Financial matters

[SteveH]

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

[SteveH]

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

[SteveH]

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

[SteveH]

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

[SteveH]

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

[SteveH]

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

[SteveH]

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

[norman08]

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.  😤.   

[Hugo]

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.         

[Meleri]

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?

[DVT]

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).

[norman08]

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.   

[Hugo]

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                 

[Hugo]

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

[SteveH]

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/