borrow money is the way it should be. So many people have got themselves in deep problems with debt unnecessarily.
Title: Re: Financial matters
Post by: Ian on June 26, 2011, 03:03:08 pm
Quote
Making it difficult to borrow money is the way it should be. So many people have got themselves in deep problems with debt unnecessarily.

That's right, but one can only hope they apply the same rules to everyone. The big borrowers - who started all the problems - seem to have little difficulty.
Title: Re: Financial matters
Post by: DaveR on June 27, 2011, 10:21:56 am
HOUSE prices have dropped by 3.9% over the past year and are set for further falls as sellers become more realistic about the value of their property, according to a survey.

The number of sales agreed by agents rose by 10.6% in June – its highest level for three months – after the market was boosted by sellers agreeing to lower prices, according to housing intelligence firm Hometrack.

Prices fell by 0.1% in June and have now dropped in 11 of the past 12 months across the UK.

Activity in the market varies in different parts of the country, with demand for homes in London remaining strong where the average time a property stays on the market is at just six weeks.

This is compared to Wales where it takes an average of 14 weeks to find a buyer.

Hometrack researchers predict that prices will fall by about 1% in the second half of the year as more new homes come onto the market but demand remains subdued, causing the number of homes on estate agents’ books to rise.

http://www.dailypost.co.uk/news/north-wales-news/2011/06/27/house-prices-fall-by-3-9-55578-28945933/ (http://www.dailypost.co.uk/news/north-wales-news/2011/06/27/house-prices-fall-by-3-9-55578-28945933/)
Title: Re: Financial matters
Post by: hollins on June 27, 2011, 09:04:14 pm
I saw something encouraging for North Wales exports today.
An Ivor Williams trailer from Corwen, Denbighshire being used on a Swiss farm.
The ultimate compliment I would think!
Title: Re: Financial matters
Post by: DaveR on June 27, 2011, 09:23:42 pm
 $walesflag$ $good$
Title: Re: Financial matters
Post by: Ian on June 28, 2011, 08:11:18 am
Seems the worst is not over as 
TJ Hughes
Moben
Habitat
Thornton's
Jane Norman

All announce the arrival of liquidators or administrators.  I suspect Argos might not last, either, even with its relatively strong internet shopping arm.
Title: Re: Financial matters
Post by: Bellringer on June 28, 2011, 08:31:10 am
I don't think Thorntons has Ian, but they are to close up to 180 shops/outlets and concentrate more on their online business and franchises.
Title: Re: Financial matters
Post by: Yorkie on June 28, 2011, 08:52:30 am
Seems the worst is not over as 
  I suspect Argos might not last, either, even with its relatively strong internet shopping arm.

I don't think there will be any major problem with Argos.   ;)   ;)   ;)

They are part of the Home Retail Group with Homebase, that has just taken over the Habitat name.
Title: Re: Financial matters
Post by: DaveR on June 28, 2011, 09:50:28 am
Seems the worst is not over as 
  I suspect Argos might not last, either, even with its relatively strong internet shopping arm.

I don't think there will be any major problem with Argos.   ;)   ;)   ;)

They are part of the Home Retail Group with Homebase, that has just taken over the Habitat name.

Home Retail Group is struggling, albeit not as badly as many other retailers. Nice article in the FT:
http://www.ft.com/cms/s/0/04f3b84c-926b-11e0-96e0-00144feab49a.html#axzz1QYhxawWs (http://www.ft.com/cms/s/0/04f3b84c-926b-11e0-96e0-00144feab49a.html#axzz1QYhxawWs)
Title: Re: Financial matters
Post by: DaveR on June 28, 2011, 09:54:00 am
More doom and gloom:

Carpetright has seen its annual profits slump by 70% in the face of "very challenging trading conditions".

Pre-tax profit for the year to 30 April was £6.6m, down from £22.3m a year earlier, with trading hit by reduced consumer spending and the continuing weakness in the housing market
Title: Re: Financial matters
Post by: Yorkie on June 28, 2011, 11:29:27 am
It must be borne in mind that Home Retail Group are very cash rich and their purchase of the Habitat name and stores was made in cash, all £24.5 million.   I've invested and hope to see a good medium term gain.    ;)
Title: Re: Financial matters
Post by: DaveR on June 28, 2011, 11:38:41 am
Just had a look - the p/e ratio is undemanding and the yield is attractive. Cash pile is reassuring, my only concern is that the retail sector is getting hammered and no sign of that changing for a few years.  Personally, I think the Habitat brand is worth b****r all, a throwback to the 70s that has had its day.
Title: Re: Financial matters
Post by: Yorkie on June 28, 2011, 01:42:32 pm
I don't think they have so much bought the name - but what goes with it!   The top man's name may be Duddy but there is certainly nothing dud about him!

The best thing they ever did was demerge from GUS a few years ago.
Title: Re: Financial matters
Post by: Fester on June 29, 2011, 12:53:30 am
GUS was a retailing giant in the 1980's and 1990's, but its reliance on agency mail order, and its massive cost base caused it to become a millstone.
The Barclay Brothers were ruthless in slashing costs at GUS, and closed many offices and warehouses.
They did it in a very insidious way too.
They decided not to sell voluntary redundancies (as was the policy) but instead made thousands of people re-apply for thier own jobs.
Those who were unsuccessful got a redundancy package, but a cut down one.
Those who felt offended, and refused to re-apply, left with nothing.

They also delayed this process (in cahoots with the labour govt at the time)  until one month AFTER the General Election.

I think Argos retail (and its online offer) is superb. As is its home delivery performance.
Argos will survive and thrive.  It is a sound investment.
Title: Re: Financial matters
Post by: Ian on June 29, 2011, 07:49:19 am
Quote
The Barclay Brothers were ruthless

Ah, yes;  the  Barclay Brothers..  And they seek to control all the news you read, too...
Title: Re: Financial matters
Post by: Yorkie on June 29, 2011, 08:59:03 am

I think Argos retail (and its online offer) is superb. As is its home delivery performance.
Argos will survive and thrive.  It is a sound investment.


Thanks for the second opinion Fester!   I may buy a few thousand more now whilst they are still low.     :D
Title: Re: Financial matters
Post by: DaveR on June 29, 2011, 06:14:26 pm
Quote
The Barclay Brothers were ruthless

Ah, yes;  the  Barclay Brothers..  And they seek to control all the news you read, too...
I think the Guardian's quite safe. Ian. They're only interested in newspapers that make a profit....  :-X  ;D
Title: Re: Financial matters
Post by: Ian on June 30, 2011, 07:36:03 am
 8)
Title: Re: Financial matters
Post by: Fester on July 30, 2011, 11:22:28 pm
Following criticism from all party MP's, the top man of of the HMRC, (i.e. the Chief Taxman) has felt it necessary to apologise for terrible service and poor administration.
Story here.  http://www.bbc.co.uk/news/business-14314691 (http://www.bbc.co.uk/news/business-14314691)

I have recently had dealings with HMRC which have dragged on and on, and is still unresolved actually.
I note that the blame has not fallen on frontline staff, it would be very poor management to do so.

In fact there is an acknowledgement that staff are very demoralised, (I would be interested in Scott's views)

More importantly, if I was employed by HMRC I would like to know what they intend to do about it at senior level.
Title: Re: Financial matters
Post by: Scott on July 30, 2011, 11:39:11 pm
Fester I cannot add much comment I have done 30 years service this year & need my pension (what's left of it when I have worked until i die to get it!)
Please don't blame the front line staff  a few of us know what it was like 'in the old days' but we now have to comply -to progress! Demoralised? I'm flippin glad only work part time that's for sure!

Senior level ...do they do the job & face the public...I rest my case!"
Title: Re: Financial matters
Post by: Fester on July 30, 2011, 11:47:45 pm
Sadly Scott, you can't say I R-E-S-T my case ... as you may have noticed on your posting... that word is not allowed on this Forum!
Title: Re: Financial matters
Post by: Scott on July 30, 2011, 11:56:58 pm
Ha ha yes it's weird why not?? r-e-s-t ? Oh well I still try to preserve my pension and do as I am told it's a job now was once a career.
Title: Re: Financial matters
Post by: Fester on July 31, 2011, 12:20:41 am
I dare not tell you .... that single word has caused much furore in the last day or so, so much in fact that the entire future of the forum has been called into doubt!   

Title: Re: Financial matters
Post by: Merddin Emrys on July 31, 2011, 06:53:50 am
I dare not tell you .... that single word has caused much furore in the last day or so, so much in fact that the entire future of the forum has been called into doubt!   



 :-X :-X
Title: Re: Financial matters
Post by: Yorkie on July 31, 2011, 09:06:17 am
I dare not tell you .... that single word has caused much furore in the last day or so, so much in fact that the entire future of the forum has been called into doubt!   

 WWW WWW
Ditto (if the word works)
Title: It Stinks!
Post by: Fester on November 17, 2011, 06:42:15 pm
I see that scrotum, Richard Branson, has got his hands on The Northern Rock Bank... on the cheap.

No, actually, thats not quite right is it?  He's got his hands on only the nice, juicy profitable bit.
The bit that was hived off, (The Toxic Bank) is worthless, and still owned by us, the tax payer.

The net loss to us, the tax payer, is will be anywhere between £400m to £600m.

Why now?  Why did the Govt sell now? before the public debt had been repaid?
Is it so we can divert the money raised directly to Italy or Greece, to shore up a currency we never joined?

Title: Re: It Stinks!
Post by: Bri Roberts on November 17, 2011, 06:44:09 pm
Correct and he will also own all the branches presumably with their freeholds.
Title: Re: It Stinks!
Post by: TheMedz on November 17, 2011, 06:52:18 pm
I thought the amusing price of £747 (oh how we laughed!) million from the former Airline owner also stank
Title: Re: Financial matters
Post by: mull on November 18, 2011, 12:01:25 pm
Branson knows how to work the system. Look how many £millions Virgin Rail has made out of  taxpayers since rail privatisation.

 $angry$

Title: Re: Financial matters
Post by: DaveR on November 18, 2011, 12:55:09 pm
It's not really correct to say the taxpayer has taken a loss on the deal. The price paid was at a higher p/e than the quoted banking sector. In addition, the Govt has made substantial profits from the 'toxic loans' which are still owned by us, greater than the loss incurred on the sale of Northern Rock.
Title: Re: Financial matters
Post by: Merddin Emrys on November 18, 2011, 03:17:29 pm
I have no problem with Richard Branson, whats wrong with being very successful?  We could do with more like him and less of those 'anti capitalists'!
Title: Re: Financial matters
Post by: mull on November 19, 2011, 01:50:59 am
I take it as a taxpayer that you dont mind pouring your money into Bransons pocket because that is what has been happening for the last 15/20 years.

 $angry$
Title: Re: Financial matters
Post by: Merddin Emrys on November 19, 2011, 07:04:53 am
very little of my money would have gone in that direction! :)
Title: Re: Financial matters
Post by: Fester on November 20, 2011, 12:39:44 am
I have no problem with Richard Branson, whats wrong with being very successful?  We could do with more like him and less of those 'anti capitalists'!

He has been proved to be a most appalling hypocrite, many times over the years.

I have no problem with Capitalism or success, (I admire Alan Sugar a lot), I just find Branson entirely distasteful
Title: Re: Financial matters
Post by: Merddin Emrys on November 20, 2011, 09:46:25 am
But he brought us 'Tubular Bells' by Mike Oldfield, which I bought when it came out in 73  D)
Title: Re: Financial matters
Post by: Fester on January 30, 2012, 12:02:17 am
It really annoys me that Mr Hester, the CEO of The Royal Bank of Scotland has been FORCED to forego his bonus.

Story here.. http://www.bbc.co.uk/news/uk-16783571 (http://www.bbc.co.uk/news/uk-16783571)

Ye, there are many greedy and untalented traders who have lned thier pockets, but this guy was brought in to rebuild a damaged institution, and did so.
He has fulfilled his brief, achieved rigorous targets and protected many thousands of jobs.

Why should it be that he can be politically bullied by the Govt and the media in this way?
If I were him I would sod off to America and earn FIVE times what RBS pay him.
This is why we cannot attract the best business brains to the UK.
Title: Re: Financial matters
Post by: Ian on January 30, 2012, 08:49:13 am
Quote
He has fulfilled his brief, achieved rigorous targets and protected many thousands of jobs.

But doesn't he get paid to do that?
Title: Re: Financial matters
Post by: DaveR on January 30, 2012, 09:18:05 am
Wasn't the bonus an integral part of his contractual remuneration?
Title: Tax and the strike
Post by: dingo20 on January 30, 2012, 11:07:33 am
HMRC have announced that they have extended the 31st January 2012 deadline for receipt of 2011 Tax Returns due to proposed strike action with their call centre workers. A statement on the HMRC press section read as follows:

To make sure our customers are not disadvantaged if they cannot get through to HMRC's call centres on 31 January, we will not impose any late filing penalties for people who file their Self Assessment returns on 1 and 2 February.

The Self Assessment deadline remains midnight on 31 January. But HMRC will treat all returns that come in by midnight on 2 February as though they were submitted by 31 January. No customer will have to pay interest on payments due on 31 January that are paid on 1 or 2 February.

Acting Director General Personal Tax, Stephen Banyard, said: “We’ve always been very clear that we want the returns – not the penalties. For that reason, we don’t want anyone who can’t get through for help and advice on 31 January to be disadvantaged in any way.”

 
Title: Re: Financial matters
Post by: Fester on January 30, 2012, 11:30:56 am
Wasn't the bonus an integral part of his contractual remuneration?

YES!
Steven Hester is a Banker, not a charity worker.. and if I were him I would tell the Govt where to stuff their job.
He will have no chance of getting his RIGHTFUL bonus in future years as the left wing 'mob-rule' will simply snuff it out once more.
Analysts and commentators are agreed that he has done a great job, and for that the Govt have treated him appallingly.

Today, the govt has SAVED £1m, (actually its £500k as he would have paid that much in tax straight back to HMRC)
But, I fear it will cost BILLIONS as share prices fall, pension funds suffer, and any high calibre executive will never EVER work to assist Govt institutions ever again.   
Title: Re: Financial matters
Post by: Ian on January 30, 2012, 11:55:42 am
Quote
He will have no chance of getting his RIGHTFUL bonus in future years as the left wing 'mob-rule' will simply snuff it out once more.

This has little to do with what you call the "left wing 'mob-rule'", because many tory politicians fear the voting backlash if they support these bonuses.  And while incentive bonuses may be part of his contractual remuneration, there are questions of fairness and evenness about this. 'Partly thanks to something called a "long-term incentive plan", by this time next year he is likely to have been handed another £8m in shares, which will take his rewards since he took charge of RBS in 2008 to not far short of £40m.'  Now, there can't be too many jobs offering around £10,000,000 per year, so I wonder where they will all go, if all their bonuses are slashed?  Whichever way you look at it, the financial sector rewards have increased disproportionately over the past ten years, while their activities have plunged the world into the worst recession on record.
Title: Re: Financial matters
Post by: DaveR on January 30, 2012, 12:38:15 pm
I'm prepared to step in to run RBS if necessary...
Title: Re: Financial matters
Post by: Dwyforite on January 30, 2012, 02:07:21 pm
this recession was not caused by men wearing hard hats and safety boots,it was caused by men wearing £1000 suits and they should stand up and be counted.they are the persons responsible for this mess.if it was their own money they played monopoly with they may have taken the honourable way out,but it was not.as for fester suggesting Hester should go to America i agree ,thats the country that your wealthy person can drive through the streets and gloat at the poor sitting on the kerb unable to afford health care.if a country's wealth is measured by how it looks after its poorest citizens then the U.S.A. is truly p**s poor
Title: Re: Financial matters
Post by: Ian on January 30, 2012, 03:07:44 pm
Quote
I'm prepared to step in to run RBS if necessary...


 _))* _))* _))*
Title: Re: Financial matters
Post by: Ian on January 30, 2012, 03:21:02 pm
Here's an interesting article:

"So Stephen Hester has bowed to calls to waive his £1m bonus – a victory for taxpayers and shareholders, many will say.

Executive pay is controversial.

Many shareholders and pension savers have been left tearing their hair out over the disappointing performance of their investment portfolios, while watching bosses paid handsomely for slashing their company’s share price.

A trawl through the FTSE 100 would seem to point to a tendency for chief executives on a lower basic salary to produce better share price performance.

For example, Next chief executive, Lord Simon Wolfson, received basic pay of £689,000 to the year to January 2011, the latest figures published. To someone earning the national average wage

Yet with retailers collapsing all round, his investors and staff have some cause to be grateful. Next’s share price has risen 37pc over the last five years and 113pc over the last three.
This entitled him to a further performance-related bonus cash bonus of £689,000, pushing his take home pay to £1.4m.

Similarly, at Burberry, one of the FTSE’s top performer, where the share price doubled over five years, and is up 459pc over three, boss Angela Ahrendts, like Woolfson, enjoyed basic pay of under a million, at £900,000 in the year to march 2011.

These packages compare with the £1.2m basic paid to Stephen Hester at Royal Bank of Scotland, who is effectively working for the taxpayer, running a State-owned bank.

Although Mr Hester cannot be blamed for the 95pc collapse in the RBS share price over five years, he can be held responsible for the 37pc fall since last year. Similarly, Lloyds price has fallen by half over the year. Boss Antonio Horta-Osorio has waived his right to a bonus, but is still paid £1.06m basic.

Investors can be forgiven for feeling nauseous. While the index went precisely nowhere between 1998 and 2010, causing deep anxiety for those saving for their retirements, chief executives were cushioned from these worries. Their remuneration across the FTSE100 rose by 13pc each year, dwarfing the 3pc rise in annual earnings. Some must bear responsibility for the strategies, which have brought their companies to grief, and various western economies to the brink of bankruptcy.
Many investment professionals have become very concerned at the breakdown in the link between share price performance and executive pay.

The Investment Managers Association, whose members manage £4 trillion of pensions and other savings, admits “something has been lost.”

IMA corporate governance director, Liz Murrall, said: “We recognise that something has to be done. We would like to see change through working with companies and by engagement.”
A softly, softly approach may not satisfy some investors, prepared to vote with their feet. Easyjet and Thomas Cook are two of more than a dozen firms whose annual meetings were disrupted by shareholder revolts over executive pay packages.

Oil explorer Cairn Energy was recently forced to shelve a plan to pay founder and chairman Sir Bill Gammell £2.5 millon, given the stock had fallen 34pc over the last year.
But share prices are by no means a universal horror story. Some companies continue to do well, despite the challenging economic environment.

Temporary Power Company, Aggreko has increased its share price by 450pc over three years to its current £21.16. Chief executive, Rupert Soames was paid a basic salary of £550,000 in 2010 according to the latest report and accounts, topped up by £750,000 performance bonus.
Another winner, Arm Holdings, the U.K. designer of chips that power Apple iPhone, is up 400pc over five year years. Yet chief executive Warren East took basic pay of £430,000 in 2010 with a bonus of £537,000. This is below most bankers’ basic pay.

Supermarkets, are another case in point. Despite the squeeze on retailers, Morrison’s share price has held up well, 12pc higher than a year ago. Yet chief executive Dalton Philips was paid £676,000 in 2010/11, compared with £1.4m basic at Tesco for Sir Terry Leahy, where the share price is 19pc lower than five years.

Philips picked up a further £478,000 in performance related bonus, while Sir Terry’s overall remuneration came to £4.2m.

So while reform is clearly necessary, some observers believe the current proposals, which seek to link pay to longer-term performance, with money clawed back if things go wrong, do not go far enough.

One of the difficulties is that executives are not measured by absolute returns, as many investors would wish, but compared with their peer group. If most banks lose 90pc of their share price, those losing only 75pc could be handsomely rewarded, despite destroying capital.

The Association of British Insurers is often at the forefront of battles over pay, and on occasion, as in the Cairn case, issues “Red Top” notices, flagging up its concerns.

ABI director general, Otto Thoresen, said: “We welcome measures to help shareholders establish stronger links between pay and performance and tackle excessive pay for failure.”

This might explain why there is barely a cigarette paper between the pay of some insurance bosses.

Standard Life’s David Tish earned £775,000 with a cash bonus of £618,063 in 2010, while Legal & General’s Tim Breedon enjoyed basic pay of £785,000 and cash bonus of £552,000. Both their share prices are down about a quarter over five years."

The 'left wing ' paper this is from?  The Daily Telegraph... (http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9048900/Stephen-Hester-bonus-real-change-and-new-rules-needed-at-Britains-banks.html)
Title: Re: Financial matters
Post by: Fester on January 30, 2012, 06:31:50 pm
The article is indeed interesting, but is based on a fundamental untruth.

Banks and bankers have not caused the financial situation the world finds itself in.
Governments have!

Any government could have legislated (through its Central Bank) to restrict how lending and liquidity levels were controlled.
They did not do so, for thier own greedy reasons, and the fear of losing popularity.

That is the real outrage.
Then faced with a monumental mess, they chose to prop us the worst of these ruined institutions with OUR money.
Then proceeded to cut spending and tax us until we squeal to repay it.
In future, any struggling bank should be allowed to fail, and the mess cleared up commercially. (Insurance or similar scheme)

In reality the government were desperate for the banks to continue and thrive, (pensions and social stability depended on it), so they hired the likes of Steven Hester.
He did the job, even over achieved, but now its time for him to be paid in line with what he was promised... and he gets bullied into not taking it.

Anyone who thinks that the banks slide in share price in 2011 has anything to do with performance is deluded.
It is entirely to do with the Eurozone countries realising that they are in deep trouble, (a system that was fundamentally flawed) ... and investors being wary of how much each UK bank is going to be ripped off by the likes of Greece, Portugal and Italy when they decide NOT to repay what they gleefully borrowed.

Pay the man what he was promised.  It s wrong to do otherwise.
If I promise a workman a £20 bonus if he gets the job done before home time, and I then refuse to pay him... that makes me very much in the wrong.   The principle is the same, no matter what sums are involved.

If you think that the bank's shares have fallen a lot, wait until you see how far they WILL FALL when they can't get a decent Chief Executive in future.     Its false economy.



Title: Re: Financial matters
Post by: Yorkie on January 30, 2012, 08:50:21 pm
I think much of the problem has been caused by Governments themselves borrowing too much in an attempt to finance growth without any thought as to how they wouild be able to service the interest and repayment of those loans.

They are very good at telling the public not to do such things but gail to practice what they preach!
 >>>
Title: Re: Financial matters
Post by: DaveR on January 30, 2012, 09:20:55 pm
That's a very good point, Yorkie. The idea that we simply go on borrowing more and more money every year to fund spending is ridiculous and will obviously end in tears. Spending should equal the average of revenues raised over a rolling 10 year period...and no more.
Title: Re: Financial matters
Post by: TheMedz on January 30, 2012, 10:18:44 pm
Controversial possibly but how would you feel if you'd thought about buying a lottery ticket, read all the rules and regulations, worked hard to get the money to buy the ticket, decided to buy a ticket in good faith. and won the million pound jackpot only to be told you couldn't pick up your winnings.
Title: Re: Financial matters
Post by: Fester on January 30, 2012, 11:33:39 pm
Yorkie, Medz and Dave, I couldn't agree more.

More times than I care to remember in my career, I had pressure put on me from above to 'move the goal posts' for my staff in terms of bonuses or wage rises.
I hated it, and it was cynical.   It also happened to me personally.

PAY THE MAN..... and do it with dignity.
Title: Re: Financial matters
Post by: Ian on January 31, 2012, 08:50:41 am
Quote
Banks and bankers have not caused the financial situation the world finds itself in.
Governments have!

I think that's a tad oversimplified and doesn't take into account that the real financial issues originated in the USA.  Through a combination of fraud, dishonesty, unwise rate-setting, opportunism and sheer ignorance, things over there went badly wrong to such an extent that the warning bells were sounding loud and clear in 2004.

Part of the problem is that international macro-economics is part science, part black magic and part luck. No two financiers agree as to the causes or solutions of the current crisis, other than to point to the extremely unwise mortgage lending in the US in the early part of the decade, the collapse of which seems to have initiated everything that followed. For a detailed and comprehensive examination of the causes of the current situation, it's hard to better the conservative Washington Post's Business leader (http://www.washingtonpost.com/business/what-caused-the-financial-crisis-the-big-lie-goes-viral/2011/10/31/gIQAXlSOqM_story_1.html).

In terms of Government legislation in the UK, it's also worth remembering that the fiscal restraints on lending were released by Margaret Thatcher's government, and simply not reversed by succeeding administrations, as to have attempted to do so might well have damaged what was seen as a burgeoning financial sector at the time.

BOT, however, and the issue of rewarding financial CEOs with massive bonus payments often based on risible results which don't seem to correspond to the real world criteria of success is one that will continue to provoke outrage.  And perhaps it's also worth asking  why, say - surgeons or nurses don't get bonuses.  Is saving lives less valuable to society than curtailing them?

Title: Re: Financial matters
Post by: TheMedz on January 31, 2012, 11:16:10 am
Re Surgeons and nurses not getting a bonus while Banking CEO's do.  Surely each sector just has a different pay structure. It's the way banking has always been, at least for the amount of time I was involved in it (30+ years). Pay is based on basic salary and then bonuses based on two performance factors. The first one is based on how the company does and the second one on how the individual does. Each employee is set a series of goals and targets for the year  and is appraised against each of those targets. This is not restricted to CEO's but all of the permanent employees within the company.
Title: Re: Financial matters
Post by: Ian on January 31, 2012, 11:34:13 am
I don't disagree with that;  what is curious, however, is the scale of the bonuses, and their apparent tendency to be paid, regardless of perfomance. 
Title: Re: Financial matters
Post by: Bri Roberts on January 31, 2012, 11:47:59 am
When underperformance is identified then perhaps basic basic pay should be reduced for the next 12 months.

Under the present system, it is a win win for individuals.
Title: Re: Financial matters
Post by: TheMedz on January 31, 2012, 12:44:19 pm
The basic pay part is not always a very high percentage of the total package. In a high number of cases the whole package, including bonus, equals the full basic pay of somebody in a similar role in other sectors. By not getting the bonus elements, as a result of  under performance, would actually amount to an overall pay cut for that year. I'm not saying it's right or wrong it just the way remuneration is structured in financial organisations.
Title: Re: Financial matters
Post by: Fester on January 31, 2012, 12:56:00 pm
Oh how soon we forget.  &shake&

Back in 2008 we were all terrified that the economy was coming apart at the seams, our houses would fall 70% in value and there would be NO CASH in the cash machines.  That was perilously close.

So, we cried out for strong leadership to stop the panic , and the govt installed top bankers into part-taxpayer-owned banks.
Then... to a degree, the ship steadied.
Now, its time for those guys to reap the bonus promised to them...BUT NO!

Aren't we all heartily sick of hearing politicians saying exactly what they think we want to hear?
They are like Estate Agents the lot of them.
Title: Re: Financial matters
Post by: Fester on January 31, 2012, 11:56:10 pm
Rather than focusing on the men who are re-building the banks, yesterday we saw Fred Goodwin get stripped of his knighthood for causing the ruin of RBS.

Here is a cartoon on the subject that tickled me...

Title: Re: Financial matters
Post by: Ian on February 01, 2012, 08:53:05 am
Quote
So, we cried out for strong leadership to stop the panic , and the govt installed top bankers into part-taxpayer-owned banks. Then... to a degree, the ship steadied. Now, its time for those guys to reap the bonus promised to them...BUT NO!

There's an inherent fallacy, however, if we assume that it was solely the work of those 'top bankers' that saw the ship steadied. The start of all the problems - at least in the UK - was the imminent perceived collapse of Northern Rock in 2007, itself occasioned by the crisis in the US sub-prime mortgage market. That was followed in short order by a colossal drop in confidence in the shares of banks in general, and even Barclays saw a run, albeit short.

All of that led, eventually, to the various nationalisations, which - it can be argued - stabilised the market and the banking industry in the UK, all without the need for those 'top bankers', who simply ensured that the banks they were left to steer didn't run into too many reefs.

One thing that is consistent about the fiscal situation is that everyone blames everyone else for the problems, and the world is, as always, replete with armchair experts who all know, with chilling certainty, what went wrong, what needs to be done and whose only common characteristic is that they all disagree with each other.  However, some theories suggest that modern markets pass through phases in what can be seen as an organic process, while others point to a significant combination of  complex factors. Whatever the eventual verdict of historians, it seems likely that paying huge bonuses to bankers at a time when the pay rises of all public service employees is restricted to 0%, business are closing in their droves and unemployment rising faster than at any time in the past 60 years will be seen as unwise.
Title: Re: Financial matters
Post by: Yorkie on February 01, 2012, 08:57:04 am
and the world is, as always, replete with armchair experts who all know, with chilling certainty, what went wrong, what needs to be done and whose only common characteristic is that they all disagree with each other


Exactly!    _))*
Title: Re: Financial matters
Post by: Merddin Emrys on February 01, 2012, 09:52:58 am
It's all just like a big game of monopoly! I'll be the racing car  ^*^0
Title: Re: Financial matters
Post by: Fester on February 01, 2012, 09:57:50 am
I don't profess to know all the intricate reasons for the parlous state of the world's economy.
(apart from these days many people want to TAKE without CONTRIBUTING to the economy in the first place)

But I do know what can sort it out.  Strong leadership and tough decisions, and thats what they paid Steven Hester to do.
History is littered with examples of it.

This question was never about what caused the mess, it was a simple point about a guy being promised a sum of money to do a job... and then hounded out of it by the political media.  Thats just wrong.
Title: Re: Financial matters
Post by: Pendragon on February 01, 2012, 10:15:45 am
Have all the other big wigs given back their bonuses then?
Title: Re: Financial matters
Post by: Ian on February 01, 2012, 11:35:27 am
Quote
But I do know what can sort it out.  Strong leadership and tough decisions

Some might argue that's what got us into the mess in the first place.
Title: Re: Financial matters
Post by: DaveR on February 01, 2012, 11:41:05 am
All of that led, eventually, to the various nationalisations, which - it can be argued - stabilised the market and the banking industry in the UK, all without the need for those 'top bankers', who simply ensured that the banks they were left to steer didn't run into too many reefs.
It also caused tremendous problems for all those people who had invested in the supposedly 'safe as houses' Lloyds TSB and watched, in some cases, their life savings dwindle to almost nothing as the Lloyds share price and dividends collapsed after they were 'persuaded' by the Govt to rescue HBOS.
Title: Re: Financial matters
Post by: Fester on February 01, 2012, 11:58:31 am
Quote
But I do know what can sort it out.  Strong leadership and tough decisions

Some might argue that's what got us into the mess in the first place.

My opinion is that weak leadership, and lax decision making got us into the mess.
Purely from a financial point of view, it was a weak governement that allowed a massive influx of migrants without checking that they could contribute to the economy.
A weak government who slavishly followed EU guidance that stated that we must support the children of those migrants on benefits, and send public money overseas to them. (with minimal checking)
Weak leadership led to the relaxation of borders, and the increase in crme. Few could argue with that.

Australia are more rigorous in such policies and they (coincidentally?) are not bearing the brunt of the fiscal crisis.
Title: Re: Financial matters
Post by: Ian on February 01, 2012, 05:19:49 pm
Quote
Purely from a financial point of view, it was a weak governement that allowed a massive influx of migrants without checking that they could contribute to the economy.

Immigration has increased steadily, since the 1950s, and successive governments since the 70s have promised to tackle the problem, with little success.  There are several reasons why.

We're part of the EU and thus cannot stop anyone from a member state from coming here and working, if they so wish.  The other issue is the Commonwealth countries, and that's a far more complex matter.  Almost every member of the former colonies was granted British Nationality in the 1948 act, which allowed them to enter the UK. In 1962, the Immigrants Act reversed the automatic right to settle here. But your facts about immigration are wrong, Fester. Research published by University College London in July 2009 showed that EU migrants made a "substantial net contribution to the UK fiscal system", paying 37 per cent more in taxes than they received in welfare payments. However, "EEA national(s) who are economically inactive, including A8 and A2 nationals will not generally be entitled to income-related benefits".Researchers found that, on average, A8 migrants were younger and better educated than the native population, and that if they had the same demographic characteristics of natives, would be 13 per cent less likely to claim benefits and 28 per cent less likely to live in social housing.

Asylum seekers and refugees are the third group, and here again it's interesting to see the trends. The numbers applying as refugees and asylum seekers have fallen dramatically since 2002.

Quote
Weak leadership led to the relaxation of borders, and the increase in crme.

Your point about crime, however, is interesting: according to the British Crime survey and Police figures overall crime in the UK fell steadily between 1994 and 2010, and has started rising again only in the past 12 months, showing a 2% rise which, incidentally, excludes the riots. Knife crime is seeing the greatest rise but, overall, between 1998 and 2010 crime fell by 16%.

Title: Re: Financial matters
Post by: Ian on February 01, 2012, 05:25:25 pm
I should add that immigration, however, is disproportionate in certain areas.  Residents of certain Midland towns, for example, may well feel that immigration is completely out of control. 
Title: Re: Financial matters
Post by: Fester on February 01, 2012, 09:08:16 pm
I do not believe for one moment that my figures on immigration (impacting negatively) on the economy are incorrect.

Real life experience tell you that it is a serious issue, which stems from badly set up sytems and weak leadership from the beginning.
It is in the Govt's interest to issue a report saying that migrants contribute more to the economy than they take... but its purely political.  I am sure that (loathsome as they are) the BNP could commission a report that says the opposite.
Successive governments want to portray this Utopia idea that we live in a peaceful, thriving, multi-cultural society.
Nothing could be further from the truth.

The problem is widespread, and multi-dimensional, and I wonder if the impact of loss of income (plus benefit spend) for the indiginous population has been factored in to the Cambridge survey?  I seriously doubt that.
Or the future impacts on the Benefits Agency, or the NHS stemming from an increase in population far outstripping the birth rate of the indigenous population?     Nope, way too complex and politically incorrect to ever attempt.
Title: Re: Financial matters
Post by: Ian on February 02, 2012, 08:12:02 am
Quote
I do not believe for one moment that my figures on immigration (impacting negatively) on the economy are incorrect.

The research projects are not always Government commissioned;  in fact most aren't.  But that's why we need objective research, because we all have personal experiences which lead us to believe the opposite is true, while the rags, such as the DFM, delight in spreading fear, xenophobia and hatred simply to make money.
Title: Re: Financial matters
Post by: Ian on February 08, 2012, 09:08:48 am
"Estimates showing £10.9bn in unpaid tax was written off and medical negligence could cost £15.7bn are "gobsmacking", says the Commons spending watchdog.

The public accounts committee has published its verdict on the new Whole of Government Accounts (WGA).

The report also predicts the long-term costs of decommissioning nuclear power stations could hit £56.7bn while public sector pensions could cost £1,132bn.

Ministers said it was the world's most ambitious set of public accounts.

The figures are a set of financial records for the entire UK public sector, from 1 April 2009 to 31 March 2010 - under the previous Labour government - based on commercial accounting principles.

They are intended to show what the government owns, owes, spends and receives.

The public accounts committee criticised the Treasury for providing figures that were "too dated", because of the 20 months it took to get them published, and complained that some major costs were omitted such as the publicly-owned banks and Network Rail.

But its chairman, Labour's Margaret Hodge, told the BBC: "This is the first time they have been published and I think we should welcome that."

The WGA included estimates for costs decades into the future, "and that's why we've got some really gob smacking figures", she told the BBC. "
Full story here. (http://www.bbc.co.uk/news/uk-politics-16918110#TWEET73825)
Title: Re: Financial matters
Post by: Michael on May 10, 2012, 08:08:21 pm
more shareholders revolt against top executives enormous pay packages. Today the biggest car dealership in the U.K., Pendragon is the latest       -------   HOLD ON,   HOLD ON.    I'm sure I've heard that name somewhere before.



    Mike
Title: Re: Financial matters
Post by: Michael on June 30, 2012, 09:07:06 pm
   Much to do for the last day or two in press/TV about dubious activities by the Banks and/or their employees.

  But thats nothing new. We have all heard the old joke about the banker offering an umbrella whilst the sun is shining.

  But --- in the mid 1950s I was very active in the National Union of Bank Employees (NUBE). In those days the Banks didnt publish a "true" figure of their annual profits. By some obscure process they were legally allowed to cook the books to show whatever they felt like showing. I have no idea why that was so, also I have no idea what shareholders thought about it. At a guess, a complete guess, it was something left over from the war period. I dont suppose anyone would have wanted Hitler to know how much or little our banks were making.

   Anyway, these very well watered down profit figures were always thrown at us NUBE people if we were trying to get a salary increase.

  A Mr Norman Stanion was the President of NUBE. He worked in an obscure office in the H.Q. of the District Bank in Manchester.
This office was highly specialised, it was called something like "Exchange Control operators." At that time it was impossible to just send £10 to Spain because your Wife had run out of money on holiday. No sir, Exchange Control would have none of that.

  However Normans little office managed to produce a profit larger than the published profit of the whole District Bank and their five or six hundred branches.

   Nothing new under the sun.    Mike
Title: Re: Financial matters
Post by: Fester on July 01, 2012, 12:55:12 am
Nothing has changed Mike...

If you take a look at the balance sheet of any major bank, they declare a valuation of property 'assets' on their books.

If anyone believes that the portfolio property values stated bear any relation in the real world to actual property values, then they are sadly deluded.
However, neither the banks, nor the government nor our pension funds DARE let the truth be known.... or we really are up the creek.
Title: Re: Financial matters
Post by: Michael on July 02, 2012, 08:42:09 pm
Hello fester you old financier trying to pretend you are just a humble pier kiosk operator.

   Just one question I would like to ask. I am not joking, I honestly do not know. Which way are these property assets adjusted?. Up or down relative to their true value. Or ---- are some down because no one has got around to revaluing and some up because they are hoping to sell?Mike
Title: Re: Financial matters
Post by: Fester on July 02, 2012, 11:27:36 pm
Mike, in banking, you will find that the institutions have probably not adjusted their property portfolio values down at all, since 2008.
They dare not do it, because if they do the banks assets will look decidedly sick, and the share price of the bank even sicker.

In Spain and Ireland, large swathes of property or land is effectively worthless, but exposing this fact to a small degree has meant downgrading the assets of those banks who own it, to junk status.

A cynic might say that the bonuses of the bankers would be the real casualty, so the over valuation in the UK is fraudulent.

However, in reality, I believe that the government allow them to continue this practise, as the alternative would be a colossal hole in our pension funds.

I am no financial expert Mike, but I did have to prepare auditable accounts for companies (or departments) that I have managed.
You would not believe the insidious pressure I was often put under to value certain elements above their REAL value, especially when Directors bonuses were linked to end-of-year results, or the company share price!
Title: Re: Financial matters
Post by: Ian on November 24, 2012, 07:49:23 am
Not sure how many this affects, but the new child benefit tax regs are - to say the least - rather tricky.  This is advice from HMRC:

The legislation refers to the person required to pay the charge as ‘P’ and their partner is ‘Q’. However, the cast of characters also includes ‘R’ and ‘S’.

If child benefit is not claimed by the person with whom the relevant child lives it can be claimed by another person (R) who pays maintenance for the child if they pay a weekly amount at least equal to the child benefit due. This will usually be an absent parent.

If R claims child benefit the high income child benefit charge rules apply to R (and R’s partner) as normal; i.e. a charge will be imposed if either individual has adjusted net income in excess of £50,000.

However, if R claims child benefit but neither R nor R’s partner is liable to the claw back charge (because their income does not exceed the £50,000) then the charge can arise on another person (S) with whom the child is living in that week, as if S were entitled to the child benefit payments.

Example

Roger and Sandy got married in 2000 and subsequently had a child, Zack. They separated in 2008; Roger moved to a new home and Zack remained with his Mum.

Roger and Sandy have both subsequently re-married; Roger to Cassie and Sandy to Dave.

Roger contributes to the cost of providing for Zack and it had been agreed that he would therefore make the child benefit claims.

The adjusted net income of each individual is:

• Roger (R) £44,000
• Cassie (partner of R) £42,000
• Sandy (S) £20,000
• Dave (partner of S) £70,000

What are the high income child benefit charge implications?

Roger is claiming child benefit and so a high income child benefit charge would be imposed on him, or his partner Cassie, if either of their adjusted net incomes exceeded £50,000. This is not the case and so neither individual is liable to the charge. Roger will continue to receive child benefit in full.

S681D of ITEPA 2003 requires, in these circumstances (where Roger is paying maintenance of an amount in excess of the child benefit claimed) that the person with whom the child is living (S) is treated as though they were entitled to the child benefit themselves. If more than one person could be S (i.e. Sandy or Dave) the entitlement is deemed to arise on the person with the highest income for the tax year (i.e. Dave).

As Dave has adjusted net income of £70,000, he will be liable for the high income child benefit charge. This will be equal to the full entitlement accruing to Roger.

Whether Dave (and/or his tax agent!) will be aware of this scenario, or the entitlement to which Roger has, is another matter.


Good job its not complicated, then...
Title: Re: Financial matters
Post by: Merddin Emrys on November 24, 2012, 08:39:17 am
Dave's mentioned a lot I see!  :laugh:  How can anyone who is not a lawyer understand all of that?  :o
Title: Re: Financial matters
Post by: Yorkie on November 24, 2012, 11:32:10 am
Dave's mentioned a lot I see!  :laugh:  How can anyone who is not a lawyer understand all of that?  :o

Plenty of lazy layabouts will get to grips with it in no time at all!    The scroungers seem to have a brain like a "Mr Fixit" Lawyer!    :D
Title: Re: Financial matters
Post by: Ian on November 24, 2012, 11:37:34 am
Quote
    Dave's mentioned a lot I see!  :laugh:  How can anyone who is not a lawyer understand all of that?  :o

Quote
Plenty of lazy layabouts will get to grips with it in no time at all!    The scroungers seem to have a brain like a "Mr Fixit" Lawyer!    :D

Except that this applies to relatively high earners. Still, it's keeping accountants in business...
Title: Re: Financial matters
Post by: Yorkie on November 24, 2012, 12:21:13 pm

Except that this applies to relatively high earners. Still, it's keeping accountants in business...

Have you seen how much some of the fiddlers have been getting?    Many are now up in the six figure bracket, including some prominent politicians!    ;)
Title: Re: Financial matters
Post by: Fester on December 28, 2012, 05:05:08 pm
My attention was drawn today to the National Debt situation in the USA.

You can look at the figures below, they are mind boggling.
But, then you can knock off 8 zeros, and then the figures can be related to a normal household budget.
It is a very frightening situation to be in.

Actual Figures.
* U.S. Tax revenue: $ 2,470,000,000,000
* Fed budget: $ 3,620,000,000,000
* New debt: $ 1,150,000,000,000
* National debt: $ 16,271,000,000,000
* Recent budget cuts: $ 38,500,000,000

Let’s now remove 8 zeros and pretend it’s a household budget:

* Annual family income: $ 24,700
* Money the family spent: $ 36,200
* New debt on the credit card: $ 11,500
* Outstanding balance on the credit card: $ 161,710
* Total budget cuts managed so far: $ 38     

Its totally unsustainable, and the American Govt cannot even agree on the urgency of the problem, not how to tackle it.
Title: Re: Financial matters
Post by: DaveR on December 28, 2012, 05:42:51 pm
The unfortunate thing is that we're not in a significantly better position in the UK...  &shake&
Title: Re: Financial matters
Post by: Yorkie on February 27, 2013, 07:19:17 pm
Got to thinking about our next Holiday and as usual did a quick scan on the exchange rates.  The Tourist Rate for the Euro is now down to 1.12 and looking as though it still has some way to go before it gets to its nadir.  Will have to ask for a Pension increase!   :D
Title: Re: Financial matters
Post by: Bri Roberts on February 27, 2013, 08:06:28 pm
Yorkie, I suggest you book Bangkok – Southampton with Fred departing in three weeks time.  $good$

At a price from £1,799 for 38 nights and the onboard currency being GBP you will not have to worry about the Euro or a pension increase.
Title: Re: Financial matters
Post by: Yorkie on February 27, 2013, 08:28:43 pm
Oh! Sugar!  My insurance only covers holidays up to 31 days!   ;D
Title: Re: Financial matters
Post by: DaveR on February 27, 2013, 08:56:39 pm
Parity with the Euro is starting to look very likely. Great news for those of us that receive Dividends in Euros.  $good$
Title: Re: Financial matters
Post by: Bri Roberts on February 27, 2013, 10:04:31 pm
Not too long ago, I advised and arranged quite a few mortgages for customers with an interest rate that tracked the Bank of England interest rate less a half per cent for the lifetime of their mortgage.

For a while now their interest must has been 0%.

If we move into a negative interest rate, I wonder how that will work out for those customers.  D)
Title: Re: Financial matters
Post by: Merddin Emrys on February 27, 2013, 10:39:25 pm
Parity with the Euro is starting to look very likely. Great news for those of us that receive Dividends in Euros.  $good$

Agreed  $good$. 
Title: Re: Financial matters
Post by: Fester on March 14, 2013, 12:00:36 am
Not too long ago, I advised and arranged quite a few mortgages for customers with an interest rate that tracked the Bank of England interest rate less a half per cent for the lifetime of their mortgage.

For a while now their interest must has been 0%.

If we move into a negative interest rate, I wonder how that will work out for those customers.  D)

Ahem, cough... I managed to grab one of those, (via The Leeds Building Society)
It cost me a one off fee of £1200 to the society. I couldn't believe my luck!
It was the best decision (financially) I had ever made, and I looked hard for the catch in the small print, but there really wasn't one.
That was almost 7 years ago, and the product was withdrawn within days of being launched.
I was told later by a branch manager, that it was a massive gaffe to have ever offered it.


Title: Re: Financial matters
Post by: Fester on March 17, 2013, 11:49:02 pm
This weekend's news regarding the Cyprus Euro bailout has a very sinister undertone to it.

You see, as part of the conditions of the bailout, everyone with any savings in a bank in Cyprus will have a slice of their money simply 'confiscated' by the Cypriot Govt.

If you have between 1 and 100,000 Euros in a bank you will lose 6.75% of it.   If you have over 100,000 Euros, then you will lose nearly 10%
To me, this is an outrage.  The spectre that your Govt can simply go into your bank account and take your money, when your only crime is to be a saver, fills me with dread.
In my opinion the financial markets in Europe and beyond will take a severe hammering for the foreseeable future.
Faith in the banks, which has been at a low ebb for 5 years will now be further undermined.
Dangerous precedent this.



Title: Re: Financial matters
Post by: Merddin Emrys on March 18, 2013, 07:08:31 am
To me it is theft! I can now see massive amounts of money leaving Greece, Spain etc to avoid any risk of this, exactly what they don't need! I've never been keen on banks, much happier with a good building society!
Title: Re: Financial matters
Post by: DaveR on March 18, 2013, 08:27:36 am
If such a measure was ever applied in the UK, it would no doubt cover all banks & building societies.

Let's hope they dont start confiscating GVC shares....  :o  :laugh:
Title: Re: Financial matters
Post by: Ian on March 18, 2013, 08:28:21 am
Quote
In my opinion the financial markets in Europe and beyond will take a severe hammering for the foreseeable future. Faith in the banks, which has been at a low ebb for 5 years will now be further undermined.
Dangerous precedent this.

Indeed;  couple that with the lurking spectre of civil unrest and we have fertile ground for extremism to flourish. Mind you, I'm still waiting for a single banker to be prosecuted, as it continues to become clearer that many broke the law. Fining the banks themselves is simply ludicrous.
Title: Re: Financial matters
Post by: Merddin Emrys on March 18, 2013, 10:08:04 am


Let's hope they dont start confiscating GVC shares....  :o  :laugh:

 :o :o Nooooo!! Hopefully not!  :D
Title: Re: Financial matters
Post by: Hugo on March 18, 2013, 12:37:24 pm
This weekend's news regarding the Cyprus Euro bailout has a very sinister undertone to it.

You see, as part of the conditions of the bailout, everyone with any savings in a bank in Cyprus will have a slice of their money simply 'confiscated' by the Cypriot Govt.

If you have between 1 and 100,000 Euros in a bank you will lose 6.75% of it.   If you have over 100,000 Euros, then you will lose nearly 10%
To me, this is an outrage.  The spectre that your Govt can simply go into your bank account and take your money, when your only crime is to be a saver, fills me with dread.
In my opinion the financial markets in Europe and beyond will take a severe hammering for the foreseeable future.Faith in the banks, which has been at a low ebb for 5 years will now be further undermined.
Dangerous precedent this.

They are not the only Government to rob investors in Banks.   The UK government did it to me and many others when I had a number of Ordinary shares in Bradford and Bingley.  They stopped trading in the shares and then a few years later they told me how much I would receive in compensation for those shares.   NOTHING WHATSOEVER!    All the shares I had were then worthless, yet the Bankers still receive bonuses for their failure.
Title: Re: Financial matters
Post by: Ian on May 15, 2013, 09:24:13 am
From El Reg:

How does one fairly distribute £150m to extend Blighty's mobile coverage? Give the whole lot to a private company that has paid no corporation tax for four years and effectively holds a monopoly.

That company is Arqiva, which owns the vast majority of the UK's TV, radio and mobile phone transmitters. It will get £150m of taxpayers' cash with which to extend its network of sites, which are rented out to broadcasters and phone operators. We're told the money will extend coverage to 60,000 premises and "sections of road", but it will certainly help Arqiva maintain its billion-pound annual revenue.

Not that the revenue leads to profit, thanks to a system of loans and repayments that ensure shareholders make money and the company avoids paying UK corporation tax - as revealed by a Financial Times investigation last year.

There is no suggestion of any wrongdoing. John Cresswell, Arqiva’s CEO, told the FT: "Arqiva has invested heavily in the UK’s infrastructure, including £630m in the digital [TV] switch-over. In recognition of this considerable investment in the UK’s communications infrastructure, the government has agreed a tax exemption for Arqiva from 2009."
Title: Re: Financial matters
Post by: Cordyline on May 15, 2013, 12:51:08 pm
Interesting article Ian
A few years ago i contacted Arqiva asking if I could invest in  them
They said no and they were not planning to float on the Stock market

I have dealings with them here in England; they are very prompt payers
Title: BAD BANKING BY RBS, BARCLAYS AND OTHER BANKS
Post by: colinaj on October 26, 2013, 11:13:47 am


I have been involved greatly fighting the banks over the financial scandal by the major banks caused by the miss selling of complex financial products to small businesses, on Thursday I travelled to London and took part in a demonstration outside the Houses of Parliament, where inside my Member of Parliament was chairing the debate with over 100 backbenchers and senior MPs present.

The fight through Parliament started with myself when I went to my MP in July 2011, and somewhat 28 months on and having lost everything to the banks we have pushed through a redress programme agreed with the banks for some 32,000 small to medium sized businesses.

I was one of the original members of an organisation of small businesses that came together from all over the country to try to fight this scandalous activity of the banking industry this organisation is Bully Banks, more information on bully banks can be obtained from info@bullybanks.co.uk.

The cost to the banks of redress to these businesses, many of whom are within North Wales, from farmers, hoteliers, B&B owners, holiday parks and many other small businesses. We have proven that the intent of the banks was to suck funds from these businesses, and then attempt to take control of their assets to either be held onto until profit could be made or to be disposed of to preferential clients beforehand.

There is a system now in place that if any of your readers were unaware of I will briefly describe, the banks have agreed to suspend payments upon the interest rate swaps to these businesses whilst they undertake the review process, this would be important information for any of your readers who do not know of this agreement, full refunds of payments will be made and possible consequential losses paid if they can be proven.

This is now not just a national problem it is also local news, we as an area are dependent upon small businesses for the success of our local economy and employment, the banks were unscrupulous in how they targeted customers and were even worse in the methods of how they explained these products, I have currently spoken to a business man who has businesses within the care industry in North Wales, who has suffered a heart attack from the pressures and stress that this scandal has placed upon himself his family and business, I my self had a heart attack a few years back due to the pressure.

It has now been proven that it was not the customer at fault but the banks greed for profit and bonuses, this does need to be brought to the small business readership of you newspaper for the benefit of the local community so if it saves just one person and their business from the stress we have been through it will be well worth it.

Please call me on 07939233825 if you would like to discuss this further, our campaign was described on Thursday 24th October in Parliament as 'David and Goliath', David is winning.

As stated I am aware of many businesses in North Wales who have been affected and would be willing to discuss their own experiences of the torture the banks have put us small business through, me myself became homeless, lost my business, split from my wife for a period, suffered stress leading to a breakdown and now living upon job seekers allowance, even though the banks have agreed it was their fault due to the mis selling of these products.

I hope you will consider an article so as to raise the awareness to other along the coast that there is a redress process in place that will help them and their business, we cannot afford for one more business to be defunct by the bad business practices of the banks in our local communities.
Title: Re: Financial matters
Post by: DaveR on January 29, 2014, 09:16:18 am
I see Barclays Bank are to close 400 branches, that is a quarter of their entire branch network:
http://www.bbc.co.uk/news/business-25939803 (http://www.bbc.co.uk/news/business-25939803)
Title: Re: Financial matters
Post by: Bri Roberts on January 29, 2014, 12:38:11 pm
Are you sure, DaveR?

"The bank is also considering closing branches to reflect the fact that more customers are now accessing financial services online and via mobile devices, although it denied reports that it would close 400 branches."
Title: Re: Financial matters
Post by: DaveR on January 29, 2014, 01:00:40 pm
Look more closely at that story:

An earlier version of this story said Barclays had confirmed that it was closing 400 bank branches in the UK. The story has now been changed after Barclays Head Office in London withdrew that confirmation and clarified its position.
Title: Re: Financial matters
Post by: Bri Roberts on January 29, 2014, 04:19:37 pm
It has been updated again since at 13.20.
Title: Re: Financial matters
Post by: SteveH on October 06, 2014, 03:33:52 pm
New pound coin designed to combat counterfeiting

A new £1 coin, billed by the Royal Mint as the "most secure coin in the world", is to be introduced in 2017.
The move comes amid concerns about the 30-year old coin's vulnerability to counterfeiting, with an estimated 45 million forgeries in circulation.
The new coin is based on the design of the old threepenny bit, a 12-sided coin in circulation between 1937 and 1971.

http://www.bbc.co.uk/news/uk-politics-26632863 (http://www.bbc.co.uk/news/uk-politics-26632863)
Title: Re: Financial matters
Post by: SteveH on October 24, 2014, 02:52:50 pm
 UK won't pay £1.7bn EU bill next month

http://www.bbc.co.uk/news/uk-politics-29754168 (http://www.bbc.co.uk/news/uk-politics-29754168)
Title: Re: Financial matters
Post by: Ian on October 24, 2014, 03:07:09 pm
I like this:

"If his diplomats can't do a decent deal, they will come back to haunt him."
Title: Re: Financial matters
Post by: SteveH on October 24, 2014, 06:13:08 pm
I like this:

"If his diplomats can't do a decent deal, they will come back to haunt him."
Well it is nearly Halloween  WWW
Title: Re: Financial matters
Post by: SteveH on October 24, 2014, 06:49:38 pm
Why is the UK being asked for more money?

http://www.bbc.co.uk/news/business-29757296 (http://www.bbc.co.uk/news/business-29757296)
Title: Re: Financial matters
Post by: Fester on October 24, 2014, 09:51:52 pm
Why is the UK being asked for more money?

http://www.bbc.co.uk/news/business-29757296 (http://www.bbc.co.uk/news/business-29757296)

Because we have such a strong, vibrant economy, due to the austerity measures we have suffered, that we need to hand it over to people in Greece, and other countries where they have not got their house in order.
Let's not build 20 new hospitals, let's send that money to Roumania!

Title: Re: Financial matters
Post by: snowcap on October 24, 2014, 10:12:56 pm
you will never get your Knee done sending our money to Roumania,
Title: Re: Financial matters
Post by: Fester on October 25, 2014, 12:13:40 am
you will never get your Knee done sending our money to Roumania,

Precisely my point Bri.
Title: Re: Financial matters
Post by: Michael on October 25, 2014, 08:01:53 pm
  Since when has Snowcap pinch the name Bri?
Title: Re: Financial matters
Post by: snowcap on October 25, 2014, 09:18:33 pm
1942
Title: Re: Financial matters
Post by: DaveR on December 04, 2014, 08:50:23 am
Interesting change in the law re Stamp Duty on house purchases. People with the most expensive houses will pay far more:
Title: Re: Financial matters
Post by: Hugo on December 04, 2014, 09:09:01 am
Interesting change in the law re Stamp Duty on house purchases. People with the most expensive houses will pay far more:

I suppose it's fairer that those who can afford more pay more.   The Labour Party are proposing a "Mansion Tax" on properties worth over £2  million when they get into power so it'll be interesting to see if this action affects their proposal.
I know that Wales ( possibly Scotland too)  had the properties revalued about the year 2003 but can't recall if England has had their properties revalued.  If they haven't then I think that it's unlikely to happen with a General Election coming up next year.
Title: Re: Financial matters
Post by: SteveH on April 14, 2016, 04:39:15 pm
This article does not mention which branches are closing but as there are two in the area Col.Bay and Llandudno I thought it might be of interest.......

600 jobs being axed at RBS and 32 branches to close
Around 600 jobs are being axed and 32 branches closed at Royal Bank of Scotland in the latest jobs cull at the state-backed lender.

The job losses will impact its retail banking division, with around 200 roles going across London and the South East and almost 400 being cut in the Midlands, East and the North, according to trade union Unite.

Unite said the job cuts come as 32 RBS branches are being shut, with many more seeing their opening hours reduced.

The union said 220 branches are changing their opening hours across the North, while 94 are seeing hours reduced in the Midlands and East.
"With every branch closure, NatWest is slamming its doors on another community, dangerously undermining the bank's long-term future."

RBS was not immediately available for comment.
Its latest job losses mean RBS has axed 1,500 roles so far this year as it looks to trim costs and stem losses.
http://www.walesonline.co.uk/business/business-news/600-jobs-being-axed-rbs-11187066 (http://www.walesonline.co.uk/business/business-news/600-jobs-being-axed-rbs-11187066)
Title: Re: Financial matters
Post by: SteveH on January 01, 2017, 10:57:24 am
The countdown to the historic new £1 coin officially begins today, as Chief Secretary David Gauke has revealed it will enter circulation on 28 March 2017.

With three months to go, the Government is launching a campaign to help raise awareness and encourage the public to return the round £1 coins.
Around £1.3 billion worth of coins are stored in savings jars across the country, and the current £1 coin accounts for almost a third of these.

Therefore it is important that all round £1 coins are returned before 15 October 2017 when they lose their legal tender status.
The new 12-sided £1 will be the most secure coin in the world. It boasts several new security features, including a hologram, to prevent counterfeits, which cost taxpayers and businesses millions every year.
http://www.dailypost.co.uk/business/business-news/1-coin-your-pocket-not-12389749 (http://www.dailypost.co.uk/business/business-news/1-coin-your-pocket-not-12389749)
Title: Re: Financial matters
Post by: Ian on January 01, 2017, 11:02:42 am
I wonder if all the supermarket trolleys will have to be refitted?
Title: Re: Financial matters
Post by: SDQ on January 01, 2017, 11:48:11 am
I wonder if all the supermarket trolleys will have to be refitted?


Considering how much it would cost it may be more prudent to change to using tokens similar in shape/size to the old one pound coin if the new ones don't work.
Title: Re: Financial matters
Post by: Fester on January 01, 2017, 03:46:07 pm
I wonder if all the supermarket trolleys will have to be refitted?


Considering how much it would cost it may be more prudent to change to using tokens similar in shape/size to the old one pound coin if the new ones don't work.

Loving your new Avatar pic, SDQ!   :laugh: :laugh:
Title: Re: Financial matters
Post by: SteveH on January 17, 2017, 01:14:44 pm
New Laws for Wales in 2017 and how they will impact YOU

From pay to car tax, we take a look at the new rules coming into force over the next 12 months.
From April 1, minimum wage workers will see a substantial boost to their pay.
At £7.50 an hour for over 25s, the rate will go up by 30p compared to last year.
There will be smaller increases for 18-20 and 21-24 year olds, to £5.60 and £7.05 respectively.

Car tax.....Child car seat alterations....smokers.......
Full article......http://www.dailypost.co.uk/news/new-laws-wales-2017-how-12465554 (http://www.dailypost.co.uk/news/new-laws-wales-2017-how-12465554)

Title: Re: Financial matters
Post by: SteveH on January 27, 2017, 10:57:03 am
The paper £5 note will stop being legal tender after this date....05.05.2017
People are being urged to check money boxes and wallets to ensure the notes are spent or changed.
http://www.dailypost.co.uk/business/business-news/old-5-note-stop-being-12515018 (http://www.dailypost.co.uk/business/business-news/old-5-note-stop-being-12515018)
Title: Re: Financial matters
Post by: SteveH on February 22, 2017, 10:41:56 am
These are the 10 most valuable £1 coins in circulation today...do you own any of them?

The new 12-sided £1 coin is set to launch next month and people have until October 15 to spend the current quids in circulation.
The Government is launching a campaign to help raise awareness and encourage the public to return the round £1 coins.
But there may be a few coins worth keeping hold of as money experts changechecker.org say certain ones could be worth up to £50 in the coming years.
Here are the 10 rarest £1 coins currently in circulation.

Scotland: Edinburgh City (2011)
Wales: Cardiff City (2011)
England: London City (2010)
Scotland: Thistle & Bluebell (2014)
UK: Crowned Shield (1988)
UK: Rose and Oak (2013)
N.I.: Flax & Shamrock: (2014)
Wales: Daffodil & Leek (2013)
N.I.: Belfast City (2010)
Scotland: Lion Rampant (1994

http://www.dailypost.co.uk/business/business-news/10-most-valuable-1-coins-12639070 (http://www.dailypost.co.uk/business/business-news/10-most-valuable-1-coins-12639070)
Title: Re: Financial matters
Post by: SteveH on August 22, 2018, 03:16:15 pm
Business owners have urged the Welsh Government to give small traders in Wales a "fighting chance" by matching the rate relief offered to firms in England.    REFR D Post.
https://www.dailypost.co.uk/business/business-news/caernarfon-business-owners-plea-fighting-15057645 (https://www.dailypost.co.uk/business/business-news/caernarfon-business-owners-plea-fighting-15057645)


The petition needs some help only 18 so far, the playing field needs leveling. be interesting to see how many bother to get on board.

e-Petition: Small Business Rates Relief Review

"We call on the Welsh Government to revise the small business rates relief system so that businesses with a rateable value of £10,000 or under should receive a 100% discount. Furthermore, any small businesses with a rateable value of between £10,000.01 and £20,000 receive a discount/relief on a tapered scale system of between 0 - 100%.
Currently the small business rates relief in Wales, only offer 100% discount to any business with a rateable value of under £6000. Where as in England, small businesses with a rateable value of under £12,000 receive a 100% discount."
 

https://www.cynulliad.cymru/en/gethome/e-petitions/Pages/petitiondetail.aspx?PetitionID=1387 (https://www.cynulliad.cymru/en/gethome/e-petitions/Pages/petitiondetail.aspx?PetitionID=1387)
Title: Re: Financial matters
Post by: Cambrian on August 22, 2018, 03:42:22 pm
It might be interesting to know the comparative rateable values of a chippy in Caernarfon with one of a similar size, say, in Beaconsfield.
Title: Re: Financial matters
Post by: SteveH on October 23, 2018, 11:23:22 am
I always feel let down when I read pieces like this, I am still living in the "good old days" of buy British, it is a global market place now, but I still think we could be doing better.

Dyson chooses Singapore for new electric car plant.
T
he company will break ground on its new factory in Singapore later this year with the first car scheduled to roll off the production line in 2021.

Dyson said the decision was based on the availability of engineering talent, regional supply chains and proximity to some key target markets.   
The company has previously said it will commit £2bn to the project, including £200m to be spent in the UK on research and development and test track facilities - much of which has already been spent.
Dyson insisted the decision to locate production in Asia, rather than the UK, had nothing to do with Brexit.

REF BBC....   https://www.bbc.co.uk/news/business-45950377 (https://www.bbc.co.uk/news/business-45950377)
Title: Re: Financial matters
Post by: mull on October 23, 2018, 06:08:17 pm
That's it---------- Mr Dyson is one of UKs Brexit supporters.

We are all doomed !
Title: Re: Financial matters
Post by: SteveH on October 05, 2019, 03:31:56 pm
One in five contactless payments to be blocked after new EU law comes into force
The new 'strong customer authentication' law was introduced last month but will be rolled out over an 18-month period

https://www.dailypost.co.uk/news/north-wales-news/one-five-contactless-payments-blocked-17037403 (https://www.dailypost.co.uk/news/north-wales-news/one-five-contactless-payments-blocked-17037403)
Title: Re: Financial matters
Post by: SteveH on January 26, 2020, 11:10:33 am
Another step on the slippery slope............

At the end of your online shop, you may have noticed a new way to pay. It's not a bank card, it's not store credit. And it's quick; just a couple of clicks.

So-called "buy now, pay later" services allow customers to either delay the whole bill for their chosen item, or split the cost into a clutch of equal instalments, interest-free.

Despite growing calls from debt charities about these products adding pressure to Britain's multi-billion pound debt pile, UK financial regulators have no plans to investigate them.    cont  https://www.bbc.co.uk/news/business-51195759 (https://www.bbc.co.uk/news/business-51195759)
Title: Re: Financial matters
Post by: SteveH on February 02, 2020, 02:19:08 pm
A joke from the past, 70s I think ..... Customer proffers cash to the checkout assistant, who reply's "How quaint "  time is marching on.

'I wasn't allowed to buy my burrito with cash'

https://www.bbc.co.uk/news/business-51214832 (https://www.bbc.co.uk/news/business-51214832)
Title: Re: Financial matters
Post by: Blongb on February 03, 2020, 12:36:14 pm
A joke from the past, 70s I think ..... Customer proffers cash to the checkout assistant, who reply's "How quaint "  time is marching on.

'I wasn't allowed to buy my burrito with cash'

https://www.bbc.co.uk/news/business-51214832 (https://www.bbc.co.uk/news/business-51214832)

It's a very good way for the owners/managers of businesses to remove the temptation of the staff to help themselves to cash that doesn't belong to them.
Title: Re: Financial matters
Post by: spotty dog on February 03, 2020, 12:48:35 pm
The problem with cash is trying to bank it especially now POST Office are shutting
Title: Re: Financial matters
Post by: SteveH on February 03, 2020, 02:32:55 pm
Both good points, I am to ensconced, in the good old days.   

Title: Re: Financial matters.......Rates application deadline
Post by: SteveH on November 16, 2020, 02:37:40 pm
BUSINESSES that haven't yet applied for the Lockdown Non Domestic Rate Grant have until Friday.

Conwy County Borough Council is reminded businesses in the county that the application deadline is 5pm on November, 20.

These grants are available to businesses liable for paying Business Rates to Conwy and which are on the Business Rating List (on or before September 1 2020).

There are two grants:

Grant 1: A grant of £5,000 is being made available for retail, leisure and hospitality businesses that have been forced to close (as defined by the regulations) and occupy properties with a rateable value of between £12,001 and £51,000.

Grant 2: A grant of £1,000 is being made available to all businesses eligible for small business rates relief in Wales with a rateable value of up to £12,000.

cont  https://www.northwalespioneer.co.uk/news/18874950.deadline-apply-lockdown-non-domestic-rate-grant-looming/ (https://www.northwalespioneer.co.uk/news/18874950.deadline-apply-lockdown-non-domestic-rate-grant-looming/)
Title: Re: Financial matters
Post by: SteveH on July 20, 2021, 10:30:26 am
New state pension plan means you could get an additional £520 a year from 2022
The proposed changes would be on top of any increases in line with inflation

https://www.dailypost.co.uk/news/north-wales-news/new-state-pension-plan-means-21091303 (https://www.dailypost.co.uk/news/north-wales-news/new-state-pension-plan-means-21091303)
Title: Re: Financial matters
Post by: SteveH on September 07, 2021, 02:30:20 pm
Old £20 and £50 notes are soon to be no longer be accepted in shops.

The new £20 note was released on February 20, 2020 - joining the new £5 and £10 polymer notes which were already in circulation.

How long do I have to use old £20 and £50 notes?
Both the old paper £20 and £50 banknotes will expire on Wednesday, September 30, 2022.

This means this is the absolute last day you can spend them in stores - so you have just over one year to use them.

A note from the Bank of England reads: "30 September 2022 will be the last day you can use Bank of England paper £20 and £50 notes.

"After 30 September 2022, these paper notes will no longer be legal tender, so we encourage people to spend them or deposit them at their bank ahead of this date."          But if you miss this deadline, you do have some options.

How to exchange old banknotes
On the Bank of England (BoE) website, there are instructions for those who may still be clinging on to old paper banknotes.

You can look to exchange them at the following places:
At your bank: The BoE says the easiest way to exchange notes is to deposit them with your bank. You'll need to visit your nearest bank branch in person to do this.

At the Post Office: The Post Office may also accept withdrawn notes as payment for goods and services, or as a deposit into any bank account, you can access with them.

At the Bank of England: You can post old banknotes to the BoE and they'll then send you a cheque for the amount, or the equivalent in new polymer notes.

Send your banknote(s) and photocopies of ID to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.

You can also visit the BoE in person to exchange old notes. You may be asked to complete a form and need to provide two original identity documents.

The BoE may also exchange accidentally torn, damaged or mutilated notes - as long as they are genuine and not counterfeit.

Sign up to the North Wales Live newsletter
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Did you know we offer a free email newsletter service?

Each North Wales Live bulletin delivers the latest breaking news, what's on events and the hottest talking points straight to your inbox.

For more information about how to subscribe click here.

When did the old £5 and £10 get withdrawn?

The old paper £5 note - which was replaced by a new polymer version on September 13, 2016 - stopped being legal tender on May 5, 2017.

As for the old £10 note - of which a new polymer version came out on September 14, 2017 - the cut-off date for using this was March 1, 2018.

Have your say in the comment section below.

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Title: Re: Financial matters
Post by: SteveH on September 21, 2021, 10:04:39 am
Gas price hikes: Will my energy bills rise?
The economy is opening up from its pandemic lows, so demand for gas is increasing - but there are several more reasons for the demand

The price of gas has soared in recent weeks, putting several energy suppliers out of business and forcing some factories to stop production.

The price of wholesale gas has surged by 250% since the beginning of the year and added 70% just since August, according to figures from Oil & Gas UK.

cont https://www.inyourarea.co.uk/news/gas-price-hikes-will-my-energy-bills-rise/ (https://www.inyourarea.co.uk/news/gas-price-hikes-will-my-energy-bills-rise/)


Martin Lewis warns of 'catastrophic' situation as people face devastating choice
The founder of MoneySavingExpert.com said government intervention was needed to help families

Martin Lewis has warned of a "catastrophic" situation facing many as energy bills rise in the country.

The consumer champion warned that many people will be forced to make the devastating choice between heating and eating as energy bills rise, and said intervention was needed to help consumers.

Soaring wholesale gas prices are putting an upward pressure on energy bills.

cont  https://www.dailypost.co.uk/news/north-wales-news/martin-lewis-warns-catastrophic-situation-21627115?IYA-reg=a05105fc-304d-4c50-9807-edab51f779a4 (https://www.dailypost.co.uk/news/north-wales-news/martin-lewis-warns-catastrophic-situation-21627115?IYA-reg=a05105fc-304d-4c50-9807-edab51f779a4)
Title: Re: Financial matters
Post by: SteveH on October 01, 2021, 09:58:02 am
Up to 15 million household are set to see their energy bill increase from today because of a rise in wholesale energy prices, regulator Ofgem has said.

UK households will be asked to pay a further £139 starting from October 1 at a time when many families are still recovering from the impact of the coronavirus pandemic.

The sharp rise will see default customers paying by direct debit see their bill rise from £1,138 to £1,277.

cont https://www.northwalespioneer.co.uk/news/19618029.ofgem-energy-bill-price-cap-rise-139-today-15-million-households/ (https://www.northwalespioneer.co.uk/news/19618029.ofgem-energy-bill-price-cap-rise-139-today-15-million-households/)
Title: Re: Financial matters
Post by: SteveH on October 28, 2021, 02:04:44 pm
Some better news below, but speaking to the Tesco delivery driver this morning, they are crying out for more staff and drivers, there is work out there.

MORE Conwy households had all adults in work last year, figures show, despite the first fall across the UK in nearly a decade.

The Institute for Public Policy Research criticised the country's social safety net and said the end of coronavirus support measures will only make matters harder for workless families.

Office for National Statistics data shows 17,512 households in Conwy had all working age occupants aged 16 or over in employment in 2020 – 57.1% of all those in the area.

This was up from 53% the year before.

There were also 5,131 households in the area with no adults in work, which at 16.7%, was down from 18% in 2019.

Meanwhile, the proportion of mixed households – with at least one working and one workless adult – decreased from 28.9% to 26.1% over this period.

cont  https://www.northwalespioneer.co.uk/news/19678375.rise-number-conwy-households-work-despite-pandemic-research-shows/ (https://www.northwalespioneer.co.uk/news/19678375.rise-number-conwy-households-work-despite-pandemic-research-shows/)
Title: Re: Financial matters
Post by: SteveH on November 08, 2021, 01:32:17 pm
The £2 coin that sold for £500 - and there are thousands more out there
The coin features a rare error that has made its value skyrocket

cont https://www.dailypost.co.uk/news/north-wales-news/2-coin-sold-500-thousands-22098698 (https://www.dailypost.co.uk/news/north-wales-news/2-coin-sold-500-thousands-22098698)
Title: Re: Financial matters
Post by: SteveH on November 17, 2021, 01:00:20 pm
Amazon has told customers that they won't be able to use Visa credit cards issued in the UK from the beginning of next year to pay for items on the site.

The change will come in from January 2022, according to the company.

Currently Amazon users can choose to pay via Visa, Delta, Visa Electron, MasterCard, EuroCard, American Express, UK based Maestro and Solo card, with this including Visa credit cards.

However, in an email to customers, the company confirmed it will stop accepting payments made using Visa credit cards issued in the UK "starting January 19 2022".

cont https://www.northwalespioneer.co.uk/news/19722336.amazon-visa-customers-cant-use-uk-issued-visa-credit-cards-2022/ (https://www.northwalespioneer.co.uk/news/19722336.amazon-visa-customers-cant-use-uk-issued-visa-credit-cards-2022/)
Title: Re: Financial matters....Energy bills
Post by: SteveH on January 06, 2022, 09:47:18 am
"We don't know yet" how high household energy bills might go after the next review of the price cap, one energy boss has told the BBC.

Octopus Energy's chief executive Greg Jackson said the sector was working to "minimise cost increases".

The energy price cap, which sets the maximum amount that suppliers can charge customers on a default tariff, sits at £1,277.

Some experts have said it could jump in April as gas prices continue to soar.

The new level for the price cap, which applies to England, Scotland and Wales, is due to be announced on 7 February.

Government officials have suggested that is the absolute deadline for offering fresh support for firms as costs mount.

Mr Jackson told the BBC's Today programme: "The reality is that in the energy sector, the UK buys most of its energy on a global market and we've had to pay about £20bn more than usual this year.

"So in one way or another, the UK's going to have to pay that money."

cont  https://www.bbc.co.uk/news/business-59892533 (https://www.bbc.co.uk/news/business-59892533)
Title: Re: Financial matters
Post by: SteveH on January 20, 2022, 10:25:11 am
North Wales electricity prices ranked highest in UK as energy bills skyrocket

According to research by energy experts Boiler Central, the cost of electricity in North Wales has risen by almost 30 per cent in the past five years.
People in North Wales and Merseyside now pay more than £800 a year (on average) for electricity, which is the highest in the UK.

"With bills predicted to skyrocket a further £600 in the spring, it is becoming more and more impossible for families to meet these costs.

"Not only are energy prices rising for the nation, but several areas of the UK are already dealing with the consequences of regional differences in electricity bills.

The statement below seams rather contradictory, as I thought NW was a leader in renewable energy.
"Energy generation across the UK isn’t equally powerful – while some regions have richer sources of fossil fuels and renewable energy, some regions struggle to generate energy as well as the rest of the UK, which leads to higher costs, and consumers having to pay a higher proportion of their wage towards energy."

https://www.dailypost.co.uk/news/north-wales-news/north-wales-electricity-prices-ranked-22806874?IYA-mail=a05105fc-304d-4c50-9807-edab51f779a4 (https://www.dailypost.co.uk/news/north-wales-news/north-wales-electricity-prices-ranked-22806874?IYA-mail=a05105fc-304d-4c50-9807-edab51f779a4)
Title: Re: Financial matters
Post by: Helig on January 20, 2022, 11:01:01 am
There is talk of the government paying energy companies to keep prices lower. Why not renationalise the energy firms to stop this mess continuing?
Title: Re: Financial matters
Post by: mull on January 20, 2022, 11:54:46 am
That's what I say----- Bring back MANWEB, and up here Hydro Electric.

We all knew were we stood in them days it is now a shambles, certain people making a lot of money while others are being pushed into poverty.
Title: Re: Financial matters
Post by: norman08 on January 20, 2022, 02:02:55 pm
Yes I agree get these companies back to ours,   Instead of the Tory mates getting big share payouts.
Title: Re: Financial matters
Post by: Hugo on January 23, 2022, 01:13:37 pm
The little-known boiler tip that could shave hundreds off your winter gas bill
Thrifty mum explains clever Octopus Energy hack that has saved her nearly £100 since the start of Decembe
r

https://www.dailypost.co.uk/news/north-wales-news/little-known-boiler-tip-could-22844758 (https://www.dailypost.co.uk/news/north-wales-news/little-known-boiler-tip-could-22844758)
Title: Re: Financial matters
Post by: SteveH on January 25, 2022, 02:53:54 pm
Spreading the cost of high gas prices over a number of years is the best way to deal with price spikes, the boss of one of the UK's biggest energy firms has said.

Octopus Energy's Greg Jackson said it was the only option able to "make a real difference to all customers".

Spreading the cost would mean consumers would avoid hefty increases to their energy bills, he said.

Energy costs are expected to jump in April when the price cap is revised.

In an email to customers, Mr Jackson said: "Spreading the cost of this sudden spike over several years will allow us to make the imminent April rise much, much smaller - more like £12 per month - and adjust prices to gradually cover the cost over time."

The price cap, which sets the maximum rate suppliers can charge for a default tariff, means the typical household should pay no more than £1,277.

The new level for the cap, which applies to England, Scotland and Wales, is due to be announced on 7 February.

cont https://www.bbc.co.uk/news/business-60127507 (https://www.bbc.co.uk/news/business-60127507)
Title: Re: Financial matters
Post by: SteveH on February 01, 2022, 03:40:29 pm
THE Winter Fuel support payment issued by the Welsh Government has been doubled to help families with the cost-of-living-crisis.

The £100 one-off payment is now being doubled to £200 to support eligible households with rising energy bills and costs.

Residents have until 18 February to apply.

Siân Gwenllian, Arfon MS, said: “It’s important that eligible households are aware of changes that mean the Winter fuel support payment will be doubled.

“For households across Arfon and Wales facing a cost-of-living crisis, an additional £200 could be essential.

“It’s increasingly expensive to heat our homes and the cost of food has risen, forcing more people into food poverty.

“That’s why I’m urging those that are eligible to apply for the payment.”

The Welsh Government’s website says those who have received the £100 payment do not need to apply for the second payment
Title: Re: Financial matters....Energy bills
Post by: SteveH on February 03, 2022, 11:42:19 am
BBC live reporting ...... follow here  https://www.bbc.co.uk/news/live/uk-60236456 (https://www.bbc.co.uk/news/live/uk-60236456)

"Consumers will receive a £200  discount??  on their electricity bills from October and this will automatically be repaid in equal £40 instalments over the next five years."   

Government to give £150 council tax rebate in April
Sunak says he will give people in council tax bands A to D a £150 council tax rebate in April.

It will mean 80% of council tax payers get the saving.

Summary
Chancellor Rishi Sunak is outlining plans to ease cost of living pressures after a record rise to the energy price cap
The average household's energy bill will rise by £693 annually after a 54% increase to the cap
The new cap for England, Wales and Scotland will take effect in April and affect 22 million households
Bills for the average customer on a default tariff will rise to £1,971 a year from £1,277
Prepayment customers will see an increase of £708 from £1,309 to £2,017
The cap, which limits how much providers charge per unit, is going up because of an unprecedented rise in gas prices
The increase will take effect amid a cost of living crisis, with people facing higher taxes and rising costs for food
Title: Re: Financial matters
Post by: SteveH on February 03, 2022, 01:44:14 pm
Many European countries are a step ahead of the British government, which has yet to announce plans to help homes facing annual bills of almost £2,000

Rachel Reeves: Tories have no answer to cost of living crisis
From milk to crisps: why the price of basic food items is rising
Jillian Ambrose Energy correspondent
Mon 31 Jan 2022 06.00 GMT

In the next week Great Britain’s energy regulator will announce the steepest rise ever in its energy price cap, effectively saddling millions of households with an annual energy bill of close to £2,000.

The blow to household finances follows almost six months of record high energy market prices because of the global gas crisis. Despite the deepening gloom facing bill payers, ministers are yet to agree a package of measures to prevent a national energy crisis.

After a fourfold surge in energy market prices across Europe, households will pay an average of 54% more for energy this year than in 2020, according to Bank of America. The bank warned that the biggest increases would be felt by Italy and the UK.

While European governments have moved to protect households from the full brunt of the global energy crisis, the UK government has remained silent. The UK’s failure to act comes despite desperate calls from groups representing vulnerable households, small businesses and economists, which fear that record high energy bills threaten to unlock economy-wide inflation and a cost of living crisis.

cont https://www.theguardian.com/business/2022/jan/31/as-uk-households-feel-pressure-how-are-other-european-countries-tackling-energy-crisis (https://www.theguardian.com/business/2022/jan/31/as-uk-households-feel-pressure-how-are-other-european-countries-tackling-energy-crisis)
Title: Re: Financial matters
Post by: SteveH on February 04, 2022, 09:41:58 am
31 hacks to help you cut your energy bills amid price cap crisis
Households are set to see steep hikes in their energy bills from April

With so many people set to face additional financial pressures, experts have shared 31 hacks that could help you to cut down your energy bills.

cont https://www.dailypost.co.uk/news/north-wales-news/31-hacks-help-you-cut-22981796 (https://www.dailypost.co.uk/news/north-wales-news/31-hacks-help-you-cut-22981796)
Title: Re: Financial matters
Post by: SteveH on February 09, 2022, 10:29:14 am
The places in North Wales set for the biggest and lowest energy price hikes this year
The Office for National Statistics has worked just how much more people on average will have to fork out this year

Average energy price hikes in North and Mid Wales
Ceredigion: Average energy bills in March 2021 - £1,092; Average energy bills in April 2022 - £2,064; Increase in energy bills after price hikes - £972
Gwynedd: Average energy bills in March 2021 - £1,016; Average energy bills in April 2022 - £1,920; Increase in energy bills after price hikes - £904
Powys: Average energy bills in March 2021 - £953; Average energy bills in April 2022 - £1,801 ; Increase in energy bills after price hikes - £848
Anglesey: Average energy bills in March 2021 - £918; Average energy bills in April 2022 - £1,735; Increase in energy bills after price hikes - £817
Denbighshire: Average energy bills in March 2021 - £895; Average energy bills in April 2022 - £1,692; Increase in energy bills after price hikes - £797
Conwy : Average energy bills in March 2021 - £841; Average energy bills in April 2022 - £1,589; Increase in energy bills after price hikes - £748
Flintshire: Average energy bills in March 2021 - £806; Average energy bills in April 2022 - £1,523; Increase in energy bills after price hikes - £717
Wrexham: Average energy bills in March 2021 - £738; Average energy bills in April 2022 - £1,395; Increase in energy bills after price hikes - £657

full article https://www.dailypost.co.uk/news/north-wales-news/places-north-wales-set-biggest-23022396?IYA-reg=a05105fc-304d-4c50-9807-edab51f779a4 (https://www.dailypost.co.uk/news/north-wales-news/places-north-wales-set-biggest-23022396?IYA-reg=a05105fc-304d-4c50-9807-edab51f779a4)
Title: Re: Financial matters
Post by: SteveH on February 09, 2022, 02:06:18 pm
Not helping the above situation ..............

Warning to millions of households as Smart Meter changes could see 'surge in pricing'
Energy regulator Ofgem has approved the major changes to the meters but claims it will actually save money

https://www.dailypost.co.uk/news/north-wales-news/warning-millions-households-smart-meter-23033739 (https://www.dailypost.co.uk/news/north-wales-news/warning-millions-households-smart-meter-23033739)
Title: Re: Financial matters
Post by: SteveH on February 15, 2022, 09:32:41 am
State Pension payments will increase in April, the Department for Work and Pensions (DWP) has confirmed.

The payments will rise in line with the Consumer Price Index (CPI) by 3.1% from April 11.

Commenting on the 3.1% increase coming into effect next year, the DWP said : “In taking this decision, the [UK] Government carefully considered the fairest approach for both pensioners and younger taxpayers, many of whom have been hardest hit by the financial impacts of the pandemic."

cont https://www.dailypost.co.uk/news/north-wales-news/state-pension-payments-go-up-23096983?IYA-mail=a05105fc-304d-4c50-9807-edab51f779a4 (https://www.dailypost.co.uk/news/north-wales-news/state-pension-payments-go-up-23096983?IYA-mail=a05105fc-304d-4c50-9807-edab51f779a4)
Title: Re: Financial matters
Post by: SteveH on February 16, 2022, 09:48:02 am
The benefits and drawbacks of having a smart meter installed at your house
Energy regulator Ofgem has recently approved major changes to how the devices work

According to the new report, from May smart meters will automatically send your energy supplier updates every 30 minutes.

Experts claim this move will allow a “surge in pricing” for millions of people across the UK, but suppliers insist that it could actually save money.

Business secretary, Kwasi Kwarteng, recently admitted that smart meters will become redundant if Britain ditches gas boilers in an effort to go green.

Current smart meters cannot monitor the flow of hydrogen - the renewable and producible fuel of the future.

This means tens of millions of new meters would have to be fitted, adding to the cost of the already multi-billion pound project.

cont https://www.dailypost.co.uk/news/north-wales-news/benefits-drawbacks-having-smart-meter-23103192 (https://www.dailypost.co.uk/news/north-wales-news/benefits-drawbacks-having-smart-meter-23103192)
Title: Re: Financial matters
Post by: Ian on March 09, 2022, 01:36:52 pm
For those who might be unaware, the Payment Service Regulations are changing from 1.4.02 and these changes are going to affect us all.

By the end of March 2022 payment institutions and e-money institutions must be ready to comply with:

    EBA guidelines on outsourcing, as per the FCA’s May 2021 statement (https://financialregulation.linklaters.com/post/102gyyb/the-fcas-expectations-regarding-firms-review-of-legacy-outsourcing-arrangements)
    changes to Brexit-related obligations as standstill relief ends (https://financialregulation.linklaters.com/post/102hbez/changes-to-take-effect-for-payment-transfers-between-uk-and-eu)
    the FCA’s annual financial crime reporting obligation

In practical terms this will mean more confirmations will be needed by online retailers before they can accept your credit card.  That will have problems for those of us who live in remote areas, with no mobile signal. Contact your bank if that's the case, and they will be able to send out a card reader for you to use at home.


Title: Re: Financial matters
Post by: SteveH on March 09, 2022, 01:55:28 pm
Thanks Ian, even in town we sometimes have problems, Mrs H arranged a card reader for us a few weeks ago, just in case, as over the past two years, most of our buying has been online.
Title: Re: Financial matters
Post by: SteveH on March 28, 2022, 03:25:04 pm
Sharp rises in standing charges on standard electricity bills will see customers face very different cost increases depending on where they live.

Customers in South Scotland, Merseyside, North Wales and the South West of England will see the daily payments double from April.

Those in London and the East of England will see increases of less than 60%.

All consumer bills include a standing charge; a fixed daily payment covering the costs of supply and other levies.

The regulator Ofgem caps them for consumers on standard default tariffs in England, Wales and Scotland, although the cap varies by region.

Standing charges are not the biggest part of an energy bill, but they are set to rise by more than £71 a year on average in April.

cont  https://www.bbc.co.uk/news/business-60878314 (https://www.bbc.co.uk/news/business-60878314)
Title: Re: Financial matters
Post by: SteveH on May 24, 2022, 10:05:47 am
State Pension could increase by £1,000 next year as inflation rises
The new amount could break the £200-per-week mark for the first time

The triple lock ties the State Pension to increase by either average earnings, inflation or 2.5% - whichever is higher. This means annual payments are set to rise to almost £10,600 - an increase of £1,000.

According to the Telegraph, the new State Pension could break the £200-per-week mark for the first time if the UK Government sticks to its pledge. This would be welcome news for pensioners, many of whom are on the lowest incomes.

Claimants of the State Pension will be buoyed by the promised re-implementation of the triple-lock, as April saw Chancellor Rishi Sunak announce just a 3.1 per cent increase in the benefit, despite the cost of goods increasing at twice the rate. Those on the old basic State Pension, people who retired before April 6, 2016, will get the same percentage uplift.

However, this will be on a smaller sum, as the old State Pension is lower. Labour's Jonathan Ashworth said pensioners "have been betrayed by Boris Johnson" over the decision to not immediately re-introduce the triple-lock - as many are facing energy bill increases of up to 54 per cent.

https://www.dailypost.co.uk/news/north-wales-news/state-pension-could-increase-1000-24039951 (https://www.dailypost.co.uk/news/north-wales-news/state-pension-could-increase-1000-24039951)

Title: Re: Financial matters
Post by: SteveH on May 27, 2022, 02:49:09 pm
Here's how you will get the £400 towards energy bills promised by Rishi Sunak
The cash forms part of a £15 billion-pound support package for people struggling amid the cost of living crisis

Energy suppliers will deliver this support to households with a domestic electricity meter over six months from October. Direct debit and credit customers will have the money credited to their account while customers with pre-payment meters will have the money applied to their meter or paid via a voucher.

cont https://www.dailypost.co.uk/news/north-wales-news/heres-how-you-400-towards-24077701 (https://www.dailypost.co.uk/news/north-wales-news/heres-how-you-400-towards-24077701)
Title: Re: Financial matters
Post by: SteveH on June 13, 2022, 09:29:25 am
Leading UK tech-led estate agent Purplebricks has analysed its property sales data over the first quarter of the year to reveal the top ten areas in 2022 where sellers have sold their properties in the shortest time.       ref   the leader

Conwy in Wales topped the table with vendors selling their properties, from the day their property was first published by Purplebricks to it being sold subject to contract (SSTC), on average in just 15.25 days.

Table of Purplebricks? top 10 fastest selling areas in England and Wales
Conwy, 15.25
Cumbria, 15.73
North Yorkshire, 16.49
Warwickshire, 17
South Yorkshire, 17.53
Dorset, 17.9
Cheshire, 18.02
Co. Durham, 18.05
Tyne & Wear, 18.37
Wiltshire, 18.46
Title: Re: North Wales 2022 Small Business Conference
Post by: SteveH on June 14, 2022, 09:56:01 am
The Federation of Small Businesses (FSB)  https://www.fsb.org.uk/  in Wales is delighted to confirm that its annual conference will take place in Dolgarrog, near Conwy at the Hilton Garden Inn hotel next to Adventure Parc Snowdonia on the 14th of July.

Hosted by broadcaster Sian Lloyd and with a strong line-up of speakers, this unmissable event will bring together businesses and experts to focus on how small businesses can accelerate their growth and plan for the future.

Three sessions throughout the day will examine the support your business can access from organisations such as FSB, Business Wales, local colleges and the Development Bank of Wales.

Small business will also hear also from financial experts from the Money and Pensions Service on how to protect the hard work you have put into your business by sound financial planning.

Our keynote speaker is Sid Madge of meee.global who will be sharing his insights into how professional branding and marketing can help your small business fly. Madge will be joined by Simon Dutton who will be delivering a session called Playing for Success, using LEGO? Serious Play?.

There will also be opportunities to network with the twenty exhibitors, other businesses and delegates, and micro, small and medium sized businesses from across the region, who are welcome to attend this free event.

Lunch will be provided, with refreshments throughout the day.

Mike Learmond, Development Manager for FSB in North Wales, said, After a challenging few years for small businesses, we are looking forward to welcoming them together to forward plan and learn from experts and each other. It will give small businesses in North Wales some much needed networking opportunities to share experiences, make new contacts and rekindle relationships with likeminded businesses.?
Title: Re: Financial matters
Post by: SteveH on July 06, 2022, 01:16:35 pm
Household energy bills to hit ?3,000 per year

All types of household energy bill are now heading above ?3,000 a year this winter, say energy industry sources.

The rise is 7% higher than the predicted prices on which the government's recently announced cost of living support package was based.

The government said it didn't recognise the figures, but added it and Ofgem "keep a close watch on energy prices".

National Energy Action said there were "few signs of energy prices becoming affordable this winter".

The bleak prediction comes as households are already struggling with rising food and fuel prices.

Read more    &shake&     https://www.bbc.co.uk/news/business-62056385
Title: Re: Financial matters
Post by: Hugo on July 06, 2022, 07:42:10 pm
I just can't get my head around the problem we are having with soaring energy prices, perhaps I am being a bit naive.      If the costs of obtaing energy have gone up to record levels it is also noted that Energy firms are making record profits from their customers
The Energy firms should think of their customers first and reduce the cost of the energy they supply rather than paying record dividends to their investors
The other alternative would be a windfall tax on the profits of the energy companies.    Perhaps Boris or the next PM  can do this because at the moment the poor are getting poorer while the rich are getting richer.   The gap between the two is getting wider and wider and the country can't afford to wait 2 more years for a change of Government
Title: Re: Financial matters
Post by: Helig on July 07, 2022, 11:43:13 am
I agree there is something very funny about this. I should like to know how companies who obtain most of their energy from renewables can charge such massive tariffs? They are not subject to prices of oil and gas etc. It has all the hallmarks of a rip off of consumers.

In yesterday's paper they covered the story of Lurpak being ?9 in some supermarkets. I have noticed that some items such as Heinz soup which was 95p a tin not long ago are now?1.55 a tin. It is hard to see how that can be justified.  I hope that when Boris b****s off there will be some sanity restored to government and this can be sorted out.

Up here petrol is nearly ?2 a litre while diesel is about ?2.02 a litre.
Title: Re: Financial matters
Post by: SteveH on July 07, 2022, 12:38:37 pm
Quote
Helig.......In yesterday's paper they covered the story of Lurpak being ?9 in some supermarkets. I have noticed that some items such as Heinz soup which was 95p a tin not long ago are now?1.55 a tin.

Tesco issues statement after shelves cleared of another major brand
This comes just one week after Heinz pulled products from Tesco after the UK's biggest supermarket refused to raise prices

?With household budgets under increasing pressure, now more than ever we have a responsibility to ensure customers get the best possible value, and we will not pass on unjustifiable price increases to our customers. We?re sorry that this means some products aren?t available right now, but we have plenty of alternatives to choose from and we hope to have this issue resolved soon.?

cont https://www.dailypost.co.uk/news/north-wales-news/tesco-issues-statement-after-shelves-24421828
Title: Re: Financial matters
Post by: SteveH on July 12, 2022, 10:16:27 am
Owners of expensive homes in Wales facing council tax hikes as 1.5m houses set for revaluation
The Welsh Government has unveiled proposals aimed at updating the council tax system and ensuring greater 'fairness'

Cardiff wants to revalue all 1.5 millions homes in Wales to ensure valuations are up to date and that people are ?paying the appropriate amount?. At the last revaluation, a third of households saw their bills rise and ministers believe wealth inequalities have since widened.

CONT PLUS 39 COMMENTS 

 https://www.dailypost.co.uk/news/north-wales-news/owners-expensive-homes-wales-facing-24460701?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589#comments-wrapper
Title: Re: Financial matters
Post by: SteveH on August 04, 2022, 01:40:15 pm
Household energy bills will change every three months under new plans aimed at avoiding price shocks.

Currently, the price cap - the maximum amount suppliers can charge their customers in England, Scotland and Wales - changes every six months.

Energy regulator Ofgem says the change means price rises and falls will be passed on to customers more quickly.

Energy bills soared in April and are expected to rise sharply again in October, when the cap goes up.

Ofgem said customers "face a very challenging winter ahead" and acknowledged the situation was "deeply worrying" for many people.

In May, Ofgem said the typical household should expect to see an ?800 increase to ?2,800 a year, but it now says prices are looking higher than when it made that estimate.

cont  https://www.bbc.co.uk/news/business-62408869
Title: Re: Financial matters
Post by: SteveH on August 06, 2022, 10:16:12 am
1.54 billion spent on bottled water UK per year. Volvic (french) top 149.7 Million  &shake&

We admit to buying bottled water [British]up to a few years ago, but stopped to help the plastic waste situation, we changed over to a jug filter system and reusable bottles, no problem at all, and obviously saves us money, not to be sneezed at these days.
Title: Re: Financial matters
Post by: SteveH on August 07, 2022, 09:57:54 am
House prices in Conwy have soared by an average of more than ?9,000 in the month of May, according to figures from the Land Registry.

The latest data from the government department reveals that in May 2022 average house prices in Conwy reached ?215,709.

This was up from ?205,772 in April, representing a 4.8 per cent increase. In the last 12 months it has risen by 13.9 per cent.

In cash terms, the average house price in May was ?32,210 higher than a year earlier with house price growth accelerating to 12.8 per cent in May 2022. Prices were up by 1.2 per cent month on month.   ref Pioneer/Zoopla

Title: Re: Financial matters...Post Office
Post by: SteveH on August 08, 2022, 12:59:14 pm
Brits have been warned that thousands of Royal Mail stamps are set to be unusable within months as a new system is set to be brought in. The postal service will be rolling out a new barcode system to replace the traditional stamp system.

The barcode system is said to be safer and will hopefully make it easier to send letters. It means that many people who are using stamps only have a few months to use them or lose them.

From January 31, 2023, you won't be able to use the current style of stamps that feature an image of The Queen 's head. Instead, only the new style stamps complete with their new barcodes will be valid, and you'll face a surcharge trying to use anything otherwise.

ALSO...
Royal Mail shake-up could see thousands waiting until 6pm for deliveries
It is part of plans to ensure they keep pace with competitors

cont  https://www.dailypost.co.uk/news/uk-world-news/royal-mail-shake-up-could-24697780
Title: Re: Financial matters
Post by: DVT on August 08, 2022, 02:59:34 pm
That was announced quite some time ago, and the "bar code" stamps have been available on sale and in use.  You can also trade in your "old" stamps for new ones.

What I cannot figure out is how the bar coding works.

I can understand the dots they add to your envelope as that could be a coding of your post code, but all the stamps will have the same bar code, the only variation being stamp value.

They also said, a while back, that if a letter for you arrives at the sorting office with an "old" stamp, then you have to collect it and pay for the privilege, as you do now if the package is "under-stamped".

About 20 years ago and before major use of e-mails my annual postage bill was about ?3,000 ... it's now about ?150.  Most of my mail comes in electronically as well.
Title: Re: Financial matters
Post by: Bri Roberts on August 08, 2022, 07:11:56 pm
Thank you for the reminder.

We have just returned 129 stamps.
Title: Re: Financial matters
Post by: SteveH on August 09, 2022, 09:51:16 am
Thank you for the reminder.
We have just returned 129 stamps.

That would have cost a lot, glad it was helpful.

Title: Re: Financial matters
Post by: Bri Roberts on August 09, 2022, 10:41:15 am
?117.65  ;)

I cannot understand why a question mark always replaces a pound sign.

Maybe Ian can please explain and correct it when he reads this post.
Title: Re: Financial matters
Post by: DVT on August 09, 2022, 02:03:21 pm
Possibly questioning the value of a pound!

I sometimes get the same thing when replying to e-mails, seems to depend on the format of the incoming message ... also if I use the Welsh letters a and o with the "to bach".

Just to try it ... ? ... ?


Editing after seeing what happened - yes, the letters with "to bach" have been replaced by the question mark.
Title: Re: Financial matters
Post by: SteveH on August 11, 2022, 10:00:38 am
'At what point is it enough to say no I can?t afford it': The stunned reaction to just how high energy bills are set to go
'I don't know how I am going to do this,' one person said

People have spoken of their worries about paying household energy bills this winter as bills could reach ?355 a month - with some calling the rise in prices "criminal." It comes after an energy analyst has said that household energy bills could surpass ?4,200 next year.

cont  https://www.walesonline.co.uk/news/cost-of-living/at-what-point-enough-say-24724651?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


More than 13,000 people have signed a petition demanding a guaranteed pension of ?200-a-week in the UK. A group of pensioners is calling for the weekly rate to go up in light of the cost of living crisis

The Silver Voices group, which successfully fought for free TV licences for the over-75s, wants the Government to set a new floor for the amount OAPs receive. It comes as households are engulfed by soaring energy costs, runaway inflation and food price hikes.

 ?The UK provides the worst state pension in the developed world, which is insufficient for life?s essentials, particularly with surging energy and food prices. After a lifetime of tax and national insurance contributions, older people deserve a minimum income of ?200 per week without recourse to the benefits system.?

cont https://www.walesonline.co.uk/news/cost-of-living/more-13000-sign-petition-calling-24725650?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on August 14, 2022, 10:08:31 am
Could not resist posting this headline......

                            Lowest income households hit hardest by soaring energy bills, says think-tank
Title: Re: Financial matters
Post by: DVT on August 14, 2022, 12:08:33 pm
Makes the think-tank worth every penny - and that's a penny more than they should be paid!

Title: Re: Financial matters
Post by: SteveH on August 15, 2022, 01:09:52 pm
Found a BBC page with links to various articles on the Cost of living crisis, maybe you will find something of interest...

https://www.bbc.co.uk/news/topics/cljev4jz3pjt
Title: Re: Financial matters
Post by: Ian on August 15, 2022, 04:14:17 pm
It's worth thinking about when France?where the electricity companies are state owned?is only raising energy costs 4% and we, where electricity is in private hands, are having to  endure raises of 200% plus. Privatisation was Thatcher's 'great idea', and now Truss wants to maintain that.

Combined with Brexit, we're in a mess.

Worth Watching (https://www.youtube.com/watch?v=ULfqhCNHQPA)
Title: Re: Financial matters
Post by: SteveH on August 16, 2022, 10:14:48 am
Excellent find, Ian.

A savvy homeowner was shocked when he discovered how much he had been paying to keep some of his household appliances on standby. In order to conserve energy and save money on his electricity bills, the man bought a usage meter to measure how much power any given device in the home was using.

cont https://www.dailypost.co.uk/news/cost-of-living/man-discovers-staggering-cost-keeping-24759729?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

Title: Re: Financial matters
Post by: Helig on August 16, 2022, 10:18:36 am
I think there is a very strong case for renationalising all essential public services. This would include energy companies, Royal Mail, water companies and trains. They have all declined to provide a reasonable standard of service at fair prices. I don't see why the government should give people handouts to make them able to pay their bills when the proceeds will fund the profits and dividends of the companies concerned.

The energy companies have ripped us all off for years. Royal Mail has put their prices up and up at the same time service has declined. They are proposing to reduce mail deliveries and want these to be Monday to Friday only. They are looking to cut deliveries to more remote areas. All this at nearly ?1 for a first class stamp. The water companies have exploited the public with high charges and they have treated the rivers etc like a sewage dump. Then there are the leaks which have been with us for years, despite them always saying they will do something to stop them, they do not. The trains are collapsing every time I go to Carlisle the departure board has more cancellations than trains that are running. Avanti has now stopped selling tickets and reduced the service. They had had their chance and wrecked it all. Bring them back to public control.
Title: Re: Financial matters
Post by: SteveH on August 17, 2022, 10:02:18 am
LIVE Cost of food and drink pushes UK inflation to 10.1%

Summary
The UK inflation rate has hit double digits - 10.1% - the Office for National Statistics says
It's a higher rate than analysts were predicting - the last time price rises were in double digits was in February 1982
Rising food and drink prices made the biggest contribution to the change in the inflation rate between June and July
Bread, cereals, milk, cheese and eggs had a particular impact on rising prices
But the cost of living is rising across the board, driven partly by energy costs and the Ukraine war but also factors such as the cost of raw materials

Read more https://www.bbc.co.uk/news/live/business-62566828

2nd article
UK inflation rate calculator: How much are prices rising for you?
Every month there's a new figure for inflation - it estimates how much prices are rising across all the goods and services in the economy.

In the 12 months to July 2022 the figure was 10.1%. That means things costing ?1 in July 2021 cost ?1.10 the same time the following year.

Our personal inflation calculator, built by the Office for National Statistics (ONS), shows you what the inflation rate is for your household, and identifies the items in your household budget that have gone up the most in price over the past year................

Cont/Calculator https://www.bbc.co.uk/news/business-62558817


Title: Re: Financial matters
Post by: SteveH on August 19, 2022, 10:10:18 am
Bills will reach almost ?3,600 from October, experts say in final prediction

It is a forecast that will pile pressure on the Government to take rapid action, and spells out pain for more than 20 million households

Families face a grim winter as experts predict the cap on energy bills will hit close to ?3,600 per year from October. They also expect it to rise again next year.

It is a forecast that will pile pressure on the Government to take rapid action, and spells out pain for more than 20 million households. The observation window ? when regulator Ofgem tracks the market to decide what the cap will be ? slammed shut on Thursday, so the prediction is more certain than ever.

cont https://www.dailypost.co.uk/news/north-wales-news/bills-reach-almost-3600-october-24796937
Title: Re: Financial matters
Post by: SteveH on August 20, 2022, 10:19:08 am
Cineworld Group could file for bankruptcy say reports with fears over sites in North Wales
Cineworld has sites in Llandudno Junction and Broughton Retail Park

cont https://www.dailypost.co.uk/news/north-wales-news/cineworld-group-could-file-bankruptcy-24802796?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on August 23, 2022, 09:56:55 am
British Gas confirm how customers can receive ?400 cost of living payment
British Gas said that direct debit customers will get the discount straight into their bank account each month

But instead of households being given the payment directly to pay their bills, it will go to the energy companies to apply a discount to your energy bills over the course of six months. This is set to start from October 2022, and will continue into the new year

October - ?66
November - ?66
December - ?67
January - ?67
February - ?67
March - ?67

cont https://www.dailypost.co.uk/news/cost-of-living/british-gas-confirm-how-customers-24824185
Title: Re: Financial matters
Post by: SteveH on August 25, 2022, 10:14:17 am
Quote from the DP this morning, followed by an interesting BBC article............

A renewal quote for a Michelin Guide hotel and restaurant has highlighted the "staggering" increases in energy prices facing businesses across Wales. The Hand at Llanarmon is an award winning Denbighshire site that pulls in food lovers from across the region and further afield.

But the owners are now facing potentially difficult decisions to make it through the winter after their energy firm's latest renewal quote came through. It shows a 400% increase in the cost of power - taking the monthly bill from ?1,900 to ?9,500.


BBC Article ..Inflation: Who is benefiting from soaring prices?

Many UK households and businesses are struggling with rising prices, but that's not the story for everyone.

The fastest rise in the cost of living for four decades means people are typically having to spend ?110 to get what ?100 bought them last year.

But some industries are benefiting from higher inflation and posting bumper profits. There are huge sums to be made if you're in the business of drilling for oil, trading wheat, transporting toys or selling fine wines.

So who's gaining from the extra spend?

Saudi Arabia's Aramco posted record profits between April to June, while BP cleared ?6.9bn in that period and Shell topped that with its profits of ?9bn worldwide.

Centrica, the parent company of British Gas, has seen profits rise five-fold due to its oil, gas and nuclear assets.

All of these companies will be faced with the government's 25% windfall tax on the profits they make from extracting UK oil and gas - this is intended to go towards helping households with rising bills. Yet for most of the energy giants, domestic extraction is a small part of their operations.

For example, the UK accounts for just a tenth of BP's overall oil and gas production.

Read more https://www.bbc.co.uk/news/business-62634983
Title: Re: Financial matters
Post by: SteveH on August 29, 2022, 10:05:43 am
What is the energy price cap and how high will bills go?

Energy bills for a typical household will rise to 3,549 a year on 1 October, when a new price cap is introduced.

With calls for more help with costs growing, plans to reduce bills for households using less energy at peak times are expected soon.

What is the energy price cap and what will I pay?
The 3,549 figure is not a limit on the amount you will actually pay for your energy. It is the annual bill for a typical household, now that the price cap has been increased.

Big energy users will pay more, and people who use less energy will pay less.

Read on......... https://www.bbc.co.uk/news/business-58090533
Title: Re: Financial matters
Post by: SteveH on August 31, 2022, 10:15:21 am
I heard the other day that CAB. the Citizens Advice Bureau, has taken on extra staff, and trained them how to deal with the financial crises.

It is suggested to phone for an appointment, as opening times can change.

Citizens advice bureau in Llandudno, Wales
Address: Eryl Wen, Eryl Pl, Llandudno LL30 2TX

Phone: 0344 477 2020
Title: Re: Financial matters
Post by: SteveH on September 06, 2022, 10:11:05 am
Three stories this morning that could affect our finances ...............

Property ?extension tax? a possibility in Wales as council taxes undergo biggest shake-up in 20 years
The Welsh Government may also change the 25% council tax discount received by some people who live alone in Wales

Some 58,000 households in Wales could be moved into different council tax bands because they have improved or altered their properties. Plans being considered by the Welsh Government may also see changes to the 25% council tax discount received by some of the half-a-million people who live alone in Wales.

The proposals, part of a shake-up of the council tax system in Wales, include a revaluation of all 1.5 million properties in Wales to ensure valuations are up-to-date and people are paying the right amounts. This would enable different property price bands to be created ? with new tax rates for each band.

Read more https://www.dailypost.co.uk/news/north-wales-news/property-extension-tax-possibility-wales-24934259?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


Dinner after 8pm and don't put on the washing 'to avoid winter blackouts'
Expert believes energy rationing may have to return this winter to avoid the lights going out

Read more https://www.dailypost.co.uk/news/north-wales-news/dinner-after-8pm-dont-put-24929908?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


Martin Lewis says households still have to pay even if they don't use energy
Regardless of how much you use, people still have to pay a standing charge for gas and electricity

Read more https://www.dailypost.co.uk/news/north-wales-news/martin-lewis-says-households-still-24939620?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters....postage stamps
Post by: SteveH on September 10, 2022, 02:26:24 pm
Royal Mail has announced that stamps bearing the image of the Queen will remain valid.

The news comes following the tragic death of Queen Elizabeth II who died on Thursday, September 8. Special stamps already announced will still be issued, although there may be some changes to when they are launched.

A Royal Mail statement said: ?Following the passing of HM Queen Elizabeth II, Royal Mail has confirmed that stamps bearing the image of Her Majesty Queen Elizabeth II remain valid for use. These include definitive stamps ? regular ?everyday? stamps ? and special stamps.
Title: Re: Financial matters
Post by: SteveH on September 13, 2022, 09:56:44 am
Anyone still using paper ?20 and ?50 noted have just over three weeks until they will no longer be able to purchase good with their money.

The Bank of England says the banknotes will only be in circulation for a further 24 days

September 30 is the last day that the Bank?s paper ?20 and ?50 banknotes will have legal tender status.

It is encouraging anyone who still has them to use them or deposit them at their bank or a Post Office before the end of September.

https://www.northwalespioneer.co.uk/news/21322693.bank-englands-september-warning-anyone-uses-20-50-notes/
Title: Re: Financial matters
Post by: SteveH on September 21, 2022, 10:07:57 am
Which countries are doing the most to tackle energy bills?
Energy bills have been rising for households across Europe in recent months. The price increases are being driven by rising energy demands and worries about gas and oil supplies in the wake of Russia's invasion of Ukraine.

Individual countries, and the European Union (EU), have announced support - worth many billions of pounds - to help people struggling to meet their energy costs.

Here's what they're doing:   https://www.bbc.co.uk/news/61522123


2nd story
Prices are shooting up and millions of people are starting to feel the effects.
The new prime minister has announced some help with energy bills, capping a typical household bill at ?2,500, but many will still be watching their wallets as we head into autumn.

Here are some of the key dates and events in the coming weeks that are almost certain to mean more belt-tightening.

cont https://www.bbc.co.uk/news/business-62568027
Title: Re: Financial matters..Live report mini budget
Post by: SteveH on September 23, 2022, 10:39:02 am
BBC live report on Mini Budget..At a glance: What's in the mini-budget? https://www.bbc.co.uk/news/business-62920969

Posted at 10:3010:30
What has been announced?
- The basic rate of income tax will be cut by 1p to 19p from April 2023

- The 45p tax rate for top earners over ?150,000 will be abolished, also from April next year

- The level at which house-buyers begin to pay stamp duty is doubled from ?125,000 to ?250,000

- First-time buyers will pay no stamp duty on homes worth ?450,000, up from ?300,000

- Planned rise on corporation tax from 19% to 25% is scrapped

- A 1.25% rise in National Insurance to be reversed from 6 Novemnber

- Cap on bankers' bonuses, which limited rewards to twice the salary level, is axed

- Cost of subsidising both domestic and business energy bills will cost ?60bn for the next six months

-Strike action: unions will be required to put offers to members during pay talks

- UK to introduce sales tax-free shopping for overseas visitors

Live report  https://www.bbc.co.uk/news/live/uk-politics-62994747
Title: Re: Financial matters
Post by: Helig on September 23, 2022, 11:18:23 am
A typical Tory budget. They talk of Levelling Up, do they mean making the rich even richer? That will be the outcome of this budget. As Nye Bevan said the Tories are, "lower than vermin". That is an insult to vermin.
Title: Re: Financial matters
Post by: SteveH on September 24, 2022, 10:09:40 am
We older post war folk, did not need a tough talk, we were grateful for what we got, and realised it was not possible to have more, which is why we worked hard to get what we wanted.    signed Victor Meldrew ! !

Mini-budget: Parents facing tough talks with children over bills    {Not a particular good example}

cont https://www.bbc.co.uk/news/uk-wales-62996411
Title: Re: Financial matters
Post by: SteveH on September 26, 2022, 10:37:02 am
The pound has fallen to a record low against the dollar as markets react to the UK's biggest tax cuts in 50 years.

If the pound stays at this low level against the dollar, imports of commodities priced in dollars, including oil and gas, will be more costly.

Other goods from the US could also be considerably more expensive and British tourists visiting America will find that their holiday money does not go as far as before sterling's slide.

There are also concerns that the tax cuts and a surge in government borrowing will stoke high inflation and force the Bank of England to raise interest rates even further. This would raise monthly mortgage costs for millions of homeowners.

cont https://www.bbc.co.uk/news/business-63030208
Title: Re: Financial matters
Post by: Helig on September 26, 2022, 11:16:02 am
I watched Sky News this morning and they were talking of another rise in interest rates TODAY. The farce they called a "fiscal event" is inflationary and will cause interest rates to go higher still. I dread to think what the outcome of the enormous levels of government borrowing will be. I do wonder if they are going to create one dreadful mess and rely on Labour getting in next time to sort it all out.
Title: Re: Financial matters
Post by: Ian on September 26, 2022, 12:11:00 pm
Classic 'poisoning the well' tactic.
Title: Re: Financial matters
Post by: SteveH on September 27, 2022, 10:28:07 am
Welsh Government's options for income tax and 'stamp duty' in Wales after 'mini-Budget'
Ministers in Wales have control over the tax on house purchases and some powers over income tax rates

Finance minister Rebecca Evans held meetings over the weekend to discuss how the Welsh Government will respond. She will issue a statement to the Senedd on Tuesday to update what is happening here.

cont https://www.dailypost.co.uk/news/north-wales-news/welsh-governments-options-income-tax-25106550
Title: Re: Financial matters
Post by: SteveH on September 28, 2022, 10:41:26 am
Tax on buying homes in Wales has changed - with some paying less and others more
The threshold for paying Land Transaction Tax is being increased from ?180,000

cont https://www.dailypost.co.uk/news/north-wales-news/tax-buying-homes-wales-changes-25118852
Title: Re: Financial matters
Post by: SteveH on September 29, 2022, 09:54:54 am
Households urged to take energy meter readings ahead of October 1 price rise
Bills set to soar from next month and consumers are preparing to cut down usage in order to save money

This will prevent firms from estimating usage and charging for energy used before October 1, but at the higher rate. The average household energy bill will rise from ?1,971 to a frozen ?2,500 under the energy price guarantee announced by Prime Minister Liz Truss earlier this month.

cont https://www.walesonline.co.uk/news/uk-news/households-urged-take-energy-meter-25132505?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on September 30, 2022, 10:23:14 am
I am confused, I thought the maximum anybody would pay is 2,500 pounds, this article is saying you could pay 3,300 pounds, would be grateful for an explanation, please anyone know whats going on ?

Cost of living: Energy bills set to rise but help cushions blow

Energy prices will rise for millions of households on Saturday, but the increase has been cushioned by a government cap on the cost per unit.

It stepped in after an 80% increase in domestic gas and electricity bills was earmarked for the first half of winter.

A typical annual bill will go up from 1,971 to 2,500 but will be further mitigated by cost-of-living payments.

But prices will still be twice as high as last winter, and charities say that will leave many struggling.

The squeeze will be particularly acute for those on prepayment meters, who pay for energy as they use it, and so have largely been unable to smooth out increased bills over the year.

"The most vulnerable, including children, will be cold and hungry as energy prices spiral, despite government support," said Adam Scorer, from charity National Energy Action.

People paying by direct debit tend to build up credit during the warmer, lighter summer months which then funds some of their extra use during the winter.

cont https://www.bbc.co.uk/news/business-63073978

Title: Re: Financial matters
Post by: Hugo on September 30, 2022, 04:03:22 pm
The price of energy goes up from the 1st October 2022 so I'll take a meter reading and a photo of the reading later this evening.    I'm going to make sure that the units I've used are calculated and paid at the lower rate and not at the new rate
Title: Re: Financial matters....Petrol prices rise ?
Post by: SteveH on October 06, 2022, 09:56:35 am
Some of the world's top oil-producing countries have agreed to cut the amount they export in a decision expected to raise petrol prices around the world.

Members of Opec+ - a group that includes Saudi Arabia and Russia - said they would slash production by two million barrels per day.

The group said it wanted to stabilise prices, which have fallen in recent months as the world economy slows.

But the decision raised fears that prices for motorists will climb.

Expectations that countries were planning to pump less had already pushed oil prices higher this week. The price of a barrel of Brent crude jumped another almost 2% to more than $93 (?82) a barrel on Wednesday.

A spokesman for the RAC motoring group said the reduction announced on Wednesday would "inevitably" lead to higher oil prices, forcing up the wholesale cost of fuel.

"The question is when, and to what extent, retailers choose to pass these increased costs on at their forecourts,"

cont https://www.bbc.co.uk/news/business-63149044
Title: Re: Financial matters
Post by: SteveH on October 07, 2022, 10:28:13 am
The UK has opened a new licensing round for companies to explore for oil and gas in the North Sea.

Nearly 900 locations are being offered for exploration, with as many as 100 licences set to be awarded.

The decision is at odds with international climate scientists who say fossil fuel projects should be closed down, not expanded.

They say there can be no new projects if there is to be a chance of keeping global temperature rises under 1.5C.

Both the Intergovernmental Panel on Climate Change (IPCC), the global body for climate science and the International Energy Agency (IEA) have expressed such a view.

Climate change: New fossil fuel funding is 'delusional' says UN chief
Would more UK gas actually bring down prices?
Business Secretary Jacob Rees-Mogg says the new exploration will boost energy security and support skilled jobs.

And supporters of new exploration insist it is compatible with the government's legal commitment to reach net zero greenhouse gas emissions by 2050. They say the North Sea fossil fuel will replace imported fuel and so have a lower carbon footprint in production and transportation.

Licences are being made available for 898 sectors of the North Sea - known as blocks.

"Putin's illegal invasion of Ukraine means it is now more important than ever that we make the most of sovereign energy resources," Mr Rees-Mogg said in a statement.

cont https://www.bbc.co.uk/news/science-environment-63163824
Title: Re: Financial matters.........Update
Post by: SteveH on October 07, 2022, 02:44:59 pm
Update on above....

Nicola Sturgeon is not fooling anyone, she wants it all for Scotland..................   $angry$

Scotland's first minister has criticised UK government plans to issue up to 100 new North Sea oil and gas exploration licences.

The government says it will make the UK more self-sufficient and create jobs.

But Nicola Sturgeon said she had not seen any evidence to justify the expansion on environmental or energy security grounds.

She also said the current system of climate compatibility checks was not robust enough.

Ms Sturgeon wants a much faster transition to renewable energy production, which she sees as a better route to economic growth.

The first minister, who is also SNP leader, was speaking in Aberdeen ahead of her party's annual conference which opens on Saturday, with her speech to delegates scheduled for Monday afternoon.

https://www.bbc.co.uk/news/uk-scotland-63170734
Title: Re: Financial matters
Post by: SteveH on October 08, 2022, 10:10:47 am
One energy supplier is predicting households could earn around ?100 over the winter through a scheme to reduce peak-time energy use.

Octopus Energy said it expects to pay on average ?4 each time a customer responds to a request to cut back.

National Grid will announce full details of the scheme, which can be adopted by all energy suppliers, later this month.

The grid operator said some customers might get as much as ?10 a day.

The cash incentive is to persuade people to wait until later on to run their washing machine, tumble dryer, or dishwasher, and to not charge their electric car if demand is already high.

The scheme, set to start next month and run until March 2023, aims to help the UK avoid blackouts, by reducing energy consumption at peak times.

cont https://www.bbc.co.uk/news/business-63175030
Title: Re: Financial matters
Post by: SteveH on October 14, 2022, 09:58:36 am
People in north Wales, Cheshire and parts of Merseyside pay the highest rate for their electricity under the government's Energy Price Guarantee.

Customers in this region pay 36p a unit compared with the average of 34p, and the lowest of 32p, new figures show.

Over a year, those on a typical direct debit dual-fuel bill will pay ?121 more than those in the cheapest region.

North Wales and Mersey - known as ManWeb - stretches from Aberystwyth to Anglesey, and as far east as Warrington and Crewe, including Liverpool. There are around 1.4 million households in the region.

It is not the most expensive region for gas, paying just a fraction above the average of 10.3p. That still leaves a typical dual-fuel bill for electricity and gas the most expensive at ?2,566 a year, higher than the typical ?2,500 stated by the government for its Guarantee.

The cheapest region for electricity is the northeast of England, where 1.5 million households now pay just over 32p for each unit. Typical households in this region will pay around ?2,445 a year.

cont https://www.bbc.co.uk/news/business-63205245

Title: Re: Financial matters
Post by: Helig on October 14, 2022, 10:47:55 am
How much are the standing charges in your area? Up here it is about 50p per day which is excessive. They don't seem to factor in the fact that the north of England and Scotland are colder and wetter than the rest of the UK. I should have thought they should have taken that into account when they were calculating the assistance on offer. The costs of heating and energy are far higher up here.
Title: Re: Financial matters
Post by: SteveH on October 16, 2022, 10:28:17 am
How much are the standing charges in your area? Up here it is about 50p per day which is excessive. They don't seem to factor in the fact that the north of England and Scotland are colder and wetter than the rest of the UK. I should have thought they should have taken that into account when they were calculating the assistance on offer. The costs of heating and energy are far higher up here.

Helig, I believe we are about the same, but if it is different I will let you know.


Savings rates hot up after years of low returns
Savers are finally being offered better rewards from providers after years of low interest rates, but some deals are being pulled within hours.

Experts say banks and building societies are leapfrogging each other on best-buy tables as they advertise new products with better returns.

This is the flipside of more expensive mortgages seen in recent weeks.

Many providers are raising money by attracting savers which helps them to lend mortgages and other loans.

However, when they have brought in the money they need, their deals are being withdrawn before they become oversubscribed.

"Things are changing so quickly that people are in danger of missing the peak," said Anna Bowes, of independent comparison service Savings Champion.

cont https://www.bbc.co.uk/news/business-63218331
Title: Re: Financial matters
Post by: SteveH on October 18, 2022, 09:47:44 am
Jeremy Hunt scraps almost all mini-budget as Liz Truss battles to remain PM

cont https://www.bbc.co.uk/news/uk-63284391
Title: Re: Financial matters
Post by: SteveH on October 19, 2022, 10:24:14 am
Inflation rises to 10.1% and could be good for pensioners and Universal Credit
This is the figure the Government should use to determine how much DWP benefits will be from April

cont https://www.walesonline.co.uk/news/uk-news/inflation-rises-101-could-good-25297591?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


Inflation: Soaring bread and meat costs push price rises back to 40-year high
Soaring food prices have pushed the increase in the cost of living back up to the 40-year high seen in July.

The Bank of England has said inflation could peak at 11% this year.

cont / stats https://www.bbc.co.uk/news/business-63301383



Title: Re: Financial matters
Post by: SteveH on October 20, 2022, 10:20:35 am
Typical household energy bills could reach ?4,347 a year from April after the government said it would scale back support, an analyst has estimated.

Cornwall Insight's forecast comes after the chancellor said the energy bill help, which had been due to last for two years, would be cut in April.

The government said the most vulnerable would continue to be protected from soaring energy prices.

The forecasts could change depending on movements in wholesale energy prices.

The new Chancellor, Jeremy Hunt, announced the change to the energy price support as part of a package of measures designed to save money after the government's mini-budget left a big projected hole in the public finances.

On Monday, he said "it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices".

cont https://www.bbc.co.uk/news/business-63298057                        :( :( :( :(
Title: Re: Financial matters
Post by: SteveH on October 21, 2022, 10:18:52 am
Official figures show a gloomy picture for the UK economy with government borrowing up and people shopping less than before the coronavirus pandemic.

Retail sales volumes fell more than expected by 1.4% last month, continuing their slide from August.

Meanwhile, government borrowing rose to its second highest September on record.

"Consumers are now buying less than before the pandemic," Darren Morgan, from the Office for National Statistics (ONS) which released the figures, said.

He added: "Retailers told us that the fall in September was partly because many stores were closed for the Queen's funeral, but also because of continued price pressures leading consumers to be careful about spending."

It comes as the cost of living crisis continues to squeeze household budgets.

cont https://www.bbc.co.uk/news/business-63340725
Title: Re: Financial matters
Post by: SteveH on October 24, 2022, 10:09:53 am
Another reminder, just in case.......

Royal Mail: 100 days left to use stamps without a barcode

Royal Mail is urging people to use up stamps that do not have a barcode by 31 January, when they will no longer be valid for postage.

It says the deadline in exactly 100 days affects "everyday" stamps featuring the late Queen's profile.

Barcoded stamps were introduced in February to make deliveries more efficient and improve security.

Customers will still be able to use themed, commemorative and non-barcoded Christmas stamps after the deadline.

Anyone unable to use older everyday stamps by 31 January will be able to exchange them for newer barcoded ones free of charge. Royal Mail says that, at present, there is no end date for when the older stamps can be swapped.

Royal Mail's advice is not connected to the change of monarch. It says further details on the launch of stamps featuring King Charles will be made at the appropriate time after consultation with the Royal Household.    ref BBC
Title: Re: Financial matters
Post by: DVT on October 24, 2022, 03:59:30 pm
Can anyone explain how those bar codes will improve the service - making deliveries more efficient and secure?  I have scanned them and get a link to a site I cannot access, but I have heard that it is "Shaun the Sheep"!
Title: Re: Financial matters
Post by: SteveH on October 26, 2022, 10:27:35 am
Energy bill help for all is too expensive, warns the World Bank

It is too expensive for governments to help everyone with their soaring energy bills, the World Bank has warned.

The bank's president said Covid support schemes had not been targeted enough towards the most vulnerable and the debt will take decades to pay off.

David Malpass told the BBC the same policy was being adopted to help people cope with rising energy bills.

"Governments are saying we will take care of everyone, which is just too expensive," he said.

It is pushing global debt to record levels and people at the bottom of the income scale are hardest hit, he said.

What is the energy price cap and what will happen to bills?
When are the ?400 rebate and other cost-of-living payments due?
It comes as separate research suggests the UK's own energy support scheme is far too expensive in its current form.

The government is limiting average bills for households using a typical amount of energy to ?2,500 a year for six months, but will review the support offered from April.

The National Institute of Economic and Social Research said the current scheme could cost some ?30bn because it was untargeted.

It also said households could save up to ?20bn per year if they were incentivised to invest in energy-saving measures like solar panels.

cont https://www.bbc.co.uk/news/business-63386350
Title: Re: Financial matters
Post by: SteveH on October 30, 2022, 09:24:47 am
British Gas-owner Centrica has reopened its giant gas storage facility to boost the UK's supply over the winter.

The energy firm said the site would allow for "cheaper gas" to be stored for the colder months and help "reduce or stabilise costs" for households.

The move comes after the UK's energy regulator said homes could face power cuts of up to three hours if gas supplies run low.

Centrica said reopening Rough was "not a silver bullet for energy security".

But it added: "It is a key part of a range of steps which can be taken to help the UK this winter."

The war in Ukraine has prompted fears over the security of gas supplies across Europe after Russia squeezed shipments.

While the UK does not rely on Russia for gas - it gets the majority from the North Sea and Norway - there are concerns supplies could run low as other countries scramble to secure alternative sources.

cont https://www.bbc.co.uk/news/business-63423600
Title: Re: Financial matters
Post by: SteveH on October 31, 2022, 09:45:20 am
What to do if you think you're being overcharged for energy bills
Ofgem has issued a warning to energy suppliers after several companies were found to be taking too much money from customers

cont https://www.dailypost.co.uk/news/north-wales-news/what-you-think-youre-being-25376372


British Gas confirms it will reward you for using appliances at night                 [I believe you need to be on a Smart meter]
Energy giant confirms customers will be paid to use electricity outside of peak times this winter

Octopus Energy, which piloted the ESO scheme earlier this year, was the first supplier to officially sign up to the new initiative. It expects to pay customers ?4 on average during peak times between November and March through its Saving Sessions service. Octopus says this will add up to ?100 over winter, if a customer cuts their electricity use by 1kWh once or twice a week, up to around 25 times in total.

cont https://www.inyourarea.co.uk/news/british-gas-confirms-it-will-pay-customers-to-use-washing-machines-at-night/
Title: Re: Financial matters
Post by: SteveH on November 04, 2022, 10:20:19 am
Bank of England: Five things we now know about the UK economy

The outlook for the UK's economy is fairly bleak.

The Bank of England raised interest rates again on Thursday and has warned the UK is heading for its longest recession since the 1930s Great Depression.

Here are five things we learned from the central bank about the future of the economy.....https://www.bbc.co.uk/news/business-63497379


Title: Re: Financial matters
Post by: SteveH on November 07, 2022, 10:20:40 am
Rain in Norway could mean lower energy bills in the UK
The Scandinavian country won't have to restrict our supplies with the wet weather boosting their hydroelectric power resources for their own people

Downpours in the Scandinavian country will mean that we will continue to receive a regular supply of energy from our Nordic friends. And this will result in energy bills being kept at a minimum, something to be cheered as we continue to plod through the current cost-of-living crisis.
cont https://www.walesonline.co.uk/news/uk-news/rain-norway-could-mean-lower-25450093?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


Cost of living: Second-hand shopping in vogue as prices rise
"There's definitely been a stigma around buying second-hand in the past," she said.

"Maybe people have been embarrassed by it and thought others would think they're struggling.
"But I just think mindsets are changing - obviously it does save you a lot of money but also stops things ending up in landfill."

cont https://www.bbc.co.uk/news/uk-wales-63500003
Title: Re: Financial matters
Post by: SteveH on November 11, 2022, 10:39:12 am
The UK appears to be heading into recession after the latest official figures showed the economy shrank between July and September.

The economy contracted by 0.2% during the three months as soaring prices hit businesses and households.

A country is in recession when its economy shrinks for two three-month periods in a row. The UK is expected to be in one by the end of the year.

The Bank of England has forecast a "very challenging" two-year recession.

A recession has been widely expected in the UK due to the prices of goods such as food, fuel and energy soaring, which is down to several factors, including the war in Ukraine.

cont https://www.bbc.co.uk/news/uk-63582201
Title: Re: Financial matters
Post by: Ian on November 11, 2022, 10:43:36 am
I know many of us will have been switched to 'smart' meters but you can reject these and even refuse to have them fitted. We did and had ours removed nine months after it had been fitted.

We have no mobile signals where we live, but looking at what's happening with the companies now I think it was the right decision.
Title: Re: Financial matters
Post by: SteveH on November 11, 2022, 10:50:48 am
I know many of us will have been switched to 'smart' meters but you can reject these and even refuse to have them fitted. We did and had ours removed nine months after it had been fitted.

We have no mobile signals where we live, but looking at what's happening with the companies now I think it was the right decision.

Despite the aggravation of having to burrow under the stairs to read the meter once a month, we too have rejected the many offers of a Smart meter.
Title: Re: Financial matters
Post by: Hugo on November 11, 2022, 02:51:00 pm
Apart from not having to read the meter once a month, what benefits do you get from having a smart meter?       It's not as if you get cheaper energy or any other incentive  by using one.     
Title: Re: Financial matters
Post by: SteveH on November 11, 2022, 03:00:14 pm
Apart from not having to read the meter once a month, what benefits do you get from having a smart meter?       It's not as if you get cheaper energy or any other incentive  by using one.     

I believe you need a Smart meter to be considered for this......... Octopus customers could get ?100 by reducing energy use
Octopus Energy will pay, on average, 4 pounds per kWh for customers who reduce their energy at certain times

cont https://www.energylivenews.com/2022/10/10/octopus-customers-could-get-100-by-reducing-energy-use/#:~:text=Big%20Zero%20Report%202022&text=Octopus%20Energy%20has%20announced%20it,next%20month%20until%20March%202023.
Title: Re: Financial matters
Post by: Hugo on November 11, 2022, 04:53:21 pm
A fair point Steve but I prefer my meals at the normal times so I'll persevere for now at least.     I'm pleased with your recommendation of Octopus Energy and am quids in at the moment  ( nearly 1K )  but I expect this surplus to drain very quickly now that the cold weather is coming
Title: Re: Financial matters
Post by: Helig on November 12, 2022, 10:54:59 am
I had a smart meter for about 6 months and discovered it cost about ?1.70 a week to run it. No wonder they are so keen. On the Martin Lewis Money Show this week they covered situations where people with smart meters had them used to convert the customers over to a prepayment meter without their knowledge, or agreement. No one knew they could be used for this purpose and it came as a shock to those concerned. One of them had no notice this would happen and they were left with no power until such time as they could put money on it. It is sneaky of the energy companies to engage in these dirty tricks. I wouldn't touch a smart meter again, the energy companies are able to identify what people are using and when. It is another step towards the surveillance society.
Title: Re: Financial matters
Post by: Hugo on November 15, 2022, 05:49:43 pm
This adds to the point Steve raised and if it suits anyone then it all helps.      Personally I believe that the energy companies should not raise their prices as they are all having record profits.   It's affecting the majority of people in the UK in a bad way and the only ones getting any benefit out of it apart from the energy companies are the Tory Party and the share holders in those companies
I remember many years ago when the Government of the day asked the population to cut back on their usage of energy and people did just that.   The only downside was that because we were using less power the companies had less profit so they increased their prices.  Quite ironic when you think about it now, we just can't win!

https://www.dailypost.co.uk/news/cost-of-living/energy-companies-eon-next-utilita-25520650
Title: Re: Financial matters
Post by: SteveH on November 16, 2022, 10:21:21 am
Maybe this will help.........

DWP claimants to get 1,100 added to accounts from new cost of living payments
Benefit claimants and pensioners will both receive a cash boost from new cost of living payments

Certain members of the British public could be set to get a 1,100 cash boost under Rishi Sunaks plans for more cost of living payments. The Prime Minister and Chancellor Jeremy Hunt are currently working out the final details of the fiscal statement, which will be announced on Thursday.

Under the reported proposals, benefit claimants will get 650, while pensioners will get 300 and there will be an additional 150 disability payment to boot. A Government source said: Rishi saw his cost of living plan work last time and so is sticking with it again?.

cont https://www.dailypost.co.uk/news/cost-of-living/dwp-claimants-1100-added-accounts-25523118
Title: Re: Financial matters
Post by: SteveH on November 17, 2022, 10:27:12 am
The chancellor will set out his plan for stabilising the UK economy and reducing inflation in his Autumn Statement at 11:30

Jeremy Hunt will pledge to face the economic "storm", as he announces around ?30bn in spending cuts and ?24bn in tax rises
Freezes to tax thresholds will mean millions of people will be paying more tax on their incomes over time

Support for energy bills is expected to remain in place - but become less generous from April 2023

There will be an increase in the National Living Wage from the current level of ?9.50 an hour for over-23s

The point at which the highest earners start paying the top rate of tax will be lowered to ?125,000 from ?150,000
And Hunt is also set to announce a 10% rise in the state pension, benefits and tax credits in line with September?s inflation figure

His plan is seen as crucial for restoring economic stability and credibility after former chancellor Kwasi Kwarteng's mini-budget sparked
market turmoil

Live BBC reporting throughout the day......... https://www.bbc.co.uk/news/live/uk-63591754
Title: Re: Financial matters
Post by: SteveH on November 17, 2022, 01:18:52 pm
Update...... Recap: Here are the chancellor's main announcements

Let's rewind a bit and take a look back at what we've heard from Jeremy Hunt today:

Taxation and wages:
The threshold for when the highest earners start paying the top rate of income tax will be brought down from ?150,000 to ?125,140
Income tax, personal allowance and higher rate thresholds will be frozen for a further two years, until April 2028
The main National Insurance and inheritance tax thresholds will be frozen for a further two years, until April 2028
The National Living Wage will be increased from ?9.50 an hour for over-23s to ?10.42 from April next year
Tax-free allowances for dividend and capital gains tax is due to be cut next year and in 2024

Energy:
Help for energy bills will be extended, but it will be less generous
There will be targeted support with the cost of living for those on low incomes, disability and pensioners
A Windfall tax on the profits of oil and gas firms will increase from 25% to 35% and extended until March 2028
New "temporary" 45% tax on companies that generate electricity will be applied from January

Economy and public finances:
The Office for Budget Responsibility (OBR) judges the UK to be in recession, meaning the economy has slowed for two quarters in a row
It predicts growth for this year overall of 4.2%, but size of the economy will shrink by 1.4% in 2023
UK's inflation rate predicted to be 9.1% this year and 7.4% next year
Government will give itself five years to hit debt and spending targets, instead of the current three years

Other measures: cont https://www.bbc.co.uk/news/live/uk-63591754
Title: Re: Financial matters
Post by: DVT on November 17, 2022, 03:36:54 pm
Regardless of your political persuasion there are some very sensible moves in there.

Notably, higher earners to pay more tax and EV cars to pay "road tax" (I guess that will not apply to existing cars in the same way that diesels back on 2014 still don't pay tax) Plus pensioners get a good pay rise!
Title: Re: Financial matters
Post by: SteveH on November 18, 2022, 10:51:42 am
What the Autumn Statement means for you and the cost of living

With the cost of living rising at its fastest rate for 41 years, this is going to be a tough winter for many people.

Chancellor Jeremy Hunt has outlined plans designed to tackle rising prices and restore the UK's credibility with international markets.

It will mean further pain for many, but the chancellor argues that the most vulnerable in society are being protected. Here are some of the ways the Autumn Statement will affect you.

More details..... https://www.bbc.co.uk/news/business-63635582
Title: Re: Financial matters
Post by: SteveH on November 19, 2022, 10:24:24 am
Energy bills have been rising for households across Europe as prices have been driven up by worries about gas and oil supplies after Russia's invasion of Ukraine.

Individual countries, and the European Union (EU), have announced support schemes for consumers.

Here's what they're doing:         https://www.bbc.co.uk/news/61522123

Title: Re: Financial matters
Post by: SteveH on November 20, 2022, 10:24:12 am
A father-of-four got the shock of his life after British Gas tried to raise his direct debit from ?350 to a whopping ?1,320 a month. And Andy Hirst said he worries there could be thousands more British Gas customers who are suddenly going to get hit with massive increases on their direct debits and may have no idea it is going to happen.

After investigating the issue he says a major worry is that British Gas can change your direct debit to any amount it wants ? the company doesn't have to agree to it with you beforehand, It just has to let you know at least 10 working days before, so if you miss the email or letter telling you it?s going up, the first you?ll know about it is when the money vanishes from your account.

Mr Hirst said: "As I discovered, it's very easy to miss that warning and the only way to challenge it and bring it down to something manageable is to phone British Gas. It seems the problem is with customers who were switched to British Gas as a supplier of last resort earlier this year and then had to wait a long time for their direct debit to be set up.

"British Gas wants everyone to not be in any debt to it at the end of each year so carries out a review after every six months and then raises the direct debit if it feels you?ll still be in debt by the end of the next six months. Bizarrely, the unbelievably high monthly direct debit British Gas wanted me to pay would have brought in three times what the company itself estimates I'd use a year in gas and electricity.

cont https://www.walesonline.co.uk/news/cost-of-living/shock-british-gas-direct-debit-25560483?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters .....Conwy New warm welcome centres
Post by: SteveH on November 22, 2022, 10:13:06 am
COMMUNITY centres in Conwy are being opened up to people struggling with heating and food bills because of the cost of living crisis.

Soup and rolls along with cups of tea and coffee are being provided free of charge in the Warm Welcome/Croeso Cynnes centres located across the county.

Housing association Cartrefi Conwy and its subsidiary, Creating Enterprise, are managing the scheme in the community centres they run.

They are working closely with Conwy County Borough Council who are making their libraries available as well, along with other housing associations and organisations in other parts of North Wales

The community centres taking part in Conwy are at the Park Way estate in Rhos on Sea, Y Fron in Colwyn Bay, Pentre Newydd and Kennedy Court in Old Colwyn and Chester Avenue in Kinmel Bay.

The times of the Warm Welcome sessions vary but they generally span the lunch period every weekday.

Read more https://www.northwalespioneer.co.uk/news/23140731.new-warm-welcome-centres-help-combat-cost-living-crisis-conwy/?ref=rss&IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on November 23, 2022, 10:47:21 am
Reading between the lines, I have checked our supply of batteries, candles and camping stove gas, and I was never in the Scouts.   ;)

National Grid denies electricity blackout claims but confirms 'energy use test' tonight
Customers are being invited to ration their energy this evening for test event but supplier dismisses shortage fears

cont https://www.dailypost.co.uk/news/north-wales-news/national-grid-denies-electricity-black-25580294
Title: Re: Financial matters...............Brexit
Post by: SteveH on December 01, 2022, 10:29:03 am
Brexit added an average ?210 to household food bills in the two years to the end of 2021, burning a ?5.8 billion hole in consumers? pockets, new research suggests.

The increase was driven by extra checks and requirements on goods ? representing an ?important impediment? to trade with the bloc, with much of the cost passed on to consumers, according to the Centre for Economic Performance (CEP) at the London School of Economics.

The researchers said the hike in prices would disproportionately hit poorer people, as those on low incomes tend to spend a greater share of their pay packets on food.

While the Trade and Cooperation Agreement, which came into force in January 2021, ensures that trade between the UK and EU remains tariff-free, it lacks ?depth?, the CEP said.

It blamed the increase in food prices on a Brexit-induced rise in ?non-tariff barriers? (NTBs) on trade between the UK and EU, including new customs checks and measures affecting the movement of animals and plants.

cont https://www.walesonline.co.uk/news/uk-news/brexit-added-average-210-household-25645476?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on December 02, 2022, 10:35:28 am
Events in Conwy to offer help and advice on the rising cost of living
ORGANISATIONS are coming together to run two events in Conwy County to offer advice to residents to help deal with the rising cost of living.

The events will take place at Glasdir, Llanrwst on Tuesday, December 6 from 1-5pm, and at Coed Pella, Colwyn Bay on Tuesday, December 13 from 10am-2pm.

There will be staff from Conwy County Borough Council?s welfare rights, housing, community wellbeing, leisure, family centres and libraries teams.

There will also be a range of organisations attending who can offer advice about managing bills and finance, heating your home and keeping warm, safety, training and employment.

Attending the events will be: Conwy Employment Hub, Warm Wales, Nest, Citizens Advice, Cambrian Credit Union, Welsh Water and North Wales Fire and Rescue Service.

There is no need to book; residents can simply come along with their questions, or to have a chat.

Aberconwy MP, Robin Millar, is hosting a similar drop-in event tomorrow (December 2) at St Mary's Church Hall, Conwy between 10.15am and 1.30pm.

Admission is free, all are welcome and refreshments will be provided.

?I know how concerned so many residents and businesses throughout Aberconwy are about the cost of living and spiralling energy bills.
"However, I know that many people are still very worried about the winter ahead and that is why I felt it was important to host this event in Conwy, the third of a series of events throughout Aberconwy.?   ref pioneer
Title: Re: Financial matters
Post by: SteveH on December 04, 2022, 11:02:12 am
Five ways to spend and waste less this Christmas

Christmas is a time to celebrate with family and friends but its true meaning can get lost in a blizzard of panic buying, over-consumption and waste. This year, as the cost-of-living crisis bites, we asked some experts for their tips on how to spend less, waste less and still enjoy the festivities.

cont  https://www.bbc.co.uk/news/business-63796498
Title: Re: Financial matters...........Warm hubs Conwy
Post by: SteveH on December 06, 2022, 10:47:55 am
A number of warm spaces have been set up in the area, here are two more ................

Conwy
St Paul's Church Penmaenmawr: Bangor Road Penmaenmawr, Wales, LL34 6LE, United Kingdom

Venue Type: Church
Opening Hours: Friday 10am-1pm
Location Features: Free Food/Drink, People to chat to, Toilets, Crafts and games


Tea & Toast: Lloyd Street Llandudno, Wales, LL30

Venue Type: Church
Opening Hours: Wednesday, 10am-12.30pm
Location Features: Free Food/Drink, Free Wi-Fi, Advice, People to chat to, Wheelchair Accessible, Toilets, Accessible Toilet, Child Friendly
Title: Re: Financial matters ...............Health
Post by: SteveH on December 07, 2022, 10:41:32 am
People are being advised to heat living rooms during the day and bedrooms before going to sleep as a cold spell hits the UK.

Health officials issued the advice to people who cannot heat every room or are struggling with heating costs.

Overnight lows of -10C (14F) are predicted in northern Scotland with snow and ice warnings there, in Wales, Northern Ireland, and the east coast.

The level three cold weather alert for England begins at 18:00 GMT.

Issued by the UK Health Security Agency (UKHSA), it will run until 09:00 on 12 December, but could be extended further if forecasts predict continued colder temperatures.

The alert is triggered when severe cold weather is likely to significantly affect people's health - particularly those with underlying health conditions.

cont https://www.bbc.co.uk/news/uk-63879870
Title: Re: Financial matters
Post by: SteveH on December 08, 2022, 10:49:02 am
Martin Lewis shares important message to those using air fryers instead of ovens
The advice from the Money Saving Expert could save you money in the kitchen this winter

cont https://www.inyourarea.co.uk/news/martin-lewis-shares-important-message-to-those-using-air-fryers-instead-of-ovens/
Title: Re: Financial matters.....Deganwy warm hub
Post by: SteveH on December 12, 2022, 10:25:21 am
A DEGANWY Pub is offering a warm welcome to those struggling or feeling lonely this festive season.

The Castle View Bar and Restaurant is inviting people to get together at their venue on Wednesday mornings. From 11am until 12pm, the pub will be putting on tea, coffee, mince pies and cake or homemade shortbreads.

Like-minded people have the opportunity to form friendships, exchange a book, a recipe, show photographs, play cards, or enjoy a "good old gossip". There is no charge.

cont https://www.northwalespioneer.co.uk/news/23178180.deganwy-pub-providing-extra-warm-welcome-lonely/

Also Conwy Libraries offering 'warm welcome'
Title: Re: Financial matters
Post by: SteveH on December 15, 2022, 10:17:59 am
This is getting ridiculous, what about basic human rights..........  $angry$

An email sent by British Gas seems to have caused confusion amongst some members of the public. After energy regulator Ofgem announced the energy price cap for the period 1 January ? 31 March 2023 will rise to an annual level of ?4,279 in January 2023, British Gas customers were confused as to what that meant for them.

Although certain bill-payers remain protected from this price cap rise under the government's Energy Price Guarantee (EPG), that is not the case for everyone. Ofgem says the current EPG covers around 26 million customers on default or variable rates on credit meters, who will remain protected come January?

Households are eligible for the EPG if, on 1 April 2022, they were liable for Council Tax on a property which is in Council Tax bands A-D and which they live in as their main home. This includes those who receive local council tax support, even if their council tax bill for the year is less than ?150.

cont https://www.dailypost.co.uk/news/cost-of-living/british-gas-email-ofgems-january-25750483
Title: Re: Financial matters
Post by: Hugo on December 15, 2022, 10:44:42 am
The Welsh postcodes that qualified for ?25 cold weather payment in the last week
If your area records or is forecast for a continuous below-zero temperature, that's when you become eligible
It seems like a good idea unless you live in Llanberis.    The last I heard was that the weather Station that would help Llanberis was in Anglesey so not much help there!


https://www.dailypost.co.uk/news/north-wales-news/welsh-postcodes-qualifed-25-cold-25740656
Title: Re: Financial matters
Post by: SteveH on December 18, 2022, 10:22:07 am
Interesting article how Citizens Advice helped turn their lives around, this is the link to finding your nearest office https://www.citizensadvice.org.uk/about-us/contact-us/contact-us/search-for-your-local-citizens-advice/


Citizens Advice is one of the Guardian and Observer?s annual appeal charities this year. As millions struggle with the cost of living crisis, we talk to people who have benefited from the charity?s free and confidential debt, benefits and housing advice.

?A huge weight has been lifted?
The cost of living crisis has affected us very negatively but if I hadn?t had help from Citizens Advice, my money stresses would be double. I wouldn?t have been able to survive ? I would have been using food banks all the time.

Full article https://www.theguardian.com/society/2022/dec/17/two-people-tell-how-citizens-advice-helped-them-turn-their-lives-around?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters......Goods export values
Post by: SteveH on December 20, 2022, 09:52:06 am
Goods export values by Welsh businesses have recovered beyond pre-pandemic levels and totalled ?19.4 billion for the year ending September 2022 , an increase of more than a third compared to the previous 12-month period and ?1.7 billion higher than the year ending September 2019, Economy Minister Vaughan Gething has announced.

The latest provisional figures show Welsh goods exporters have demonstrated significant resilience amid ongoing challenges in the global trading environment, from the war in Ukraine to currency instability and the increased costs of shipping and energy.

Inspiring businesses to take up exporting, where it is right for them, has proved to be a key part of this. The Welsh Government?s Export Exemplars campaign highlights successful exporters, while intensive support is available to businesses with the potential to trade internationally via the New Exporter programme.

Trade missions and exhibitions in markets across North America, Europe, the Middle East and Asia have also enabled companies to meet potential customers in-person, while Wales? success in qualifying for the men?s FIFA World Cup provided a platform to celebrate and promote Welsh exporters across the globe.

Online support has also been enhanced through the Export Hub, a digital platform hosted by Business Wales that offers companies access to a comprehensive resource of expert export information.

cont https://www.wales247.co.uk/welsh-goods-export-values-recover-to-beyond-pre-pandemic-levels?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on December 22, 2022, 10:28:56 am
The UK economy shrank by more than first thought in the three months to September, revised figures show.

The economy contracted by 0.3%, compared with a previous estimate of 0.2%, as business investment performed worse than first thought, the Office for National Statistics (ONS) said.

Growth figures for the first half of 2022 have also been revised down.

The UK is forecast to fall into recession in the final three months of the year as soaring prices hit growth.

A country is considered to be in recession when its economy shrinks for two three-month periods - or quarters - in a row. Typically companies makeless money, pay falls and unemployment rises, leaving the government with less money in tax to use on public services.

Darren Morgan, director of economic statistics at the ONS, said: "Our revised figures show the economy performed slightly less well over the last year than we previously estimated", with manufacturing "notably weaker".

He added that household incomes, when accounting for rising prices, continued to fall, and household spending "fell for the first time since the final Covid-19 lockdown in the spring of 2021".

cont https://www.bbc.co.uk/news/business-64062548
Title: Re: Financial matters
Post by: SteveH on December 24, 2022, 10:19:45 am
Young families and the elderly are keeping warm this winter at North Wales libraries. As gas and electricity prices rise and temperatures plummet, libraries are offering people a place to enjoy a hot drink and cake whilst keeping warm during the cost-of-living crisis.

And librarians say the number of people coming through the doors has steadily increased as many struggle to manage their rising utility bills. The scheme, Croeso Cynnes, offers people a place to read, chat, or even play games across libraries in all six counties.

cont  https://www.dailypost.co.uk/news/north-wales-news/north-wales-libraries-keep-people-25808970 $drink$

Title: Re: Financial matters
Post by: SteveH on December 29, 2022, 10:34:08 am
Britain's biggest energy suppliers have been contacting customers about a minimal price change starting in the new year, the BBC has learnt.

Major energy providers have told the BBC that they are making changes to their prices per unit from 1 January.

But the alterations are likely to only add pennies, not pounds, to bills.

The government says a typical annual bill for a household will still be ?2,500, but the maximum rates suppliers can charge per unit are being updated.

Receiving news of a price change has worried many customers, at a time when prices have already increased dramatically and many find bills difficult to understand already.

The changes will affect the 12 energy "regions" across Britain from the start of January and means suppliers are allowed to put their prices up to those new maximum levels for gas and electricity.

The biggest changes are for customers paying in monthly or quarterly bills for their energy. Prices are increasing in all of the 14 areas for both gas and electricity with the biggest changes being for those in North Wales and Merseyside, as well as in London, which are both increasing for electricity by more than 1p per kWh.

Which suppliers are making the changes?
Scottish Power, Bulb, EDF, British Gas and Shell have all confirmed to the BBC that they would be passing on the changes allowed by the government in full to customers.

Octopus said it would pass on cuts, but not rises, to customers. The company said it would absorb the increases, except for "Economy 7" customers. EOn is making changes to direct debit and billed customers, but not increasing rates for prepayment customers.

full article ........ https://www.bbc.co.uk/news/business-64063568
Title: Re: Financial matters
Post by: SteveH on December 31, 2022, 11:13:36 am
The 1p challenge backed by Martin Lewis that could save you ?600 next year
The challenge could help you save ?667.95 for next year's Christmas period

cont https://www.dailypost.co.uk/news/cost-of-living/1p-challenge-backed-martin-lewis-25859436
Title: Re: Financial matters
Post by: SteveH on January 05, 2023, 10:24:35 am
What is the energy price cap and what will happen to bills?

Help with energy costs will be less generous from April, with bills for a typical household going up to ?3,000.

However, there will be more support for the most vulnerable.
The assistance provided to businesses is also expected to reduce from March.

What extra support will be available?
From April, some groups across the UK will receive cash payments to help with energy costs:

?900 to households on means-tested benefits
?300 for pensioner households
?150 to people on certain disability benefits

Further details will follow.

What is the energy price guarantee and how is it changing?.......... cont https://www.bbc.co.uk/news/business-58090533
Title: Re: Financial matters
Post by: SteveH on January 15, 2023, 10:40:59 am
Can batch cooking help cut your shopping bills?

It started out with her own efforts to spend more time with her children and less time cooking.

However, her methods could also have been designed with the current cost of living crisis in mind.
She believes they will "automatically" reduce the amount people spend on food.

"When I stopped working and had kids I actually thought you know, there seems to be no set up like that for busy working mums - it also needs home life sorted in a similar sort of way."

That was when she started her batch cooking and freezing which quickly caught on.

"Basically lots of people asked me what I was doing and how I managed to make so many meals in such a short space of time," she said.

"I showed a bunch of mums the cooking side of the Batch Lady and somebody said put it on YouTube.

"That was four years ago and now we are four books in and it just seems to have grown and grown very quickly and it's been a fantastic experience."

She offers different approaches to batch cooking - one of which is simply to "double up" on meals every night - making one and freezing one.

"How we look at it is if you're going to make a recipe, it actually takes about three minutes more to double and make one for another night," she said.

"You've got everything out - you've got all the pots and pans out, so actually three minutes of extra cooking and you've given yourself a whole night off in the future."

There is another more radical option - making 10 meals in an hour at the weekend.

"That's giving you 10 meals for your future - so 10 meals in the freezer gives you 10 nights off cooking," she said.

cont https://www.bbc.co.uk/news/uk-scotland-south-scotland-64162405
Title: Re: Financial matters
Post by: SteveH on January 16, 2023, 09:59:23 am
When you have read the article below, check out this link, it will explain why the BBC is talking to the boss of Norwegian energy giant Equinor........... The North Sea oil boom of the 1980s created colossal revenues for the United Kingdom and its neighbour Norway. Today, as both nations move towards a fossil-free future, we examine how the aftermath of the boom has unfolded on both sides of the North Sea.   

Today, the economic fortunes of the two countries differ vastly: in terms of GDP per capita Norway is currently the second wealthiest country on Earth (after Luxembourg), while the UK comes in 20th, with a GDP per capita of almost exactly half of Norways - US$52,291 (38,961) compared with $102,907 (76,686) (projected figures for 2022).
 
  https://eandt.theiet.org/content/articles/2021/01/north-sea-oil-a-tale-of-two-countries/



Energy boss warns higher bills are here to stay
The boss of Norwegian energy giant Equinor has said he does not expect gas and electricity bills to return to the levels they were before Covid.

Anders Opedal told the BBC the transition from fossil fuels towards less damaging sources of energy meant costs would remain high.

Mr Opedal also said that windfall taxes on energy firms were affecting investment in projects in the UK.

Energy companies have reported record profits because of higher gas prices.

Wholesale prices rose as Covid restrictions began to ease but soared higher after Russia invaded Ukraine and countries targeted the Kremlin with sanctions.

In recent weeks, in part due to warmer than usual weather across Europe, gas prices have returned to where they were before the Russian invasion of Ukraine.

However, gas and electricity bills for households and businesses remain elevated and are squeezing living costs for many.

Mr Opedal said it was doubtful that gas and electricity bills would return to a time when the typical UK household was paying around ?1,300 a year. The typical annual bill for homes is currently around ?2,500 which includes help from the UK government.

Mr Opedal said there is "a kind of re-wiring of the whole energy system in Europe particularly after the gas from Russia was taken away". He said huge investment in renewables was needed, including using more hydrogen for example.

full story https://www.bbc.co.uk/news/business-64270157
Title: Re: Financial matters
Post by: mull on January 16, 2023, 11:08:55 am
The UK is now reaping what it sowed with the oil boom.

All Maggie and her Tory Pals were interested in was the Big Bang in the City of London. All the profits are now offshore around the world.

Norway had the right idea and used the money to improve the countries services.

Contrast this with the state of things in the UK. NHS is just one of the many problems we are now having to deal with, and the money has all gone lining  pockets off shore.

Watch "The Cheviot, the Stag and the Black ,Black Oil" .




Title: Re: Financial matters
Post by: mull on January 16, 2023, 11:33:25 am
Sorry about that ,think it should have been placed in National Politics.
Title: Re: Financial matters
Post by: Hugo on January 16, 2023, 05:00:59 pm
It could be placed in both Mull as it is relevant to that period of the 80's when Thatcher " the milk snatcher"  privatised everything she could.   Even selling off Council houses at a 40 per cent discount     Where has all the money gone?
Fast Forward to 2020 and  it's the same old Tory mentality, is the NHS next for privatisation?

I still can't get my head around the hike in energy bills, record profits yet the Tory Government still allows the energy companies to increase the cost of energy.     I must admit to being grateful for the ?67,00 energy discount  I'm currently getting but who is paying for it?
I suppose it's the taxpayers and won't that inflate the Energy companies profits even more?
Title: Re: Financial matters
Post by: Helig on January 17, 2023, 10:29:26 am
Boris is off on a jaunt to Ukraine shortly:

https://www.theguardian.com/politics/2023/jan/12/boris-johnson-plans-to-visit-volodymyr-zelenskiy-in-ukraine

Quite how he can justify this as he is no longer PM is very questionable. By the looks of it we shall be footing the bill.

On the subject of Ukraine they are planning to send tanks and other weapons to this country. It isn't our war so why should we subsidise this at a great cost to UK taxpayers? It is a bit rich when they are still allowing the wealthy Russians to enter the UK, buying houses and laundering money in London.

https://www.reuters.com/world/europe/uk-has-ambition-send-tanks-ukraine-pm-sunak-tells-zelenskiy-2023-01-14/
Title: Re: Financial matters
Post by: Hugo on January 17, 2023, 12:58:50 pm
If Boris wants to visit the Ukraine then he should  be able to do so but only at his own expense as he is not holding any form of office in Parliament
Boris won't go there though unless someone else foots the bill for him just like they do in his normal working life.   H e can't be that popular in the Uxbridge and South Ruislip constituency as the Tories are thinking of giving him a safe seat at the next General election


  U.
Title: Re: Financial matters
Post by: SteveH on January 18, 2023, 10:43:15 am
Price rises in the UK slowed for a second month in a row but the cost of food including milk, cheese and eggs kept inflation at a 40-year high.

Inflation, which measures the rate of price rises, fell to 10.5% in the year to December from 10.7% in November.

Petrol and diesel costs eased last month but food prices continued to soar, reaching the highest since 1977.

Restaurants and hotel prices also jumped in December along with a record rise in air fares.

Millions of people are struggling with the cost of living which has been rising steadily as Covid restrictions eased and Russia launched its assault on Ukraine.

cont https://www.bbc.co.uk/news/business-64311461
Title: Re: Financial matters
Post by: Helig on January 18, 2023, 11:25:20 am
I think Boris would be better getting off to the Ukraine for good.

There is another scandal with a Tory minister in that Nadim Zahawi has settled a tax bill with HMRC said to be in seven figures. This involves the use of an offshore trust which held shares in YouGov the polling firm. Zahawi claimed not to have benefitted from this trust but this seems to be incorrect. The shares in YouGov were sold in 2018 and were worth ?20 million. There was Captal Gains Tax liability on this sale. When Boris proposed to appoint him as Chancellor of the Exchequer, his financial affairs were disclosed as being an impediment to him being allowed to hold this post. He was appointed nevertheless.

https://www.theguardian.com/uk-news/2023/jan/15/nadhim-zahawi-to-pay-millions-in-tax-after-dispute-over-family-finances
Title: Re: Financial matters.....Alternative Fuel Payment (AFP) paid in February
Post by: SteveH on January 21, 2023, 10:17:19 am
Energy payment of ?200 heading to two million UK households of all incomes next month
UK Government has confirmed the ?200 Alternative Fuel Payment (AFP) will be paid in February

UK Government announced the Energy Price Guarantee last autumn to assist households with spiralling energy costs. This was some relief to most households - providing some respite to ever increasing bills.

But this did not cover millions of homes across Great Britain. These were properties that use heating oil, have an LPG boiler, biomass boiler or use a similar alternative fuel to heat their home.

cont https://www.dailypost.co.uk/news/north-wales-news/energy-payment-200-heading-two-26015034
Title: Re: Financial matters
Post by: SteveH on January 22, 2023, 10:31:17 am
Cost of living: What do I do if I can't afford to pay my debts?

Who can I talk to?
It is important that you do talk about financial difficulties before finding yourself in a spiral of debt. The earlier, the better.

If you think you cannot pay your debts or are finding dealing with them overwhelming, seek support straightaway. You are not alone and there is help available. A trained debt adviser can talk you through the options available.

Information and support is available which is free of charge - click here https://www.bbc.co.uk/programmes/articles/1KDXSbYS2t5RW8dczHqpFKG/information-and-support-hardship-debt-and-homelessness
to find out about organisations who may be able to help


What practical steps should I take?   Full story  cont    .https://www.bbc.co.uk/news/business-64291327
Title: Re: Financial matters
Post by: SteveH on January 23, 2023, 10:19:08 am
Two BBC articles this morning................

People will be paid to use less electricity on Monday
Up to a million households in England, Scotland and Wales will be paid to use less electricity on Monday evening as part of a scheme to avoid blackouts.

National Grid said the scheme, which has only been used in tests so far, would run between 17:00 and 18:00 GMT.

Those who have signed up will get discounts on their bills if they do things like delay using their oven or washing machine.

The cold snap has seen energy use rise as more people turn on the heating.

National Grid has also asked for three coal-fired generators to be put on standby in case supplies run low. However, it said the measures were "precautionary" and it did not mean electricity supplies were at risk.
cont https://www.bbc.co.uk/news/business-64367504


People struggling could get lower energy prices
Energy firms are to be investigated by the industry regulator following a sharp rise in the number of households being forced onto prepayment meters.

The regulator, Ofgem, is also warning firms it will take legal action if they are not taking proper due care of vulnerable households.

On Sunday, the government said suppliers should stop forcing households onto prepayment meters.

Ofgem is also considering cheaper social tariffs for some on low incomes.

It says these discounted energy bills could be a long-term option to tackle unaffordable bills.
cont https://www.bbc.co.uk/news/business-64352962
Title: Re: Financial matters
Post by: Hugo on January 23, 2023, 02:45:27 pm





https://www.itv.com/news/2023-01-21/ethics-team-raised-zahawis-tax-affairs-with-then-pm-when-appointed-chancellor
Title: Re: Financial matters
Post by: Hugo on January 23, 2023, 03:22:32 pm
Government ethics team raised Zahawi?s tax affairs with then PM when he was appointed chancellor.     You would think that a Chancellor of the Exchequer would know the difference between Tax avoidance and Tax evasion      Tax avoidance is what George Osborne did when he was Chancellor but Tax evasion is a criminal offence and I have seen the likes of Jeffrey Archer being jailed for a similar offence
Wilful neglect is treated the same as fraud by HMRC and Zahawi should be treated the same way too


https://www.itv.com/news/2023-01-21/ethics-team-raised-zahawis-tax-affairs-with-then-pm-when-appointed-chancellor
[/quote]
Title: Re: Financial matters
Post by: Ian on January 23, 2023, 05:37:01 pm
"Government ethics team"

Hmmm.  Isn't that an oxymoron?
Title: Re: Financial matters
Post by: Ian on January 23, 2023, 05:43:34 pm
"I have seen the likes of Jeffrey Archer being jailed for a similar offence"

Actually, Archer wasn't jailed for that; he was jailed for lying to the judge: in 2001 "Lord Archer was today jailed for four years after being found guilty of lying and cheating in his 1987 libel case against the Daily Star."

Governments are extremely reluctant to jail ex-Tory MPs.

Title: Re: Financial matters
Post by: SteveH on January 25, 2023, 10:36:39 am
Piles of newspaper or some scrunched-up sheets to fill up gaps is all you need to reduce freezer energy consumption and lower your energy bills, according to the experts.

Wren Kitchens says one of the simplest methods to increase the energy efficiency of your freezer is to fill it up. You don't even need to buy food to achieve this; you can stuff it with newspaper to have the same effect.

read more https://www.inyourarea.co.uk/news/stuffing-your-freezer-with-newspaper-can-help-save-energy-claim-experts/
Title: Re: Financial matters
Post by: SteveH on January 30, 2023, 10:10:42 am
This is not intended as an advert for various businesses, but there is some good information in these articles, costs etc.

As the cost of energy continues to rise, more people are choosing to use electric heaters rather than putting on the central heating, in order to keep bills down, but which ones on the market are the best?

Small free-standing heaters have become popular over the winter, while hot water bottles and hooded blankets are being used more than ever before. Reporter David Bentley purchased three different models of heater, which are also the cheapest on the market right now.
cont https://www.walesonline.co.uk/news/cost-of-living/bq-halogen-quartz-heater-comes-26104517?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589



The cost of living crisis has affected nearly all aspects of life, especially when it comes to trying to save money in buying and preparing food.
One particular item has skyrocketed in popularity over the past few months as a result, and that is the air fryer.

The appliances have a heating element on the top with a large fan to distribute the heat, meaning that they do not need much time to pre-heat and the food cooks quickly and evenly.

This suggests that it is cheaper to run than an oven...But how much exactly does it cost to run an air fryer?.......... https://www.northwalespioneer.co.uk/news/23283838.much-cost-run-air-fryer-home/
Title: Re: Financial matters
Post by: SteveH on February 02, 2023, 10:33:25 am
Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia's invasion of Ukraine.

Profits hit $39.9bn (?32.2bn) in 2022, double last year's total and the highest in its 115-year history.

Energy firms have seen record earnings since oil and gas prices jumped following the invasion of Ukraine.

It has heaped pressure on firms to pay more tax as households struggle with rising bills.

cont https://www.bbc.co.uk/news/uk-64489147
Title: Re: Financial matters
Post by: SteveH on February 03, 2023, 10:53:55 am
The UK is set to enter recession this year but it will be shorter and less severe than previously thought, according to the Bank of England.

The slump is now expected to last just over a year rather than almost two as energy bills fall and price rises slow.

As a result fewer people are likely to lose their jobs, but the economy remains fragile, warned the Bank.

The forecast comes as interest rates were raised to 4% from 3.5%, their highest level in over 14 years.

The Bank has been putting up interest rates in a bid to tackle the soaring cost of living.

Inflation, the rate at which prices rise, remains close to its highest level for 40 years - more than five times what it should be.

Bank governor Andrew Bailey said inflation now appears to be falling, but warned there are still "big risks out there" which could continue to have an impact on the economy.

On Thursday, the Bank suggested interest rates may be nearing a peak, indicating it will only raise rates further if it sees signs that inflation will remain high.

However, the country is not forecast to bounce back to pre-Covid levels until 2026, which Mr Bailey said was "extraordinary".

"Covid has had bigger long-run effects than we thought it would, particularly in terms of things like the labour supply and people choosing to come out of participating in the labour force."

Higher interest rates are meant to encourage people to save more and spend less, helping to stop prices rising as quickly.

Thursday's hike in borrowing costs is the tenth in a row and will add pressure to many households already struggling with the cost of living.

The impact will be felt by borrowers through higher mortgage and loan costs, although it should also mean better returns for savers.

Homeowners with a typical tracker mortgage will now pay about ?49 more a month. Those on standard variable rate mortgages face a ?31 increase

cont https://www.bbc.co.uk/news/business-64487179
Title: Re: Financial matters
Post by: SteveH on February 14, 2023, 09:51:29 am
What is the UK inflation rate and why is the cost of living rising?

The rate at which prices are rising has dropped back slightly, but inflation remains near a 40-year high.

In response, the Bank of England has increased interest rates to 4%, the highest level for 14 years.

What does inflation mean?
Inflation is the increase in the price of something over time.

If a bottle of milk costs ?1 but ?1.05 a year later, then annual milk inflation is 5%.

How is the UK's inflation rate measured?

Read more  and stats  https://www.bbc.co.uk/news/business-12196322
Title: Re: Financial matters
Post by: SteveH on February 15, 2023, 10:08:54 am
UK inflation: Price rises slow but remain close to 40-year high

The price of olive oil, sugar and low-fat milk all increased by more than 40% in the year to January, official figures show.

Despite a drop in overall UK price inflation to 10.1% for the month from 10.5% in December, food costs remain at a 45-year high.

Cheese prices rose more than 30% in the year to January, while other staples butter and eggs were up by over 20%.

A Co-op Food boss warned food prices will remain high this year.

"Inflation is the thing that keeps us up at night. Unfortunately, in January prices still continued to rise and costs continued to rise," said Matt Hood, the managing director of Co-op Food, which has more than 250 stores across the UK.

Food inflation remained high at 16.7% in the year to January, a slight drop from 16.8% in December. Grocery prices are one of the main drivers fuelling overall inflation, along with energy bills, according to the Office for National Statistics (ONS), which published the data.

cont https://www.bbc.co.uk/news/business-64637705
Title: Re: Financial matters
Post by: Hugo on February 15, 2023, 03:53:27 pm
?84,000,000,000     Yes      ?84 Billion

This vast sum is paid out to energy firm shareholders


Record profits, record price increases and more on the way apparently, plus the shareholders are not doing too bad out of it either.   I hope that people will remember this at election time

https://www.mirror.co.uk/money/energy-bill-cap-rise-national-29179178

Title: Re: Financial matters
Post by: mull on February 16, 2023, 05:43:53 am
I certainly will.

We got shunted over to Scottish Power after our previous supplier went bust. They have just almost doubled my amount per Kw and I am having great difficulty trying to make sense of the figures they have sent me. Nightmare.

On top of this I live in a part of the country that is supplied by hydro power, so by my reasoning our electric supply is not costing any more than before the Russian invasion. In fact the water is free and green.

  How can they justify this ?
Title: Re: Financial matters
Post by: SteveH on February 16, 2023, 10:20:11 am
84,000,000,000     Yes      84 Billion


Obscene, nothing short of obscene, one story from the BBC on the subject, and a slightly more positive one.........

 British Gas owner Centrica has posted huge profits after oil and gas prices soared last year, sparking renewed calls for energy firms to pay more tax.
Its profits hit ?3.3bn for 2022, more than triple what it made in 2021.

Energy firms have seen record profits since oil and gas prices jumped after Russia invaded Ukraine.

The figures come after British Gas was criticised over its use of debt agents to force-fit prepayment meters in the homes of vulnerable customers.
Read more    https://www.bbc.co.uk/news/business-64652142


Cheaper fixed-term energy deals 'could return this summer'
Soaring bills have virtually put an end to the practice of shopping around

?However, if suppliers? costs decrease and government-supported rates remain relatively high, it is likely we will see a significant revival in reasonably priced energy plans, with millions of households finally able to take advantage of the savings they have been missing out on for years. There are many variables still in play, and it is difficult to know how fast and how far energy bills will fall.?

Read more  https://www.walesonline.co.uk/news/cost-of-living/cheaper-fixed-term-energy-deals-26248323?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: Helig on February 16, 2023, 11:06:06 am
This must make the strongest case for renationalising all the public concerns such as energy, water, royal mail and railways.
Title: Re: Financial matters
Post by: mull on February 16, 2023, 11:49:39 am
That's it Helig.
 Bring back Hydro Electric here in Scotland and MANWEB in North Wales !
Title: Re: Financial matters
Post by: Hugo on February 16, 2023, 02:43:57 pm
I was carrying almost 1 K in credit and antisipating the increase in my Winter fuel bills I was not too worried about the increases in my fuel bills.   
That was until I gave a meter reading and found out that the cost of my energy use was   Gas   377..52
                                                                                                                                  Elect    89.40
                                                                                                Total bill for January 2023      466.92
That bill was shocking and there must be many others in the same position

On another theme , here in Wales our water supplier is Dwr Cymru.    A company whose logo is " Your not for profits company" 
Considering our water rate prices are the second highest in the UK    it's a good job that they don't have profits
Title: Re: Financial matters
Post by: Robert2020 on February 16, 2023, 06:36:26 pm
Hugo... I fear that the days of cheap energy have gone

we are on the standard  rate with Octopus, we run our system 21c 0700-0900 18c till 1700 then 21c till 2000 and from then till morning at 12c
From Jan 2023 octopus standard rates are..elec. 66.01p kW less epg 31.4p so paying 34p kW and daily  SC of 44.72p
                                                               gas. 16.28p kW less epg 6.42p so paying 9.86p kw  and daily sc of 25.56p

Our gas and electric for 4wks over Christmas came to ?330 to pay but that was with the energy price guarantee which without would have added another ?117 so the bill would have been ?500 for 4wks

I hope the government can hold the price guarantee after April 2023 to ?2500 otherwise next winter we will all be at the local libraries to stay warm thats if the council can keep it open.
Title: Re: Financial matters
Post by: Helig on February 17, 2023, 11:27:59 am
I think it can be concluded that all the privatisations made by Thatcher and co back in the 1980s and 1990s have failed miserably. They undertook these by deception saying the free market would bring competition and lower prices. The reality is that we have a variety of monopolies who can extort money from us with few controls on their greed. The so called regulators are useless, plus a waste of time and money. It is a case of robbing the public to fund dividends for shareholders.
Title: Re: Financial matters
Post by: SteveH on February 18, 2023, 10:09:00 am
Why is the UK economy lagging behind the US, Germany and others?

The UK economy is struggling - and people are feeling it in their pockets, as wages fail to keep up with rising prices.

The International Monetary Fund (IMF) predicts the UK economy will shrink this year while every other major economy will grow.

The Bank of England also forecasts a recession in the UK in 2023 - albeit one that is shorter and less severe than previously forecast.

Perhaps it's not surprising the outlook is bleak given the pandemic, the war in Ukraine, and soaring costs of both energy and food.

But why is the UK seemingly faring worse than other rich countries such as the US, Germany and France?

Is the UK really lagging behind?
Forecasts are never perfect. There are so many factors that affect economic growth - from geopolitics to the weather - that, inevitably, predictions often miss the mark. But they can point in the right direction.

And the existing evidence shows other countries have taken less of a hit from the huge challenges of recent years than the UK has.

Figures from the Organisation of Economic Cooperation and Development (OECD), which looks at how rich countries are performing, show the UK economy fell further than others in the first months of the pandemic.

The UK's pace of recovery was fast once the economy reopened - but not fast enough to make up the lost ground.

cont https://www.bbc.co.uk/news/business-64661791
Title: Re: Financial matters
Post by: Helig on February 20, 2023, 11:40:24 am
I think Brexit has much to do with it.
Title: Re: Financial matters
Post by: SteveH on February 21, 2023, 09:46:00 am
The UK government recorded a surprise surplus in its finances in January despite "substantial spending" to help with energy bills and EU payments.

Higher-than-expected self-assessed income tax receipts boosted the UK's coffers, helping it spend less resulting in a ?5.4bn surplus.

The figures come as the government is set to deliver its Budget next month.
Economists said they showed a "mixed picture" with public finances still weaker than this time last year.

Martin Beck, chief economic advisor to the EY ITEM Club which is a UK economic forecasting group, said the figures gave chancellor Jeremy Hunt"some positives to work on" in his Budget, with the fall in cost of wholesale energy meaning the government's spending on support with bills "will be a fraction" of what was officially forecast.

cont https://www.bbc.co.uk/news/business-64705051


Energy firms should start compensating customers
whose homes were wrongfully fitted with a prepayment meter, without waiting for the results of a major review, the regulator has said.

Ofgem chief executive Jonathan Brearley said companies must review their own meter installations immediately.
A six-week pause in forced prepayment fittings lasts until the end of March.

It came after debt agents for British Gas broke into vulnerable people's homes to force-fit meters.
Ofgem is now outlining the terms of its review into the rules, regulations and guidance surrounding prepayment meters.

The investigation - which will be complete by the end of March - will include submissions from the public. Information about how customers can offer details of their experiences will be announced soon.

cont https://www.bbc.co.uk/news/business-64712363
Title: Re: Financial matters
Post by: SteveH on February 24, 2023, 10:26:44 am
Councils pay offer: Workers on lowest salaries offered 9% rise

Council workers on the lowest pay have been offered a rise of over 9%.

Around 1.5 million people in a range of roles would get an increase of at least ?1,925 from April under the deal.

Unions representing groups like bin collectors, traffic wardens, social workers and school staff are now considering the offer.

The group representing 360 local authorities in England, Wales and Northern Ireland said the "full and final" offer would cost ?1bn.

The local authorities involved in the talks are represented by the National Employers, a group made up of 11 senior council members authorised to represent them. Scottish councils are not involved in the talks.

The lowest paid staff - on ?20,411 a year - would see the biggest lift, of 9.42%, under the deal. This contributes to an overall increase of 22% since April 2021 when previous rises are taken into account.

Council staff on higher pay would see a smaller rise of 3.88%.

Councillor Sian Goding, who chairs the local government negotiating group, acknowledged councils already dealing with squeezed budgets could struggle to fulfil the offer.

"The National Employers are acutely aware of the additional pressure this year's offer will place on already hard-pressed council finances, as it would need to be paid for from existing budgets," she said.

"However, they believe their offer is fair to employees, given the wider economic backdrop."

cont https://www.bbc.co.uk/news/uk-64752716
Title: Re: Financial matters
Post by: SteveH on February 27, 2023, 10:22:43 am
Has it ever been explained why these costs are so high, we expect costs rising, but basic needs should be better controlled?

Ofgem sets new price cap prompting calls for energy bill help

The amount suppliers can charge households for energy has been cut by regulator Ofgem but bills will still rise in April as government help eases.

Ofgem's announcement does not directly affect what customers pay for each unit of gas and electricity but it reduces the costs faced by government.

The typical household bill will rise to ?3,000 a year in April.

Campaigners say ministers should stop the increase because Ofgem's new cap reduces the cost of support.

In effect, the typical annual household bill is set to rise from ?2,100 to ?3,000 in April - because the government's guarantee will become less generous and a ?400 winter discount on all bills ends.

Holly Holder, from the Centre for Ageing Better, said: "No one can doubt the level of financial support the government has given so far during this energy crisis, but it hasn't gone far enough to prevent millions being thrown into financial and physical peril."

cont https://www.bbc.co.uk/news/business-64748135
Title: Re: Financial matters
Post by: SteveH on February 28, 2023, 10:33:58 am
What is the energy price cap and what will happen to bills?

What are the energy price cap and the energy price guarantee?
A price cap is set every three months by Ofgem, the energy industry's regulator.

It sets the maximum price suppliers can charge households per unit of energy on a standard - or default - tariff.

However, after energy prices soared following Russia's invasion of Ukraine, the government announced a price guarantee would temporarily replace the cap. That will rise from ?2,500 to ?3,000 a year from April.

So, Ofgem's new price cap for April to June - ?3,280 a year for a typical household - will not affect household bills.
cont https://www.bbc.co.uk/news/business-58090533


Average energy bill to rise by ?500 despite lower price cap
Citizens Advice chief executive Dame Clare Moriarty said the increase will ?spell catastrophe? for millions of households without further support from the Government

The regulator said the reduction of almost ?1,000 reflects recent falls in wholesale energy prices. However, domestic energy bills are still set to rise by an average of ?500 a year despite the reduction as the Westminster Government?s support for households becomes more limited.
cont https://www.dailypost.co.uk/news/north-wales-news/average-energy-bill-rise-500-26339015?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on March 04, 2023, 10:41:33 am
Cost of living: How much is my council tax going up?

Thousands of households in Wales face a rise of more than ?100 in council tax as local authorities announce plans to help with the cost of living.

The average hike is set to be 5.5%, with Conwy seeing the highest annual rise of almost 10%. Torfaen and Blaenau Gwent are among the lowest.

Merthyr Tydfil and Monmouthshire councils are yet to agree final plans.

The body representing Welsh councils said that to rely on service cuts alone could have been "dangerous".

cont https://www.bbc.co.uk/news/uk-wales-64799857
Title: Re: Financial matters......Major DWP pension changes
Post by: SteveH on March 06, 2023, 10:11:54 am
Major DWP pension changes planned which will impact millions of workers
These will affect lower earners and younger workers

There are major changes planned to pensions in the UK. These will affect lower earners and younger workers.

Jonathan Gullis MP?s Private Members Bill, backed by the government, grants two extensions to Automatic Enrolment. These will abolish the Lower Earnings Limit for contributions and reduce the age for being automatically enrolled to 18 years old.

The UK Government says lowering the age at which eligible workers must be automatically enrolled into a pension scheme by their employers from 22 to 18 will make saving the norm for young adults and enable them to begin to save from the start of their working lives.

They added that the removal of the Lower Earnings will support those with low earnings and multiple jobs by ensuring they are saving from the first pound earned.

cont https://www.dailypost.co.uk/news/cost-of-living/major-dwp-pension-changes-planned-26394503
Title: Re: Financial matters.......state pension changes
Post by: SteveH on March 07, 2023, 10:29:46 am
Six major state pension changes coming into effect next month
The full old state pension will rise from ?141.85 to ?156.20 per week for eligible people

As the cost of living crisis continues to burden our expenditure, making life pretty challenging at the moment, it is important to take advantage of everything you are entitled to. Changes are coming for those in receipt of the state pensions in the next month...........

cont https://www.dailypost.co.uk/news/north-wales-news/six-major-state-pension-changes-26399029
Title: Re: Financial matters
Post by: SteveH on March 14, 2023, 10:13:04 am
Budget: Pensions to get boost as tax-free limit to rise

The chancellor could also increase the ?40,000 annual cap on tax-free contributions to pensions, to ?60,000.

It is expected millions could benefit from the rise, including those who have worked in the public sector for many years. There has been a particular focus on doctors and consultants - some of whom have retired early or reduced hours for pension tax reasons as the NHS has become increasingly stretched.

cont https://www.bbc.co.uk/news/business-64949083
Title: Re: Financial matters
Post by: SteveH on March 16, 2023, 10:23:39 am
What Spring Budget 2023 means for people and businesses in Wales
From alcohol duty to investments - these were the big announcements today

The main announcements     cont https://www.dailypost.co.uk/news/north-wales-news/what-spring-budget-2023-means-26480853
Title: Re: Financial matters...Mobile phone customers costs
Post by: SteveH on March 25, 2023, 10:19:49 am
Broadband firms urged to cancel ?excessive? mid-contract price hikes for vulnerable customers
Consumer watchdog Which? is calling on telecom companies to allow all customers to leave without penalty if they face mid-contract price rises

Less than two weeks before mid-contract price increases are set to take effect, broadband companies are being urged to cancel these "exorbitant" rises for vulnerable customers.

Starting from April, millions of broadband and mobile phone customers will face monthly bill hikes of at least 14 per cent. Typically, providers link their annual price increases to the consumer price index (CPI) or the retail price index (RPI), which have been recorded at 10.5 per cent and 13.4 per cent, respectively.

BT, EE, Plusnet, and Vodafone broadband contracts allow for price increases of CPI plus 3.9 per cent, while TalkTalk permits CPI plus 3.7 per cent and Shell Energy can add CPI plus 3 per cent. While Sky and Virgin Media contracts allow for mid-contract price hikes, they do not specify a pricing formula in the same manner as their competitors.

cont https://www.inyourarea.co.uk/news/broadband-firms-urged-to-cancel-exorbitant-mid-contract-price-hikes-for-vulnerable-customers/
Title: Re: Financial matters
Post by: SteveH on March 26, 2023, 11:23:13 am
UK economy: When are you going to feel better off?

How politicians answer that big question sets the terms for the next election. The response is certainly not this week.

Prime Minister Rishi Sunak might have told MPs "we are halving inflation" but repeating that political slogan in the Commons doesn't make it true. In fact he was wrong - just as economic sages were mistaken.

Prices went up faster in February than in January - which came as a surprise to the experts. Interest rates edged up too and will make rent, mortgages and credit more expensive.

The message to workers, firms and families this week is bleak - your costs are going up but don't ask for a pay rise and don't put your prices up if you're a business.

cont https://www.bbc.co.uk/news/uk-politics-65075966
Title: Re: Financial matters
Post by: SteveH on March 27, 2023, 10:31:28 am
Low-income households will receive the next set of cost-of-living payments between 25 April and 17 May, the Department for Work and Pensions (DWP) says.

The ?900 cash support for over eight million means-tested benefits claimants includes people on Universal Credit, Pension Credit and tax credits.

It will go directly to bank accounts in three payments, the DWP said.

More than six million people with disabilities will get an extra ?150.

Separately, over eight million pensioners will receive an extra ?300.

The three payments of up to ?900 will vary depending on eligibility.

It follows the two payments totalling ?650 which have already been made to more than eight million low-income households.

The first instalment of ?326 was paid between 14 and 31 July. The second instalment of ?324 should have reached those eligible by the end of December.

The payment reference on the recipients' bank accounts was their national insurance number, followed by "DWP COLP", as will be the case for the new payments.

cont https://www.bbc.co.uk/news/business-65066972
Title: Re: Financial matters...North Wales Energy bills highest in UK
Post by: SteveH on March 31, 2023, 04:02:39 pm
Energy bills are higher in north Wales than anywhere else in the UK, according to a charity.

It comes as upcoming changes to how energy bills are paid in April could leave 7.5 million UK households in fuel poverty, said National Energy Action.

Its head in Wales said fixed daily charges in north Wales were over ?120 more a year than for those in the East Midlands, England.

Regulator Ofgem said it would keep standing charges under review.

A rise to standing charges for customers on prepayment meters and the end of energy bills support scheme payments means some lower income families' energy bills could rise by 40%.

Ben Saltmarsh, head of Wales at National Energy Action, told BBC Radio Wales Breakfast: "Energy standing charges are set to increase to a new record high, in fact in north Wales higher than anywhere else in Great Britain.

"Standing charges for pre-paid customers, often those on some of the lowest incomes and already in debt to their supplier, will hit over ?350 a year for duel fuel householders in south Wales."

cont https://www.bbc.co.uk/news/uk-wales-65134988
Title: Re: Financial matters
Post by: SteveH on April 03, 2023, 09:55:23 am
Amid the ongoing disputes, strikes and financial struggles, Royal Mail has said that it will be increasing stamp prices from tomorrow, 3 April. The price of a first-class stamp will cost above ?1 for the first time in history, with its new 15p hike pushing its price to ?1.20p.

Similarly, second-class stamps will be 7p more expensive and cost 75p going forward. The delivery giant said the increases were necessary to ensure that their universal system, that delivers letters to any distance for the same cost, ?remains sustainable?.

cont https://www.dailypost.co.uk/news/cost-of-living/royal-mail-hikes-first-class-26615181
Title: Re: Financial matters
Post by: SteveH on April 17, 2023, 09:58:59 am
Map of DWP cost of living payment shows how many in North Wales will get ?301 boost - including 15k in Conwy
Millions of struggling families and individuals will be entitled to the latest round of financial help from the Government

Over 15,000 households in Conwy will be entitled to the money

cont https://www.dailypost.co.uk/news/cost-of-living/map-dwp-cost-living-payment-26699101?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: Ian on April 17, 2023, 11:24:11 am
Millions of struggling families and individuals will be entitled to the latest round of financial help from the Government

Over 15,000 households in Conwy will be entitled to the money

If ever we needed a starker example of the difference between Tory and Labour behaviour it's this. The families will need to jump through hoops to 'prove' they qualify, yet Sir David Green, the Serious Fraud Office (SFO) director from 2012 to 2018, said, when referring to the worryingly high levels of Covid fraud during the government's early rush to look after their supporters, there had been warning signs that should (https://www.theguardian.com/politics/2023/apr/16/ministers-ignored-red-flags-over-covid-says-former-head-of-sfo) have been picked up.

Parliament?s spending watchdog estimates fraud and error were likely to have cost the UK government as much as 16bn across the various Covid loan schemes, including those for small businesses.
Title: Re: Financial matters
Post by: SteveH on April 19, 2023, 10:20:16 am
UK inflation: Food prices rise at fastest rate for 45 years

Soaring prices for bread, cereal and chocolate meant the cost of living rose more than expected last month.

Inflation, which measures the rate of price rises, fell to 10.1% in the year to March from 10.4% in February.

It was widely expected to fall below 10%, but food prices continued to soar, rising at their fastest rate in 45 years.

Falling inflation doesn't mean prices are falling, but just that the rate of price rises is slowing.

Grant Fitzner, chief economist for the Office for National Statistics, which provides the figures, said globally food prices were falling, but that had not yet led to price cuts.

"There's been some strong upward movement in food prices and you would expect to see that reflected in supermarkets but we're not there yet," he told BBC Radio 4's Today Programme.

cont https://www.bbc.co.uk/news/business-65312127
Title: Re: Financial matters
Post by: SteveH on May 02, 2023, 10:01:14 am
Bumper BP profits of 4bn in three months spark criticism
Oil and gas giant BP has reported another set of strong results as energy prices remain high.

Profits hit $5bn (?4bn) in the first three months of the year, although this was down from $6.2bn last year with oil prices having fallen from the peak seen after Russia's invasion of Ukraine.

Bumper profits from energy firms have led to calls for them to pay more tax with households facing high bills.

cont https://www.bbc.co.uk/news/business-65453952


Food shop costs 'should start' to fall in next few months
The cost of a food shop "should start" to come down in the next few months, the body which represents UK supermarkets has claimed.

Supermarkets will start passing on cost savings for milk and other dairy goods due to cuts in wholesale prices, the British Retail Consortium (BRC) said.

It comes as new figures from the trade body revealed food prices were up 15.7% last month compared to April in 2022.

Last week, Sainsbury's rejected suggestions that prices were too high.

The denial came after questions over why a drop in the cost of wholesale food prices globally had not yet led to falls in the prices charged by UK supermarkets.

Helen Dickinson, chief executive of the BRC, said customers should "start to see food prices come down in the coming months as the cut to wholesale prices and other cost pressures filter through".

cont https://www.bbc.co.uk/news/business-65448642
Title: Re: Financial matters
Post by: SteveH on May 10, 2023, 09:51:38 am
The increasing trend of banks moving online and closing branches is leaving older customers stranded, warns a charity.

While banks argue that the majority of customers are satisfied with digital banking, Age UK has revealed otherwise. According to them, one-third of individuals over the age of 65 either lack the necessary skills, do not trust online banking, or prefer face-to-face transactions.

In a recent survey commissioned by Age UK and conducted by Ipsos, involving over 1,000 individuals aged 65 and over across Britain in March and April, it was discovered that approximately 31 per cent of older individuals with a bank account expressed discomfort with online banking. The survey also revealed that nearly 39 per cent of older adults are not using online platforms to manage their finances.

cont https://www.inyourarea.co.uk/news/almost-third-of-over-65s-prefer-traditional-banking-over-online/
Title: Re: Financial matters
Post by: SteveH on May 12, 2023, 09:53:12 am
Strikes and the cost of living weigh on UK growth

The UK grew only weakly in the first three months of the year with the economy hit by strikes, cost of living pressures and wet weather.

The economy grew by just 0.1% between January and March, figures showed, and it remains smaller than levels seen before the Covid pandemic.

The UK is also lagging behind growth seen in other major economies.

On Thursday, the Bank of England said it was more optimistic about prospects, and the UK would avoid a recession.

Its comments came after the Bank increased interest rates to 4.5% from 4.25% as part of its continued attempt to slow soaring price rises.

The ONS figures showed that while the economy grew slightly over the first three months of 2023, in March it contracted by 0.3%, with car sales and the retail sector having a bad month.

The economy is still 0.5% smaller than pre-pandemic levels, the ONS said.

cont https://www.bbc.co.uk/news/business-65562888
Title: Re: Financial matters
Post by: SteveH on May 16, 2023, 10:09:16 am
Prices doubled in a year for some meat, yoghurt and veg says Which?
The consumer expert has urged the Prime Minister to intervene on behalf of struggling consumers as food inflation remains at 'shockingly high levels'

It has now urged Prime Minister Rishi Sunak to intervene on behalf of struggling consumers as its latest data shows food inflation remaining at ?shockingly high levels?. The figures come ahead of Tuesday?s Downing Street Farm to Fork Summit.

The meeting is bringing together farmers? representatives and food and retail trade bodies along with supermarket chiefs. The goal is to talk about the Government?s goal of boosting cooperation across the supply chain, the sector?s resilience and rampant food inflation.

cont https://www.walesonline.co.uk/news/cost-of-living/prices-doubled-year-meat-yoghurt-26919471?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: Robert2020 on May 16, 2023, 12:59:01 pm
Just another raise to deal with...but Conwy's 10% rate rise is just the beginning of more council tax increases... The Welsh government are currently doing a revaluation of all domestic properties in Wales....

https://www.bbc.co.uk/news/uk-wales-politics-65413210

I'm sure my home will cost even more in council tax from 2025 and conwy council will be looking to spend it on projects which we can all live without.

Title: Re: Financial matters
Post by: SteveH on May 19, 2023, 09:23:44 am
Who is eligible for DWP ?150 disability cost of living payment in June 2023
The Department for Work and Pensions today confirmed the exact date money will start to be paid out

cont https://www.walesonline.co.uk/news/cost-of-living/who-eligible-dwp-150-disability-26946109?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on May 22, 2023, 10:00:05 am
State pension update with up to ?700 boost coming for retirees
The triple lock system will result in extra cash for pensioners

cont https://www.dailypost.co.uk/news/north-wales-news/state-pension-update-up-700-26953571?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on May 24, 2023, 10:09:00 am
Food prices still worryingly high, admits Chancellor Jeremy Hunt     :o

Food prices in the UK continued to surge at the fastest rate in nearly 45 years in April as inflation fell at a slower pace than expected.

The rate at which grocery prices rose slowed marginally in the year to April, but at 19.1% is close to record highs.

It comes as the overall UK inflation rate fell sharply to hit single figures for the first time since last August.

However, it did not decline as much as expected and the chancellor said food prices remained "worrying high".

Prices rose by 8.7% in the year to April, according to the Office for National Statistics (ONS).

This is down from 10.1% in March but above the 8.2% figure widely forecast by analysts.

cont https://www.bbc.co.uk/news/business-65682243
Title: Re: Financial..Ofgem confirms energy prices 'will drop considerably' from July
Post by: SteveH on May 25, 2023, 09:53:21 am
Energy bills have been crippling the nation for over a year now, with many households being pushed beyond breaking point. However, a glimmer of hope has come through for the first time since the crisis hit headlines in 2022.   

The price households pay for energy "will drop considerably" in July, the energy regulator confirmed to Money Saving Expert founder Martin Lewis on ITV's Good Morning Britain. It comes ahead of next week's Ofgem announcement on the new price cap rate from 1 July, which is predicted to fall below the UK Government's current Energy Price Guarantee.

The energy regulator confirmed that prices are set to drop from July 1, 2023. The nugget of good news came during an interview with Martin Lewis that took place live on ITV's Good Morning Britain last Wednesday, May 17.

Ofgem confirms energy prices 'will drop considerably' from July
During the broadcast, Martin shared his predictions of "a 17.5% drop" when the price cap comes out in July. Energy regulator Ofgem's director for strategy and decarbonisation Neil Kenward declined to give out figures ahead of the information being formally published today (Thursday, May 25).

Mr Kenward said: "It's obviously sensitive until then, we haven't actually finalised the number. But I can be clear that the number will be down considerably on the ?2,500 limit that applies at the moment for that average annual bill."

cont https://www.dailypost.co.uk/news/north-wales-news/martin-lewis-say-considerable-drop-26984823


PS
Ofgem has lowered the energy price cap by more than ?1,200 for the average household in England, Wales and Scotland.

The reduction will come into effect from July 1, with the price cap dropping from ?3,280 per year to ?2,074 per year to reflect the recent falls in wholesale energy prices.

The lower cap will replace the Government?s Energy Price Guarantee (EPG), which currently limits the typical household energy bill to around ?2,500.

It means the average household will see their annual bill drop by ?426.

cont https://www.northwalespioneer.co.uk/news/23546002.energy-bills-ofgem-lower-energy-price-cap-1-200/
Title: Re: Financial matters
Post by: SteveH on May 29, 2023, 10:23:12 am
Government plans to introduce a cap on the price of basic food items will not help tackle the rising cost of living, retailers have warned.

The British Retail Consortium (BRC) said the measures would not make a "jot of difference" and could thwart efforts to cut inflation.

A voluntary agreement with major retailers could see price reductions on basic food items like bread and milk.

There are no plans for a mandatory price cap, No 10 sources have stressed.

The idea of a cap or freeze on basic food items, as first reported by the Daily Telegraph, is said to be at the "drawing board stage".

Supermarkets are expected to be allowed to select which items they would cap and only take part in the initiative, modelled on a similar agreement in France, on a voluntary basis.

But there is some doubt over what impact a price cap would have, with the scheme facing criticism from retailers and opposition MPs.

https://www.bbc.co.uk/news/uk-65743163
Title: Re: Financial matters
Post by: SteveH on June 08, 2023, 09:43:48 am
There has been a "massive shift" in the way we do our grocery shopping since the pandemic, analyst firm Kantar has told the BBC.

Among the changes, shoppers now visit the supermarket less often, spend more on own-label goods and are turning to loyalty schemes to get discounts.

The cost-of-living crisis has helped drive the changes, as food prices soar.

But trends such as the rise of the discounters Aldi and Lidl go back further.

The BBC has identified five key ways shopping has changed based on data exclusively compiled by Kantar.

cont https://www.bbc.co.uk/news/business-65820543
Title: Re: Financial matters..... largest increase in unemployment
Post by: SteveH on June 13, 2023, 10:13:59 am
Wales has seen the largest increase in unemployment over the past year, according to figures from the Office for National Statistics.

Unemployment stood at 4.8%, the highest total in the UK alongside the west Midlands, estimates from February to April 2023 showed.

This is 1.3 percentage points higher than the same time period in 2022 and 0.2 percentage points up on last month.

Overall, the UK's unemployment rate stands at 3.8%.

Across the UK as a whole, unemployment fell slightly and the numbers working rose - but in Wales, the opposite happened.

The fall in employment rate was highest in Wales, dropping by 2.2 percentage points, with 71.8% of people in work.

The number of jobs in Wales fell by 11,000 between December and March.

Wales also saw the largest increase in the economic inactivity rate, compared with the same period last year.

This figure of 24.4% is up 1.1 percentage points on a year ago, although this was 0.6 percentage points lower than the previous quarter.

https://www.bbc.co.uk/news/uk-wales-65887988
Title: Re: Financial matters
Post by: SteveH on June 15, 2023, 10:07:11 am
Martin Lewis' seven tips that could save hundreds of pounds on water bills
Water bills rose by an average of 7.5% - a jump of ?31 a year on a typical bill

Utility bills have been crippling many households. The sky-high cost of gas and electricity have been hitting the headlines on an almost daily basis.

Water bills too rose by an average of 7.5% in April 2023 ? that's a hike of ?31 a year on a typical bill. People wrongly assume that because you can't switch to a different water company that costs can't be cut.

cont https://www.dailypost.co.uk/news/cost-of-living/martin-lewis-seven-tips-could-27123745
Title: Re: Financial matters
Post by: SteveH on June 16, 2023, 10:10:01 am
Tesco sees early signs inflation is starting to ease

The supermarket said that in the three months to the end of May, UK sales were up 9% from a year earlier to ?10.8bn.

Households have been facing soaring prices, with food inflation hitting 19.1% in the year to April.

Tesco boss Ken Murphy said he was "very conscious" of the cost of living pressures facing shoppers.

But he denied that the supermarket was profiteering, adding: "There are encouraging early signs that inflation is starting to ease across the market."

Critics have accused food retailers of "greedflation" - putting prices up to bolster profits.

https://www.bbc.co.uk/news/business-65925217
Title: Re: Financial matters
Post by: SteveH on June 21, 2023, 10:21:08 am
UK inflation shock paves way for interest rate hikes
Interest rates are expected to rise again after figures revealed inflation remained at a stubbornly high level.

Inflation, which measures the pace prices rise at, was 8.7% in the year to May, the same rate it was in April.

Prices for flights and second-hand cars rising led to the unexpected figure, but the cost of food and energy is already hitting household budgets hard.

The Bank of England is expected to raise interest rates by 0.25% to 4.75% in a bid to reduce inflation.
But some economists have suggested the Bank could decide on Thursday to implement a more aggressive increase of 0.5%.

Part of the Bank's job is to keep inflation at a target rate of 2% - far lower than the current rate of 8.7% and the markets have already priced in a interest rate hike.

Why Is UK inflation so high?    https://www.bbc.co.uk/news/business-65966723


Buy now, pay later: People using service for food, warn charities
More young people are getting into buy now pay later debt as some turn to schemes for essentials, charities say.

Firms such as Clearpay, Zilch and Klarna let people pay their debt off over a short period, but many charge a fee if payments are missed.

Molly Dixon went "cold turkey" after some of her friends ran up "?500 worth of debt they can't pay" and she "never wants it to get to that point".

The UK government said it was ensuring schemes were "safe and regulated".
https://www.bbc.co.uk/news/uk-wales-65962530
Title: Re: Financial matters
Post by: SteveH on June 30, 2023, 11:06:14 am
Centrica boss warns energy bills will stay high for foreseeable future

Energy bills are likely to stay high for the foreseeable future, according to the boss of the company that owns British Gas.

Centrica chief executive Chris O'Shea said while he believes the worst of the energy crisis is over, risks remain.

A new price cap comes into effect this weekend which will see households with typical energy usage pay ?2,074.

Mr O'Shea said prices have fallen from the rise caused by the Russian war, but are higher than the long-term average.

"I think the first act of the crisis is over," he said. "I think what we've got to remember is the energy prices had more than doubled before Russia invaded Ukraine.

"Now, prices are back down to pre-invasion levels but they're still two and a half times the long run average."

Gas and electricity bills will fall below the ?2,500 level that was subsidised by the government under its Energy Price Guarantee scheme.

However, under the new price cap, which is set by the regulator Ofgem, households bills will remain ?800 more expensive than two years ago.

cont https://www.bbc.co.uk/news/business-66051560
Title: Re: Financial matters
Post by: SteveH on July 01, 2023, 10:08:36 am
The exact amount people in North Wales will pay for energy bills from today
A new price cap from July 1 means the cost of gas and electricity is finally going to start coming down after two years of sky-high prices

The gas and electricity bills of the people of England, Wales, and Scotland will undergo major changes, starting today. Ofgem has introduced a new price cap, which will reduce household bills by ?426 on average.

Up until June 30, the Government's Energy Price Guarantee covered the average annual family bill for dual fuel direct debits, which is ?2,500. A new Ofgem price cap, set at ?2,074, has now taken its place so rather than setting a maximum amount a household will pay for their energy, the cap limits what providers can charge per unit of gas or electricity, meaning those who use more energy will pay more.

read more https://www.dailypost.co.uk/news/north-wales-news/exact-amount-people-north-wales-27229380
Title: Re: Financial matters
Post by: SteveH on July 03, 2023, 10:05:50 am
Contradiction on the above ?

Energy boss says prices might rise this winter

Energy prices could spike this winter forcing governments to step in and subsidise bills again, the head of the International Energy Agency has said.

If the Chinese economy strengthens quickly and there is a harsh winter, gas prices could rise, putting pressure on consumers, Fatih Birol said.
He added that governments should push for energy-saving and boost renewables.

However, a UK government spokesperson said energy bills are set to fall by an average ?430 this month.

Gas prices soared after Russia's invasion of Ukraine, driving up energy bills around the world.

A number of governments then stepped in with support for households, including in the UK, to try to soften the blow to consumers.

The IEA is an agency that works with governments and industry to provide data, analysis and recommend policies.

Mr Birol told the BBC's Today programme that many European governments made "strategic mistakes", including an over-reliance on Russia for energy, and that foreign policy had been "blindfolded" by short-term commercial decisions.

He said this winter "we cannot rule out" another spike in gas prices.

cont https://www.bbc.co.uk/news/business-66061853
Title: Re: Financial matters
Post by: SteveH on July 07, 2023, 09:47:20 am
People over 50 who left work during the pandemic are "much poorer" in general than other retirees, research suggests.

The Institute for Fiscal Studies (IFS) said 48% of those who retired in 2020-21 were now living in relative poverty.

They were less likely to receive a pension and had lower levels of well-being than other retirees, the IFS found.

It said disruption from the pandemic and perceived health risks may have forced many to leave work early.

Older workers between the ages of 50 and 70 who left in the first year of the pandemic were "not retiring in comfort", the IFS said, compared with those who had retired even just a year earlier.

The report, which was funded by the Joseph Rowntree Foundation, found that those who had retired in 2020-21 cut their spending on food by about ?60 per week on average.

cont https://www.bbc.co.uk/news/business-66120867
Title: Re: Financial matters
Post by: SteveH on July 11, 2023, 09:29:18 am
Record pay rises fuel fresh inflation fears

UK wages have risen at a record annual pace fuelling fears that inflation will stay high for longer.

Regular pay grew by 7.3% in the March to May period from year earlier, official figures showed, equalling the highest growth rate last month.

However, despite the record increase, pay rises still lag behind inflation - the rate at which prices grow.

The pace of wage rises has come under increasing focus by the Bank of England as it tries to control inflation.

The Bank has raised interest rates 13 times in a row in an attempt to reduce the rate of inflation but it has remained stubbornly high.

It currently stands at 8.7%, well above the Bank of England's target of 2%.

The concern is that strong wage growth will increase costs faced by companies and force them to push up prices for their goods even higher.

cont https://www.bbc.co.uk/news/business-66156713
Title: Re: Financial matters
Post by: SteveH on July 13, 2023, 10:03:15 am
The UK economy has barely grown since 2019 before the pandemic, with one economist describing it as "listless".

It shrank by 0.1% in May, partly due to the extra bank holiday for the King's Coronation, which meant there was one fewer working day than normal.

The rising cost of living and higher interest rates have been squeezing households and businesses.

When an economy shrinks, people might lose their jobs and find it harder to get pay rises that keep up with prices.

Inflation - the annual rate at which prices rise - is at 8.7%.

The Bank of England has been putting up interest rates to try to slow price rises but this is having a knock-on effect on consumer borrowing costs, driving up mortgage and loan repayments for millions.

cont https://www.bbc.co.uk/news/business-66179998
Title: Re: Financial matters
Post by: SteveH on July 16, 2023, 10:23:36 am
The UK has signed a deal to join a trade pact with several countries in Asia and the Pacific, including Japan and Australia.

The name of this pact - CPTPP - is an unwieldy mouthful, but it's also a new club of 500 million people the UK will be able to access.

So what does it mean for the fortunes of businesses and households?

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trade agreement between 11 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Those founding members signed the Pacific trade pact in March 2018.

Between them, they generate 13% of the world's income.

The UK is the first non-founding country to join, and will be its second biggest economy after Japan. It takes the value of the new grouping to ?11 trillion.

https://www.bbc.co.uk/news/explainers-55858490
Title: Re: Financial matters
Post by: SteveH on July 18, 2023, 10:15:42 am
The UK is "definitely over the worst" of food price inflation, the boss of online food retailer Ocado has said.

Chief executive Tim Steiner gave his forecast as separate figures revealed that grocery price growth slowed for a fourth month in June.

Market researcher Kantar said prices rose by 14.9% in the four weeks to 9 July compared with a year ago.

But Kantar said inflation remains "incredibly high" and Mr Steiner said customers were spending less.

Kantar said Britons had been turning to supermarket promotions to save money, which had helped to slow the pace of price rises from 16.5% in May.

Food prices are one of the biggest contributors to the UK's overall rate of inflation which remains stubbornly high.

New figures, due on Wednesday, are expected to show that the overall pace of price rises slowed to 8.2% in June, from 8.7% in May.

However, the Bank of England is expected to continue raising interest rates, which it has been using as a tool to curb rising prices and to bring inflation down back to its 2% target.

cont https://www.bbc.co.uk/news/business-66228386
Title: Re: Financial matters
Post by: SteveH on July 19, 2023, 11:12:21 am
BBC live report

UK inflation falls to lowest in more than a year

report  https://www.bbc.co.uk/news/live/business-66231510ftp://


Second part
Interest rates: Big rise less likely after inflation surpise

cont https://www.bbc.co.uk/news/business-66237492
Title: Re: Financial matters
Post by: SteveH on July 23, 2023, 10:04:23 am
UK inflation and interest rates high - how do other economies compare?

Inflation is still higher in the UK than in many other rich nations so interest rates may yet stay higher for longer.

So how is the UK fairing in other parts of our economic wellbeing? Include growth, jobs and taxes and it's a mixed picture.

Inflation
For all the talk of lower inflation, it still means prices are a painful 7.9% higher in the UK than a year ago. In the EU, that rate is 5.5%, it's even lower in the US.

Britain experienced the worst of both sources of price shocks impacting rich countries - last year's spike in energy and food costs prompted by the war in Ukraine, and a post-pandemic shortage of workers.

Cont https://www.bbc.co.uk/news/business-66269947
Title: Re: Financial matters........Record profits for British Gas
Post by: SteveH on July 27, 2023, 10:18:51 am
British Gas: Anger as energy bill change leads to record profits

There has been an angry reaction to British Gas reporting record half-year profits as millions of households continue to struggle to pay for energy costs.

British Gas reported profits of 969million after price cap rises allowed it to make more money from household bills.

Regulator Ofgem said the bumper profits were a "one-off" due to the changes.

But poverty campaigners said the profits "are a further sign of Britain's broken energy system".

About half of the profit was due to the changes to the price cap made by the energy regulator.

Ofgem had raised the allowance suppliers can claim from household bills to make up for costs incurred during the pandemic.

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: "At a time when household energy debt is spiralling to record levels and energy bills remain double what they were just a few years ago, the profits posted will be greeted with disbelief by those struggling through the crisis.

"There will of course be questions about how these profits were made, but the reality is that energy firms are operating on a playing field set by the government."

cont https://www.bbc.co.uk/news/business-66315117
Title: Re: Financial matters
Post by: Hugo on July 27, 2023, 03:30:48 pm
Apart from British Gas the only people that will be happy are the British Gas shareholders.    I don't expect that they will be the only energy firm that shows record profits this year.
The firms do it simply because they are allowed to do it.
Title: Re: Financial matters
Post by: SteveH on July 31, 2023, 10:02:02 am
New oil and gas licences will bolster the UK's energy independence and economy for generations, energy security secretary Grant Shapps has said.

He stressed energy security was "more important than ever" so Putin "can never again use energy as a weapon to blackmail us".

Writing in a statement, he said: "Safeguarding energy bills for British families and providing a homegrown fuel for our economy that, for domestic gas production, has around one-quarter the carbon footprint of imported liquified natural gas.

"Our next steps to develop carbon capture and storage, in Scotland and the Humber, will also help to build a thriving new industry for our North Sea that could support as many as 50,000 jobs, as we deliver on our priority of growing the economy."

cont https://www.bbc.co.uk/news/live/uk-politics-66357043
Title: Re: Financial matters
Post by: SteveH on August 01, 2023, 10:11:26 am
Whose got the tissues?

Oil giant BP profits has reported a steep fall in profits between April and June after energy prices fell back from spikes caused by Russia's war with Ukraine.

The firm said its underlying profits dropped to $2.5bn (2bn).

That compares to a $8.4bn gain it reported in the same three months last year, a period covering the early stages of Russia's assault on Ukraine.

Wholesale oil and gas prices have fallen back sharply since last year.

However, energy giants such as BP and its rival Shell continue to make strong profits. Shell recently reported $5.1bn in income for the April to June quarter.

cont https://www.bbc.co.uk/news/business-66369811
Title: Re: Financial matters
Post by: Ian on August 01, 2023, 12:40:59 pm
Whose got the tissues?

:-)))
Title: Re: Financial matters
Post by: SteveH on August 02, 2023, 09:45:34 am
The number of people missing payments on essential household bills like energy, phone and water is as high as it was over the winter, according to consumer group Which?.

Household budgets have been under strain for more than a year.

Even though prices have fallen back slightly, around 2.4 million households missed at least one bill payment in the month to mid-July, Which? estimates.

Which? said 770,000 failed to make mortgage or rent payments.

One in twenty renters and one in thirty mortgage holders defaulted on a payment, it estimated.

January is usually when the highest number of households miss a payment, after paying for seasonal festivities. Last winter the steep rise in energy prices added extra pressure.

cont https://www.bbc.co.uk/news/business-66375777
Title: Re: Financial matters....Interest rates expected to rise to new 15-year high
Post by: SteveH on August 03, 2023, 10:09:55 am
Interest rates expected to rise to new 15-year high

What?s going on at the Bank of England?

What are interest rates and how do they affect me?

cont https://www.bbc.co.uk/news/live/business-66386519
Title: Re: Financial matters
Post by: SteveH on August 06, 2023, 10:31:38 am
Inflation: Should we trust the Bank of England's forecasts?

The Bank of England's forecasting, which informs major decisions for the UK economy, is being reviewed and has been criticised.

After the Bank hiked interest rates for a 14th time in a row in an effort to slow price rises on Thursday, officials have predicted inflation to fall from the current rate of 7.9%, to "around 5%" by the end of the year.

So, in light of its estimating techniques being scrutinised, how much faith should we put in "5% by Christmas"?

Why does the Bank of England make forecasts?..........................

cont https://www.bbc.co.uk/news/66408346
Title: Re: Financial matters
Post by: SteveH on August 08, 2023, 09:46:11 am
Shops offering discounts to tempt hard-hit customers
Retailers are ramping up promotions to try to persuade shoppers to spend more after July's wet weather hit business.

Sales of clothing and shoes declined last month, which is usually a busy month for fashion, as shoppers held back from updating their summer wardrobes.

But a report on retail sales said there was a "big rise" in offers designed to persuade shoppers back.

The higher cost of living and rising interest rates are squeezing spending.
cont https://www.bbc.co.uk/news/business-66429307


Higher food prices may be here to stay, says Bank economist
Higher food prices may be here to stay, the Bank of England's chief economist has said.

Huw Pill said that the rate at which food prices are rising was expected to slow to "about 10% by the end of the year".

But he warned a return to cheaper food was "something we may not be seeing for a while yet, if in the future at all".

The price of food and non-alcoholic drinks rose by 17.4% in the year to June.

Over the last few months, the food inflation rate has gradually been dropping after hitting a high of 19.2% in March, according to official figures.
cont https://www.bbc.co.uk/news/business-66433014
Title: Re: Financial matters
Post by: SteveH on August 09, 2023, 10:34:30 am
The spending power of workers in many parts of UK will remain below the level it was before the pandemic until the end of 2024, a think tank warned.

The National Institute for Economic and Social Research said a triple blow of Brexit, Covid and Russia's invasion of Ukraine had badly affected the economy.

It projected the UK was set for five years of "lost economic growth", with the poorest hit hardest.

The think tank called for more investment in poorer parts of the UK.

Over the last few years inflation - the rate at which prices rise - has soared, forcing up the cost of living for millions.

Wages have also climbed, but not as fast as prices, leaving households across the UK feeling squeezed.

cont https://www.bbc.co.uk/news/business-66436792
Title: Re: Welsh .......Financial matters
Post by: SteveH on August 10, 2023, 09:59:47 am
They could start by reviewing the way they spend money, especially government buildings now unused, and some of the grant money, I feel could be better used.

Wales faces 'toughest financial situation since devolution' with cuts planned
Mark Drakeford said the Welsh Government needs to make cuts to fill a ?900m hole in its budget

Wales is in the toughest financial situation since devolution, according to Mark Drakeford. In a sobering statement released on Wednesday, the First Minister said he had asked ministers to find cuts in their departments to fill a ?900m hole in its ?20bn budget.

He claimed it had been caused by "record levels of inflation" as a result of the "mismanagement of the economy and public finances by successive UK governments over the last 13 years," reports WalesOnline. UK interest rates are currently at a 15-year high of 5.25%.

cont https://www.dailypost.co.uk/news/north-wales-news/wales-faces-toughest-financial-situation-27487259
Title: Re: Financial matters
Post by: SteveH on August 11, 2023, 10:15:07 am
Sunshine and no bank holidays helps better UK GDP growth

There may be some cautious optimism after this morning's economic update - but for small business owners like Lorna Needham, it is way too early to celebrate.

cont https://www.bbc.co.uk/news/live/business-66469579
Title: Re: Financial matters
Post by: SteveH on August 13, 2023, 10:35:36 am
Why US tech giants are threatening to quit the UK

It was difficult to maintain a poker face when the leader of a big US tech firm I was chatting to said there was a definite tipping point at which the firm would exit the UK.

I could see my own surprise mirrored on the faces of the other people in the room - many of whom worked there.

They hadn't heard this before either, one told me afterwards.

I can't tell you who it was but it's a brand you would probably recognise.

I've been doing this job for long enough to recognise a petulant tech ego when I meet one. From Big Tech, there's often big talk. But this felt different.

It reflected a sentiment I have been hearing quite loudly of late, from this lucrative and powerful US-based sector.

Many of these companies are increasingly fed up.

Their "tipping point" is UK regulation - and it's coming at them thick and fast.

cont https://www.bbc.co.uk/news/technology-66304002
Title: Re: Financial matters
Post by: SteveH on August 14, 2023, 10:25:45 am
About 40% of employers have made counteroffers to keep hold of staff tempted by higher wages from rivals in the past 12 months, a survey has found.

The Chartered Institute of Personnel and Development (CIPD) said that of the 2,000 employers it questioned, many of those that made counteroffers expected to do so again to retain workers.

The number of job vacancies in the UK remains high at over one million.

https://www.bbc.co.uk/news/business-66496216
Title: Re: Financial matters
Post by: SteveH on August 15, 2023, 09:50:20 am
Wages grew at a record annual pace between April and June, according to new figures from the Office for National Statistics.
Regular pay grew by 7.8%, the highest annual growth rate since comparable records began in 2001.

Inflation, which measures the pace at which prices are rising, has eased but remains relatively high at 7.9%.

But Darren Morgan from the ONS said Tuesday's figures suggested "people's real pay is recovering".

Mr Morgan, the ONS's director of economic statistics, said that basic pay "is growing at its fastest since current records began".

"Coupled with lower inflation, this means the position on people's real pay is recovering and now looks a bit better than a few months back."

However, wage growth is still not quite outstripping the pace of price rises. Mr Morgan told the BBC's Today programme that real pay growth, when taking into account the rate of inflation, "is still falling a little".
cont https://www.bbc.co.uk/news/business-66501937


The prices of food staples such as oil and milk are finally "edging down", even though shopping bills remain high, new data suggests.Research firm Kantar said shoppers paid on average ?1.50 for four pints of milk in July, down from ?1.69 in March.

The average cost of a litre of sunflower oil, meanwhile, is now ?2.19, which is 22p less than in the spring.

It comes as grocery inflation - the rate at which overall food prices rise - remains high but is starting to ease.

Prices increased by 12.7% on an annual basis in the four weeks to 6 August, according to Kantar, which tracks the spending habits of 36,000 UK households.

That is down from 14.9% a month earlier.
cont https://www.bbc.co.uk/news/business-66503016
Title: Re: Financial matters
Post by: SteveH on August 16, 2023, 10:04:20 am
State pensioners could be in for big 2024 rise due to Triple Lock
People could potentially get ?848 more a year thanks to big growth in average wages

Pensioners could be in for a big pay rise next year due to the triple lock on the State Pension, the Record reports. Today it was revealed that Office for National Statistics (ONS) said Consumer Prices Index inflation was 6.8% in July, down from 7.9% in June.

In April 2023, particularly high inflation meant state pensioners received a double digit increase of 10.1 per cent. And there is the potential for next year?s increase to be very high too.
cont https://www.walesonline.co.uk/news/cost-of-living/state-pensioners-could-big-2024-27529337?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


Miserable weather and economic news in July saw retail sales fall sharply with a warning of further misery to come, figures from the Scottish Retail Consortium (SRC) have revealed. Instead of hitting the high street to purchase new summer wardrobes, retailers slashed prices to attract shoppers to stores.

Customers also ignored summer food ranges and instead looked to traditional warming foods in supermarkets. While sales in July increased by 4.6% compared with July 2022 (4.4%), growth was well below the three-month average increase of 9.1% and the 12-month average growth of 8.5%, resulting in an overall year-on-year drop in sales of 3%.
cont https://www.walesonline.co.uk/news/uk-news/sharp-fall-shopping-july-thanks-27528869?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on August 18, 2023, 10:32:57 am
Annual energy bills for a typical household are expected to fall slightly to ?1,926 from October, according to a new forecast.

Consultancy firm Cornwall Insight predicts bills could drop by ?148 under a new official price cap set to be announced by Ofgem next week.

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

But bills still remain far higher than before Russia's invasion of Ukraine.

cont https://www.bbc.co.uk/news/business-66542340
Title: Re: Financial matters
Post by: SteveH on August 19, 2023, 10:17:52 am
A week of ups and downs in the UK economy

Turning points in the economy can be a little messy.

Just over two decades ago, the then Bank of England deputy governor Mervyn King said new economic figures had the air of John Travolta in Saturday Night Fever: "Old-fashioned disco dancing - sharp movements in unpredictable directions creating much excitement accompanied by a good deal of noise."

It is again an apt description of the British economy.

This week should have been a reliable staging post on a path of disinflation, and a sign that three years of inflationary crises and shocks were now washing out of the economy. The household energy shock that forced inflation above 11% went into reverse, bringing inflation below 7% in July.

But the figures had a significant sting in the tail.

Measures of underlying inflation, such as core inflation, which strips out the direct impact of energy and food, remained stuck at June's rate. Services inflation actually went back up, to a joint 31-year high.

It is these measures of more enduring forms of inflation that the experts setting interest rates are most focused on, not the predictable fall in the headline rate, as the household energy cap gradually lowers gas and electricity bills. And this came on top of some punchy rises in wages (in cash terms).

cont https://www.bbc.co.uk/news/business-66543759
Title: Re: Financial matters..............apply to get 25% off water bills
Post by: SteveH on August 21, 2023, 09:57:53 am
Welsh Water customers earning less than ?50K can now apply to get 25% off bills
The cost-of-living scheme is said to be the 'first of its kind' in the UK

Welsh working households not on benefits can get a sizeable chuck knocked off their water bills under a new cost-of-living scheme. Until now Dŵr Cymru (Welsh Water) has mostly given financial help to households on means-tested benefits.

The company?s new Cymuned (Community) Support Fund offers short-term support to working households whose ?bills exceed their income?. Under this scheme, households that qualify will receive a three-month ?charge-free? period ? this equates to a discount of around ?100-?120 on the average bill.

cont https://www.dailypost.co.uk/news/north-wales-news/welsh-water-customers-earning-less-27557498
Title: Re: Financial matters
Post by: SteveH on August 25, 2023, 10:13:07 am
Energy bills to tick lower this winter but will remain high

An annual energy bill for a typical household will fall to ?1,923 in October under regulator Ofgem's new price cap.

The maximum price of each unit of gas and electricity for 29 million households in England, Wales and Scotland is governed by the decision.

Bills will be ?151 lower than current rates and ?577 down on last winter.

But reduced government support and higher fixed costs mean many will see little difference in what they pay.

Ofgem chief executive Jonathan Brearley said: "We know people are struggling with the wider cost of living challenges and I can't offer any certainty that things will ease this winter."

He also said that prices paid by suppliers would be "volatile for some time to come", offering little long-term certainty to customers.

cont https://www.bbc.co.uk/news/business-66607005
Title: Re: Financial matters
Post by: SteveH on August 29, 2023, 09:53:50 am
Autumn and winter DWP cost of living payments in wake of new energy price cap
Many billpayers could still end up paying more this winter, despite Ofgem lowering the amount energy providers can charge

Energy regulator Ofgem has announced the new price cap will be reduced to ?1,923 from October 1. It means the average customer should see their energy bills become less costly during the winter period. According to the energy regulator, the price of gas will go from 8p per kilowatt hour (kWh) today to 6.89p while electricity will drop from 30.1p per kWh to 27.35p.

Despite bills looking cheaper at a glance, it's important to note that government support to supplement energy bills will not be available this winter, potentially resulting in higher charges for many. The previous government grant reduced bills by between ?66 and ?67 per month between October and March, 2022, the MEN reports.

cont https://www.dailypost.co.uk/news/north-wales-news/dwp-payment-energy-price-cap-27607180


PS
Workers at two large liquefied natural gas (LNG) plants in Australia are set to go on strike from 7 September, in a move that could drive up global prices.

It follows weeks of negotiations with unions over pay and working conditions.

Chevron, the US energy giant which operates the sites, said it would "continue to take steps to maintain safe and reliable operations in the event of disruption at our facilities".

Fears of strikes recently pushed up wholesale gas prices in Europe.        cont https://www.bbc.co.uk/news/business-66643277
Title: Re: Financial matters
Post by: SteveH on September 02, 2023, 09:58:21 am
The benefits and other rule changes coming in this month with latest on ?300 payment
New rules on immigration, baby seats, rubbish disposal, shingles vaccine and cryptocurrency are also due

A number of rule changes are coming into force in September, with updates on how you get benefits, or contact the Department for Work and Pensions. In addition there could also be more detail on the next ?300 cost of living payment.

cont https://www.dailypost.co.uk/news/north-wales-news/benefits-rule-changes-coming-month-27625877

Title: Re: Financial matters
Post by: SteveH on September 03, 2023, 09:56:05 am
DWP Winter Fuel payment payday and when the amounts will be announced
People could get between ?250 and ?600 to help with energy bills
cont https://www.dailypost.co.uk/news/north-wales-news/dwp-winter-fuel-payment-payday-27631313?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


The UK economy made a stronger recovery during Covid at the end of 2021 than previously estimated, according to sharply revised official figures.
Data has now revealed that the economy was 0.6% bigger in the final three months of 2021 compared to pre-pandemic levels.

The previous figures said that the UK economy was 1.2% smaller.
The government said it showed "those determined to talk down the British economy have been proved wrong".

The Office for National Statistics said changes were mainly because it had "richer data" from its annual survey.
cont https://www.bbc.co.uk/news/business-66680188


Octopus has announced it will buy Shell's household energy business in the UK and Germany.
Octopus Energy said that it will take over providing energy for 1.4 million homes as well as broadband services for 500,000 customers.

Shell's customers are advised to "sit tight for now" as the deal is not expected to be completed until later this year.
It is the latest expansion for Octopus which bought Bulb after its collapse.

That deal - which rival energy providers challenged in the UK High Court over state support - gave Octopus an additional 1.5 million customers.
cont https://www.bbc.co.uk/news/business-66684386
Title: Re: Financial matters
Post by: SteveH on September 04, 2023, 10:00:49 am
Welsh households could get ?120 financial support under new scheme
The financial support can be accessed through Welsh Water's new 'Cymuned (Community) Support Fund'

cont https://www.dailypost.co.uk/news/north-wales-news/welsh-households-could-120-financial-27626369?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on September 07, 2023, 09:54:18 am
A review of veterinary services in the UK has been launched over concerns that pet owners could be paying too much.

The Competition and Markets Authority (CMA) said vet fees were rising faster than other goods and services during the cost-of-living crisis.

Pet owners are often faced with "eye-watering" bills, consumer group Which? said.

The vet industry is worth ?2bn after pet ownership rose to two-thirds of UK households during the Covid pandemic.

When pets need urgent treatment, owners may not have all the information to decide on the best deal, the CMA said.

Its chief executive, Sarah Cardell, said: "Caring for an ill pet can create real financial pressure, particularly alongside other cost of living concerns.

cont https://www.bbc.co.uk/news/business-66733077
Title: Re: Financial matters
Post by: SteveH on September 08, 2023, 09:33:22 am
f you plan on signing a mortgage deal with Santander, Lloyds, Nationwide or Barclays, then the latest advice is to wait a little bit longer. Reports suggest that a round of mortgage rate cuts is likely to come, following similar action from Natwest and HSBC.

Mortgage interest rates have been significantly higher since the mini Budget set out during former Prime Minister Liz Truss' brief stint in the top role back in late 2022. However, there are signs of home ownership starting to become a more affordable reality again.
cont https://www.dailypost.co.uk/news/north-wales-news/warning-santander-lloyds-nationwide-barclays-27670821
Title: Re: Financial matters
Post by: SteveH on September 09, 2023, 09:26:31 am
Gas prices jump as strikes in Australia begin

Natural gas prices have jumped after strike action kicked off at two major liquefied natural gas (LNG) facilities in Australia.

The walkouts, in a row over pay and conditions, are taking place at Chevron's Gorgon and Wheatstone plants in Western Australia.

The US energy giant's two plants account for more than 5% of global LNG capacity.

On Friday, wholesale gas prices in the UK rose by about 10%.

cont https://www.bbc.co.uk/news/business-66749700
Title: Re: Financial matters
Post by: SteveH on September 11, 2023, 09:31:56 am
Read your meter now or risk paying more for energy as Ofgem price cap changes
Martin Lewis has given some helpful advice to householders.

Next month the cost of gas and electricity will fall slightly, yet some customers may end up paying too much unless they take action now. Consumer rights expert Martin Lewis is advising people to read their meter or risk paying the incorrect amount.

The energy price cap, set by Ofgem for households in England, Wales and Scotland, will fall by ?151 to ?1,923 a year for a typical annual energy bill. It will be the first time it has dropped below ?2,000 a year in 18 months.

cont https://www.inyourarea.co.uk/news/read-your-meter-now-or-risk-paying-more-for-energy-as-ofgem-price-cap-changes/
Title: Re: Financial matters
Post by: SteveH on September 12, 2023, 10:02:27 am
Triple lock means state pension set to rise by 8.5% in April

The policy means the increase in the state pension is the highest of average earnings, inflation or 2.5%.

Those earnings - which are total pay, including bonuses - were recorded at 8.5%, and the inflation figure is unlikely to be higher.

That means the state pension is likely to rise by 8.5%, which would be a weekly increase of ?13.30.

It means there is set to be an annual increase of ?691.60 on the basic state pension - taking the total for the year to ?8,814.

cont https://www.bbc.co.uk/news/business-66783922
Title: Re: Financial matters
Post by: Hugo on September 12, 2023, 04:39:36 pm
The Triple Lock is a good thing for state pensions as it protects the pensioners from the ravages of inflation but there is no such protection for people who are currently employed by local and national government.
For a number of years these employees have had no pay increases and that in effect is effectively a pay cut,    It's no wonder that there is such unrest in the UK at the moment with strikes, walkouts and other industrial actions.   
With an increasing population of pensioners the Triple Lock may become unsustainable and it wouldn't surprise me if the present government are considering ways of ending it
Title: Re: Financial matters
Post by: Hugo on September 13, 2023, 08:47:19 am
I watched the evening news last night and the Triple Lock was mentioned and the Minister did say that the Government was looking at the Triple Lock as it was unsustainable in the long run.
The spokes person for the Labour Party said that their party would not guarantee keepin it either so it is a real issue for the future





Title: Re: Financial matters
Post by: SteveH on September 13, 2023, 10:01:40 am
Strikes and wet weather cause UK economy to shrink

The UK economy shrank more than expected in July, driven by strike action by NHS workers and teachers, according to official figures.

Wet weather also hit the construction and retail industries, the Office for National Statistics (ONS) said, causing the economy to contract by 0.5%.

The figures were worse than analysts had predicted and continue a trend of weak economic growth in the UK.

But the ONS said the "broader picture" for the country looked "more positive".

cont https://www.bbc.co.uk/news/business-66785572
Title: Re: Financial matters
Post by: Helig on September 13, 2023, 10:37:30 am
The media seem to be covering the government line on the Triple Lock very much at the moment. They state that this is unaffordable to keep it much longer. It looks as though they plan to remove this in the near future. I wonder how they can afford to pay ?6 million plus a day on illegal immigrants and say pensioners will have to accept lower increases to their state pensions? We are people who have contributed to this country and continue to do so by paying taxes in many cases.

There is also much disinformation being put out by the right wing think tanks. An article quoting one of them in my paper last week said that 1 in 4 people over 65 live in millionaire households. I wonder what planet they live on?

I have never voted Tory and never will. I wonder how many votes they will lose by their stand on the Triple Lock? It is to be hoped it will be enough to lose them the next election.
Title: Re: Financial matters
Post by: Hugo on September 13, 2023, 04:48:07 pm
The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010. It was designed to ensure the value of the state pension was not overtaken by the increase in the cost of living or the working population's income.
Now the Conservatives want to do a U turn on their own policy stating that in the long term it is unsustainable!
What is unsustainable is paying for all these migrants who have entered the UK illegally.     The Government say it is costing 6 million pounds per day to pay for the needs of these asylum seekers or illegal migrants or whatever term for them is used but I think that that figure is under estimated and done so for political reasons.
 
Title: Re: Financial matters
Post by: DaveR on September 14, 2023, 09:19:56 am
The Triple Lock is a good thing for state pensions as it protects the pensioners from the ravages of inflation but there is no such protection for people who are currently employed by local and national government.
Nor for those employees in the private sector whose taxes pay not only the pensions but also the wages of the public sector employees you mention?
Title: Re: Financial matters
Post by: SteveH on September 14, 2023, 10:43:24 am
Interesting headline........Maybe the banks have got it slightly wrong......

Millions of people switch back to cash in cost of living crisis
The latest statistics show how often people are using cash, making cashless payments and using their mobile phones to pay

The number of people who rarely use cash fell last year as cost-of-living concerns grew, while the number of payments being made using physical coins and banknotes rose for the first time in a decade. UK Finance said that 21.6 million people across the UK used cash only once a month or not at all in 2022 ? falling back from 23.1 million the year before.

Growing fears about inflation and the rising cost of living have meant some people are making greater use of cash as a way of managing budgets, UK Finance said. With the rise in technology and a growing choice of ways to pay, the number of people who mainly rely on cash also fell back.

cont https://www.walesonline.co.uk/news/uk-news/millions-people-switch-back-cash-27710714?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: Hugo on September 15, 2023, 08:03:04 am
The Triple Lock is a good thing for state pensions as it protects the pensioners from the ravages of inflation but there is no such protection for people who are currently employed by local and national government.
Nor for those employees in the private sector whose taxes pay not only the pensions but also the wages of the public sector employees you mention?

We all have to pay taxes whether we are pensioners, public servants or employees in the private sector but if anyone disagrees with the Triple Lock then the blame rests with the Conservatives who introduced it
Title: Re: Financial matters
Post by: Helig on September 16, 2023, 09:30:20 am
A report in yesterday's i paper stated, "The Home Office is anticipating making another request to the Treasury Reserve for cash, having claimed ?2.4 billion last year for asylum seekers' accommodation". This request relates to it needing more money for housing illegal immigrants.
Title: Re: Financial matters
Post by: SteveH on September 20, 2023, 10:14:38 am
Slowing food prices drive surprise fall in inflation

Slowing food prices helped drive a surprise fall in inflation in August, with the cost of living now at its lowest level in a year and a half.

Inflation, which measures how prices change over time, fell to 6.7% in the year to August, down from 6.8% in July, official figures show.

It is the third month in a row that the figure has dropped.

Price rises for milk, cheese and eggs slowed the most, while fish and vegetable prices also eased.

There was also a drop in hotel and air fare costs, although fuel prices jumped.

When the rate of inflation falls, it does not mean prices are coming down, but that they are rising less quickly.      :-\

cont https://www.bbc.co.uk/news/business-66844295
Title: Re: Financial matters
Post by: SteveH on September 21, 2023, 09:48:30 am
Government borrowing was higher than economists had expected in August, new official figures show.
Borrowing - the difference between spending and tax income - rose to ?11.6bn last month, according to the Office for National Statistics (ONS).

That was ?3.5bn more than a year earlier and the fourth highest August borrowing since monthly records began in 1993.

Experts had predicted public borrowing would stand at ?11.1bn last month.
cont https://www.bbc.co.uk/news/business-66872233


Investors are split over whether interest rates will be raised again on Thursday after figures showed a surprise slowdown in price rises.
A 15th rise in a row to 5.5% from 5.25% was widely predicted, but now only half of investors are predicting a rise.

Expectations changed after inflation, which is the rate prices rise at, was revealed to have fallen unexpectedly to 6.7% in the year to August.

The Bank of England, which sets rates, will reveal its decision at midday.    cont https://www.bbc.co.uk/news/business-66866916
Title: Re: Financial matters....Check your savings accounts if you are of pension age
Post by: SteveH on September 22, 2023, 09:55:02 am
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/
Title: Re: Financial matters
Post by: SteveH on September 23, 2023, 09:41:15 am
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.
Title: Re: Financial matters
Post by: SteveH on September 24, 2023, 09:49:15 am
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
Title: Re: Financial matters....Car/Home insurance costs continue to soar
Post by: SteveH on September 25, 2023, 09:35:41 am
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/
Title: Re: Financial matters
Post by: SteveH on September 26, 2023, 10:10:38 am
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
Title: Re: Financial matters
Post by: SteveH on September 27, 2023, 10:22:20 am
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
Title: Re: Financial matters
Post by: Hugo on September 27, 2023, 07:02:03 pm
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
Title: Re: Financial matters
Post by: SteveH on September 30, 2023, 10:17:43 am
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
Title: Re: Financial matters..............UK interest rates held at 5.25%
Post by: SteveH on October 01, 2023, 09:50:42 am
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/
Title: Re: Financial matters
Post by: SteveH on October 02, 2023, 10:22:22 am
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
Title: Re: Financial matters
Post by: SteveH on October 03, 2023, 10:08:07 am
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
Title: Re: Financial matters
Post by: SteveH on October 08, 2023, 09:52:43 am
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/
Title: Re: Financial matters
Post by: SteveH on October 10, 2023, 10:12:13 am
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/
Title: Re: Financial matters
Post by: SteveH on October 12, 2023, 09:53:45 am
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
Title: Re: Financial matters
Post by: Helig on October 12, 2023, 11:50:40 am
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.
Title: Re: Financial matters
Post by: SteveH on October 13, 2023, 09:35:19 am
20 ways you can save cash, from smart meters to loyalty cards
A third of residents still haven't found a way to save money despite nearly a half trying new methods,

UK residents have tried saving cash using various methods this year, with some taking showers at the gym and others reusing their tea bags, a poll has found. The research (polling 2,000 adults) revealed that 48 per cent of people had attempted to save money using a new method over the past 12 months.

And the money-savvy habits don't stop there, with residents opting for discount shopping, bulk buys and repairing their clothes instead of taking a trip to the shops. The poll found that 27 per cent had focused on their energy usage, with 51 per cent of people with smart meters saying the devices had helped them tackle their bills

cont https://www.inyourarea.co.uk/news/20-ways-you-can-save-cash-from-smart-meters-to-loyalty-cards/
Title: Re: Financial matters
Post by: SteveH on October 17, 2023, 09:26:37 am
The NHS and council services like schools and transport will be spared when the Welsh government sets out plans to balance its books later.

Other Welsh government-funded services could face cuts in the announcement.

Inflation has been blamed for the unusual exercise, which has come in the middle of the financial year.

Welsh Tories have criticised spending on "vanity projects", while Plaid Cymru questioned how transparent the process has been.

The Welsh government said it was "under unprecedented pressure caused by the impact of inflation, more than a decade of austerity on public services, and the UK government's mismanagement of the economy".

Finance Minister Rebecca Evans will announce more detail in the Senedd on Tuesday afternoon.

A spokesperson said she would announced a "package of financial measures which protect Wales' public services, NHS and transport" - she has previously committed to protecting council budgets.

First Minister Mark Drakeford had asked his ministers to find savings during the summer, describing a shortfall of ?900m.

cont https://www.bbc.co.uk/news/uk-wales-politics-67089977
Title: Re: Financial matters
Post by: SteveH on October 18, 2023, 09:49:57 am
Food prices saw their first monthly fall in two years in September, but fuel prices rose sharply, official figures show.

It came as the overall rate of inflation held steady at 6.7%, ending a run of three consecutive monthly falls.

The price of milk, cheese and eggs all decreased, easing the pressure at supermarket tills, the Office for National Statistics said.

But petrol increased by 5.1p per litre, hitting drivers at the pumps.

Analysts had expected the overall rate of inflation to fall slightly, and the ONS said there may be "some disappointment" about the unchanged figure.

cont https://www.bbc.co.uk/news/business-67142756
Title: Re: Financial matters
Post by: SteveH on October 24, 2023, 09:37:30 am
Workers on voluntary Real Living Wage see 10% pay rise

Hundreds of thousands of UK workers will see a 10% pay rise from Tuesday, because their employer is signed up to the voluntary Real Living Wage scheme.

The rise - from ?10.90 to ?12 an hour outside London - would be a "lifeline" for low-paid workers, the Living Wage Foundation said.

Employers can choose to pay the real living wage, a rate that is higher than the government-set minimum wage.

But a business group warned there was "a limit" to what firms could afford.

cont https://www.bbc.co.uk/news/business-67194691
Title: Re: Financial matters
Post by: SteveH on October 25, 2023, 10:19:17 am
The 23 medical conditions that will qualify you for ?518 monthly payments from DWP
People are being urged to check if they are eligible

The benefit is given to help with extra costs if you have a disability or health condition that affects how much you can work. You can apply for 'new-style' ESA if you are below state pension age and you have a disability or health condition that affects how much you can work but you also need to have both worked as an employee or been self-employed and paid enough National Insurance contributions ? normally in the last two to three years

cont https://www.dailypost.co.uk/news/north-wales-news/23-medical-conditions-qualify-you-27977461
Title: Re: Financial matters................When should I turn the heating on?
Post by: SteveH on October 27, 2023, 10:33:06 am
The temperature is dropping again, and many of us are reaching for our cosy jumpers and winter duvets while we try to put off switching on the heating.

Energy prices aren't quite as high as they have been but the cost of living crisis continues to bite and we are all keen to keep our household bills down.

So when is the best time to turn on your heating? And what else can you do to keep your home warm?

Here's what you need to know as we head into winter........ https://www.bbc.co.uk/news/business-67197871
Title: Re: Financial matters................WARNING ?129 higher bills warning
Post by: SteveH on October 28, 2023, 09:53:09 am
?129 higher bills warning for anybody who's a British Gas, EDF, OVO, Octopus, E.On, Shell customer
Prices in the electricity market are predicted to rise next year

Customers of British Gas, EDF, OVO, Octopus, E.On, Shell have been warned their bills could be higher next year. People are already struggling with the cost-of-living crisis, but electricity market prices are predicted to rise in 2024 and stay well above pre-energy crisis levels for the rest of the decade.

Analysts at Cornwall Insight predicted Britain?s wholesale power prices would rise from an average of ?96.64 per megawatt-hour so far this year to ?129/MWh next year due to higher gas prices.

Electricity prices were also forecast to stay elevated until the end of the decade, remaining at least 60% higher than they were in 2021.

cont https://www.dailypost.co.uk/news/north-wales-news/129-higher-bills-warning-anybody-27996324?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: Ian on October 28, 2023, 05:00:15 pm
Wasn't the government thoughtful when they declared 'privatisation was the way forward for lower bills"?
Title: Re: Financial matters
Post by: mull on October 29, 2023, 09:47:37 am
Well done----

All our electric supply on Mull is powered by Hydro. No gas involved at all. Water is still for free.

So why is my electric bill going up ?
Title: Re: Financial matters
Post by: SteveH on October 31, 2023, 09:44:30 am
Flight fares will go up as air traffic control charges soar
Airlines have warned that passengers will 'bear the brunt' of the 43 per cent rise

Airlines have threatened to raise plane ticket prices after the UK's Civil Aviation Authority announced an increase in the fees that planes will pay to fund the country's air traffic control system. Despite a summer marred by widespread disruptions, the charge will see a ?17 increase, pushing it from ?47 to ?64 per plane for the period spanning 2023 to 2027.

This marks a 43 per cent rise, although accounting for inflation since 2020, it's a 26 per cent increase, according to the CAA. The average cost per passenger will climb by around 43p to approximately ?2.08 per passenger per flight.

cont https://www.inyourarea.co.uk/news/flight-fares-will-go-up-as-air-traffic-control-charges-soar/
Title: Re: Financial matters
Post by: SteveH on November 01, 2023, 10:39:53 am
It's not something your friends are likely to be talking about down the pub but in the City there's something fund managers and investors are increasingly worried about.

Bond markets.

They are falling and have been for some time.

It is a flashing warning sign about the state of the UK and US economies and may affect the costs of our loans and mortgages.

So how worried should we be?.................... cont/stats https://www.bbc.co.uk/news/business-67262339


Warning one in 10 county councils face effective bankruptcy
In September Birmingham City Council was forced to slash spending after declaring itself effectively bankrupt.

More local authorities fear they could be next, according to a survey by the County Councils Network.

They are calling for emergency funding from the government to stave off financial collapse.

The government said it had already made ?5.1bn extra available to local authorities for 2022/23 - and was ready to talk to any council concerned about its financial position.

cont https://www.bbc.co.uk/news/uk-politics-67228883
Title: Re: Financial matters
Post by: SteveH on November 02, 2023, 10:41:18 am
Interest rates are expected to be left unchanged as the Bank of England looks to balance the impact of higher rates on the UK economy.
Sluggish economic growth and signs that the country's job market is slowing down have led to predictions that rates will be held at 5.25%.

Rates had been hiked previously in a bid to slow the pace of price rises and are at the highest level for 15 years.
The Bank of England, which sets rates, will reveal its decision at midday.

Money markets say there is a 92% chance that rates will be held.

Higher interest rates mean that the cost of borrowing money for things like mortgages and other loans goes up. However, it also means higher returns on savings accounts.
cont https://www.bbc.co.uk/news/business-67286913


Shell posts $6.2bn profit as oil prices rise again
Oil and gas giant Shell has posted strong profits helped by oil prices rising again.

The energy giant reported earnings of $6.2bn (?5.1bn) between July and September, up sharply on the previous quarter.

Profits were down from $9.4bn in the same period last year, however, when Russia's invasion of Ukraine caused a spike in oil and gas prices.

Oil prices are currently lower than that period, but have risen recently.

That is largely due to members of the Opec+ group of oil-producing nations cutting output to support the market.  :-\

cont https://www.bbc.co.uk/news/business-67294888
Title: Re: Financial matters
Post by: SteveH on November 04, 2023, 10:34:02 am
How does your pay compare with other jobs?

The average full-time worker in the UK was earning nearly ?35,000 a year in April, official data shows, a rise of 5.8% on the previous year.

The size of that rise varies from job to job, with travel agents getting a pay bump of 21%, while sport coaches saw their earnings fall the most.

Despite the increases in pay, most workers' wages rose by less than inflation, the rate at which the cost of goods and services rise.

This means that in real terms, wages fell by 1.9% for full-time workers - a sign of the continued cost of living squeeze.

Use the lookup table below to see what the average pay is in your job group, how that has changed from the previous year, and whether a pay rise has topped inflation.

cont https://www.bbc.co.uk/news/business-67308318
Title: Re: Financial matters
Post by: Helig on November 04, 2023, 10:45:33 am
Another mess created by our government:

https://goodlawproject.org/two-thirds-of-beds-bought-for-nightingale-hospitals-were-unfit-for-use/?utm_source=Good+Law+Project&utm_campaign=a4eb5d17eb-EMAIL_Investigations_2023_11_03_10_16&utm_medium=email&utm_term=0_db5adb9599-8e29602e85-%5BLIST_EMAIL_ID%5D&mc_cid=a4eb5d17eb&mc_eid=9f8454a5a5

I wonder who will profit from this?

Title: Re: Financial matters
Post by: Hugo on November 04, 2023, 11:06:32 am
Don't forget the Fiasco of the PPE's  Helig,   not even put out to tender!       Be patient,  there's only 12 months left for this lot
Title: Re: Financial matters
Post by: SteveH on November 06, 2023, 09:38:30 am
DWP may get powers to check your bank and track benefits spending
In an effort to curb fraud, DWP agents may also get search, seizure and arrest powers

Agents would be granted powers of search and seizure, meaning they would be allowed to enter your home and seize your phones and laptops. They could gather information on how you spend your cash, and they may also ask banks and other agencies to share details about you with the Department of Work and Pensions (DWP), reports WalesOnline.

The DWP said the majority of people thought the powers were acceptable, except for the gathering of information on where claimants spend their cash. They would allow agents to take action without a criminal investigation beginning ? so they would be able to check your spending habits simply because they suspect fraud.

cont https://www.inyourarea.co.uk/news/dwp-may-get-powers-to-check-your-bank-and-track-benefits-spending/
Title: Re: Financial matters
Post by: Helig on November 06, 2023, 10:31:40 am
I trust that HMRC will be able to obtain similar powers with regard to tax fraud? This costs the country far more than benefit fraud but the Tory government doesn't want to give HMRC enough staff to crack down on that.
Title: Re: Financial matters
Post by: Hugo on November 06, 2023, 12:59:17 pm
If the DWP is checking up on how claimants are spending their benefits then it could be that the claimants are being pid too much in the first place
The money is there for a purpose to help with a persons needs and not to be spent on non essential things like manicures, hair extensions or other cosmetic treatment.     If you see some of the younger people on TV that go to foodbanks you will see where the benefit money has gone.

With regard to your point on HMRC,   you are spot on with your comments.    I just wish that they would abolish all these loopholes with tax avoidance,  I'd like to see Boris' tax return too,  he's lied to the British Parliament and to the British public but would he lie to HMRC too?       That's the only way that the US got Al Capone put in prison
Title: Re: Financial matters
Post by: Helig on November 07, 2023, 10:07:28 am
I wouldn't trust Boris as far as I could throw him.

There has never been any genuine approach to tackling tax avoidance. I started in what was the Inland Revenue in 1974. There was talk of doing something about offshore companies and other tax avoidance/evasion. The system still allows people to avoid (and evade) tax by using offshore companies now. There is a black list of countries which are allowing this and money laundering too. The non dom situation has never been changed and there is a massive tax loss due to this. People are allowed to choose their country of domicile and this is rarely challenged. It can result in them no paying any tax in the UK.
Title: Re: Financial matters
Post by: SteveH on November 08, 2023, 10:34:44 am
Married couples are being urged to check they are not missing out on up to ?252 a year.

HM Revenues and Customs (HMRC) is encouraging anyone in a marriage or civil partnership to spend 30 seconds to see if they can claim Marriage Allowance.

Marriage Allowance saves couples money by allowing the lower or non-earner to reduce the amount of tax their partner pays.

Most people have a Personal Allowance, normally ?12,570 ? the amount of income they do not have to pay tax on.

cont https://www.northwalespioneer.co.uk/news/23909455.hmrc-marriage-allowance---eligible-252-boost/
Title: Re: Financial matters
Post by: SteveH on November 10, 2023, 09:45:17 am
Martin Lewis shares car and home insurance trick that slashes cost of new quotes

Martin Lewis has shared a surprising car insurance hack which could save you hundreds of pounds. It is all to do with when you check for quotes.

cont https://www.dailypost.co.uk/news/north-wales-news/martin-lewis-shares-car-home-28076734?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on November 12, 2023, 10:39:16 am
The UK economy failed to grow between July and September, figures show, after a succession of interest rate rises.

The chancellor said higher rates were hitting growth, but added that the economy had performed better than expected this year.

Forecasters suggest the economy is set to be stagnant for several months yet.

Last week, the Bank of England said the UK was likely to see zero growth until 2025, although it is expected to avoid a recession.

Up until September, the Bank of England had raised interest rates 14 times in a row to try to tame soaring price rises.

However, while raising rates can reduce inflation - the pace at which prices rise - it also affects economic growth by making it more expensive for consumers and businesses to borrow money.

cont https://www.bbc.co.uk/news/business-67370315
Title: Re: Financial matters...........Lower water bills
Post by: SteveH on November 16, 2023, 10:24:29 am
Your water bill may fall as failing firms are forced to pay ?70m back to customers
Anna Wise explains how companies that have failed to meet targets must lower their bills

Most water firms must pay their customers a net total of ?70m via lower bills after failing to meet their performance targets, industry regulator Ofwat has confirmed. Ofwat has outlined the amount customers will see slashed from their bills between 2024 and 2025 via fines issued to underperforming suppliers.

Ofwat discovered that most firms had failed to meet key targets covering pollution, leakages and supply interruptions. The regulator assesses the performance of water suppliers across England and Wales each year against the 'stretching' targets it set in 2019 for five years until 2025.

cont https://www.inyourarea.co.uk/news/your-water-bill-may-fall-as-failing-firms-are-forced-to-pay-70m-back-to-customers/
Title: Re: Financial matters
Post by: Hugo on November 16, 2023, 03:28:40 pm
The North Wales winners and losers from council tax reform mapped
The Welsh Government is planning an overhaul of the current system for the first time in almost 20 years


I remember Wales getting a revaluation all those years ago and my house was rebanded upwards and I appealed against it and after some words with the HMRC Valuation officer I won the appeal and my Tax Banding was put back to what it was,
That was a long time ago when Wales revalued the property but why do it again when England as far as I am aware has never had the housing market revalued.
They certainly won't do it this year especially as the General Election is nearing




https://www.dailypost.co.uk/news/north-wales-news/north-wales-winners-losers-council-28116184
Title: Re: Financial matters
Post by: SteveH on November 17, 2023, 10:01:57 am
Ofgem to look at energy standing charges as bills continue to rise
Households currently pay a daily charge of around 83p a day - no matter how much energy they use

Ofgem is to consider alternatives to energy standing charges amid predictions that household bills will keep rising until the middle of next year. The regulator said it was the ?right time? to look at standing charges again as wider cost of living pressures left customers continuing to struggle with bills.

Every household pays the same daily standing charge no matter how much energy they use, around 83p since the start of October. This has risen from 74p a year ago. This means that a small household and a big household both have to pay about ?303 per year, up by about ?33 on a year ago.

cont https://www.dailypost.co.uk/news/cost-of-living/ofgem-look-energy-standing-charges-28117590?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters........Ever lost a parcel in transit? Had one arrive late?
Post by: SteveH on November 19, 2023, 10:07:57 am
How to dodge Christmas delivery disasters and what to do if it happens to you
Consumer rights expert Martyn James chats about delivery nightmares and how to protect yourself if your gifts go astray

Ever lost a parcel in transit? Had one arrive late? Got nowhere when you went to complain? Consumer champ Martyn James feels your pain - and frustration. With millions more parcels zipping their way around the UK due to Christmas, getting things delivered can make us nervous.

Citizens Advice is due to announce the results of its annual parcel delivery firm league table in the coming weeks. Last year, not one single delivery company scored higher than three out of five stars. According to the Mirror, half of all people who reported a problem with a delivery experienced further difficulties when trying to sort things out. Blimey!

So we asked Martyn to unwrap the the reasons behind the chaos and shine a light on what your rights are if it happens to you.

cont https://www.inyourarea.co.uk/news/how-to-dodge-christmas-delivery-disasters-and-what-to-do-if-it-happens-to-you/
Title: Re: Financial matters
Post by: SteveH on November 21, 2023, 10:20:10 am
Why the change of message on Autumn Statement tax cuts?

It looks like the Autumn Statement will now include at least one crowd-pleasing personal tax cut - so why the change of message and which tax could be cut?

When I spoke to Jeremy Hunt 10 days ago, just after it was confirmed that the UK economy was not growing, I suggested to him that personal tax cuts might help.

He said there were "no shortcuts" and clearly signalled that his focus was on growth-enhancing business tax cuts.

He'd previously declared personal tax cuts "virtually impossible".

A week on, I spoke to the chancellor again, at a hydrogen energy facility in Sheffield. The caution on such cuts had gone. And the prime minster has now suggested the time has come to cut tax.

For Rishi Sunak, last Wednesday's drop in inflation was a clear turning point in Britain's recent economic story.

During his time as chancellor and as prime minister - most of the past four years - the UK and most of the world have been hit by an unprecedented series of geopolitical crises that have led to big spending and rolling inflationary shocks.

cont https://www.bbc.co.uk/news/business-67473404
Title: Re: Financial matters
Post by: SteveH on November 23, 2023, 10:35:24 am
What the autumn statement means for your finances
Chancellor Jeremy Hunt delivered his autumn statement aimed at boosting the economy

There were significant changes announced for pensioners, workers and people on benefits.

cont https://www.dailypost.co.uk/news/north-wales-news/what-autumn-statement-means-your-28155813


Energy price cap will rise in January adding pressure on households
Household energy prices will rise in January putting more financial pressure on billpayers at the coldest time of year.

Energy regulator Ofgem said the typical annual household bill would go up from ?1,834 to ?1,928, a rise of ?94 or 5%.

It said the rise in bills would be "worrying" at a difficult time for many people, but was the result of higher wholesale costs faced by suppliers.
Analysts have predicted that prices will fall back in March.

cont https://www.bbc.co.uk/news/business-67484090


The hidden tax rise in the Autumn Statement

Tax cuts were the main theme of the chancellor's Autumn Statement, but the policy decisions will not prevent taxes staying at their highest level on record.

A big part of that is due to a so-called "hidden" tax rise, one which can have a bigger impact on household incomes than others, known to economists as fiscal drag.

It sounds rather technical and dull, but it impacts millions of people.

The term describes a process in which more people are "dragged" into paying a larger amount of tax on their personal income - without tax rates going up at all.
cont https://www.bbc.co.uk/news/business-67484100
Title: Re: Financial matters
Post by: SteveH on November 26, 2023, 10:34:49 am
Interest rates: Why there is more pain still to come

A run of 14 consecutive interest rate rises has brought worry and financial pain for mortgage holders - but it has also boosted savers' bank balances.

Millions of people in the UK are both borrowers and savers (while some are one, or neither), so the balance - or imbalance - between the two is important for our money.

Documents published after the chancellor's Autumn Statement on Wednesday give a fascinating insight as to which way the scales are shifting.

This year, according to the UK's official economic watchdog the Office for Budget Responsibility (OBR), the benefit of better returns on savings has outstripped the hit of higher mortgage rates. Our real household disposable income - put simply, the money we have to spend or save - has risen slightly in 2023.

Last year, everyone took a hit from rapidly rising prices. Next year, an estimated 1.6 million homeowners will see their current mortgage deal expire and so will move on to a much more expensive loan.

In short, there is more pain to come.

The OBR's view is a forecast, and it may ultimately prove to be wrong, but the OBR is the official body that marks the Treasury's homework and its predictions carry significant weight.

cont https://www.bbc.co.uk/news/business-67518829
Title: Re: Financial matters
Post by: SteveH on December 07, 2023, 09:50:30 am
Cash use has grown for the first time in 10 years as shoppers keep a close eye on their budgets while prices rise, retailers have said.

The British Retail Consortium said 19% of purchases were made with notes and coins last year, echoing a report by banks showing a slight rebound.

The figures come as the financial regulator is set to consult on a plan to help people access cash.

Ministers say banks will be fined if money cannot be withdrawn or deposited.

Under government rules, free withdrawals and deposits will need to be available within one mile for people living in urban areas.

In rural areas, where there are concerns over "cash deserts", the maximum distance is three miles.

cont https://www.bbc.co.uk/news/business-67636571
Title: Re: Financial matters
Post by: SteveH on December 11, 2023, 09:34:41 am
DWP errors mean thousands of pensioners are due ?5k payment
Aine Fox and Ben Hurst say the department has pledged to pay the cash back to every pensioner who missed out on an average of ?5,000

More than 200,000 pensioners have lost out on cash totalling ?1.3billion, with around ?8.2billion overpaid in benefits in the last financial year, according to a watchdog report. The Public Accounts Committee (PAC) said the errors were 'unacceptably high', and the DWP has pledged to pay the cash back to every pensioner who missed out on an average of ?5,000.

PAC said the extent of fraud and mistakes over benefit spending 'remains unacceptably high' and raised concerns that the DWP does not believe this would return to pre-pandemic levels until 2027 to 28. PAC chair Dame Meg Hillier accused the department of being 'asleep at the switch', with residents left short of what they are owed

cont https://www.inyourarea.co.uk/news/dwp-errors-mean-thousands-of-pensioners-will-land-5k-payments/


PS
Welcome to the British Gas Energy Trust
Struggling with the rising price of energy? Support is available no matter who your energy supplier is.

If you?re struggling with money and energy debt, you are not alone. We?re an independent charitable trust set up to support families and individuals who are struggling to pay their bills across England, Wales and Scotland.

How we help
Free resources to help make sure you?re getting the support and benefits you may be entitled to
We fund frontline advice services in local communities providing free 1-2-1 money, benefits, and energy efficiency advice
We also run a direct access energy debt programme ?  awarding grants to households that remove energy debt and fund emergency fuel credit

cont https://britishgasenergytrust.org.uk/
Title: Re: Financial matters
Post by: SteveH on December 12, 2023, 10:07:15 am
Phone, TV and broadband customers must be told about any mid-contract price rises at the point of sale and "in pounds and pence" under new plans.

Telecoms regulator Ofcom said it was concerned contracts were not providing "sufficient certainty" to customers due to many firms including mid-contract price hikes linked to inflation.

The move comes following a review by the regulator in February.

Millions of customers have been hit by bill increases due to high inflation.

Companies often set out in contracts that monthly charges will go up in line with inflation, which is the rate overall prices are rising across the economy.

But high rates of inflation over the course of the past year have led to customers being charged much higher amounts than in previous years. Ofcom said its data suggested that as of April 2023, four in 10 broadband customers and about 36 million mobile customers were on contracts subject to inflation-linked price rises.

cont https://www.bbc.co.uk/news/business-67680327
Title: Re: Financial matters
Post by: SteveH on December 13, 2023, 10:12:58 am
UK economy falls unexpectedly in October as higher rates bite

The UK economy shrank by more than expected in October, as higher interest rates squeezed consumers and bad weather swept the country.

The economy fell 0.3% during the month, after growth of 0.2% in September.

Household spending has been dented by rate rises as the Bank of England tries to tackle inflation. It is due to make its next rate decision on Thursday.

Meanwhile, retail and tourism were hit by severe weather in October as Storm Babet lashed the UK.

Most economists had predicted that the economy would shrink by just 0.1%, but the services, manufacturing and construction sectors all contracted.

cont https://www.bbc.co.uk/news/business-67690287
Title: Re: Financial matters
Post by: Hugo on December 13, 2023, 10:30:56 pm
Map shows where ?81m worth of unclaimed Premium Bonds prizes are
It's usual for prizes to be paid automatically, but a holder's latest contact details might have got lost

I've checked mine but unfortunately I'm not one of the 77,467 unclaimed prizes in Wales     :(



https://www.dailypost.co.uk/news/north-wales-news/map-shows-81m-worth-unclaimed-28282322
Title: Re: Financial matters
Post by: SteveH on December 15, 2023, 12:41:37 pm
Households face paying extra on energy bills to cover customers' bad debts under plans by the industry regulator.
Ofgem is proposing lifting the energy price cap by ?16 between April next year and March 2025.

It estimates that debt levels for energy customers has risen to ?2.9bn.

Last month, Ofgem announced it would raise the energy price cap, which limits the amount that companies can charge per unit of gas and electricity, from January.

It means the typical household will pay ?1,928 a year for gas and electricity, up from the current ?1,834 for a dual-fuel home.
cont https://www.bbc.co.uk/news/business-67725424


Russian energy giant Gazprom earned ?45m (?39m) from its gas field in the North Sea last year, accounts show.
Gazprom has been producing gas from the Sillimanite field, which is spread across UK and Dutch waters, since 2020.

Sir Ed Davey, leader of the Liberal Democrats said it was "totally unacceptable" that gas from UK territory was supporting "Putin's illegal war against Ukraine".
cont https://www.bbc.co.uk/news/business-67720198
Title: Re: Financial matters
Post by: SteveH on December 18, 2023, 10:38:40 am
If you use the NHS, go to the library, drive on the road, enjoy a trip to the museum or just appreciate your dustbin being collected, then this budget is likely to have a big impact on the services in Wales you need or enjoy.

There is an expectation of cuts to funding in Tuesday's announcement, by Finance Minister Rebecca Evans, of the Welsh government's 2024-25 spending plans.

Ministers have already had to balance the books this year and find hundreds of millions of pounds to prop up the health service and keep the trains running.

It now says that its budget for next year is worth ?1.3bn less in real spending power than when it was set three years ago, because of the impact of inflation.

Just over 80% of the Welsh government's ?20bn budget comes from the UK government at Westminster - which Welsh ministers decide how to spend.

The rest comes from taxes, including income tax.

cont https://www.bbc.co.uk/news/uk-wales-politics-67717440
Title: Re: Financial matters
Post by: SteveH on December 19, 2023, 09:54:10 am
Attacks on commercial ships in the Red Sea risk pushing up the price of oil and other goods, analysts have warned.

Several firms have paused shipments through the route after vessels were attacked by Houthi rebels in Yemen.

The world's second largest shipping line, Maersk, said on Tuesday that it will reroute some of its vessels around Africa's Cape of Good Hope.

The disruption has led the US to launch an international naval operation to protect ships in the Red Sea route.

Countries joining the security group include the UK, Canada, France, Bahrain, Norway and Spain.

cont https://www.bbc.co.uk/news/business-67758126
Title: Re: Financial matters........Pubs, shops and restaurants face rates hike
Post by: SteveH on December 20, 2023, 09:59:07 am
Two articles this morning.................

Pubs, shops and restaurants in Wales face a rates hike after Welsh Government fails to match the support in England. The retail, hospitality and leisure (RHL) support package has been in place since the pandemic hit.

Previously, this was a 75% discount on rates bills up to a maximum of ?110,000 ? matching the same scheme in England. At the UK Government Autumn Statement last month, Chancellor Jeremy Hunt announced the 75% discount would be extended in England for another 12 months at the same level.

But from next April, the Welsh Government will reduce the discount to 40%. It will still cost the Government ?78m but less than they would have faced if fully matched.
cont https://www.dailypost.co.uk/news/north-wales-news/pubs-shops-restaurants-face-rates-28317851


BBC report
Wales budget: Pubs and shops face tax hike to prop up NHS....cont https://www.bbc.co.uk/news/uk-wales-politics-67748243

Title: Re: Financial matters
Post by: SteveH on December 27, 2023, 09:27:52 am
Metric measurement rules to stay after Brexit review

The government has confirmed it is not planning to change the rules on selling in imperial measures after Brexit.

Ministers looked at changing laws inherited from the EU that mean traders can use Britain's traditional weighing system only alongside the metric one.

But they have now decided not to, after nearly 99% of respondents to an official consultation said they were happy with kilos and litres.

However, post-Brexit changes are on the way for wine sold in shops.

Legislation to be tabled in the new year will allow still and sparkling wine to be sold in "pint-sized" 568ml bottles for the first time.

It will also allow still wine to be sold in 200ml containers, potentially paving the way for an expansion in the canned wine market.

cont https://www.bbc.co.uk/news/uk-politics-67795075
Title: Re: Financial matters
Post by: SteveH on December 30, 2023, 10:06:39 am
Dŵr Cymru Welsh Water customers are set to get a ?10 rebate following an investigation into the company's leakage performance. The company announced the rebate in May this year, after an internal review found leakages were higher than originally stated and consumption per head was lower.

Customers should see the re-payment credited to their account soon, with some reporting it on December's bill, reports WalesOnline. Every customer will get the payment and it will be automatically credited to each registered household/business account.

cont https://www.dailypost.co.uk/news/north-wales-news/welsh-water-begins-giving-customers-28364253
Title: Re: Financial matters.........Improve your Energy Performance Certificate (EPC)
Post by: SteveH on December 31, 2023, 09:40:56 am
Homeowners can enhance their EPC rating during the winter months: "On average, draught-proofing your home can save up to 15-20 points on your EPC."

Sealants and adhesive tapes
Reflective materials, such as sealants or adhesive tapes/strips, play a crucial role in bouncing back radiant heat, preventing its escape through walls or surfaces. Homeowners can start by sealing spaces around electrical fixtures, the loft hatch, ceiling-to-wall joints, and window frames - the key areas where heat tends to escape. "Don't forget to tape any gaps surrounding pipework that runs outdoors as this helps to keep your pipes cosy and warm, reducing the risk of them freezing,?
cont https://www.inyourarea.co.uk/news/you-need-to-sort-your-epc-out-if-youre-selling-your-home-in-2024/


PS
How will the UK economy compare to other countries in 2024?

Rising prices, stagnant incomes, and flatlining growth raising fears of recession: 2023 was tough.

But with a pre-Christmas surprise drop in inflation, will the dawning of 2024 - likely to be an all-important election year - ring in a brighter, less pressured phase?

And how does the UK experience compare to elsewhere?   
cont plus stats https://www.bbc.co.uk/news/business-66269947
Title: Re: Financial matters
Post by: SteveH on January 01, 2024, 09:53:13 am
Mortgage lending set to fall in 2024 as arrears grow
UK Finance anticipates a decrease in lending for house purchases from ?130bn to ?120bn in 2024

Getting a mortgage is expected to become more challenging next year and more people may find it tough to manage their loan repayments, according to UK Finance. The trade association representing the UK banking and finance industry says affordability pressures are peaking due to the ongoing challenges in the mortgage market, leading to an increase in cases of arrears and repossessions.

While it will take some time for financial pressures on households to ease, the association said they foresee a better situation by 2025. Looking ahead to the next year, UK Finance anticipates a decrease in lending for house purchases from ?130bn to ?120bn.

cont https://www.inyourarea.co.uk/news/mortgage-lending-set-to-fall-in-2024-as-arrears-grow/
Title: Re: Financial matters
Post by: SteveH on January 03, 2024, 10:24:41 am
Hacks to save money in every area of your life during 2024
The start of a new year is a good time to take stock of your finances

cont https://www.dailypost.co.uk/news/north-wales-news/hacks-save-money-every-area-28376404
Title: Re: Financial matters
Post by: SteveH on January 05, 2024, 09:15:20 am
SORRY............ :(

These are the household bills you can expect to rise in 2024
Neil Shaw shares the details on everything from rent and council tax to TV licences and car insurance

A personal finance expert has set out which bills will likely rise in 2024 after households faced another squeeze on their budgets over the past year. Inflation has recently started showing signs of easing, and Alice Haine, from Bestinvest, the DIY investment platform, has some predictions for the new year..............

cont https://www.inyourarea.co.uk/news/these-are-the-household-bills-you-can-expect-to-rise-in-2024/


ALSO
Martin Lewis lists 10 urgent deadlines in 2024 which could save you thousands
Hitting these dates could make you money and big savings the Money Saving Expert founder says

cont https://www.dailypost.co.uk/news/cost-of-living/martin-lewis-lists-10-urgent-28389725
Title: Re: Financial matters
Post by: SteveH on January 08, 2024, 10:18:28 am
When can I retire? Check here to see how long you've got left with our pension calculator
It's complicated! But Richard Ault is here to help work it out for you thank to his clever pension calculator

We all dream of taking a step back from work one day and spending our later years unwinding, but the retirement age is creeping up. The state pension age, the earliest you can begin claiming state pension, is 66 at present, but it will climb to 67 between 2026 and 2028 and hike to 68 by 2046.

cont plus calculator https://www.inyourarea.co.uk/news/when-can-i-retire-check-here-to-see-how-long-youve-got-left-with-our-pension-calculator/

Title: Re: Financial matters....4 essential steps to take if you can't pay energy bills
Post by: SteveH on January 12, 2024, 09:54:36 am
Money Expert shares 4 essential steps to take if you can't pay energy bills

More than a fifth of people are concerned about falling into energy debt this winter. The charity found that 22% (360,000 people) feel 'worried or anxious' about arrears, with the average energy debt for those accessing complex debt advice being ?2,307, up by nearly ?500 compared with the same time in 2023.

Energy debt can also impact your mental health and well-being, but if you're struggling, there are a number of places where you can access help. We've outlined the things you should be aware of if you're worried about your bills below, from contacting your supplier to accessing financial support..............

MORE https://www.inyourarea.co.uk/news/money-expert-shares-4-essential-steps-to-take-if-you-cant-pay-energy-bills/
Title: Re: Financial matters
Post by: SteveH on January 13, 2024, 09:25:52 am
Oil prices jumped by 4% after the US and UK launched strikes in Yemen over recent attacks by Houthi rebels on ships in the Red Sea.Brent crude hit $80 per barrel for the first time this year as the Iran-backed rebels vowed to retaliate against military action by Western powers.

While the price rose, it is below highs reached when Russia invaded Ukraine.
But the UK government has drawn up scenarios suggesting further disruption could hit the economy.

The BBC understands the Treasury has modelled outcomes including crude oil prices rising by more than $10 a barrel and a 25% increase in natural gas.

On Friday, Brent Crude - the international benchmark for oil prices for much of the world - hit $80.71 per barrel before easing, while US West Texas crude increased by 2.79% to $74.03.
cont https://www.bbc.co.uk/news/business-67947795


Is the economy facing another energy price shock?
Both Prime Minister Rishi Sunak and US President Joe Biden cited the global economic impact of Houthi attacks on Red Sea cargo ships in overnight statements as the reasoning behind military action.
https://www.bbc.co.uk/news/business-67957739
Title: Re: Financial matters
Post by: SteveH on January 17, 2024, 09:39:14 am
British savers are missing out on a whopping ?13billion every year due to one simple mistake. Many people are keeping their money in bank accounts which do not pay any interest.

Research from money management app Plum suggests ?253billion is lying in zero-interest accounts. It amounts to around 14% of household savings overall

In real terms, it means ?1,000 saved in an account that pays no interest would drop in value to ?825.89 after five years if you take into account inflation, which currently sits at 3.9%. The top-paying easy-access account right now is from Metro Bank which pays 5.22%.

cont https://www.walesonline.co.uk/news/uk-news/brits-missing-out-13billion-cash-28459936?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


ALSO
U-turn as UK's rate of inflation goes back up
The rate indicates how quickly everything is getting more expensive

The rate of inflation rose to 4% in December from 3.9% in November, the Office for National Statistics said. Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: ?The rate of inflation ticked up a little in December, with rises in tobacco prices due to recently introduced duty increases.

?These were partially offset by falling food inflation, where prices still rose but at a much lower rate than this time last year.

cont https://www.walesonline.co.uk/news/uk-news/u-turn-uks-rate-inflation-28459657?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters....10 ways to winter-proof your home
Post by: SteveH on January 18, 2024, 09:57:11 am
As we experience freezing conditions, it's crucial to make sure your home is well-prepared for the icy weather. We've found some expert advice on how to make your safeguard your home against problems.

Homeowners over 65 are particularly concerned about cold-related challenges such as power cuts, broken boilers and frozen pipes, according to new research from Saga and Ageas UK. Regardless of age, it is important to protect your home from the ravages of freezing temperatures.

Read on https://www.inyourarea.co.uk/news/10-ways-to-winter-proof-your-home-in-freezing-temperatures/
Title: Re: Financial matters................Dehumidifier deals
Post by: SteveH on January 19, 2024, 09:59:57 am
Dehumidifier deals as experts share exact temperature to prevent mould at home
The best budget-friendly and effective dehumidifiers we've found on from Amazon, Dunelm, eBay and more

As cold weather hits the UK, many people are struggling to keep their homes warm because of high energy bills. If you're frugal with your thermostat and keep windows closed over the winter, you may notice condensation forming on your windows.

While this is normal in colder months, too much condensation can lead to problems like mould and health issues, warn energy experts at Your NRG. Speaking to BristolLive, the experts advised: ?Keep your home?s thermostat above 14 degrees Celsius to prevent mould growth, and a bit higher in tiled rooms. Anything below this threshold will encourage damp to develop in your house, impacting your property and your well-being.?

Use dehumidifiers for cost savings
According to the experts, dehumidifiers not only help eliminate condensation, but they can also help prevent damp and mould, get your laundry dry faster and even cut energy bills. Be it portable or electric, they all work by getting rid of excess moisture that's in the air.

cont https://www.inyourarea.co.uk/news/dehumidifier-deals-as-experts-share-exact-temperature-to-prevent-mould/
Title: Re: Financial matters
Post by: Hugo on January 19, 2024, 04:03:16 pm
That's an interesting article Steve and I'll have a good read of it over the weekend.
Just before Christmas Mrs H was going on about rising damp in our cloakroom.    I checked and the corner was indeed wet so I got the name of a damp specialist from my brother who is in the building trade.   I couldn't do anything at the time and the Christmas season was on us but I had a closer look at the problem in early January and found out the reason for the damp.
It was condensation on the WC cistern that was making the floor damp so I Googled it and got this message:-
Q    How do I stop condensation on my toilet cistern?
A     There are only two surefire ways to stop your toilet sweating:
1)Dry Out the Air in the Bathroom. Use an air conditioner or dehumidifier to dry out the air in the bathroom. ...
2) Install an antisweat valve in the water-supply line leading to the toilet.

I sorted the problem in the cloakroom out by simply switching off the radiator but the same thing was happening in the bathroom too so I can't switch off the radiator there but I'll read your link and see if it can help me
Title: Re: Financial matters
Post by: SteveH on January 20, 2024, 09:54:03 am
Hugo, I can recommend their use, our first house was an old lodge, and we definitely needed one there, about 10 years ago we got another, a very good buy for forty pounds off FB, we use it periodically by closing off a room at a time and opening all the wardrobe doors and drawers, even in the summer, especially in rooms not in use.
Title: Re: Financial matters
Post by: SteveH on February 01, 2024, 10:19:57 am
Oil and gas giant Shell has reported lower annual profits due to energy prices falling last year............  :roll:

Profits were $28.2bn (?22.3bn) in 2023, down from $39.9bn in 2022 which was the company's highest earnings in its 115-year history.

Energy firms made record earnings when oil and gas prices soared in the aftermath of Russia's invasion of Ukraine amid fears of supply problems.

Households bills have eased since 2022, but remain at a high level...... :(

cont https://www.bbc.co.uk/news/business-68164030
Title: Re: Financial matters
Post by: SteveH on February 02, 2024, 09:21:50 am
Water companies are forecasting an above-inflation rise in average household bills in April, drawing criticism from campaigners.

The average annual water and sewerage bill is expected to rise by 6% in England and Wales, up ?27 to ?473, says suppliers' trade body Water UK.

In Scotland, water and waste charges will go up by 8.8%, a rise of ?36.

Water firms have been facing intense scrutiny after the dumping of sewage into rivers.

"Next year will see record levels of investment from water companies to secure the security of our water supply in the future and significantly reduce the amount of sewage in rivers and seas," said David Henderson, chief executive of Water UK.

He said companies in England and Wales would invest more than ?14.4bn in the next financial year, the highest annual investment on record.

cont https://www.bbc.co.uk/news/business-68172008
Title: Re: Financial matters
Post by: SteveH on February 03, 2024, 10:21:39 am
Update on above..........Water companies are forecasting an above-inflation rise

Dŵr Cymru Welsh Water says bills to fall for all customers
The reduction is due to penalties the company has incurred for supply interruptions and leakage during previous

Dŵr Cymru Welsh Water says that its bills for the coming year are set to fall. The not-for-profit water company has announced that the typical combined water and wastewater bill for household customers will fall by between 0.1% and 1.3% from April.

The reduction is due to penalties the company has incurred for supply interruptions and leakage during previous years. In England bills are set to rise by 6% on average - an above inflation increase.

cont https://www.dailypost.co.uk/news/north-wales-news/dr-cymru-welsh-water-says-28555903
Title: Re: Financial matters
Post by: SteveH on February 06, 2024, 10:15:47 am
BP profits plunge as oil prices ease

Energy giant BP has reported a sharp drop in profits after oil prices fell last year.

Profits were $13.8bn (?11bn) in 2023, down from a record $27.7bn in the previous year.

Energy firms reported huge gains when oil and gas prices soared in the aftermath of Russia's invasion of Ukraine because of fears over supplies.

While household energy bills have fallen since 2022, they still remain at a high level.

The results are the first released by BP since the company announced Murray Auchincloss as its new chief executive.

cont  https://www.bbc.co.uk/news/business-68206788
Title: Re: Financial matters
Post by: SteveH on February 07, 2024, 10:06:25 am
A single person will need ?31,300 a year for a moderate income in retirement, according to a pensions industry body.

The rising cost of living and an expectation to offer financial support to grandchildren had pushed up the income required by ?8,000, it said.

The Pensions and Lifetime Savings Association (PLSA) uses evidence from focus groups to make the estimates.

It is intended as a guide for those planning their retirement savings.

The calculations are pitched at three different levels - minimum, moderate and comfortable - and are developed and maintained independently by the Centre for Research in Social Policy at Loughborough University.

They estimated that a single person needed ?14,400 a year for a minimum income, and ?43,100 a year for a comfortable retirement.

Couples required a joint ?22,400 at the minimum level, ?43,100 at a moderate level, and ?59,000 at a comfortable level.

cont https://www.bbc.co.uk/news/business-68222807
Title: Re: Financial matters
Post by: SteveH on February 08, 2024, 09:30:11 am
I am assuming I will be sent the relevant information and links, which I will pass on to you all...............

Pensions
Join us on Thursday, February 8, at 1pm when we will be LIVE with The Telegraphs Pensions Doctor, Becky O'Connor, tackling your most burning pension questions

This link to existing information.... https://www.inyourarea.co.uk/news/tag/pension/
Title: Re: Financial matters
Post by: SteveH on February 09, 2024, 10:08:00 am
update on above.........

We were live with The Telegraph's Pensions Doctor, Becky O'Connor
Getting to grips with your finances so you can retire comfortably can be a headache; check out our blog as we tackle some of the most common questions
cont https://www.inyourarea.co.uk/news/were-live-with-the-telegraphs-pensions-doctor-becky-oconnor/



Barclays is buying Tesco's retail banking operations in a deal worth ?600m to the supermarket giant.
Barclays is taking over Tesco Bank's credit cards, loans and savings accounts and has also agreed to market Tesco-branded banking services.

Under the deal, about 2,800 of Tesco's banking staff will transfer to Barclays.
Tesco said customers did not need to take any action and it would contact them over the coming months.

The supermarket has retained some of Tesco Bank's services, including insurance, ATMs, travel money and gift cards.

It has also agreed a partnership, initially for 10 years, under which Barclays will market and distribute credit cards, unsecured personal loans and deposits using the Tesco brand.
cont https://www.bbc.co.uk/news/business-68249167
Title: Re: Financial matters
Post by: SteveH on February 10, 2024, 09:26:46 am
Just in case anyone has missed previous tips ! !

Dominic Littlewood shares 11 energy-saving tips that really work
The TV consumer champion says little changes all add up and can help you save money

Energy bills may have gone up again, but a TV consumer champion says small changes around the home can help reduce how much energy you use. Dominic Littlewood practices what he preaches and is savvy at saving money in his own home.

?I?m really, really good at keeping my energy bills down,? said Dom. ?But I?m not sitting there shivering in an igloo with warm coats on and a hot water bottle ? I live a reasonably normal life, I?m just very shrewd and careful about what I do.?

Dom, who has presented shows including Channel 5?s Cowboy Builders and the BBC?s Fake Britain, is now sharing practical tips to help households reduce their energy costs. It is part of a new campaign by the Department for Energy Security and Net Zero, called ?It All Adds Up?.

cont https://www.inyourarea.co.uk/news/dominic-littlewood-shares-11-energy-saving-tips-that-really-work/
Title: Re: Financial matters
Post by: Hugo on February 12, 2024, 11:41:48 pm
Council tax in Wales: How much is my bill going up?

Conwy has still not given a proposed figure and is still considering budget savings?         ???


https://www.bbc.co.uk/news/uk-wales-68278744
Title: Re: Financial matters
Post by: SteveH on February 13, 2024, 09:52:22 am
Taking rough figures from the above article North Wales total council debts 65million against South Wales 200million?
Title: Re: Financial matters
Post by: SteveH on February 18, 2024, 10:03:42 am
Energy bills will fall in April by nearly ?300 a year for a household using a typical amount of gas and electricity, a leading forecaster says.

Consultancy Cornwall Insight has predicted a 15% drop, taking the typical annual bill to ?1,635 - the lowest in more than two years.

The energy price cap for the three months from April will be announced by regulator Ofgem in one week's time.

Many billpayers are still struggling to make payments.

If the prediction proves to be correct, the annual bill for a household, paying by direct debit, would fall by ?293 a year compared with the current level of ?1,928.

cont https://www.bbc.co.uk/news/business-68316283
Title: Re: Financial matters...........Vehicle Excise Duty (VED) going up on April 1
Post by: SteveH on February 19, 2024, 09:40:44 am
New car tax rates are set to hit petrol and diesel drivers from April 1. Vehicle Excise Duty (VED) increases will mean some drivers could face hundreds of pounds more in charges.

The VED fees will rise in line with the Retail Price Index (RPI) inflation from April 1, 2024. HM Revenue and Customs (HMRC) has said that while rates "will remain unchanged in real terms", the scheme will "impact" vehicle owners.

VED rates are mostly based on how much pollution a car emits. This means those with dirtier petrol and diesel models will be most affected. Everyone who owns a petrol, diesel or hybrid vehicle will have to pay more under the new VED rate rises this spring

Cars registered on or after April 1, 2017, will pay ?10 more with standard rates rising from ?180 to ?190. However, owners who bought brand new cars worth over ?40,000 in the last five years will also face an Expensive Car Supplement.

This will add an extra ?410 to their bill from April, up from ?390 over the financial year. If you've bought a brand-new car in the last year, you might have to pay more tax.

cont https://www.dailypost.co.uk/news/north-wales-news/motorists-could-face-paying-hundreds-28655165
Title: Re: Financial matters.Budget 2024: When it is and what will it mean for my money
Post by: SteveH on February 24, 2024, 10:02:43 am
Chancellor Jeremy Hunt will deliver his 2024 spring Budget on Wednesday 6 March.

He will say how much money the government plans to take in taxes, and what it will spend it on.

This spring there is a lot of focus on whether he will cut taxes ahead of the election.

What is the Budget?.....................  https://www.bbc.co.uk/news/business-68359756
Title: Re: Financial matters
Post by: SteveH on March 02, 2024, 09:53:30 am
First class stamp price to rise again to ?1.35, says Royal Mail

cont https://www.bbc.co.uk/news/business-68447820
Title: Re: Financial matters.........Holiday let owners could lose perk
Post by: SteveH on March 04, 2024, 09:37:25 am
A holiday home tax raid could be part of Jeremy Hunt's Budget this week. The Chancellor is expected to bring in a range of new revenue-raising measures in his upcoming Budget in a bid to fund pre-election tax giveaways.

Mr Hunt is under pressure to deliver tax cuts in what could be the last economic set piece from the Conservative UK Government before the next general election, which is widely expected in the autumn. It comes as the tax burden in the UK is reaching record levels.

Part of the efforts to raise income to fund other tax cuts is tipped to be a change to the preferential tax regime for holiday lets. This would be a UK-wide measure but have a major impact on parts of North Wales with high levels of holiday let ownership.

cont https://www.dailypost.co.uk/news/north-wales-news/holiday-owners-could-lose-perk-28745576
Title: Re: Financial matters.........11 key budget points
Post by: SteveH on March 07, 2024, 09:25:58 am
11 key points from Jeremy Hunt's spring Budget and what they mean for you in Wales

Tax cuts, a vape tax, and a clampdown on second home owners were all part of what will be seen as an obviously pre-election Budget

cont https://www.walesonline.co.uk/news/wales-news/11-key-points-jeremy-hunts-28765034?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: Ian on March 07, 2024, 07:32:21 pm
" Mr Hunt made a number of plays to voters ahead of a likely election in 2024, including pledging ?3.4bn to make IT changes in the NHS (the so-called productivity plan), which he said would unlock more than ?50bn in savings. He said that would "slash" the hours staff waste and would potentially halve form filling by doctors "by using AI"

Over the past few months I've spent rather too much time in hospitals with Eve, and from what I saw there were no hours being 'wasted' whatsoever. Numerous hours being thrown away because of nurse shortages, doctor shortages, ambulance shortages and generally the appalling attitude of the Tories towards the NHS. But the staff never stop.
Title: Re: Financial matters.....Budget for Long-Term Growth in Wales
Post by: SteveH on March 10, 2024, 09:52:09 am
Press release
Chancellor delivers ?Budget for Long-Term Growth? in Wales
More tax cuts for working people and more investment in high-potential industries headlined Chancellor Jeremy Hunt?s ?Budget for Long-Term Growth?

From:
HM Treasury, Office of the Secretary of State for Wales, The Rt Hon David TC Davies MP, and The Rt Hon Jeremy Hunt MP
Published
7 March 2024

cont  https://www.gov.uk/government/news/chancellor-delivers-budget-for-long-term-growth-in-wales?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Title: Re: Financial matters
Post by: SteveH on March 11, 2024, 10:01:12 am
People are being tricked into buying homes on holiday parks where they have no right to live, the BBC has found.

Buyers told BBC One's Panorama they were cheated out of their life savings after being falsely promised they could live full-time on the sites.

An undercover reporter secretly filmed one salesperson falsely claiming year-round living was permitted on a holiday park in Lancashire.

cont https://www.bbc.co.uk/news/uk-68484190
Title: Re: Financial matters............HIDDEN FEES
Post by: SteveH on March 12, 2024, 09:44:51 am
Spending on trap subscriptions like repeat services and apps have doubled in a year
Citizens Advice estimate that around 13 million of us have been impacted by taking out accidental subscriptions.

Consumer harm from subscription 'traps' is on the rise, with more than 13 million people paying accidental fees, Citizens Advice has warned. The alarming figure equates to 26% of adults who've accidentally taken out a subscription in the last 12 months, the charity said.

The subscriptions include things like fitness apps, food delivery services, repeat pet food purchases, and magazines. The charity estimated that unused subscriptions cost people ?688m in the last year, rising by ?382m since 2022, yet 40% of those with an accidental subscription said it renewed automatically without them knowing.

It was followed by 39% who subscribed to a free trial but forgot to cancel it and 24% who believed they had made a one-off payment. Citizens Advice said the failure to address the traps could harm businesses and be a risk to consumers, who would be forced to pay more than they had initially agreed upon and possibly more than they could afford.

cont https://www.inyourarea.co.uk/news/spending-on-trap-subscriptions-like-repeat-services-and-apps-have-doubled-in-a-year/