Three Towns Forum
Members' Lounge => Politics & Current Affairs => Topic started by: Ian on September 11, 2010, 08:34:31 am
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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."
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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?
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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.
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HMRC are a law unto themselves, why don't we scrap them. :D ;D
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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.
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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 !
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I think most would agree with you.
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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. ))*
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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.
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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:
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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@@
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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?
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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!
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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
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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
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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??
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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
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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.
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If it's the same (or similar) to one that was on BBC1 a couple of weeks ago....yep watch it.
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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.
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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.
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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.
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Yet - interestingly - those who earn the most from the UK pay the least in Tax....
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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.
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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???
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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!!!!!
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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.
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...And there was me thinking there would be a special 'staff rate' for HMRC employees .... there has to be some perks!
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...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!
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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. ¢¢##
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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?
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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.
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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.
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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?
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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.
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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.
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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!) :(
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One good thing is that business rates are not payable on Listed Buildings that are unoccupied.
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Since when did a packet of crisps become 55p?
They're not. On the website, they're 15p.
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One good thing is that business rates are not payable on Listed Buildings that are unoccupied.
none payable on the Pavilion then!
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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
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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?
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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.
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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...
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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!!!
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I bought a Twirl chocolate bar in the Co-op today and it was 63p. Nice, though! ¢¢##
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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?
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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.
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I bought a Twirl chocolate bar in the Co-op today and it was 63p. Nice, though! ¢¢##
*&(
$lol$
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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.
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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.
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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!
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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,
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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.
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And I suspect the health cost of ready made convenience foods is starting to hit home.
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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. ¢¢##
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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 !
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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.
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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 !!
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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 :) :)
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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??
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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?
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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,
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Are you Ken Dodd's love child? ;D
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Nemesis ... that suggestion is Tattyfilarious !!
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Mrs Fester did mention you were one of the "Diddy Men" ;D
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_))* _))* _))* _))*
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With a tickling stick! :laugh: :laugh:
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Don't forget Dickie Mint !!!! :-X :o _))* *&(
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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?...
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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?".
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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**
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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.
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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!!
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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!)
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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 *&(
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why not have a go at home brew lager / beer ?
I'm always wondering why you can't get Tesco 'Value' petrol? D)
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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
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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!
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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. )*)&
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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.
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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.
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OK ???
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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 ?
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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.
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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.
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I can't see anything here?
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I can't see anything here?
There's actually a full-stop, or a period.
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so there is *&(
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Do you think that Ian was trying to make a point? A POINT! Get it? A point!! .... heres a few more of them ......... _))*
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No Fester. he was just waiting for someone to spot his mistake :o
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Perhaps he was on his period. :D
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It was just to make a talking point...
:twoface:
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It was just to make a talking point...
:twoface:
L0L
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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.
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A website mainly funded by the TUC and Unison, Ian? :roll:
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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'
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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.
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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
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.
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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.
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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.
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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.
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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.
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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.
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I agree, wholeheartedly. Very worrying time.
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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)
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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.
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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)
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on the other hand, savers would no doubt enjoy an interest rate rise
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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....
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Yes indeed... the profit margin between lending and borrowing is now at a huge level for the banks.
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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)
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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.
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.
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.
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.
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.
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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!
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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.
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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)
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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.
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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
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Not a lot for Wales then - will have to see what the Assembly do now! ¢¢##
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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. $walesflag$
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What if you don't smoke, don't drink and ride a bike? _))*
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Cut in Corporation Tax is good news. $good$
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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?
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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.
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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.
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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'.
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Ah - a very rich Barra' Boy! $thanx$
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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.
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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.
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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!
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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)
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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?
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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
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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."
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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
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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?
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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.
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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"
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But surely, the issue is in the very quote you post:
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...
_))*
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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...
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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?
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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
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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
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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.
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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.
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“He who controls the media controls the minds of the public” – Noam Chomsky
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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
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The i is excellent, I agree. However, not being part of the Gruniad's governing body, I couldn't really say :D
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not being part of the Gruniad's governing body
Why on earth not?! ;D
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not being part of the Gruniad's governing body
Why on earth not?!
_))*
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*&( 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.
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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?
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I don't imagine many people will complain about the USA's ''interventionist'' policies from 1943 to 1945 ?
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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)
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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
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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.
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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:
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You are all heretics, and I shall inform my friend Mr X ..(head of the CIA) ..of your disloyalty.
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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
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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
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No, You are thinking of Mr Big.
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No, You are thinking of Mr Big.
John Tenta?
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I've created a new topic - Wrestling - in Sport, where this thread continues.
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I've created a new topic - Wrestling - in Sport, where this tread continues.
Well I got a bit TYRED of it !
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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)
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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.
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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?
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I believe this is her:
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:o $good$ nice!
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: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?
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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.
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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.
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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.
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(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.
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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.
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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.
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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)
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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.
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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)
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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)
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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?
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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.
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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.
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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?
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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.
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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:
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[Question - would you buy the Weekly News every week if it was, say, only 20p?
Yes ;D
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[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.
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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
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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.
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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?
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They should do one issue with a section inside for each region so we can all read about what's happening around the area.
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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. $good$
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$good$ 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.
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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)
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we don't have one at all!
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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!
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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.
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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 !
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Making it difficult to borrow money is the way it should be. So many people have got themselves in deep problems with debt unnecessarily.
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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.
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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/)
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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!
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$walesflag$ $good$
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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.
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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.
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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.
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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)
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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
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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. ;)
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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.
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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.
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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.
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The Barclay Brothers were ruthless
Ah, yes; the Barclay Brothers.. And they seek to control all the news you read, too...
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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
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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
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8)
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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.
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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!"
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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!
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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.
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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!
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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
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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)
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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?
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Correct and he will also own all the branches presumably with their freeholds.
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I thought the amusing price of £747 (oh how we laughed!) million from the former Airline owner also stank
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Branson knows how to work the system. Look how many £millions Virgin Rail has made out of taxpayers since rail privatisation.
$angry$
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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.
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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'!
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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.
$angry$
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very little of my money would have gone in that direction! :)
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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
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But he brought us 'Tubular Bells' by Mike Oldfield, which I bought when it came out in 73 D)
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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.
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He has fulfilled his brief, achieved rigorous targets and protected many thousands of jobs.
But doesn't he get paid to do that?
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Wasn't the bonus an integral part of his contractual remuneration?
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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.”
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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.
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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.
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I'm prepared to step in to run RBS if necessary...
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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
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I'm prepared to step in to run RBS if necessary...
_))* _))* _))*
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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)
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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.
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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!
>>>
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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.
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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.
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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.
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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?
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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.
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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.
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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.
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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.
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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.
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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...
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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.
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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! _))*
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It's all just like a big game of monopoly! I'll be the racing car ^*^0
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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.
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Have all the other big wigs given back their bonuses then?
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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.
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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.
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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.
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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.
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%.
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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.
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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.
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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.
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"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)
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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
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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
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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.
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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
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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!
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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...
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Dave's mentioned a lot I see! :laugh: How can anyone who is not a lawyer understand all of that? :o
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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
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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
Except that this applies to relatively high earners. Still, it's keeping accountants in business...
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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! ;)
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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.
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The unfortunate thing is that we're not in a significantly better position in the UK... &shake&
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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
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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.
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Oh! Sugar! My insurance only covers holidays up to 31 days! ;D
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Parity with the Euro is starting to look very likely. Great news for those of us that receive Dividends in Euros. $good$
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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)
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Parity with the Euro is starting to look very likely. Great news for those of us that receive Dividends in Euros. $good$
Agreed $good$.
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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.
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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.
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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!
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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:
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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.
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Let's hope they dont start confiscating GVC shares.... :o :laugh:
:o :o Nooooo!! Hopefully not! :D
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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.
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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."
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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
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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.
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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)
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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."
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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.
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It has been updated again since at 13.20.
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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)
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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)
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I like this:
"If his diplomats can't do a decent deal, they will come back to haunt him."
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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
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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)
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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!
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you will never get your Knee done sending our money to Roumania,
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you will never get your Knee done sending our money to Roumania,
Precisely my point Bri.
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Since when has Snowcap pinch the name Bri?
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1942
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Interesting change in the law re Stamp Duty on house purchases. People with the most expensive houses will pay far more:
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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.
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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)
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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)
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I wonder if all the supermarket trolleys will have to be refitted?
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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.
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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:
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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)
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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)
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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)
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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)
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It might be interesting to know the comparative rateable values of a chippy in Caernarfon with one of a similar size, say, in Beaconsfield.
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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.
The 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)
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That's it---------- Mr Dyson is one of UKs Brexit supporters.
We are all doomed !
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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)
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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)
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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)
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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.
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The problem with cash is trying to bank it especially now POST Office are shutting
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Both good points, I am to ensconced, in the good old days.
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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/)
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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)
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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.
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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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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)
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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/)
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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/)
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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)
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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/)
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"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)
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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)
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There is talk of the government paying energy companies to keep prices lower. Why not renationalise the energy firms to stop this mess continuing?
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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.
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Yes I agree get these companies back to ours, Instead of the Tory mates getting big share payouts.
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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 December
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)
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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)
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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
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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
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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)
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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)
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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)
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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)
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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)
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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)
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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.
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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.
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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)
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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)
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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)
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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
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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.?
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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
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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
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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.
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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
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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
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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
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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.
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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
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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
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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.
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Thank you for the reminder.
We have just returned 129 stamps.
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Thank you for the reminder.
We have just returned 129 stamps.
That would have cost a lot, glad it was helpful.
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?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.
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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.
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'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
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Could not resist posting this headline......
Lowest income households hit hardest by soaring energy bills, says think-tank
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Makes the think-tank worth every penny - and that's a penny more than they should be paid!
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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
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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)
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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
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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.
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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/
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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
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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
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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.
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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
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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
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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.
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Classic 'poisoning the well' tactic.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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
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Jeremy Hunt scraps almost all mini-budget as Liz Truss battles to remain PM
cont https://www.bbc.co.uk/news/uk-63284391
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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
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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 :( :( :( :(
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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
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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
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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"!
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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
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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
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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/
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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
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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
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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
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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.
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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.
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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.
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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.
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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
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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.
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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
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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
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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
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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
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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!
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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/
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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'
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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
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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
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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
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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
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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
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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 $drink$
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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
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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
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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
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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
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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
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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" .
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Sorry about that ,think it should have been placed in National Politics.
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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?
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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/
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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.
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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
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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
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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
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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
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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
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https://www.itv.com/news/2023-01-21/ethics-team-raised-zahawis-tax-affairs-with-then-pm-when-appointed-chancellor
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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]
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"Government ethics team"
Hmmm. Isn't that an oxymoron?
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"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.
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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/
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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/
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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
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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
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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
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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
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?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
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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 ?
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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
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This must make the strongest case for renationalising all the public concerns such as energy, water, royal mail and railways.
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That's it Helig.
Bring back Hydro Electric here in Scotland and MANWEB in North Wales !
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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
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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.
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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.
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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
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I think Brexit has much to do with it.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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/
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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
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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
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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
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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
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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
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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.
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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
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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
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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/
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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
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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
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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.
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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
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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
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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
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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/
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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
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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
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Whose got the tissues?
:-)))
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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/
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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
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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
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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
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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
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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.
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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.
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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?
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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
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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
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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.
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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
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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
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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/
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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.
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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
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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/
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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
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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
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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
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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
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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/
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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
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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
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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/
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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/
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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
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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.
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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/
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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
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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
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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
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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
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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
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?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
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Wasn't the government thoughtful when they declared 'privatisation was the way forward for lower bills"?
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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 ?
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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/
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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
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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
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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
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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?
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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
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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/
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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.
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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
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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.
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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/
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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
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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
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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/
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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
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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
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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/
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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
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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
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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
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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
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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/
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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/
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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
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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
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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/
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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/
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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
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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
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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/
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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/
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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
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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.
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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
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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
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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
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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
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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
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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/
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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
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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/
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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
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Taking rough figures from the above article North Wales total council debts 65million against South Wales 200million?
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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
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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
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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
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First class stamp price to rise again to ?1.35, says Royal Mail
cont https://www.bbc.co.uk/news/business-68447820
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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
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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
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" 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.
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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
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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
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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/
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Food and eating out costs drive fall in inflation
Inflation fell to 3.4% in February, down from 4% in January and edging closer to the Bank's target of 2%.
The drop means the cost of living is rising at its slowest pace since September 2021, when it stood at 3.1%.
Inflation, the rate at which prices rise over time, has been gradually falling since it hit 11.1% in October 2022, its highest rate for 40 years.
The Office for National Statistics (ONS) said slowing food price inflation was the main reason for the drop.
However, prices are not yet falling they are just rising less quickly than they were previously.
Read more https://www.bbc.co.uk/news/business-68597055
Live report.......... https://www.bbc.co.uk/news/live/business-68581526
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WASPI women could find out if they will get compensation today
Women Against State Pension Inequality have been campaigning for justice for up to 3.8m people, writes Ben Hurst
A judgement into a long-fought compensation battle for women who missed out financially due to changes in the pension age is due today (March 21), one Westminster report has suggested. A campaign by the Women Against State Pension Inequality (WASPI) has sought justice for up to 3.8million people whose retirement plans were thrown into chaos.
cont https://www.inyourarea.co.uk/news/waspi-women-could-find-out-if-they-will-get-compensation-today/
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State pension and triple lock: What is it worth and when do you get it?
The state pension will rise by 8.5% in April, under what is known as the triple lock.
Pensioners generally receive an increase in line with rising prices or earnings.
What is the state pension and how much is it worth?...................
The state pension is a payment made every four weeks by the government to people who have reached the qualifying age
and have paid enough National Insurance contributions.
cont https://www.bbc.co.uk/news/business-53082530
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Martin Lewis warning to 2 million married couples who could miss out on ?1,250
The Money Saving Expert founder has issued an alert to married couples who could be missing out on a tax break but they need to act fast
It's good advice but also the article is a bit misleading. I think that the rules apply to civil partnerships as well as married couples and is a yearly saving in tax of about 252.00 pounds. However it can be backdated to when the tax law came into force, unless the law has changed since I last read about it
https://www.dailypost.co.uk/news/north-wales-news/martin-lewis-warning-2-million-28888357
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Rises in some bills in the coming days mean many households will see their already tight budgets stretched further - but not all costs are going up.
Cuts to national insurance and increases in the amount people receive in benefits take effect in early April.
But regular bills like council tax and water are going up so experts say family budgets need careful attention.
Here are some of the changes taking effect in the coming days, and the help that is available.................
cont https://www.bbc.co.uk/news/business-68666795
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Five tax and pension mistakes everyone should fix before April 6
The new tax year is just around the corner, and for some people this will be a time to get on top of their financial planning
cont https://www.dailypost.co.uk/news/uk-world-news/five-tax-pension-mistakes-everyone-28905997?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Energy bills lowest for two years under new price cap
Energy prices have now fallen to their lowest level for two years, but experts are urging people to stick to savings habits because bills remain expensive.
The annual bill for a household using a typical amount of gas and electricity has dropped by ?238, to ?1,690, under regulator Ofgem's latest price cap.
The fixed standing charge element of bills has risen from Monday.
New prices
Ofgem's latest quarterly price cap has now come into force. It affects 29 million households in England, Wales and Scotland. Rules are different in Northern Ireland, where prices are also falling.
The price cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill - so if you use more, you will pay more.
cont https://www.bbc.co.uk/news/business-68674244
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Don't forget to take a meter reading now if you don't have a smart meter. I'll get a meter reading request from Octopus Enercy on the 7th April so I don't want to pay more for my energy than I need to do
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A further cut to National Insurance (NI) is coming into force from this week and many people in Wales will see a benefit. From Saturday, April 6, the average worker in the country will take home an extra ?701 in annual wages compared with the start of the year.
In his Spring Budget earlier this month, Chancellor Jeremy Hunt announced that NI contributions will be cut by 2p. National Insurance is a tax on earnings if you work or, if you are self-employed, on your profits. The cut will see the main rate for NI contributions drop from 10% of eligible income to 8% for 27m workers across the UK.
https://www.dailypost.co.uk/news/north-wales-news/workers-wales-week-701-extra-28922584?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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A shopping expert has revealed nine tips to help you find discount codes for almost everything you buy online.
We all know someone (or is that someone) who likes to indulge in a little online shopping now and again.
Getting our ordered items delivered straight to our doors often by the very next day has become the quickest and most convenient way to shop around our busy lives.
However, as we tap our items into our basket and head to the online checkout, many of us don't stop and take the time to look for discount codes that could save us money.
Finding a valid discount code can be a daunting task since it's often tricky to find a code that is still valid - especially for certain stores.
To help us out, Aktug Dogan, an online shopping expert at Refermate, has shared some valuable tips and tricks on how to save money on our online purchases via discount codes and how to find codes that actually work.
cont https://www.northwalespioneer.co.uk/news/24248456.get-discount-codes-shopping-expert-reveals-tips/
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A bit heavy for a Sunday, but...................
Bank of England: 'Serious deficiencies' in economy forecasts, review finds
The Bank of England's economic forecasting system has "serious deficiencies" that need to be modernised, according to a review.
The independent report by Dr Ben Bernanke, former head of the US central bank, found staff used outdated systems that should be overhauled or replaced.
He found there had been serious under-investment in the Bank's software.
But Governor Andrew Bailey said updating the Bank's systems was a "high priority".
The former head of the Federal Reserve, said that a "material degree" of under-investment had led to staff using a "complicated and unwieldy system".
This holds staff back from producing useful analysis on what might happen to the economy, he said.
Updating and modernising how its system handles economic data should be completed "with high priority" and "as rapidly as feasible", Dr Bernanke said in the critical review.
He was asked to carry out the review last July after the UK's central bank came under fire from MPs for failing to anticipate the scale or duration of inflation - which measures how prices rise over time - over the past two years.
cont https://www.bbc.co.uk/news/business-68797651
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UK inflation falls as meat and crumpet prices drop
Price falls for some food items like meat, crumpets and chocolate biscuits helped drive inflation down to its lowest level in two-and-a-half years.
The rate consumer prices have been rising at fell to 3.2% in the year to March, down from 3.4% the month before, according to official figures.
Inflation has been falling gradually since it peaked at 11.1% in late 2022.
However, lower inflation does not mean prices overall are coming down, they are just rising less quickly.
According to the Office for National Statistics (ONS), the price rises seen across most types of food products eased between February and March, with small increases being seen for bread and cereals.
But meat prices fell by 0.5% between February and March, compared with a rise of 1.4% a year ago, with pork products one of the big reasons behind the slowing rate.
Soaring food and energy bills have been the main causes behind the UK's high inflation in recent years.
Oil and gas were in greater demand after the Covid pandemic, and prices surged again when Russia invaded Ukraine, cutting global supplies. The conflict also reduced the amount of grain for sale, pushing up food prices.
It led to inflation for food and non-alcoholic drinks hitting a peak of 19.2% in March last year - the highest level seen since the 1970s.
cont https://www.bbc.co.uk/news/business-68833077
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Oil and gold prices have jumped after US officials said an Israeli missile had struck Iran.
Brent crude, the international benchmark, rose by 1.8% to $88 a barrel while gold briefly came close to a record high before falling back to nearly $2,400 an ounce.
Investors have been closely watching Israel?s reaction to Iran's direct drone and missile attack last weekend.
There are concerns a worsening conflict in the Middle East could disrupt oil supplies.
Oil prices had jumped by as much as 3.5% initially. However, gains receded after Iranian state media claimed that there was "no damage" in Isfahan province where there had been reports of explosions.
cont https://www.bbc.co.uk/news/articles/c2vwl91qe6do
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Charities are reporting heightened concern among pensioners who fear being dragged into paying income tax.
The state pension rose by 8.5% in early April, but the knock on effect is that hundreds of thousands of pensioners on lower incomes have been drawn into paying income tax.
Most pensioners will pay more tax this year as a result, owing to frozen tax thresholds.
Age Concern and Independent Age both say they have seen an increase in calls to their helplines in recent weeks from pensioners confused about the issue.
Who will pay more tax? .... https://www.bbc.co.uk/news/articles/cz74yw87jygo
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State pensioners with long-term health issues could be due up to ?1,319 each month
DWP has applied the annual uprating to both the State Pension and the disability benefit, benefiting more than 1.5 million people
check eligibility cont https://www.inyourarea.co.uk/news/state-pensioners-with-long-term-health-issues-could-be-due-up-to-1-319-each-month-check-eligibility/
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The cost of bread, beer and biscuits could skyrocket this year due to the effect of wetter weather.
Research suggests that production of wheat, oats, barley and oilseed rape could drop by as much as four million tonnes (17%) compared to 2023 after an unusually wet autumn and winter
cont https://www.northwalespioneer.co.uk/news/24287490.wetter-uk-weather-push-price-beer-bread/
Drivers warned of ?157 average car insurance price increase
Based on analysis from the Association of British Insurers, the typical price paid in the first quarter of 2024 was ?635.
In the first quarter of 2023, the average premium paid for private comprehensive motor insurance was ?478.
cont https://www.northwalespioneer.co.uk/news/24284531.drivers-warned-157-average-car-insurance-price-increase/
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Martin Lewis has advised customers of EDF, British Gas, E. on, Octopus, Sainsbury's and Outfox the Market that now is the time to "get your money back in your pockets" if they pay energy bills by direct debit and are currently in credit. Speaking on his BBC podcast, the personal finance expert explained that this is the "perfect point" for people to reclaim any credit from their energy suppliers, as accounts should theoretically be at about zero in terms of debt or credit at this time of year, reports Wales Online.
He detailed how the direct debit cycle operates and when accounts will go into credit and debt saying: "The way monthly direct debit works is they take what it is estimated you'll pay across the year and you pay the same amount each month even though you use more in the winter and we use less in the summer but it smooths out that usage."
Read more... https://www.dailypost.co.uk/news/uk-world-news/martin-lewis-says-now-time-29101971?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Average price of car insurance jumps another 33%
Inflation in claims costs is yet to stabilise, with the costs of repairs, replacement vehicles and theft all rising
cont https://www.inyourarea.co.uk/news/average-price-of-car-insurance-jumps-another-33/
Martin Lewis issues urgent energy deal 'fix' warning
Martin Lewis has urged people to consider switching to a fixed energy tariff to save money
cont https://www.dailypost.co.uk/news/uk-world-news/martin-lewis-issues-urgent-energy-29098763?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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LIVE REPORT......UK exits recession with fastest growth in two years
Economists had expected a 0.1% increase in GDP but between February and March, it grew by 0.4%.
Within that, accommodation and food services - ie dining out - rose strongly. That's perhaps not surprising given the early Easter in March as well as Mother's Day and St Patrick's Day.
On the manufacturing side of the economy, output from the pharmaceutical sector jumped by 7.6% month-on-month but that's because this industry delivers in bulk order so output is sort of lumpy.
Car production, however, shrank by 2.8%.
The Society of Motor Manufacturers and Traders has said previously that UK car production dropped in March because manufacturers have been adjusting their factories to make new car models such as electric vehicles.
Read More https://www.bbc.co.uk/news/live/business-68986351
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Has anyone had a renewal quote from an insurance company company and when they have questioned it with the company they have been offered the same thing at a reduced price?
This practise is so annoying and the companies shouldn't be treating existing customers like that.
This happened to me last week when I had a renewal notice from the RAC Breakdown Recovery Service. I have been with the RAC since 1971 and have had only one call out in the last 15 years or more.
They quoted me ?365.99 for 12 months but as a valued customer they would give me an extra 3 months free
I checked on line and a new customer could have the cover for ?273.52
Before phoning the RAC I checked the AA website and got a quote with the same cover for about ?190.00
But for a first time customer there was an introductory offer of 40% off for one year only that came to ?115.20
So armed with all this info I phoned the RAC and told them that I could have the same cover with the AA for ?115.20 and asked them could they match that. A discussion took place with the operator's manager and the operator came back and said "yes" they would match it
The confirmation came back from my bank today so I'll remain with the RAC. At least for another year!
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Food price rises are returning to "more normal" rates, research suggests, although shoppers are still seeking out cheaper own-brand goods.
Grocery price inflation - the rate at which prices increase - has fallen to 2.4%, according to research firm Kantar, the lowest since October 2021.
The findings come ahead of official figures due on Wednesday which are expected to show a sharp drop in overall inflation.
The easing of price rises has raised expectations that the Bank of England will cut interest rates this summer.
Kantar said that despite the easing of food price rises, shoppers were still following money-saving habits.
"Typically, an inflation rate of around 3% is when we start to see marked changes in consumers? behaviour, with shoppers trading down to cheaper items when the rate goes above this line and vice versa when the rate drops," said Fraser McKevitt, head of retail and consumer insight at Kantar.
"However, after nearly two and a half years of rapidly rising prices, it could take a bit longer for shoppers to unwind the habits they have learnt to help them manage the cost of living crisis.
"Own-label lines are proving resilient, for example, and they are still growing faster than brands, making up over half (52%) of total spending."
Sales of premium own-label ranges remained popular, up by 9.9% from a year earlier.
Read more........ https://www.bbc.co.uk/news/articles/c0xxwz00nz9o
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Water firms ask for bill rises of between 24% and 91%
Water companies in England and Wales want bills to increase by between 24% and 91% over the next five years, according to figures compiled by the consumer watchdog.
Southern Water is asking for the biggest jump of 91%, according to the Consumer Council for Water (CCW), with South Staffordshire and Cambridge Water asking for the lowest rise of 24%.
How much do companies want to increase their bills by? https://www.bbc.co.uk/news/articles/ce55vp78n40o
Inflation rate falls to lowest in almost three years
Falling gas and electricity prices have driven UK inflation to its lowest level in almost three years.
Prices rose at 2.3% in the year to April, down from 3.2% the month before, official figures show.
While inflation, which measures the price of something over time, has fallen further, it remains higher than the Bank of England's target of 2% and was slightly higher than experts expected.
But the Bank has hinted that interest rates, which have been raised in recent years to slow price rises, could be cut this summer. Rates are currently at 5.25% - the highest level in 16 years.
cont https://www.bbc.co.uk/news/articles/c511m7jgyl3o
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A typical household's energy bill will fall by £122 a year from July under the new price cap.
The latest quarterly cap for England, Wales and Scotland means a household using a typical amount of gas and electricity will pay £1,568 a year.
It means that bills will be the lowest for two years.
The cap, set by the regulator Ofgem, limits the maximum price that can be charged for each unit of gas and electricity - not the total bill.
If you use more energy, you will pay more.
cont https://www.bbc.co.uk/news/articles/cxeey91v540o
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Warning over new supermarket spending 'challenges'
New supermarket "challenges" that reward shoppers with extra loyalty points for buying more could lead to overspending, consumer groups have warned.
Four of the UK's biggest supermarkets - Tesco, Sainsbury’s, Asda and Morrisons - are now offering members of their loyalty schemes bonus points if they hit spending targets.
The supermarkets all say their schemes offer customers better value and more personalised savings.
But consumer group Which? and debt charity StepChange warned that setting shopping challenges could encourage people to spend more than they can afford.
These challenges are the latest development in supermarket loyalty card schemes which are becoming ever more sophisticated.
cont https://www.bbc.co.uk/news/articles/ceq33z0gxj4o
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European retailers are rushing to place their Christmas orders early as soaring shipping costs and trade route disruption threaten holiday deliveries, experts say.
For the last few months, vessels belonging to Western firms have been attacked in the Red Sea by Houthi rebels backing Hamas in its war with Israel, driving shipping prices up.
Container prices, which peaked in January and briefly declined, have rebounded sharply in recent weeks.
One business told the BBC that increased costs were likely to feed through to the price of big-ticket items such as white goods.
Nick Glynn, boss of the Buy It Direct group, owns several online retailers including Appliances Direct and Laptops Direct, which are having to plan and book well in advance to make sure their shipments arrive on time.
Because they are planning ahead, he said he didn't think Black Friday and Christmas stock would be affected.
cont https://www.bbc.co.uk/news/articles/cqee78djzmro
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Did you know New or Basic State Pension payments can be made weekly instead of monthly? Here's how you can do it
former DWP employee has shared how the frequency of State Pension payments can easily be changed to weekly,
cont https://www.inyourarea.co.uk/news/did-you-know-new-or-basic-state-pension-payments-can-be-made-weekly-instead-of-monthly-heres-how-you-can-do-it/
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Millions of us are 'missing out' on interest on savings because we're not doing one thing
Keeping large amounts of funds in low-paying current accounts has become a costly mistake for millions, warn experts
Recent analysis has revealed that more than £366bn is sitting idle in UK current and savings accounts, earning a meagre 1% interest or less. This is a slight decrease from January's estimate by Yorkshire Building Society and data consultancy CACI, which pegged the amount at £380bn.
Research conducted by them shows that despite the reduction, a staggering amount of money is still held in low-interest accounts. A survey by Opinium for Yorkshire Building Society revealed that nearly 17% of people have never checked the interest rate on their savings and more than a third (36%) keep their savings in their current accounts.
cont https://www.inyourarea.co.uk/news/millions-of-us-are-missing-out-on-interest-on-savings-because-of-were-not-doing-one-thing/
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Those born in specific years are poised to receive a significant boost to their state pension, amounting to over £600 annually. This is due to "triple lock" forecasts suggesting that the benefit will rise by 5.7% next year, translating to an additional £605 per person each year.
The new state pension, launched in 2016, applies to all men born after April 5, 1951 and women born after April 5, 1953. According to recent figures, everyone eligible for the State Pension will gain an extra £605 a year courtesy of the Triple Lock.
cont https://www.dailypost.co.uk/news/cost-of-living/dwp-pay-605-year-extra-29336062?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Inflation has hit the Bank of England's target for the first time in almost three years.
Prices rose at 2% in the year to May, down from 2.3% the month before, official figures show.
The economy is a key talking point in the run-up to the general election on 4 July, with all of the main parties debating how they would keep the cost of living under control.
It comes ahead of a Bank of England decision on UK interest rates this Thursday.
The bank is expected to hold the rate at 5.25% - the highest for 16 years - for the seventh meeting in a row, with markets not betting on a cut until August.
The drop in May's figure was driven by a slowdown in price rises for food and soft drinks, recreation and culture, and furniture and household goods.
However, petrol prices went up sharply.
cont https://www.bbc.co.uk/news/articles/cjrrk8j7pwxo
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Octopus Energy will pay nearly £3bn to the government as part of a pledge to return the taxpayers' funds it received for rescuing Bulb, its collapsed competitor.
It means the Treasury will recoup almost all the cost of temporarily nationalising Bulb back in 2021.
Past forecasts had suggested that it could have been the government's biggest bailout since the financial crisis. However, lower wholesale energy costs have seen the expected final bill slashed.
Octopus has already begun paying the sum but expects this to be completed in September, according to the Financial Times, external, in a boost to whoever wins the general election in two weeks' time.
Politicians had raised concerns that extra costs could be added to customers' bills when millions have been struggling.
Bulb was among the dozens of smaller energy suppliers that collapsed several years ago following a spike in wholesale gas prices, partly caused by Covid restrictions ending and exacerbated by the war in Ukraine.
cont https://www.bbc.co.uk/news/articles/ce997mj3qm8o
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Households have been told they could save up to more than £1,000 a year on their weekly shop by using vouchers.
A recent study revealed that shoppers could each save an average of £532 a year by using voucher codes, the equivalent of £1,223 per household.
The savings would translate to around £10 a week for your groceries.
The data, provided by MyVoucherCodes, also reviewed four popular supermarket brands, to find which one offers the biggest savings through voucher codes.
Overall, based on the average discount provided and minimum spend required, Sainsbury’s proved to have the best savings.
cont https://www.northwalespioneer.co.uk/news/24418165.cost-living-vouchers-save-1-000-food-shop/
I would be interested in hearing if this is worthwhile ?
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Exact new energy price cap and standing charges for every part of the UK
How much you will pay with bills set be at their lowest for two years, but they will still be around £400 higher than three years ago
From July 1, gas and electricity prices will see a 7% decrease in Wales, England, and Scotland. The typical dual-fuel bill paid by direct debit will be £1,568 per year under the new energy price cap.
Despite this being the lowest bills have been for two years, they are still approximately £400 higher than three years ago. The cap, which affects 28 million households across England, Wales, and Scotland, is set every three months by energy regulator Ofgem. It fixes the maximum that can be charged for each unit of energy on a standard or default tariff for a typical dual-fuel household which pays by direct debit, the BBC reports. https://www.bbc.co.uk/news/articles/c6pp2jdz2pdo
Between July 1 and September 30, a typical dual-fuel direct debit household will pay £1,568 per year, a drop of £122. And for those who pay their bills every three months by cash or cheque, the typical cost will fall by £129 to £1,668
cont https://www.dailypost.co.uk/news/north-wales-news/exact-new-energy-price-cap-29448601
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Saving money regularly can help improve sleep, a new report suggests.
Putting a monthly amount aside, however small the sum, also helped people to relax and be more optimistic about the future, the study by academics at Bristol University found.
Regular savers on low incomes have similar life satisfaction levels as richer non-savers, they said.
A quarter of UK adults have savings of less than £100, surveys have suggested.
Saving money has been tough in recent years, owing to sharply rising bills and food prices - even though the interest paid by banks and building societies has improved.
An estimated six in 10 people have a savings habit, and charities argue that setting money aside - even when on a small income - improves financial resilience.
Now the report by Bristol University's Personal Finance Research Centre has suggested regular saving leads to improved life satisfaction, even if only a small amount is set aside.
cont https://www.bbc.co.uk/news/articles/cy08nnxr14po
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Water bills in England and Wales are set to rise by an average £19 per year until 2030, industry regulator Ofwat has said.
Although this will put more pressure on households, it is a third less than the amount requested by water companies.
The bill hike is intended to fund investment for improvements such as replacing leaking pipes and reducing sewage discharges into rivers and seas.
It comes as suppliers face increasing scrutiny over their environmental and financial performance over the past years, as well as anger over executive pay.
The bill hike varies by region, with Thames Water customers facing an increase of £99 or 23% over the nest five years, Anglian customers looking at £66 or 13%, and Southern Water customers facing £183, an increase of 44%.
Welsh Water / Dŵr Cymru: £603 - up 29%
cont https://www.bbc.co.uk/news/articles/cyx0jxrq7y4o
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She's made her opening gambit. What's the chancellor's long game?
It's an opening move designed to open up the board for later in the game - and one the chancellor used often as a junior chess champion. It's “particularly good when you want to go on the attack," she suggests.
At No 11, Reeves is now applying the mathematics of constantly changing trade-offs to running the country’s economy.
cont https://www.bbc.co.uk/news/articles/cjjw6l53xe2o
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This subject came up during a conversation yesterday, which raises a few questions..............It would appear that it affects businesses only, however it was mentioned during my conversation that it could include non business owners....any comments ?
From April 2026, self-employed individuals and landlords with an income of more than £50,000 will be required to keep digital records and provide quarterly updates on their income and expenditure to HMRC through MTD-compatible software.
cont https://dmoaccountants.co.uk/making-tax-digital-the-transition-to-quarterly-tax-returns-2024-25/#:~:text=From%20April%202026%2C%20self%2Demployed,HMRC%20through%20MTD%2Dcompatible%20software.
GOV.UK Making Tax Digital for Income Tax Self Assessment for sole traders and landlords
https://www.gov.uk/government/publications/extension-of-making-tax-digital-for-income-tax-self-assessment-to-sole-traders-and-landlords/making-tax-digital-for-income-tax-self-assessment-for-sole-traders-and-landlords
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Pay is rising at its slowest rate in almost two years as the job market continues to cool.
Wages grew at an annual pace of 5.7% in the three months to May, but are still outpacing rising prices.
The number of job vacancies has fallen while growth in the number of employees on payrolls has slowed, the Office for National Statistics (ONS) said.
The unemployment rate remained at 4.4% in the three months to May.
cont https://www.bbc.co.uk/news/articles/cw5ykyzdzezo
Pound hits highest level against dollar for a year
Fresh data on Wednesday showed the rate of inflation was proving more stubborn than expected by some analysts.
This prompted traders to cut bets on an easing of rates in August, and sent the pound above $1.30 for the first time since last July.
The pound has also been boosted by market hopes that the new Labour government will offer economic stability.
cont https://www.bbc.co.uk/news/articles/c80e9k4wegno
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The chancellor has hinted that she may give public sector workers above-inflation pay rises this summer.
Rachel Reeves' comments come after independent pay review bodies recommended an increase of 5.5% for teachers and some NHS workers.
In her first interview from No 11 Downing Street, she said: "I really value public service workers, in our schools, in our hospitals, in our police as well...
"There is a cost to not settling, a cost of further industrial action, and a cost in terms of the challenge we face recruiting."
But Ms Reeves told Sunday with Laura Kuenssberg that "we will do it in a proper way and make sure the sums add up" - emphasising that her spending rules are "non-negotiable".
The new chancellor promised a decision on public pay this month, saying "people won’t have long to wait".
cont https://www.bbc.co.uk/news/articles/c4ng5n0my0zo
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HMRC to send 7.5 million letters to Brits who've overpaid tax - what to look out for and how to claim
A huge number of Brits could be in line for a tax refund as HMRC sends out P800 tax calculation letters
"HMRC's PAYE system is an extraordinary machine of tax collection, but it isn't perfect and millions of mistakes are made every year. However, HMRC's internal check and balances system means that it often spots these mistakes in hindsight and does all it can to ensure people are either refunded, or top up what they owe."
The expert has urged the public to keep an eye on their post for what could be "very good news coming your way". He highlighted that while HMRC can spot the more straightforward cases, those with complex tax affairs might want to consider "appointing some tax refund experts to ensure that they receive every penny that is owed to them".
cont https://www.inyourarea.co.uk/news/hmrc-to-send-7-5-million-letters-to-brits-whove-overpaid-tax-what-to-look-out-for-and-how-to-claim?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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About £7.2bn in old bank notes has not been cashed in across the UK, even though the paper £20 and £50 stopped being legal tender in October 2022.
Paper banknotes have been replaced with plastic notes :( with a series of security features.
The Bank of England said the withdrawn bank notes could still be deposited or exchanged.
There are also 76 million old £1 coins that have not been returned, according to the Royal Mint.
Details of the cash still in circulation or hiding in homes was revealed in Freedom of Information requests by BBC Wales.
The Bank of England said 395 million paper banknotes remained in circulation:
110 million £5 notes
62 million £10 notes
171 million £20 notes
52 million £50 notes
While the paper notes are no longer legal tender, a spokeswoman said “all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value. There is no expiry on the period in which we will exchange banknotes”.
cont https://www.bbc.co.uk/news/articles/cx924nklw4yo
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The chancellor is set to announce immediate cuts worth billions of pounds, aimed at plugging a "black hole" in the public finances, when she addresses Parliament on Monday.
Rachel Reeves’ plans are expected to include the cancellation of some road and rail projects, a reduction in spending on external consultants and a drive to cut public sector waste.
cont https://www.bbc.co.uk/news/articles/c724g07qwdwo
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A decision by the Bank of England on whether to cut interest rates later is "on a knife-edge", according to analysts.
Traders have bet on a 60% chance that the UK's central bank will lower rates from 5.25% to 5%, but others believe another hold is on the cards.
Borrowing costs are currently at a 16-year high, putting pressure on household finances, although returns on savings are also greater.
cont https://www.bbc.co.uk/news/articles/cx72dpxy25do
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Figures from the Government suggest more than 800,000 state pensioners are missing out on financial support they are entitled to. Pension Credit is the most under-claimed benefit - it's designed to provide extra financial support for older singles and couples on a low income.
Almost 1.4 million receive this means-tested benefit, that can offer up to £4,000 in additional support. Department for Work and Pensions (DWP) figures suggest that there are still 880,000 pensioners eligible for benefits they aren't yet claiming.
cont https://www.inyourarea.co.uk/news/huge-numbers-of-pensioners-arent-claiming-4k-boost-they-are-entitled-to?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Good news for those who paid into the system since leaving school, in most cases between 35/50 years.
Millions of pensioners could be set for a £655 increase in 2025.
Under the triple lock – which guarantees an increase in line with average earnings, inflation or 2.5%, whichever is highest – pensioners would have been in line for a rise linked to wages from April.
The highest of the three figures is the increase in average earnings, which was measured by the Office for National Statistics (ONS) at 5.7%.
A 5.7% rise in the full new state pension could take it from around £221 per week to £233, or from around £11,500 to around £12,157 annually.
cont https://www.northwalespioneer.co.uk/news/24492921.state-pensions-increase-600-2025/
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That is good news and will help cushioning the blow of losing the Winter fuel allowance. ;D I've heard no mention of the Christmas bonus that we have been receiving for years, that'll be on the list soon once they realise that it still exists
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Over the past few days, global stock markets have been plummeting.
Trading screens across the US, Asia and, to a certain extent, Europe are awash with blinking red numbers heading south.
The sudden turn comes as fears grow that the US economy - the world's biggest - is slowing down.
Experts say the main reason for this fear is that US jobs data for July, released on Friday, was much worse than expected.
However, for some, talk of an economic slowdown - or even a (whisper it) recession - is a little premature.
So, what did the official figures show us? As always with economics, there is good news and bad news.
cont https://www.bbc.co.uk/news/articles/cvgdd0xvxd7o
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Money Saving Expert's key phrases to use when haggling to get lower bills
Sophie Buchan learns how to slash the cost of broadband and other contracts
If you're willing to haggle, you could slash the cost of monthly bills, according to consumer champion, Martin Lewis. When contracts end, companies bank on us staying with them – even if there's a pretty steep rise.
However, by using the right phrases – and remaining polite – there are big savings available, particularly on broadband and line rental costs. Most people already have a provider, so competition to keep existing customers is fierce.
cont https://www.inyourarea.co.uk/news/money-saving-expert-share-key-phrases-to-use-when-haggling-to-get-lower-bills?IYA-mail=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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The UK's inflation rate has risen for the first time this year, official figures show, external.
Overall prices rose by 2.2% in the year to July, slightly above the Bank of England’s target of 2% where the rate had been since May.
An increase was widely predicted and is largely due to prices of gas and electricity falling by less than they did a year before.
The latest figures mean that prices are now rising faster across the UK than in previous months, but still at a slower pace than in 2022 and 2023 when households were hit especially hard by higher energy and food bills.
cont https://www.bbc.co.uk/news/articles/ceq59pqr9qxo
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Retailers reported a 0.5% rebound in July after the Euro 2024 football championship and summer discounting fuelled shopping.
The increase follows a sharp fall in June, when sales volumes - which measure the quantity bought - were hit by poor weather.
Department stores and shops selling sports goods shifted higher volumes of gear last month.
But the Office for National Statistics (ONS), which released the figures, said it was a "poor month for clothing and furniture shops and falling fuel sales despite prices at the pump falling".
Although retail sales grew in July, the increase was below the 0.7% rise some economists had expected and follows a "mixed picture" across sectors.
While department stores and non-food shops were strong, sales of motor fuel showed a 1.9% drop, despite the price of petrol falling by 1.4p per litre and diesel dipping by 1.1p.
In June, petrol and diesel sales jumped by 2.2%.
While the Euro 2024 tournament inspired people to shop for sporting goods, those buying snacks or drinks to watch the football at home failed to lift spending at food stores with sales showing no growth at all in July.
cont https://www.bbc.co.uk/news/articles/c33nz5ky8v7o
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Energy bills to go up by 10% from October - use our calculator to see what your increase will be
Ofgem admits the price cap is going to be 'extremely difficult' for many households - and another rise is expected
Energy regulator Ofgem has this morning urged consumers to 'shop around' as it confirmed what many households feared, a 10% increase in the price cap for gas and electricity. From October 1 the cap will rise by £149 for a typical household in England, Scotland and Wales.
Updated every three months, the price limit is set by the regulator based on several factors, including wholesale energy prices. The increase means many households could be going into the colder months facing higher bills than from April this year.
cont https://www.inyourarea.co.uk/news/energy-bills-to-go-up-by-10-from-october-use-our-calculator-to-see-what-your-increase-will-be?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Summer sales by fashion retailers trying to shift stock helped shop prices to record their first annual fall for nearly three years, research suggests.
Prices in August were down 0.3% from a year ago, the lowest rate since October 2021, according to the British Retail Consortium (BRC).
The drop in prices was driven by non-food goods, such as clothing and furniture, with retailers offering discounts after wet weather and continued cost-of-living pressures hit sales.
Food prices continued to rise, but at a slower pace, the BRC industry body said.
Fresh food inflation, such as fruit, meat and fish, had seen the biggest monthly decrease since December 2020, it said, thanks to falling costs from suppliers.
But the BRC said non-food retailers had been "discounting heavily to shift their summer stock, particularly for fashion and household goods".
cont https://www.bbc.co.uk/news/articles/cz07n5v99xmo
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Citizens' Advice is bracing itself for a "really difficult" winter ahead of the scrapping of winter fuel payments for 10 million pensioners, the charity's boss says.
From next month, those not on pension credit or other means-tested benefits will no longer get the annual payments, worth between £100 and £300.
Dame Clare Moriarty, who will attend a government meeting with energy firms to discuss the issue on Wednesday, told the BBC there should be better targeted support for those with the highest needs and the lowest incomes.
cont https://www.bbc.co.uk/news/articles/clyg3nk8kjno
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The Treasury expects the new full state pension to be boosted above inflation by more than £400 a year in cash terms.
The internal working calculations seen by the BBC reflect the near certainty that the state pension will be increased by average earnings figures released next week.
This is due to the triple lock, which means the state pension increases every April by whatever number is highest out of inflation, the average UK wage increase, or 2.5%.
The news comes as the government faces a backlash over its decision to cut the winter fuel payment for most pensioners.
Given that millions of people will lose the payment, the overall increase in their income is likely to be £100 or £200.
cont https://www.bbc.co.uk/news/articles/cewlqxv0n1qo
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House prices in the UK reached a two-year high in August and the recent interest rate cut has increased confidence among homebuyers, the UK's largest mortgage lender has said.
Halifax said prices last month were up 4.3% compared to last year, taking the average cost of a UK property to £292,505.
The lender, which is owned by Lloyds Banking Group, said that buyers have been boosted after the Bank of England reduced interest rates at the beginning of August, in the first cut for four years.
cont https://www.bbc.co.uk/news/articles/cr4091rzy2wo
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What is the winter fuel payment and how can I still claim it?
A political storm is swirling following the government's decision to withdraw help with energy bills from millions of pensioners.
But what is the winter fuel payment and how can hundreds of thousands of eligible pensioners ensure they still receive it?
What is the winter fuel payment and who will receive it?............ https://www.bbc.co.uk/news/articles/c4gv632d05lo
Royal Mail has announced it will hike the price of first-class stamps by 30p due to "very real and urgent" financial challenges.
The increase, which will kick in from 7 October, will see the price of a first-class stamp rise to £1.65, while second-class stamps will remain at 85p.
cont https://www.bbc.co.uk/news/articles/cvge8yn77rzo
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I can see a great deal of pensioners entitled to it won’t bother, you apply for it and then you will have to fill an 80 page form. 😤.
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It's a good job that I'm retired Norman as I'll have time to fill in the 80 page pension credits form, it'll also keep me warm doing so ;)
On a serious note I was watching something on TV and they said that only about 65% of the people eligible for Pension Credits were claiming it. They also estimated that if the remaining 35% of people claimed it then it would cost the government another £2 billion pounds extra in benefits. That's more than the money saved by not paying out the Winter fuel allowance Perhaps the government may reconsider the matter now. ???
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Mr M & I were thinking the very same thing about how much they would save on cutting the Winter Fuel Payments, so thanks for that info Hugo. It seems Fred Karnos Army strikes again ( Aka Starmer's Army.) Wonder what he would have to say if someones brings that fact up in The Commons & asks him outright?
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Seems to be typical these days ... come up with an idea to save lots of money, but not working out it will cost twice as much, or more, to implement (20mph being a classic).
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Hugo I’m involved at a foodbank. We are going to get people to come in and help pensioners fill the forms in. It’s no wonder so many don’t claim.
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Good on you Norman for helping out on the foodbank and that's a really nice idea helping OAP's to claim the benefits that they are entitled to. I'll bring my form in and perhaps you'll give me a hand to fill in my claim ;)
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Seems to be typical these days ... come up with an idea to save lots of money, but not working out it will cost twice as much, or more, to implement (20mph being a classic).
Another bright idea that the National Government came up with years ago was to scrap the paper Tax discs that cars had to display on their windscreens.
It was a brilliant idea and saved them £10 million pounds per year. The only catch was that that there was no easy way for the Traffic Wardens or the Police to check if the drivers had paid the Road Tax so consequently in the first year alone they lost over £100 million pounds. After Covid and lockdown the RAC has estimated that this annual loss has substantially increased
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Hugo I’m involved at a foodbank. We are going to get people to come in and help pensioners fill the forms in. It’s no wonder so many don’t claim.
Hopefully Citizens Advice are coming to help with the excellent work you are doing.............
For anyone else interested ...........
Link below to the Citizens Advice service for Grants and benefits to help you pay your energy bills...
https://www.citizensadvice.org.uk/wales/consumer/energy/energy-supply/get-help-paying-your-bills/grants-and-benefits-to-help-you-pay-your-energy-bills/
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Leaders of two of the biggest unions have added further pressure on the government over its plan to cut winter fuel payments for millions of pensioners in England and Wales.
Unite general secretary Sharon Graham told the BBC the government should "do a U-turn", while head of the PCS union Fran Heathcote said it was a "misstep" which needed to be "put right".
Paul Nowak, head of the Trades Union Congress which brings unions together, has also said the government should "rethink" and consider other lines of support for pensioners.
cont https://www.bbc.co.uk/news/articles/cvg5rl612n5o
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Octopus, British Gas, OVO, EDF and EON customers could get payments worth £475
Support is being offered to households facing higher energy bills as the winter approache
https://www.dailypost.co.uk/news/north-wales-news/octopus-british-gas-ovo-edf-29896016
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Pay rises confirmed for teachers, doctors and civil servants in Wales
Hundreds of thousands of people will be impacted by the increase across the country
The Welsh Government has stated that this will result in the following above-inflation pay rises:
Teachers will receive 5.5%
NHS staff on Agenda for Change terms and conditions will receive 5.5%
Doctors and dentists, including GPs and salaried GPs, will receive a 6% pay award, with an additional £1,000 for junior doctors
Civil servants and staff at a number of other public bodies, including Natural Resources Wales and the Development Bank of Wales will get an average 5%
cont https://www.dailypost.co.uk/news/north-wales-news/pay-rises-confirmed-teachers-doctors-29905358
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UK national debt is on course to treble over the next half a century due to several pressures, according to the government’s official forecaster.
Those pressures include an ageing population, climate change, and rising geopolitical tensions, the Office for Budget Responsibility (OBR) said in a report.
The OBR said without extra tax revenues or a return to post-war productivity levels, the public finances were not sustainable over the long term, and "something has got to give".
Chief Secretary to the Treasury Darren Jones said: “The OBR has laid bare the shocking state that our public finances were left in by the previous government."
Jones added that the UK was facing the "highest debt since the 1960s, highest taxes since the 1940s, and debt on track to be almost three times our GDP".
cont https://www.bbc.co.uk/news/articles/cewlwkg82ggo
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Productivity or, more accurately, the lack of it, has been the bane of Britain's economy since the 1960s. There was an interesting interview in The Times with Tony Blair today where he pointed out there just aren't enough people working enough in Britain today.
A lot of people are working less than would traditionally have been the case, whilst at the same time demanding better public services. Where will the tax revenues to pay for these services will come from? The old cry of 'tax the rich' sounds attractive, until you bear in mind that the top 1% of taxpayers already pay 29% of ALL Income Tax raised. The richest also have the option to move overseas, thus depriving the country of any tax revenues from them.
The other point to mention is the lack of efficiency and accountability in the public sector. Money, in the form of our taxes, gets wasted left, right and centre in vast quantities, without anyone batting an eyelid.
I've always believed that a country, just like a household, should spend what it earns and not borrow more. Some people believe that it's fine for the UK to borrow more and more money every year to fund public services. However, with the cost of just servicing that debt via interest payments now at £89bn in the 24/25 financial year, that seems crazy to me.
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There was an interesting interview in The Times with Tony Blair today where he pointed out there just aren't enough people working enough in Britain today.
The other point to mention is the lack of efficiency and accountability in the public sector.
We're far from being the worst (https://usdebtclock.org/world-debt-clock.html). Yet it seems that borrowing is not only accepted by all financial institutions, but that the world would probably grind to a halt if it all stopped. Funny old world.
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We're far from being the worst (https://usdebtclock.org/world-debt-clock.html). Yet it seems that borrowing is not only accepted by all financial institutions, but that the world would probably grind to a halt if it all stopped. Funny old world.
Well, 64 out of 229 countries in the world actually manage a Budget Surplus every year (spend less than they raise in taxes). That includes plenty of European countries like Netherlands, Denmark, Switzerland, Austria, Sweden, Ireland, Greece. How can they do it and we can't?
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What explains the UK’s productivity problem?
The UK has experienced significantly slower productivity growth than comparable countries over the decade and a half since the global financial crisis. Three fundamental challenges need to be tackled urgently: underinvestment, inadequate diffusion and an absence of joined-up policy-making. This blog was written by Professor Bart van Ark, Managing Director of The Productivity Institute, and Professor Mary O’Mahony, Research Director of The Productivity Institute, based on insights from their work in The Productivity Agenda report.
The UK faces a tough productivity challenge. Slow productivity growth threatens the much-needed revival of economic growth and improvements in living standards and wellbeing. Slower growth of the population and the workforce make the challenge of improving productivity over the next decade a daunting one. If the current trend in productivity growth continues for the next two decades, it will not be possible to maintain current living standards, let alone deliver sustainability and improved wellbeing.
UK growth
The UK has performed particularly badly relative to comparable economies in terms of productivity growth. It is in the bottom half of the rankings in the OECD, well below France, Germany and the United States; just below the average for the euro area; and slightly ahead of Italy and Spain. From 2010 to 2022, the annual average growth in UK GDP per hour worked was just 0.5%, with little sign of improvement in recent years.
Read more, a lot more ...... https://www.productivity.ac.uk/news/what-explains-the-uks-productivity-problem/
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We're far from being the worst (https://usdebtclock.org/world-debt-clock.html). Yet it seems that borrowing is not only accepted by all financial institutions, but that the world would probably grind to a halt if it all stopped. Funny old world.
Well, 64 out of 229 countries in the world actually manage a Budget Surplus every year (spend less than they raise in taxes). That includes plenty of European countries like Netherlands, Denmark, Switzerland, Austria, Sweden, Ireland, Greece. How can they do it and we can't?
Just a thought; how many of those countries have Nuclear arsenals? In the table I posted above, seven out of the top ten do have nuclear arsenals. The cost of maintaining those is highly significant. On the other side, of course, these are choices made by successive governments, and there are clearly other factors, such as the cultural imperatives that exist here, one of the most worrying being the reluctance of boys in particular to do well academically. It's not a simple topic.
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Automatic £150 payment coming for households that qualify October
The Warm Home Discount scheme will be automatically applied to bills to help eligible low-income households with their energy costs
https://www.dailypost.co.uk/news/north-wales-news/automatic-150-payment-coming-households-29940617
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People aged over 70 could be eligible for less well-known benefit worth more than £700
It comes after many pensioners lost access to Winter Fuel Payments this year
https://www.dailypost.co.uk/news/north-wales-news/people-aged-over-70-could-29946501
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The parts of Wales where your energy bills could be cheaper this winter
Councils across Wales are offering residents financial aid or advice which could help ease financial pressure for some
Full article...https://www.walesonline.co.uk/news/cost-of-living/parts-wales-your-energy-bills-29961306?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
Conwy council
The council offers a government grant programme that aims to help low-income and vulnerable people living in cold homes. Under the eco flex scheme those eligible can have certain home improvements which will help make their home more energy-efficient.
The council assesses a household's evidence and application to confirm whether they may qualify.
The council website states: "Applications should be submitted by your chosen installer on your behalf....We recommend you undertake your own due diligence (i.e. checking reviews, past works or the TrustMark website) as with any home improvement project." Click here for more information.... https://www.conwy.gov.uk/en/Resident/Housing/Housing-Improvements/Energy-Efficiency/ECO-Flex-Energy-Efficiency-Improvements.aspx
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The longest-running measure of consumer confidence fell sharply in September, raising concerns about whether government rhetoric about Budget "pain" has spooked people.
GfK's Consumer Confidence Index had been recovering after years of rolling crises, higher interest rates and inflation gradually creeping up.
But since the end of August, it fell by seven points to -20 overall, which GfK has said does not provide "encouraging news" for the UK's new government.
Some economists have linked the drop to officials' warnings of a "painful" Budget at the end of August.
There were "major corrections" - or double digit falls - for consumers' perception of the general economic situation, as well as how likely they were to make big purchases.
cont https://www.bbc.co.uk/news/articles/cje39kw1281o
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Money Saving Expert (http://Money Saving Expert)newsletter has urged households to buy Royal Mail first-class stamps before the 30p price increase on October 7
Stock up on stamps for this (and future) Christmas's cards NOW. First-class stamp prices are going UP AGAIN, this time by an inflation-busting 22% on 7 October - but buy them in advance, and as long as they say "1st", you'll still be able to use them after the hike."
cont https://www.dailypost.co.uk/news/uk-world-news/money-saving-expert-martin-lewis-29979146?int_source=nba
Some pensioners and DWP claimants will get 'automatic' £150 winter payment from October
Department for Work and Pensions ( DWP ) Warm Home Discount scheme is rolled out
cont https://www.dailypost.co.uk/news/uk-world-news/pensioners-dwp-claimants-automatic-150-29978854
Government borrowing in August rose to the highest level for the month since the Covid pandemic in 2021.
Official figures show that borrowing - the difference between spending and tax revenue - reached £13.7bn last month, £3.3bn more than in August last year.
The Office for National Statistics (ONS) said that tax income "grew strongly" but this was outweighed by some benefits being increased and higher spending on public services, including workers pay.
cont https://www.bbc.co.uk/news/articles/cje39jpk404o
The figures are released as the government prepares for the Budget at the end of October, which Prime Minister Sir Keir Starmer has warned will be "painful".
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The Treasury is reconsidering parts of Labour’s manifesto plan for non-domicile tax status over worries that the reforms will bring in less money than expected.
There is concern that planned changes, which aimed to raise extra money to spend on public services like the NHS, could prompt wealthy foreigners to simply leave the UK.
"Non-dom" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.
cont https://www.bbc.co.uk/news/articles/c04pe3653k7o
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A new study has revealed that pensioners in Conwy are among the most reliant on the Winter Fuel Payment scheme to cover heating costs.
This comes after Labour's conference vote against the cuts.
The research, conducted by bonus codes guide NoDepositRewards.org, analysed data from the census and the most recent government fuel poverty report.
With 27.35% of the population aged 65 and over, approximately 27,318 pensioners in Conwy face a tough winter due to energy price increases.
cont https://www.denbighshirefreepress.co.uk/news/24615142.areas-wales-reliant-winter-fuel-payments/?ref=rss&IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Indeed.
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Look out for nine new money and rule changes in October
Keep an eye out for Winter Fuel Payment phone line starting and the chance to apply for Warm Home Discounts
Households face a string of new money rules and changes next month affecting everything from mobile phones to Royal Mail stamps. They include the opening of the Winter Fuel Payments phone line.
They are worth up to £300 and the majority of people who are eligible will receive this cash automatically - but there are some that need to apply. If this is you, then you'll be able to apply by phone from October 28.
Here are nine other changes and financial rules and laws which will impact people...............https://www.dailypost.co.uk/news/north-wales-news/look-out-nine-new-money-30032239
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Prices for gas and electricity customers have risen as the debate continues over the withdrawal of additional support.
A household in England, Wales and Scotland using a typical amount of gas and electricity will now pay £1,717 a year, a 10% rise to the annual bill of £149.
Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate.
It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners.
cont https://www.bbc.co.uk/news/articles/c7v6l26v585o
What is the energy price cap and how much are gas and electricity bills going up?
The energy price cap covers 28 million households in England, Wales and Scotland and is set every three months, external by the energy regulator Ofgem.
It fixes the maximum price that can be charged for each unit of energy on a standard - or default - tariff for a typical dual-fuel household which pays by direct debit.
cont https://www.bbc.co.uk/news/business-58090533
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Energy bills going up? Surely this is not what was promised:
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Starmer’s Labour party has won the UK general election in a landslide. Its huge majority should, in theory, give Starmer the clout to see through most of his political agenda. But in reality, the victory celebrations might prove short-lived, given the size of the challenges in front of him.
When Tony Blair came to power in 1997, he inherited a strong economy and a tide of booming national optimism. Starmer, by contrast, inherits an economy in the doldrums and a mandate seemingly more motivated by a desire to remove the Conservatives than by enthusiasm for Labour’s manifesto.
The new cabinet will be faced with an array of problems demanding immediate attention. What one senior Labour official has reportedly dubbed Sue Grey’s “doggy doos list” spans multiple government departments, from education to justice to infrastructure. Looking at these problems in turn, we might ask: is the party over before it’s even begun?
1. Thames Water
The UK’s largest water company is in a deep financial hole, with more than £18 billion of debt, evaporating investment, and a long-running standoff between shareholders and the industry regulator, Ofwat, over the paying of dividends. This, combined with the considerable investment required to overhaul Thames Water’s creaking infrastructure, has put the company on the brink of collapse.
Ofwat is expected to publish its plan for the water industry on July 15, less than two weeks into the new government’s first term. The regulator is expected to rule out allowing Thames Water to raise bills as it had planned to. If so, or if Ofwat insists that infrastructure pledges be met, then Starmer might well have to consider an expensive nationalisation of this water company.
2. Overcrowding in prisons
According to the Prison Governors’ Association (PGA), prisons in England and Wales are 99% full. With knock-on effects for the court system’s ability to hear cases and pass sentencing, the PGA warns that “the entire criminal justice system stands on the precipice of failure”.
Labour has promised to reform the planning system so prisons are designated as sites of national importance, meaning it can build more of them. However, it will still take years to yield the 20,000 extra jail places Labour has pledged. And even if this does happen, there is no clear consensus that simply increasing capacity will solve all the problems, without similarly resourcing the rehabilitative arm of the Prison Service.
The obvious solution to creating more capacity in the short term is early releases. This can include prisoners nearing the end of their sentences and those who are deemed of low risk to the public. Currently, judges are also being asked to consider their sentencing options.
3. Public sector pay negotiations
Given Labour’s historical links with the major public sector trade unions, including Unite and Unison, public sector workers may be hoping that the new government will counter 14 years of pay stagnation under the Conservatives.
However, early on in the election cycle, it became clear that some unions were not happy with Labour’s manifesto. Unite refused to endorse it and the new chancellor, Rachel Reeves, has made no effort to suggest money will flow more freely while she heads up the Treasury.
With inflationary pressures easing and interest rates predicted to fall by late summer, some will argue that the case for pay rises is dissipating. Yet for others, lack of action on pay will be an admission that Britain’s standard of living has slipped permanently.
4. Universities going under
The financial crisis in England’s universities has long been brewing. Many are faced with a precipitous collapse in overseas student numbers and an accompanying loss of income – a problem compounded by their overall operating loss when providing for home students.
Home tuition fees have barely risen since the £9,000 fee was introduced in 2012 – while in real terms they have dropped by a third. The £9,250 universities now receive for each home student compares badly with the actual cost for teaching a student, which is calculated at £12,000.
Many universities are wrestling with high interest rates and a slowdown in the property market, making loans taken out on capital investments increasingly difficult to pay. Some politicians have called for domestic tuition fees to be raised. However, as Nick Clegg and the Lib Dems can attest, tuition fees are one of the “third rails” of British politics – touch it and you die.
Starmer is left with only two realistic options: get rid of the limits on international student numbers, or significantly revisit the way universities are funded – but again, this would require throwing money at the problem. As with other aspects of its manifesto, Labour has been vague on its proposals for higher education, perhaps in an attempt to leave all options on the table.
5. NHS funding shortfall
The health service currently has a budget shortfall of £12 billion. This reflects multiple challenges – from treatments getting more expensive and crumbling infrastructure to ballooning waiting times and disputes over pay.
Although Labour has seemingly recognised that funding is important, its manifesto refused to put a number on how much it would commit. Instead, the pledges were accompanied by promises of modernisation and reform to improve the service. The Institute for Fiscal Studies estimates Labour’s pledges to be worth £1.8 billion – way short of the required amount.
The state of the NHS is a constant litmus test for any government, so addressing this will always be a top priority. However, with meagre public finances, it might be easier said than done.
6. Failing local councils
Local authorities in England have been among the worst affected by the Conservative programme of austerity. Eight have declared effective bankruptcy since 2018, and one in five say they could follow suit without intervention from central government.
So far Labour, like the other parties, has not said how it plans to address this, but Starmer cannot afford not to. The more councils go bankrupt, the more people will struggle to access the basic everyday systems they rely on, which are funded by local government.
As with universities, there is a strong case here for reform. English local government is among the most centralised in the western world, with tight restrictions on financing and budgets.
Ultimately, the UK is in an economic rut and many of the things that might get the country out of it require one thing: money. Starmer has pledged fiscal discipline while also eschewing a return to austerity. There are clear contradictions to this approach which mean that at the minute, the sums don’t add up.
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Citizens Advice ranks quality of energy firms' customer service - how is yours doing?
Citizens Advice reveals energy suppliers' customer service satisfaction results
Citizens Advice has revealed its latest star ratings for Britain's energy suppliers, using a ranking system that assesses customer service quality among both well-known and smaller firms. The charity has warned more needs to be done as three in five customers are served by suppliers which score below average in the league table.
Notably, some of the industry's big players, such as Utilita and EDF, found themselves languishing at the lower end of the scale, with Octopus Energy and British Gas faring little better. Ecotricity, a green energy provider led the charts, outperforming giants like Ovo and Scottish Energy. The results come as the energy price cap has increased by 10%
cont https://www.inyourarea.co.uk/news/citizens-advice-ranks-quality-of-energy-firms-customer-service-how-is-yours-doing?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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As the conflict across the Middle East widens, rising oil prices are being closely watched.
The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.
The price of crude oil has risen almost 10% this week to around $78 a barrel as the conflict has intensified.
That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130.
The uptick comes as many countries, including the UK, are just beginning to recover from the sharp rise in oil prices after the Covid pandemic and Russia's war in Ukraine. So how worried should we be?
cont https://www.bbc.co.uk/news/articles/cgry10924jqo
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Amount UK's richest pay in income tax revealed
A Treasury spokesperson said: “We are addressing unfairness in the tax system so we can raise the revenue to rebuild our public services.
"That is why we are removing the outdated non-dom tax regime and replacing it with a new internationally competitive residence-based regime focused on attracting the best talent and investment to the UK.”
We'll just have to wait an see what happens but there are too many loopholes in the present tax system that help the wealthy avoid paying their fair share of tax
https://www.bbc.co.uk/news/articles/cqlvggr9qz5o
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Amount UK's richest pay in income tax revealed
A Treasury spokesperson said: “We are addressing unfairness in the tax system so we can raise the revenue to rebuild our public services.
"That is why we are removing the outdated non-dom tax regime and replacing it with a new internationally competitive residence-based regime focused on attracting the best talent and investment to the UK.”
We'll just have to wait an see what happens but there are too many loopholes in the present tax system that help the wealthy avoid paying their fair share of tax
https://www.bbc.co.uk/news/articles/cqlvggr9qz5o
The thing about the super-rich is that they have the flexibility to move home to another country easily should taxation increase. Increasing taxation on super-rich people has a certain appeal to some, but rarely results in an actual increase in tax revenues.
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Why even at 20 you should care about pension changes
There is growing speculation that the way pensions are taxed could be changed in the Budget.
Chancellor Rachel Reeves says she needs to find £22bn and some experts say she could change the system on workplace or private pensions to find some of this money. This is separate from another debate about the state pension.
There are a number of options which could affect workers getting their first job, those already working, all the way up to those in retirement. This is what could happen and why you should care even if you're only in your 20s.
.........https://www.bbc.co.uk/news/articles/c99v7y1rgg2o
Warning of UK slowdown despite August pick-up
The UK returned to growth in August but the "broader picture" is one of a "slowing" economy in recent months, the official statistics body has said.
A bounce back in construction and strong month for accountancy, manufacturers and retail businesses helped boost the economy by 0.2%, after it failed to grow in the previous two months.
But economic growth is weaker compared with the first half of the year, the Office for National Statistics (ONS) said.
Its latest figures come as the government prepares for the Budget at the end of October.
Prime Minister Sir Keir Starmer has warned the Budget will be "painful", with the government admitting some taxes will rise.
https://www.bbc.co.uk/news/articles/c89l52pwwllo
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How a Budget rule change could mean fewer tax rises
Chancellor Rachel Reeves claims she needs to find £22bn to mend a "black hole" in the public purse.
At the same time, she is pledging to end austerity and spend money on things like hospitals and roads, which are crucial to boosting growth.
So how can she pull off both without big tax hikes?
Reeves is expected to have a trick up her sleeve....................https://www.bbc.co.uk/news/articles/c981me1qn43o
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Rare UK coins worth up to £130,000 could be hiding in your change
The Coin Collector UK has shared details of three British coins that could be worth a fortune
https://www.dailypost.co.uk/news/north-wales-news/rare-uk-coins-worth-up-30133014
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Surprise fall in inflation paves way for interest rate cuts
UK inflation fell unexpectedly to 1.7% in the year to September, the lowest rate in three-and-a-half years.
Lower airfares and petrol prices were the main drivers behind the surprise slowdown, official figures showed.
It means inflation - the rate prices rise at over time - is now below the Bank of England's 2% target, paving the way for further interest rate cuts................. https://www.bbc.co.uk/news/articles/czxde3779lxo
Reeves eyeing £40bn in tax rises and spending cuts
Chancellor Rachel Reeves is looking to make tax rises and spending cuts to the value of £40bn in this month’s Budget, government sources have told the BBC.
At a political cabinet meeting on Tuesday, Reeves told ministers that filling the "£22bn black hole inheritance from the previous government" would only be enough "to keep public services standing still".
Reeves is now drawing up plans to find £40bn in order to avoid real-terms cuts to departments, sources say, as first reported in the Financial Times, external and the Times, external..................https://www.bbc.co.uk/news/articles/cj9jdgprv7ko
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As temperatures dip, many will be concerned about the cost of heating their homes over the next few months. Some people could be left in a vulnerable position and face being unable to afford their energy bills following the October price cap rise and the cut in winter fuel payments to many pensioners.
For anyone fearing they could get cut off this winter, energy bill experts at Bionic have explained what help is on offer from your energy provider. "The most important step to take if you feel you cannot afford your energy bill is to contact your supplier as they are obliged to outline your options, such as organising a payment plan..................
cont https://www.inyourarea.co.uk/news/what-energy-suppliers-must-do-if-you-cant-pay-your-bills?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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This will affect a lot of home owners, who have worked hard to save something to pass onto their children........... :(
The government is planning to increase the amount of money it raises in inheritance tax at the Budget, the BBC has learned.
It is not known how many people are likely to end up paying more, nor how much more they would pay.
It is understood the prime minister and the chancellor are considering multiple changes to the tax, which currently includes several exemptions and reliefs.
Inheritance tax is charged at 40% on the property, possessions and money of somebody who has died above the £325,000 threshold.
It raises about £7bn a year for the government.
cont https://www.bbc.co.uk/news/articles/c8el3z910r9o
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An announcement in the upcoming budget of a continued freeze on income tax thresholds beyond 2028 would not constitute a breach of Labour's election manifesto promise, government sources have insisted.
In the run-up to June's general election, both leader Sir Keir Starmer and the soon-to-be Chancellor Rachel Reeves pledged to "not increase taxes on working people".
But a threshold freeze could allow the chancellor to raise an estimated £7bn by bringing more people into the tax system........https://www.bbc.co.uk/news/articles/c79npj3eqdlo
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What is inheritance tax, who pays it and will it change?
The prime minister and chancellor are considering changes to inheritance tax in order to raise more money, the BBC understands.
It is not known how many more people would pay the tax, or how much they would pay, under the changes planned as part of the 30 October Budget.
But who pays the tax now and how much does it raise?
What is inheritance tax?
Inheritance tax is charged at 40% on the property, possessions and money, external of somebody who has died, above a £325,000 threshold.
It is only charged on the part of the estate that lies above the threshold. For example, on an estate worth £335,000, the tax would apply to the additional £10,000.
cont https://www.bbc.co.uk/news/business-36014533
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Water bills will go up by more than initially expected over the next five years to fund higher costs and more investment, the BBC understands.
The regulator, Ofwat, is in the process of deciding how much customer bills will be allowed to rise.
In July, Ofwat provisionally agreed to allow bills to rise by an average of £19 per year between 2025 and 2030 - totalling a £94 increase, or a 21% rise, over that period.
It is unclear by how much more bills will rise instead, but the watchdog will make its final decision at the end of the year.
cont https://www.bbc.co.uk/news/articles/c8elewdzy59o
Labour's plans to upgrade workers' rights will cost businesses up to £5bn a year to implement, according to the government's own analysis.
The new measures would have a disproportionate impact on smaller businesses, responsible for employing 13 million workers, the impact assessment report found.
However, the £5bn represented a "modest" amount, less than 1.5% of the total amount spent by businesses on employing staff, the report said.
cont https://www.bbc.co.uk/news/articles/cvgdgx8vze8o
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When signing up for a new savings account you might be tempted to go for the first one that takes your interest.
But it can often be worth taking a few extra moments to fully understand what the account has to offer, including two key details.
Savings accounts help you save money while gaining interest and are separate from spending accounts.
To help you know you are signing up for the right savings account, Simon Holland, Chief Product Officer at Wealthify shares the two most important things to look for...............
cont https://www.northwalespioneer.co.uk/news/24668812.expert-shares-2-things-look-savings-account/
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The world economy could contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, the International Monetary Fund (IMF) has told the BBC.
It comes as concerns are heightened ahead of the possible re-election of Donald Trump.
Trump says he plans to introduce a universal tax or tariff of up to 20% on all imports into the US, while the European Union is already planning retaliation if Washington goes ahead with the new levy.
https://www.bbc.co.uk/news/articles/c1lg5reqlpyo
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The government will change its self-imposed debt rules in order to free up billions for infrastructure spending, the chancellor has told the BBC.
Rachel Reeves said that she would make a technical change Juggling comes to mind to the way debt is measured which will allow it to fund extra investment.
She said this was being done "so that we can grow our economy and bring jobs and growth to Britain".............
https://www.bbc.co.uk/news/articles/cvg745ggn3no
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Bovine extraction.
Something on the news about people with investments are not working class, so they're going to get hit with taxes. I put my redundancy and work pension lump sum into investments (which have done nicely) but I have already paid tax on those items and what will be left after my demise is intended for my kids ... I suppose I should have spent it on expensive items and not have anything to leave.
Strangely, I cannot find anyone who voted labour at the last election.
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DVT The system is unfair but I can't see any political party doing anything to change it
If you have worked hard all your life, bought your own house and saved your money then you are shafted by whatever government is in power. You certainly find out the older you get.
The rich people can afford to hire good accountants to hide their wealth in tax avoidance schemes while those people who do not own their own homes and have no savings will receive all the benefits available to them. That applies to people who have never done a days work in their life and even asylum seekers too
Meanwhile the rest of us have to continue to support the others even if we don't think it's fair
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The chancellor is set to increase the National Insurance rate for employers to boost funding for public services including the NHS.
Rachel Reeves is also expected to use Wednesday's Budget to lower the threshold for when employers start paying the tax - with the two measures combined to raise about £20bn.
https://www.bbc.co.uk/news/articles/c9wrkngvyx4o
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Bovine extraction.
Something on the news about people with investments are not working class, so they're going to get hit with taxes. I put my redundancy and work pension lump sum into investments (which have done nicely) but I have already paid tax on those items and what will be left after my demise is intended for my kids ... I suppose I should have spent it on expensive items and not have anything to leave.
Strangely, I cannot find anyone who voted labour at the last election.
A lot of turkeys apparently voted for Christmas at the last election!
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A lot of turkeys apparently voted for Christmas at the last election!
You mean instead of voting for yet another legendary fantasist...
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British Gas is writing to millions of UK pensioners, urging them to take up pension credit amid the axing of winter fuel payments to those not on benefits.
The giant will write to around two million people of pension age and above to encourage them to take up the help if they are eligible.
This comes as the company announces that it will be reopening its annual winter scheme, providing financial help to customers with measures like matching debt repayments and support grants.................https://www.leaderlive.co.uk/news/24684595.british-gas-urges-pensioners-take-pension-credit/?ref=rss&IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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The government will change its self-imposed debt rules in order to free up billions for infrastructure spending, the chancellor has told the BBC.
Rachel Reeves said that she would make a technical change Juggling comes to mind to the way debt is measured which will allow it to fund extra investment.
She said this was being done "so that we can grow our economy and bring jobs and growth to Britain".............
https://www.bbc.co.uk/news/articles/cvg745ggn3no
Update...
There have been a lot of news stories about Labour wanting to change how debt is measured. This is so it can meet its own rule which is to have debt falling as a share of the economy in five years’ time.
The idea is it will allow Labour to borrow more to spend on investment in the UK. So what does this mean?
Think of it this way: You lend a chum £10,000. You then decide you’d like to get a loan from a bank. You could borrow against your home but then think you’d like a bit more money. You know you’re going to get that 10 grand back so you borrow against your home and the money you lent your friend.
For the government, that means it will now borrow against things like student loans which graduates pay back over many years. And it means, Rachel Reeves could potentially borrow up to £50bn more.
https://www.bbc.co.uk/news/live/cp9zrg128get
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Budget 2024: key points at a glance
Rachel Reeves is announcing her financial update –
Rachel Reeves says the UK voted for change, and the Labour government has a mandate for a decade of “national renewal”.
Reeves pledges “more pounds in people’s pockets” and improved living standards. The only way to drive economic growth is to “invest, invest, invest”, she says.
The government must “restore economic stability and turn the page on 14 years” of Conservative government, Reeves says. The Labour party has rebuilt the UK economy before, and will “rebuild Britain once again”.
Reeves says this budget will raise taxes by £40bn.
Here are the main points, with political analysis........... https://www.theguardian.com/uk-news/2024/oct/30/budget-2024-key-points-at-a-glance
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Home sales will "jump" at the beginning of next year as people try to buy before the rise in stamp duty, one of the UK's biggest lenders has predicted.
From March 2025, changes introduced in Wednesday's Budget mean many will pay the tax when they would not have done previously.
Nationwide said this would affect one fifth of first-time buyers.
However, the impact of these changes is not expected to be as big as previous ones because high interest rates are still putting off buyers.
"Affordability is also still relatively stretched at present as a result of the higher interest rate environment, which is acting to dampen housing market activity more generally," said chief economist Robert Gardner............ https://www.bbc.co.uk/news/articles/cq52z84v0gyo
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Deadline for changes to inheritance tax all pensioners need to know
Your pension might be hit with inheritance tax liabilities after April 2027, finds Samantha Leathers
It's time to pick through the bones of the autumn budget since we've had some time to digest it. Many were waiting to be hit by National Insurance liabilities but were left bracing for a punch that never came.
However, you'll have to take note of some under-the-radar changes to the inheritance tax to avoid being sucker-punched in 2027. You might have to review your pension pot but a group of experts have all the info you need to brace for the change...........https://www.inyourarea.co.uk/news/deadline-for-changes-to-inheritance-tax-all-pensioners-need-to-know?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Full list of pay rises set to be given to councillors in North Wales county
The council leader's salary is set to rise above £66k per year
https://www.dailypost.co.uk/news/north-wales-news/full-list-pay-rises-set-30346426
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New research has revealed the areas of England and Wales with the least energy efficient homes. The top 10 areas with the lowest energy performance certificate (EPC) energy ratings include six Welsh counties, with Gwynedd at number two and only the Isles of Scilly coming out worst, at the top of the table.
Switching website Utility Bidder say they have analysed official government data to reveal the parts of England and Wales with the most energy-efficient dwellings and those with the least, considering average energy consumption, CO2 emissions, heating costs, and hot water costs before awarding each local authority and region an ‘Energy Efficiency Score’ out of 10.
Within the top ten and joining Gwynedd within the top ten for lowest EPC is the Isle of Anglesey at number three, Conwy at four, Ceredigion at five, Powys at joint six with Newcastle-under-Lyme and Carmarthen at 10. .............https://www.walesonline.co.uk/news/wales-news/pension-fund-cant-withdraw-10m-30350190?int_source=mantis_rec_top&int_medium=web&int_campaign=more_like_this_top
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Chancellor Rachel Reeves is planning what she calls the "biggest pension reform in decades" in an attempt to boost economic growth.
The government wants to merge the UK's 86 council pension schemes into a handful of "pension megafunds".
It is hoped the changes will lead to billions of pounds being invested in the UK in areas such as energy infrastructure, tech start-ups and public services.
Reeves told the BBC that UK public sector pension funds in their current form were not big enough to generate good returns for British savers, but some argue the changes are not without risk....................https://www.bbc.co.uk/news/articles/c4gve4d8jljo
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The UK economy barely grew between July and September, with uncertainty about the Budget being blamed for the weak growth.
The economy slowed over the three-month period, growing by just 0.1%, and shrank during September itself.
Labour made boosting economic growth its top priority when it came into power but Chancellor Rachel Reeves said she was "not satisfied" with these latest figures which cover the first three months of the new government.
However, many businesses have criticised tax rises in the Budget which they say will lead to higher prices and fewer new jobs.
Major companies, including Marks & Spencer, Sainsbury's and JD Sports have hinted they will increase prices because of the changes.
cont ............ https://www.bbc.co.uk/news/articles/cwygw982e3xo
Now this is serious...........
Typhoo Tea is set to appoint administrators as the 120-year-old brand's sales slump, losses widen and debts rise.
The company has filed a notice at court "which affords the company some breathing space to explore solutions", Typhoo's chief executive Dave McNulty told the BBC.
The firm has been trying to turn itself around for some time.
However, it suffered a setback after trespassers damaged its former factory in Moreton, Merseyside last year.
"Given the delicate nature of this we are not in a position to comment any further," said Mr McNulty...https://www.bbc.co.uk/news/articles/c5yr22qq5q8o
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Energy prices set to rise again in January leaving people 'in the cold'
It has been hoped energy costs would fall in the New Year
https://www.dailypost.co.uk/news/north-wales-news/energy-prices-set-rise-again-30392692
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A rise in energy prices pushed UK inflation to its highest rate for six months, official figures show.
The inflation rate, which measures price changes over time, hit 2.3% in the year to October, a bigger-than-expected increase from 1.7% in September.
Annual gas and electricity bills for a typical household went up by about £149 last month, but prices are rising much more slowly than in recent years.
The latest inflation figure comes after the government revealed that an additional 50,000 pensioners will be living in relative poverty next year as a result of cuts to the winter fuel allowance.............https://www.bbc.co.uk/news/articles/c8rl4rgdj12o
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The UK is above its inflation target - here's how it affects you
Inflation impacts your weekly shop, your electricity bill and more.
According to new figures, UK inflation has climbed above the Bank of England target. In the 12 months to October 2024, inflation increased to 2.3% which was up from 1.7% in September - this was because of higher energy costs.
This is the biggest month-on-month increase in the last two years but it is still far below its peak of 11.1% in October 2022. The Bank of England is aiming to achieve 2% inflation while previous decreases in inflation could lead to interest rates for loans being cut...............
https://www.inyourarea.co.uk/news/the-uk-is-above-its-inflation-target-heres-how-it-affects-you-2?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Shop sales in surprise fall as Budget fears hit spending
Retail sales fell last month as shoppers held back on spending ahead of the Budget, according to official figures.
Sales volumes fell by 0.7% in October, the Office for National Statistics (ONS) said, with clothing stores having a "notably poor" month.
Speculation over which taxes might be increased ahead of last month's Budget has been cited as a reason why households and businesses were more reluctant to make spending decisions.................https://www.bbc.co.uk/news/articles/c4gmy9xldgno
Energy bills to rise for second time this winter
Energy bills for a typical household will rise again in January, with prices expected to remain relatively high throughout the next year.
It is the second rise this winter and means someone paying by direct debit and using a typical amount of gas and electricity will pay £1,738, or £21 a year more, with bills now over 50% higher than pre-Covid levels.
Energy bills have been high for three years, which charities warn has left many struggling to cope and choosing to go without heating at the coldest time of year.................https://www.bbc.co.uk/news/articles/cz6jvl9w7p6o
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Sadly, the recent Budget will inevitably result in the UK entering a recession, in my view.
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Cash use in the shops rose for a second year in a row after a decade of falls, according to retailers.
Notes and coins were used in a fifth of transactions last year, the British Retail Consortium (BRC) said, as shoppers found cash helped them to budget better.
The amount spent per purchase also dropped slightly from £22.43 in 2022, to £22.03 last year, it said.
The findings were published after charities told a committee of MPs that numerous groups were excluded from essential services and community venues that had started to refuse cash...........https://www.bbc.co.uk/news/articles/c1el81lenq1o
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Five things to look out for in the Welsh budget
Mark Drakeford is preparing to outline the Welsh government's £25bn spending plans that will take Wales into 2026.
Wales' finance secretary will publish the budget, which impacts the economy and some taxes paid by people and businesses, on Tuesday afternoon.
But with Labour just short of a majority in the Senedd, a deal must be struck with another party in order to get it through.
Here is what to look out for.................. https://www.bbc.co.uk/news/articles/c3dx5l99mvno
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Why should anyone trust Drakeford with the finances - this is the guy who spent a huge amount of money on the 20mph farce, and even more on getting another 96 members of the Senedd, as well as spending on pet projects and wasteful amounts on other things. He is a failed finance minister, a failed health minister, and a failed first minister - now coming round to be a failed finance minister for a second time. And his successors have been, or are, just as bad.
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3.7% increase for Conwy........
https://www.gov.wales/written-statement-provisional-local-government-settlement-2025-26#:~:text=In%202025%2D26%2C%20local%20authorities,compared%20to%20the%20current%20year.
Not a good outcome for the rate payer who I think will see another big increase
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Cllr Charlie McCoubrey will need to start looking at all those extras that are not a 'statutory requirement' and cut most of them to balance the books. I'm not happy with another 9-10% rate raise after the last two years.
https://www.northwalespioneer.co.uk/news/24789910.conwy-faces-difficult-decisions-average-funding/
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Cllr Charlie McCoubrey will need to start looking at all those extras that are not a 'statutory requirement' and cut most of them to balance the books. I'm not happy with another 9-10% rate raise after the last two years.
https://www.northwalespioneer.co.uk/news/24789910.conwy-faces-difficult-decisions-average-funding/
A small start...............
From CCBC
This year, we are not sending recycling calendars through the post.
In previous years we have printed and posted calendars to more than 55,000 addresses in Conwy. This costs tens of thousands of pounds, which could be better used on other services we provide.
See todays 'Recycling un the area' thread for more info................
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The UK inflation rate has gone up for the second month in a row, with prices rising at their fastest pace since March. What does it mean for you?
What has happened to inflation?
The main measure of inflation - looking at how much prices had risen over the previous 12 months - went up to 2.6%.
UK inflation rise - what does it mean for me?............ https://www.bbc.co.uk/news/articles/c6230y85k06o
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The typical water bill will rise by an average of £86 from April for a year before easing, the industry regulator has said.
The steep rise is part of bill increases in England and Wales over the next five years to pay for supply upgrades and to reduce sewage discharges, Ofwat said.
The cost increases are higher than the regulator had proposed in July, but are lower than water companies had requested....
https://www.bbc.co.uk/news/articles/cvgx3rv7p21o
UK interest rates held at 4.75%
UK interest rates will remain at 4.75% after the Bank of England voted to hold borrowing costs.
However, the Bank seriously considered cutting interest rates in December as it forecast that the UK economy failed to grow at the end of this year.
While the Bank voted to keep rates unchanged, three members of the nine-member rate-setting committee wanted to reduce it to 4.5%.
The split opens the door to a rate cut as soon as February when the Bank next meets....https://www.bbc.co.uk/news/articles/cd75yq1zlzqo
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Energy prices rise with warnings of more pain to come
Domestic energy prices have risen with little respite expected for billpayers during the rest of the year.
The second increase in Ofgem's price cap this winter takes effect on Wednesday and means someone paying by direct debit and using a typical amount of gas and electricity will pay £1,738 a year.
That is £21 a year more than under the previous cap,
https://www.bbc.co.uk/news/articles/cx2612npy61o
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More than half of companies are planning to raise prices in the next three months as they face a "pressure cooker of rising costs and taxes", according to one of the UK's largest business groups.
The British Chambers of Commerce (BCC) said its survey of nearly 5,000 firms suggested confidence had "slumped", falling to its lowest level for two years.
Nearly two-thirds told the BCC they were worried about taxes following the Budget, which announced a rise in national insurance contributions (NICs) paid by firms from April.
A Treasury spokesperson said the Budget delivered stability for business and more than half of employers would either see a cut or no change in their NI bills.
Raising prices risks stoking inflation at a time when many people are struggling with the cost of living...... https://www.bbc.co.uk/news/articles/c0j10420e2jo
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DWP cold weather payments rules on when and who could get them as temperatures plummet
People could be in for a cash handout from the Department for Work and Pensions if the freezing conditions continue across North Wales
It's not quite as good as it sounds as it all depends on where your weather station is. For instance Llanberis which is in the mountain area but its weather station I believe was in Mona on Anglesey
https://www.dailypost.co.uk/news/north-wales-news/cold-weather-payments-when-who-30732147
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Treasury: 'No need' for emergency action as borrowing costs rise
The pound has fallen to its lowest level in a year, while UK borrowing costs have surged to their highest level for 16 years.
Economists have warned the rising costs could lead to further tax rises or cuts to spending plans as the government tries to meet its self-imposed borrowing rule........... https://www.bbc.co.uk/news/articles/c1404j3xmxdo
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The pound has dropped to its lowest value against the dollar since November 2023 while government borrowing costs have continued to rise.
The pound fell to $1.21 on Monday while the rate at which the government can borrow money hit its highest level since 2008 by one measure.
Borrowing costs for many countries are rising across the world, though some have said decisions made in the Budget have made the UK particularly vulnerable.
The prime minister said he had "full confidence" in Chancellor Rachel Reeves, but the Conservatives said Reeves was "hanging on by her fingernails".
Governments generally borrow money by selling bonds to big investors, such as pension funds. UK government bonds are known as gilts................ https://www.bbc.co.uk/news/articles/c897vw5w7p8o
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Wales's tourism hotspots to get £12m to deal with issues that irritate locals and visitors
Authorities can bid for money from the funding pot
Tourism brings huge benefits to Wales - raising its profile, creating jobs and bringing in additional money. But there are also irritations - like jammed roads and beauty spots, parking chaos, as well as litter and anti-social behaviour by visitors.
https://www.dailypost.co.uk/news/north-wales-news/waless-tourism-hotspots-12m-deal-30774381
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The UK economy returned to growth for the first time in three months, but the expansion was less than expected.
The 0.1% uptick in November was driven by trade for pubs, restaurants and the construction industry, after it shrank in October and September.
The figures come after recent turbulence in financial markets sent the UK's borrowing costs to the highest level for several years and the value of the pound down.
But with tax rises coming into effect in April, the sluggish figures have fuelled further concerns that stagnant growth could persist in the UK for some time............... https://www.bbc.co.uk/news/articles/c8r5jkv5g5po
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Eye-watering 9.5% council tax rise proposed for people living in North Wales county
The council said they had been facing a funding gap of more than £10m
https://www.dailypost.co.uk/news/north-wales-news/eye-watering-95-council-tax-30809756
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She'd hate the comparison, but the way she's been talking over recent weeks sounds more like a Conservative chancellor.
She wants to get rid of barriers to business and make it harder for green groups to put the brakes on big development. She's easing off plans to make life more expensive for wealthy non-doms – and is expected to approve new airport runways and cut welfare.
It doesn't sound much like Reeves' Budget in October, in which she raised whopping taxes, increased spending on public services and reminded us, time and time again, how much trouble the economy was in and how the Conservatives – she claimed – had left that fabled £22bn black hole.
So why the switch in focus?............... https://www.bbc.co.uk/news/articles/c8ed6e4l29lo
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Abramovich dodged millions in tax with superyachts-for-hire scheme
Will the UK ever get a fair tax system when you have the likes of the then Chancellor of the Exchequer George Osborne allegedly avoiding paying £2 million in tax. It's time that the Government closed all these loopholes, both Labour and Conservative parties have promised to do this but have not even attempted to do it when they were in power
https://www.bbc.co.uk/news/articles/c4gprgyr707o
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Sanctioned Russian oligarch Roman Abramovich could owe the UK up to £1bn after a botched attempt to avoid tax on hedge fund investments, evidence seen by the BBC suggests.
Leaked papers reveal investments worth $6bn (£4.7bn) were routed through companies in the British Virgin Islands (BVI). But evidence suggests they were managed from the UK, so should have been taxed there.ize=12pt]Roman Abramovich could owe UK £1bn over tax dodge that helped bankroll Chelsea FC[/size]
https://www.bbc.co.uk/news/articles/cgrnqvqek4ro
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Full list of Lloyds and Halifax banks closing - with North Wales branches targeted
Nearly 140 Lloyds, Halifax and Bank of Scotland banks to shut
https://www.dailypost.co.uk/news/north-wales-news/full-list-lloyds-halifax-banks-30891568
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Water bills to rise by £123 on average from April 1
The rise, confirmed by industry body Water UK, will take the average water and wastewater bill from £480 to £603 for the next year alone.
Perhaps it's time that all properties were on a water meter and people would then pay for the water they use
https://www.dailypost.co.uk/news/cost-of-living/water-bills-rise-123-average-30893636
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The sad thing is that the daily service charge means even if you don't use any you still pay
Electric....65.8 p day....£240 year
Gas ....29.8p day...£109 year
Water (Welsh)£37 water £113 waste water £150 year
So for all three services £449 year or £9.50week
Not good if your on a low income.
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My landline phone stopped working today so we contacted BT Faults only to be told that we must contact our internet provider so we did
What a fisco doing it by phone and listening to a robot is so annoying and it said that I should follow the instructions in a text that they had just sent to me.
I couldn't even say that my phone isn't working so I can't get a text message
So with no e-mail address available or other phone numbers, I dialed my internet suppliers number again and did something which did me a big favour in more ways that one.
Firstly instead of pressin button 1 for help, I pressed button 2 for sales and I was immediately put through to a human being!
I told him my story and was in turn put through to another two people
The first was an IT Operator who had already checked and called Open Reach who are now coming to deal with the fault which is outside my house
The other person I spoke to wanted to speak to me because I was out of contract with my internet providor. He then offered me a contract with exactly the same package as I had and all for about £25.00 a month less than what I was paying now
I've ,learnt two valuable things as a result of the phone not working
If you don't want to be a robot press the button for sales and you'll speak to a human
Secondly check on your contract with your internet provider and if it has expired like mine did then approach them for the terms and conditions of a new one. Thanks to my faulty landline I will now be £300.00 a year better off ;D
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Abramovich tax dodge must be probed, HMRC urged
Leaked papers reveal investments from Mr Abramovich worth $6bn (£4.7bn) were routed through companies in the British Virgin Islands (BVI), but evidence seen by the BBC suggests they were managed from the UK, so should have been taxed there.
I'm surprised that requests haven't be made to ivestigate the tax affairs of a former PM. After all he has made a career out of telling Porkies
https://www.bbc.co.uk/news/articles/cy5kglpgnx2o
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The sad thing is that the daily service charge means even if you don't use any you still pay
Electric....65.8 p day....£240 year
Gas ....29.8p day...£109 year
Water (Welsh)£37 water £113 waste water £150 year
So for all three services £449 year or £9.50week
Not good if your on a low income.
It's a good point that you have made Robert and I don't know what the answer is. If the gas and electric is monitored by meters then there can be no justification for not having water meters in every property. That way people pay for the amount of water they use and won't waste it like they can do now
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Dŵr Cymru give's major compensation update following Conwy pipe burst
Extra staff shifts have been ordered as payments are processed for around 40,000 households
https://www.dailypost.co.uk/news/north-wales-news/dr-cymru-gives-major-compensation-30906543
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AstraZeneca has scrapped plans to invest £450m in expanding a vaccine manufacturing plant in Merseyside, blaming a reduction in government support.
The pharmaceutical giant announced its decision just two days after Chancellor Rachel Reeves set out Labour's plan to go "further and faster" to boost economic growth.
AstraZeneca said that after "protracted" talks, a number of factors influenced the move, including "the timing and reduction of the final offer compared to the previous government's proposal".
The Treasury said a change to the "make-up of the investment" that had originally been proposed led to the government grant being reduced.
"All government grant funding has to demonstrate value for the taxpayer and unfortunately, despite extensive work from government officials, it has not been possible to achieve a solution," said a Treasury spokesperson.
AstraZeneca said despite ditching its investment plans, its site in Speke would "continue to produce and supply our flu vaccine, for patients in the UK and around the world".
"In the same week they talked about growth, Labour seem to have fumbled a deal with AstraZeneca, one of the UK's largest companies and central to the critical life sciences sector."............... https://www.bbc.co.uk/news/articles/c1we943zez9o
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Money expert Martin Lewis gives warning for householders 'with three bedrooms'
How to potentially save hundreds of pounds on water bills
Martin Lewis is the money expert so who am I to argue with him. It doesn't matter if you have three or more bedrooms if you do not have a water meter you can use as much water as you like, whereas if you do have a water meter then you pay for every drop of water used
We have a house with a high rateable value so many years ago we had a water meter installed and we found a massive saving in the first year but now we have no financial benefit from having a water meter
Some of the older houses near me have undergone massive modernisation and have 3 or 4 bathrooms and some even have swimming pools or hot tubs but do not have water meters so they can and do use as much water as they like.
If we all had water meters, like we have gas and electric ones then we would all just pay for the water we use. It would be a much fairer system
https://www.dailypost.co.uk/news/north-wales-news/money-expert-martin-lewis-gives-30914621
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my daughter has had £150 put in her bank account by Welsh water for the burst pipe incident.
She was without water on the Westshore area from lunchtime Thursday until Saturday evening which at £30 /12 hrs is about right.
( 2 1/2 days =60hrs=£150)
Then we all get informed Welsh water are putting up the 25/26 bill by around £130 ! So really around £20 for loss of service.
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Welsh Government gives 'extra' £25m to 'prevent 30,000 defects and potholes'
Minister says funding will accelerate work to fill potholes and renew key roads
If they had to repair potholes in the unadopted part of Pen Y Bryn Road Colwyn Bay then most of that budget would have gone ;D
https://www.dailypost.co.uk/news/north-wales-news/welsh-government-gives-extra-25m-30916022
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The UK will only narrowly avoid a recession, according to the Bank of England, after it downgraded its economic outlook in a blow for the government.
While the Bank cut interest rates to 4.5% from 4.75% as expected, it also predicted the economy shrank in the final three months of last year and will grow only marginally in the first three months of this year.
Inflation is also expected to "rise quite sharply" later this year due to higher water bills, bus fares and energy costs and take longer to fall back to the Bank's 2% target............... https://www.bbc.co.uk/news/articles/c0lzj3g77gpo
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Domestic energy prices are forecast to rise by 5% from April, adding £85 a year to household bills, according to consultancy Cornwall Insight.
The forecaster, which is widely regarded for its accurate predictions, said a household using a typical amount of gas and electricity would pay £1,823 a year.
The figures emerged as Energy Secretary Ed Miliband wrote an urgent letter to Ofgem, the regulator which sets the price cap, asking it to move quickly to protect consumers.
The predicted higher prices will take effect at the same time as increases to water and council tax bills in April...........
https://www.bbc.co.uk/news/articles/ce3lx7k092vo
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Charities and energy providers have criticised plans to change the way standing charges on bills are paid.
All households pay the fixed daily charges covering the costs of connecting to a gas and electricity supply.
Many billpayers consider them to be unfair as they have no control over how much is charged, prompting the review by the energy regulator Ofgem.
But the regulator's plans to offer a choice of tariffs that shift these fees elsewhere on people's bills have been described as complicated and misplaced.
Billing plans.......... https://www.bbc.co.uk/news/articles/c3vwxyq33k0o
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Sir Keir Starmer's Government faces the prospect of legal action, say Waspi campaigners, unless it reconsiders its decision to reject compensation for women affected by the change in the State Pension age. Despite the recommendation that compensation be paid to women born in the 1950s whose state pension age was raised to be equal with men, the Government said taxpayers could not afford to fund the estimated £10.5bn package.
A 'letter before action' has been sent to the Department for Work and Pensions (DWP) by The Women Against State Pension Inequality (Waspi) campaign. The letter warns of warning of High Court proceedings if the issue is not resolved. Angela Madden, chairwoman of the group, said members would not allow the DWP’s “gaslighting” of Waspi women to go “unchallenged”.........
https://www.inyourarea.co.uk/news/waspi-women-tell-government-to-reconsider-compensation-or-face-legal-action?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Energy bills rocketing again. Who was it that promised energy bills would fall by £400 if Labour won the last election?
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I don't know. Who was it?
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Martin Lewis' three warnings as Ofgem announces 6.4% energy hike from April 1
Money expert Martin Lewis has three quick warnings for the millions of households on the standard or standard variable energy tariffs following this morning's announcement by Ofgem. The energy regulator has revealed the price cap is set to rise by an average of 6.4% from April 1 to June 30.
Ofgem says the rise, which will raise the average bill for households in England, Scotland and Wales from the current £1,738 a year to £1,849, follows a recent spike in wholesale prices. For a typical household, this will add £9.25 a month to their energy bills — this equates to an increase of £111 per year............ https://www.inyourarea.co.uk/news/martin-lewis-three-warnings-as-ofgem-announces-6-4-energy-hike-from-april-1?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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The seven bills due to go up in April :(
Energy costs are one of a number of bill rises which will come into force at the start of what some commentators have described as "awful April".
The exact amount you pay will depend on your individual circumstances, and where you live
https://www.bbc.co.uk/news/articles/cvg18pvz7kko
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HMRC tax-free personal allowance increases to more than £14,000 for some couples
This can be applied to up to four separate tax years if the claim is backdated.
https://www.dailypost.co.uk/news/north-wales-news/hmrc-tax-free-personal-allowance-31120553
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Poundland's owner has said it is considering putting the chain up for sale after warning tax changes coming in April will put more pressure on the business.
The discount chain has 825 UK stores but sales were down this January and February, its Polish owner Pepco Group said.
A rise in employer National Insurance (NI) contributions announced in the Budget start in April and Pepco says these will "add further pressure" to Poundland's costs.
A host of High Street brands have warned of shop closures, job losses and price rises as a result of rising costs, but Chancellor Rachel Reeves has defended the NI increase as "the right decisions in the national interest"............. https://www.bbc.co.uk/news/articles/ckg8jqw3wx9o
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Anglesey's council tax premium on second homes branded 'legalised extortion'
In response, the council's leader said it was 'only right' for people own two homes to help those struggling to get onto the property ladder
https://www.dailypost.co.uk/news/north-wales-news/angleseys-council-tax-premium-second-31156352
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We have family who own a second home in the town, rates are a 'd' which for 24/25 were £2320, they have owned it for many years even before the second home premium was introduced.
The new rates 25/26 will be 'd' plus 150% and the increase of 9% on all of it which means a bill of around £6000 for a semi on Westshore.
They are not complaining but I do wounder where all this money goes, the police don't get their cut of the money, the council keep it all
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Changes might be made to the State Pension system which would cause turbulence for many pensioners throughout the UK. Pensions minister Torsten Bell said 'tough decisions' need to be made on the State Pension during the annual investment conference in Edinburgh.
Mr Bell indicated that the Government must 'integrate thinking about both State and Private Pensions'. He said these changes would be 'an economic risk' but indicated they would be necessary to address numerous issues facing Britons and added that not doing it is also a risk.
https://www.inyourarea.co.uk/news/dwp-shake-up-for-state-pensioners-may-be-on-the-cards?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Fury over Welsh Water boss' £892k earnings with 'it's not fair' message given
North Wales Live readers have been reacting to the news that the chief executive of Dwr Cymru / Welsh Water, Peter Perry, was given a total remuneration package of £892,000 in 2021.
Welsh Water is a 'not-for-profit company' which has been owned by Glas Cymru since 2001. Welsh Water does not have shareholders, and any financial surpluses are reinvested in the business for the benefit of customers.
With remuneration about 4 times that of the UK PM it stinks as much as some of the rivers he is in charge
https://www.dailypost.co.uk/news/news-opinion/fury-over-welsh-water-boss-31191921
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The Bank of England is expected to keep interest rates on hold when policymakers announce their latest decision on Thursday.
The Bank rate heavily influences the cost of borrowing for households, businesses and the government, as well as returns for savers.
It was cut from 4.75% to 4.5% following the last meeting of the Bank's Monetary Policy Committee (MPC) in February.
While no change is expected when the announcement comes at 12:00GMT, many analysts are forecasting two further cuts by the end of the year.............. https://www.bbc.co.uk/news/articles/ckgz82838l8o
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Council Tax bill has arrived, a sizeable increase on last year.
Starmer promised before the election that, if Labour was elected, there would be no rise in Council Tax bills.
Gas and electric bills are going up again in April.
Starmer promised before the election that, if Labour was elected, that gas and electric bills would fall.
Whether you vote Labour or Tory, they are both liars who will say anything to get elected. Neither party represents working people in Britain anymore.
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Chancellor Rachel Reeves has ruled out "tax and spend" policies, signalling that she will neither raise taxes nor government budgets in her critical Spring Statement next week.
Speaking in a BBC documentary, The Making of a Chancellor, Reeves also warned that the government could not afford the kinds of spending increases seen under the last Labour government.
She is expected to make cuts to some government departments on Wednesday. More money has already been allocated to defence by reducing the aid budget.
"We can't tax and spend our way to higher living standards and better public services. That's not available in the world we live in today," she said.
https://www.bbc.co.uk/news/articles/c78eg7dp9ypo
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Rachel Reeves hands more snooping powers to HMRC for tax dodger crackdown
Today she said she had gone further by investing in technology to help HMRC launch a crackdown on tax avoidance.
While tax avoidance and evasion are separate things - avoidance is legal and helps reduce tax liabilites, while evasion is illegal - she is looking to crack down on both to close the tax gap.
Tax avoidance is legal and helps wealthy people like George Osborne and David Beckham avoid paying millions of pounds in tax. Until the Government introduce legislation to prevent this type of thing happening then the UK will continue to lose millions of pounds in lost revenue. Evasion is illegal but the Black Economy is thriving so we'll have to see how these new measures are going to work
https://www.thisismoney.co.uk/money/tax/article-14539195/Rachel-Reeves-hands-snooping-powers-HMRC-tax-dodger-crackdown.html
However I am slightly cynical because not a single company has been charged with tax evasion under stronger HMRC powers
https://www.thebureauinvestigates.com/stories/2024-01-20/hmrc-charges-no-companies-for-tax-evasion-in-six-years
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It's at this time of year that council tax bills are dropping through letterboxes and households assess how to work the charge into their ever-escalating list of monthly costs. Set by local authorities, the charge covers the cost of funding local services and is measured against the value of a domestic property.
However, that is not the value today. Properties fall into bands; for England, the bands are A to H, and the value is based on house prices on April 1, 1991. For Wales, the value is set according to house prices on April 1, 2003, and across bands A to I.
READ MORE...https://www.inyourarea.co.uk/news/how-to-challenge-your-council-tax-demand-if-you-think-its-wrong?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589&utm_source=inyourarea.co.uk&utm_medium=email&utm_campaign=dnl&utm_keyword=dailynewsletter&utm_content=dnl_news_article_referral_main
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A series of essential household bills are rising at the start of April, with warnings that single parents are among the hardest hit.
Water bills, energy prices and council tax are all going up on Tuesday , although the minimum wage is also increasing.
The charity Citizens Advice said the finances of millions of people on the lowest incomes were "already stretched to breaking point".
cont https://www.bbc.co.uk/news/articles/cly1vwd57y2o
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President Donald Trump has announced new import taxes on all goods entering the US, in the biggest upheaval of the international trade order since the aftermath of World War Two.
His plan sets a baseline tariff of 10% on all imports, consistent with his proposal during last year's White House campaign.
Items from about 60 trade partners that the White House described as the "worst offenders", including the European Union and China, face higher rates - payback for unfair trade policies, Trump said.
Analysts said the trade war escalation was likely to lead to higher prices for Americans and slower growth in the US, while some countries around the world could be plunged into recession.
cont https://www.bbc.co.uk/news/articles/cm257z1y2q9o
Office lights in some corners of Westminster were on much later than usual last night.
Why? Because ministers and officials, just like so many others, were watching the telly to see what US President Donald Trump would have to say, the Business Secretary Jonathan Reynolds among them.
The president, brandishing a giant rectangular piece of card packed with the new tariff increases, unleashing waves of anxiety across factory floors, boardrooms and government ministries the world over.
Folk in government in the UK had picked up a sense of the mood music – a sense that the UK was "in the good camp rather than the bad camp" as one figure put it to me – but they had no idea in advance precisely what that would mean.
We now do know what it means - a 10% tariff on the UK's exports to the US.
cont https://www.bbc.co.uk/news/articles/cn05d987x9ro
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The sweeping new tariffs announced by President Donald Trump have triggered ructions across financial markets, with global share prices seeing hefty falls.
It's the latest example of big shifts in stock markets making the news, whether they are booms or falls.
As companies grow, they issue shares. The largest companies in the UK have shares which are bought and sold on the London Stock Exchange.
Their collective performance is often quoted amid a blizzard of numbers that may feel confusing and irrelevant. Rarely does anyone mention the FTSE 100 during a coffee with friends.
But there are good reasons why this performance affects your life and finances..... https://www.bbc.co.uk/news/articles/c33zdz2m1e2o
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HMRC to send out thousands of letters to households who earn more than £23,000
The letters could be bad news for some if they have underpaid tax
Why £23,000 when the tax threshold is £12,750 ?
https://www.dailypost.co.uk/news/north-wales-news/hmrc-send-out-thousands-letters-31421078
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DWP bank account checks for claimants £6,000 savings or more
To qualify for benefits, typically claimants must not possess savings exceeding £16,000
https://www.dailypost.co.uk/news/north-wales-news/dwp-bank-account-checks-claimants-31427517
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Falling petrol prices drove UK inflation down by more than expected in the year to March.
Inflation was 2.6%, down from a rate of 2.8% in February, according to official data.
But the fall may only be temporary as analysts say it's expected to spike from April as rising bills and higher business costs take hold.
"The only significant offset came from the price of clothes which rose strongly this month," said Grant Fitzner, chief economist at the Office for National Statistics (ONS).
The average price of petrol fell by 1.6p per litre between February and March to 137.5p per litre.
cont/stats https://www.bbc.co.uk/news/articles/c4g2eyp79y3o
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Early Easter payment boost of £921 for some state pensioners
State pension recipients are set to receive their next payment this week, but some may see it arrive in their accounts slightly earlier than expected due to Easter
https://www.dailypost.co.uk/news/north-wales-news/early-easter-payment-boost-921-31444020
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PIP claimants with four conditions will avoid cuts - DWP assessor says
The tightening of Personal Independence Payment (PIP) rules will hit an estimated 400,000 Brits when they come into force in November next year
https://www.dailypost.co.uk/news/north-wales-news/pip-claimants-four-conditions-avoid-31472630
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Five ways for first-time buyers to get on the housing ladder
I would like to add a sixth way and that is to make houses affordable to local people. Is that too much to ask?
https://www.bbc.co.uk/news/articles/cwy7n9441r5o
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THE PRINCIPALITY branches in Llandudno and Colwyn Bay will be "safe until at least 2030", the building society has said.
Principality Building Society is Wales’ largest building society, and is celebrating its 165th birthday this year.
As part of its Annual General Meeting (AGM), the bank has committed to maintaining its high street and community presence until at least the end of 2030
This follows the closure of several banks in the Conwy area, including HSBC and Halifax in Colwyn Bay...........
cont https://www.northwalespioneer.co.uk/news/25109431.llandudno-colwyn-bay-principality-branches-safe-2030/?ref=rss&IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589
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Reflecting on the above post, it's a bit cheeky to say THE PRINCIPALITY branches in Llandudno and Colwyn Bay will be "safe until at least 2030" I would think as the biggest building society in Wales, we would not expect such a statement, and I think this will be detrimental for investors to hear, very bad judgement ................
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Bonfire Night cost row as council billed thousands
A row has broken out after a town council was charged thousands of pounds for hosting Bonfire Night celebrations.
Colwyn Bay town council was charged for barriers, bins, and staff management by Conwy council for the annual 5 November event which takes place on the town's promenade, the Local Democracy Reporting Service said.
It is organised and funded by the town council's fireworks committee and previously cost £16,000, but that has since risen to £26,000, town councillor David Carr said.
https://www.bbc.co.uk/news/articles/c9w84k9gl52o
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Interest rates expected to be cut by Bank of England
Interest rates are widely expected to be cut on Thursday, with further falls predicted for later in the year.
Analysts say a cut to 4.25% from 4.5% by the Bank of England is highly likely, although no change or a bigger reduction remain possibilities.
Such a move would make borrowing money by businesses and individuals less expensive, but there are likely to be lower returns for savers.
https://www.bbc.co.uk/news/articles/cwyqyp7xp12o
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How to claim the DWP Attendance Allowance online: Key details and limitations explained
The DWP has shared a new way for people to claim the benefit, but there's a key limitation with the online service
https://www.dailypost.co.uk/news/north-wales-news/how-claim-dwp-attendance-allowance-31603284
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British Gas, Octopus and Eon customers sent new £300 message
Millions of households told they may be able to save on bills
https://www.walesonline.co.uk/news/wales-news/british-gas-octopus-eon-customers-31620780
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Empty home owners in Gwynedd could soon face even bigger bills
'It feels immoral there are empty homes when some people still seek a roof over their head'
https://www.dailypost.co.uk/news/north-wales-news/empty-home-owners-gwynedd-could-31644084
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HMRC to compensate thousands of UK women who had kids between 1978-2000
The government's tax arm is sending out letters after discovering thousands of women are owed an average of £7,859 each
HMRC has discovered that thousands of women are due significant compensation following a historical error. The mistake primarily affected women who gave birth in the 1980s and 1990s under the government's tax arm.
In response, HMRC is now issuing letters to inform them of their entitlement to a pay-out - which could be nearly £8,000.
https://www.dailypost.co.uk/news/north-wales-news/hmrc-compensate-thousands-uk-women-31668292
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DWP to end six benefits by 2026: What Claimants Need to Know
The Department for Work and Pensions (DWP) is continuing to phase out older benefits for millions this year
https://www.dailypost.co.uk/news/north-wales-news/dwp-end-six-benefits-2026-31774597
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Winter fuel payment to return for millions of pensioners as UK Government announces new threshold
The UK Government has announced who will and who won't receive the benefit under new plans
https://www.dailypost.co.uk/news/north-wales-news/winter-fuel-payment-return-millions-31817055
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Millions more to get £150 off energy bills
https://www.bbc.co.uk/news/articles/cx2kym1pvn4o