~theguardian-world | Bookmarks (32)

There were 830,000 unwanted moves in England over the past 12 months, meaning 40% have been forced to relocateUnwanted home moves cost renters more than half a billion pounds a year, with tenants coughing up an average of £669 every time they are forced by landlords to leave their home, a survey has revealed.Analysis by the homelessness charity Shelter estimated that there had been...

A man was left in despair when his beloved Alfa Romeo was wrecked on a test drive by a staff memberA Birmingham man who took his beloved Alfa Romeo to Halfords Autocentre for a routine service has described his despair after it was written off on a test drive by a staff member, leaving him more than £2,000 out of pocket.Ian Tubbs contacted Guardian...

Risk of declining consumption, house price falls and defaults as tighter policy finally has impactBusiness live – latest updatesThe high proportion of UK homeowners on fixed-rate mortgages means the Bank of England should be wary of keeping interest rates too high for too long, the International Monetary Fund has warned.The IMF said many borrowers had been sheltered until now from the impact of higher...

Drop in March leaves average price of home at £288,430, says HalifaxBusiness live – latest updatesUK house prices fell in March for the first time in six months as more costly mortgage deals and continued uncertainty about when the Bank of England would start cutting interest rates hit the property market.House prices fell by 1%, or £2,908, in March compared with February, according to...

Rates for phone, broadband and water will increase from Monday and other rises are in the pipelineConsumers are braced for huge rises in their household bills on everything from water to broadband, as the cost of living crisis continues to bite.Despite inflation easing, Monday will see the cost of a host of bills and taxes increasing, adding further pressure to household finances more than...

Court documents and interviews detail the products’ role in alleged exploitation – and how some payments go undetectedWhen police in Pennsylvania arrested 29-year-old Jennifer Louise Whelan in November 2022, they charged her with dozens of counts of serious crimes, including sex trafficking and indecent assault of three young children.One month earlier, police said they had discovered Whelan was using three children as young as...

Richard Branson has already indicated he will back takeover that will require the agreement of the group’s shareholdersNationwide Building Society is set to tale over its smaller rival Virgin Money after the pair formally agreed to a deal worth £2.9bn.The deal, which will solidify Nationwide’s position as the UK’s second largest mortgage lender, will also trigger the resignation of Virgin Money boss David Duffy,...

‘Motherhood penalty’ appears to be worsening, with pay gap for median hourly pay growing by 93p an hour since 2020The “motherhood penalty” is wreaking havoc on women and the economy, according to campaigners, as fresh analysis reveals that the pay gap between mothers and fathers in the UK has grown by nearly £1 an hour since 2020.A study of the hourly earnings of mothers...

Lenders reach preliminary agreement on key terms in deal to create new competitor with £366bn in assetsBusiness live – latest updatesNationwide Building Society has agreed to buy Virgin Money in a deal that values its high street rival at nearly £3bn and would create the second-largest provider of mortgages and savings in the UK.The two lenders have reached a preliminary agreement on the key...

Halifax says prices grew by 1.7% on an annual basis with the average UK house now costing £291,699Business live – news and updatesCornish village where 52% of houses are not first homesThe average UK house price is now just £1,800 off the peak seen in June 2022 after it increased by 0.4% in February, marking the fifth monthly rise in a row, according to...

Report calls for overhaul of rules on loan affordability and repayment, and more flexible mortgage productsMortgage reforms introduced after the 2008 banking crisis have “tilted too far” in support of financial stability to the point that first-time buyers are being excluded from the housing market, building societies have warned.A report commissioned by the Building Societies Association has called for an overhaul of affordability and...

In London, Tube and bus fares are being frozen and prices reduced during rush hour and on FridaysRail fares in England and Wales will rise by 4.9% on Sunday, adding hundreds of pounds to annual travel costs for many commuters.Campaigners said passengers would be “rightly angry” at the latest increase, above the current inflation rate of 4%, despite the government arguing that it had...

David Willetts suggests policy would help spread wealth among millennials amid deepening inequalitiesMinisters should hand all 30-year-olds a £10,000 “citizens inheritance” amid fears a £1.5tn wealth transfer to millennials will deepen inequalities, a Conservative peer has urged.David Willetts, who leads the Intergenerational Centre thinktank, called for the next government to implement a major new policy to spread wealth in Britain. Continue reading...

Average cost of a home increased to £260,420 in February, up by 1.2% on a year earlier, says NationwideBusiness live – latest updatesUK house prices grew for the first time on an annual basis in more than a year in February, as a decline in borrowing costs prompted an uptick in the housing market, according to a survey.The average price of a home rose...

First-year vehicle excise duty is a fraction of that in countries such as France and the NetherlandsLow taxation on petrol SUVs in the UK compared with much of Europe is inviting a glut of large, polluting luxury cars, according to an analysis by a green thinktank.The tax paid when buying a new petrol or diesel SUV in the UK is only a fraction of...

London business group says clarifying funding for providers could deliver £11bn economic prize by freeing more adults to workJeremy Hunt is being urged by business leaders to urgently fix the UK’s broken childcare system to secure a boost to the economy worth £11bn by enabling more parents and carers to work.In the run-up to next week’s budget, industry leaders said the chancellor needed to...

Watchdog says there is need for ‘significant intervention’ over supply and quality of new homesBusiness live – latest coverageThe UK competition watchdog has opened an investigation into eight housebuilders after evidence they may be sharing commercially sensitive information.The Competition and Markets Authority (CMA) launched the investigation amid concerns it could be affecting the development of sites and prices of new homes. Continue reading...

Price Promise tariff gives discount on current cap and guarantees to be at least £1 per fuel under April oneBritish Gas has launched a fixed-rate gas and electricity deal that offers a 12% saving over most existing price-capped tariffs, adding a new choice to the hard-to-navigate home energy market.For the past two winters, consumers have largely been spared having to seek out the cheapest...

December figures pose dilemma for Bank of England, dampening hopes of early interest rate cutBusiness live – latest updatesPay growth slowed less than expected in December as workers continued to bid up their wages amid skills shortages and a record number of people with long-term sickness.The Office for National Statistics (ONS) said annual growth in regular earnings, excluding bonuses, was 6.2% in October to...

Annual letter from Teachers’ Pensions, which administers scheme for DfE, asks about new relationshipsPartners of retired teachers who have died are repeatedly being asked to confirm whether they are in a new relationship, in a process described as “humiliating and intrusive” by teaching unions.Those who fail to reply promptly face losing their dependant’s pension. Continue reading...

Out-of-court settlement reached with law firm acting for customers who have been left owing big sumsOne of Britain’s biggest high street banks has agreed a payout to settle a case involving “unfair” mortgages – giving hope to thousands of people who have been left owing huge sums.On the eve of a trial set to last six weeks, Bank of Scotland – part of Lloyds...

Though rapid rebound is unlikely, outlook for property market ‘is a little more positive’, says NationwideBusiness live – latest updatesThe outlook for the UK housing market is “more positive” as prices improved at their strongest rate in a year, according to Nationwide.The building society’s index found that the average house price had increased by 0.7% in January on the previous month – a significant...

Regulator says bank failed to properly implement Financial Services Compensation SchemeBusiness live – latest updatesHSBC has been fined £57m by the Bank of England’s financial stability arm for failing to protect customer deposits in the event of a banking collapse.It is the second-highest fine imposed by the Bank’s Prudential Regulation Authority (PRA) and reflects the seriousness of the failings, the watchdog said. The highest...

While some banks and building societies scrap system, others report increase in usage by customersWhile some banks are scrapping passbook savings accounts amid suggestions they are past their sell-by date, other providers have reported an increase in their usage as people turn to cash to help them manage the cost of living.Newcastle building society said that in 2023 it issued about three times as...