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August 2, 2015 - Latest:

Britons spend £37 billion a year on holidays, and it’s making us happier

31 July 2015

Britons are spending £37 billion going on an average of 2.4 holidays a year.   Research by SunLife shows nearly three quarters, 71%, of UK households go away at least [...]

British Gas cuts bills by just £35 a year as it makes £63 per second

31 July 2015

British Gas has been criticised by cutting its prices by £35 a year after make profit of £528 million in the first six months of the year.   Centrica, owner [...]

Confidence in UK economy falls but personal finances looking strong

31 July 2015

Confidence in the wider economic outlook dipped this month but Britons are upbeat about their prospects for their own personal finances.   Worries about Greece and the global economy and [...]

Families shell out £750,000 in tax over a lifetime

31 July 2015

Families pay nearly £750,000 pounds a year in direct and indirect taxes, and the figure is rising.   Analysis by consumer group TaxPayers’ Alliance shows the average family pays £250,000 [...]

Tesco scraps hated “unexpected item in the bagging area” phrase from its self-service checkouts

30 July 2015

Tesco shoppers have spoken and the retailer has clearly listened as the dreaded phrase “unexpected item in the bagging area” at self-service tills is being scrapped. Introduced in 2003, Tesco [...]

Insurers pass on £1.1bn in savings to motorists but personal injury claims are driving premiums higher claims trade body

30 July 2015

The average price paid by motorists for an annual comprehensive motor insurance policy rose by 2.1% in the second quarter of 2015 compared with the previous three months, according to [...]

Under 25s relying heavily on credit to cover housing costs

27 July 2015

Young adults are most likely to be relying on credit cards and loans to make ends meet as they struggle with housing costs claims the Debt Advisory Centre. A study by the [...]

Payday lender Cash Genie to provide £20m in redress to more than 92,000 customers

27 July 2015

Payday lender Cash Genie is facing stumping up a massive £20m compensation bill after hitting borrowers with a £50 transfer fee to the group’s debt collection arm. The City watchdog [...]

A missed phone payment could cost you your dream home

27 July 2015

Missed or late payments on your mobile phone could cost you your dream home, as lenders comb bank statements to carry out strict affordability checks. Research by loan, mortgage and [...]

Some £1.2bn paid out by Britons in overdraft charges during the past year

27 July 2015

Some 33% of Britons faced charges from their bank for going overdrawn or bouncing scheduled payments over the past year. With the average charge being £73, this equates to £1.2bn [...]

Energy firms fail to reduce complaints as consumers hit by billing problems

24 July 2015

The worst performing energy firms have failed to improve the number of complaints they receive from customers.   The latest quarterly complaints data from Citizens Advice shows no significant improvement [...]

Feeling flush: Britons increase the amount spent on gifts

24 July 2015

With the economy in recovery, Britons feel they have more cash to splash and they are spending on gifts for friends and family.   Britain is becoming an increasingly generous [...]

Taxman to target “app economy” in pursuit of tax evaders

23 July 2015

HMRC has announced plans to extend its data-gathering powers to target suspected tax evaders in the ‘app economy’. According to accountancy group UHY Hacker Young the proposals announced in ‘tackling [...]

More leg room, all-inclusive seats and no kids. What would you pay an extra £100 for on your holiday flight?

23 July 2015

No kids, no mobile phones and no alcohol are just some of the things Britons would happily pay an extra £100 for on their holiday flights, new research has found. [...]

Five tips to help avoid being overcharged by your bank

23 July 2015

Overdrafts can give you a handy financial cushion, and it is possible to use them safely – but slipping into an unauthorised overdraft can leave you with fees you may [...]

Nearly half of holidaymakers believe travel insurance is “not necessary”

23 July 2015

With the summer holiday season about to go into fifth gear, new research has found that a massive 44% of holidaymakers who go abroad believe travel insurance is unnecessary. The [...]

City watchdog, the Financial Conduct Authority, to introduce new measures to help savers

23 July 2015

Switching cash savings accounts is set to become far easier and quicker as a result of new proposals put forward by the City watchdog on Thursday. The Financial Conduct Authority [...]

Broadband ads are misleading customers as the true cost of deals can be six times higher

22 July 2015

Price promises made by broadband providers are misleading customers and costing them up to six and a half times more than adverts imply, Citizens Advice has claimed. New research from [...]

What would be the impact of the Chancellor’s rumoured plans to merge income tax and national insurance?

22 July 2015

According to reports, the Chancellor George Osborne is considering merging Income Tax with National Insurance. Gary Smith, Financial Planner at Tilney Bestinvest looks at five potential implications… 1. Potential reduction [...]

Santander is most popular bank for current account switchers

22 July 2015

Santander was the most popular bank for people switching current account last year, new calculations reveal. Four high street banking giants lost more than a quarter of a million switchers [...]

Car insurance prices jump 5% with more increases expected

21 July 2015

Average car insurance premiums have jumped by more than 5% as the AA warns that the “cheap premium days are over”. Car insurance premiums have started to sharply rise again [...]

Borrowers who use their planned overdrafts are hit with higher costs

21 July 2015

Customers who plan their overdraft borrowing in advance are being penalised with rising fees, while those who fall into the red by accident are seeing their costs reduce., the [...]

Payday lending plunges by nearly 70%, but other risky forms of credit take its place

21 July 2015

The number of people taking out payday loans and short-term credit has reduced by 68% over the past two years due to tougher regulation, but there are fears that consumers [...]

Poorest students to graduate with debts of £53,000 under new system

21 July 2015

The poorest students in England will graduate with debts of up to £53,000 following Budget changes to replace maintenance grants with loans, a think tank has warned. The Institute for [...]

Many UK households to be hit with energy price rises of more than £320 as spate of fixed deals set to finish

20 July 2015

Loyal energy customers who fail to shop around could endure bill rises as high as £327.80 a year as eleven fixed tariffs end in July. British Gas, EDF, Scottish Power, [...]

Price of diesel at the pumps is set to undercut petrol for the first time since 2001

20 July 2015

Britain is about to experience its first so-called ‘fuel price flip’ for 15 years, where diesel is sold for less than unleaded petrol and some groups anticipate that further cost [...]

Cap on cost of care delayed until 2020

17 July 2015

The government’s policy to cap care costs will be delayed until 2020.   Costs for care were due to be capped at £72,000 for over-65s from April 2016, in a [...]

Guarantor loans just as dangerous as payday lenders, says Citizens Advice

17 July 2015

Family members who become guarantors on expensive loans are being saddled with mountains of debt.   Citizens Advice has warned about guarantor loans which it said are ‘just as damaging [...]

Wedding guests to shell out £600 for every happy day they attend

17 July 2015

Wedding guests will spend over £600 every time they attend a couple’s nuptials.   Research by Policy Expert shows Britons will have to budget to cope with wedding season this [...]

Brits receive 468 nuisance calls and texts a year, and insurance claims firms are biggest culprit

17 July 2015

Britons are receiving 468 nuisance calls and text messages every year and are wasting six and half hours a year dodging and deleting them.   Research by insurer LV= shows [...]

Fewer than a third of Britons have a financial back up plan

16 July 2015

Just 29% of British workers currently have a financial safety net in place if they were unable to work claims new research from Aegon. The insurer’s study found that of [...]

Summer holidays set to cost home businesses £658m

16 July 2015

It is estimated the summer holidays will cost home businesses at least £658m as owners with dependent children take time off. The analysis from insurer, Direct Line for Business, found [...]

Competition regulator to take action to protect shoppers from misleading supermarket promotions

16 July 2015

The Competition and Markets Authority has found evidence suggesting that the UK’s supermarkets are misleading shoppers. Following a three-month investigation the regulator found examples of pricing and promotional practices that [...]

British Gas cuts bills by 5%, but you should switch for bigger savings

15 July 2015

British Gas cut gas bills by 5% or an average of £35 per year cut in the second reduction in six months. The total of the two cost reductions will [...]

Brits saving 50% more each month, but one in five put away nothing at all

14 July 2015

The average amount that British people save every month has increased by over 50% during the past 10 years, however one in five have no savings at all. The survey [...]

Pre-wedding revellers – and especially brides-to-be – warned to ensure they take out adequate travel insurance

13 July 2015

With the summer wedding season in full-swing, stag and hen parties are being warned to double check their travel insurance to ensure that they are not left severely out of [...]

Will the launch of Apple Pay see consumer debt across the UK rise to out-of-control levels?

13 July 2015

With Apple’s new payment system rumoured to launch this week – possibly as early as Tuesday 14 July – research shows the new technology could see consumers’ spending habits spiral [...]

High street banks still win-out with consumers when it comes to trust

13 July 2015

Despite enduring a flurry of negative press over recent years the UK’s high street banks, as opposed to the new kids on the block, still win out in the trust [...]

RAC tells supermarkets: pass on fuel savings to consumers

10 July 2015

Motoring group RAC has called on supermarkets to pass on fuel cost savings to consumers after the price of diesel drops.   It is urging supermarkets to pass on a [...]

Buying a home? How to make sure your finances are mortgage-ready

10 July 2015

Mortgage lending volumes neared an eight year high in May but with buyers jostling for position in the overheated housing market, those who need to borrow to buy should make [...]

Third of children are worried about money

10 July 2015

The financial crisis has left a lasting legacy on the nation’s children, with a third of them saying they worry about money.   Research by Halifax shows 31% of children [...]

Budget benefit freeze to hit 13m families, says IFS

9 July 2015

Thirteen million UK families will lose an average of £260 a year due to the freeze in working-age benefits, the  Institute for Fiscal Studies (IFS) has calculated. The Chancellor claimed [...]

£5,000 dividend allowance aims to simplify system

8 July 2015

The Chancellor has announced a £5,000 tax-free dividend allowance, above which dividends will be taxed at 7.5% for basic rate taxpayers, 32.5% for higher rate taxpayers and 38.1% for additional [...]

Top earners’ pension tax relief cut to include pension contributions so may hit those earning less than £150,000

8 July 2015

The Government has broadened changes to pensions tax relief hitting more people than those on £150,000 by including pension contributions. The stated plans were for those earning over £150,000 to [...]

Peer to peer loans can be held in an ‘Innovative Finance ISA’ from April 2016

8 July 2015

The government will introduce a new Innovative Finance Isa for loans arranged through a peer-to-peer platform from April 2016. It has also launched a consultation into whether the list of [...]

Permanent non-dom status to be axed in 2017

8 July 2015

The Government will scrap permanent non-dom status from April 2017, the Chancellor announced in today’s Budget. Individuals who have lived in the UK for 15 of the past 20 years [...]

Inheritance tax changes – wealthy couples can leave family home worth £1m free of IHT but not till 2017

8 July 2015

The Chancellor George Osborne is raising inheritance tax threshold on family homes by £175,000 from the current £325,000 to £500,000 from 2017. For couples – taking both individual allowances together [...]

Millions are paying too much for energy, says watchdog

7 July 2015

Energy customers are paying £160 per year more than necessary because of lack of competition and transparency in the market, the watchdog has found. Following a year-long investigation, the Competition [...]

Third of couples share their lives but not their money

3 July 2015

A third of couples may share their lives but they keep their finances completely separate.   Research from AA Life Insurance shows only a quarter of couples keep all their [...]

The battle of the challenger banks is heating up – which is offering the best savings rates now?

2 July 2015

Savings Champion founder and Mindful Money columnist Anna Bowes takes a look at where the best savings rates are being offered right now… The battle of the Challenger Banks is [...]

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