Money
Navigate your finances and money with confidence: investment, savings tips, and economic trends from Creative Media News.
Phone and broadband costs will climb again as corporations consider poll tax-style pricing hikes
We expect the cost of millions of mobile phone and broadband contracts to skyrocket, with the poorest users facing the steepest price increases of up to 11%. This year, mobile phone and internet users faced rip-off price increases of up to 7.9% as carriers passed on the cost of inflation, typically with an additional 3.9%. However, the bill increases that broadband and mobile phone providers like BT, EE, and Vodafone already anticipate will dwarf those price increases for some customers.
How much tax on a deferred pension lump sum? STEVE WEBB answers
You attained pension age before April 6, 2016; hence, you fall under the 'old' state pension scheme. That method made deferring your state pension appealing in certain circumstances, so it's worth considering your options before focusing on taxation. As you know, when you claim your state pension, you will be given two significant options.
Mobile, broadband, and TV providers can’t charge mid-contract price hikes
A regulatory crackdown will safeguard consumers from unexpected price increases in mobile phones, television, and broadband services. Currently, most communications and internet companies boost their costs mid-contract due to inflation, frequently with an additional 3.9%. This might result in a 7.9 per cent increase in prices for millions of customers in April and May.
General election mail and stamp price hikes boost Royal Mail
Royal Mail revenues were boosted by general election-related mail and stamp price increases, offsetting lower letter deliveries in recent months. Parent firm International Distribution Services (IDS) generated £2 billion in revenue in the three months to June, up from £1.8 billion the previous year. On Thursday, IDS also encouraged shareholders to support the bid to be bought by Czech entrepreneur Daniel Kretinsky in a multibillion-pound transaction.
B&M blames ‘unseasonal weather’ for UK sales drop
B&M has attributed a drop in first-quarter UK sales to 'unseasonal weather' during a rainy April and May. The FTSE 100-listed bargain retailer reported a 3.5% year-on-year drop in like-for-like UK sales for the 13 weeks between March 31 and June 29, disregarding the timing of the Easter bank holiday. B&M said the fall was also influenced by 'exceptionally good' sales at the same time last year when UK revenues increased by 9.2 per cent.
As of February 2025, passbooks will no longer be used by Nationwide
Nationwide Building Society will discontinue passbooks in their existing form from the beginning of February 2025; MoneyMoney can exclusively report. A concerned employee claims it is beginning to completely eliminate passbooks, a move recently confirmed by Britain's largest mutual. Nationwide no longer offers new passbook accounts. It claims that only 2% of its 16 million customers, or approximately 120,000 members, presently use them.
Five ways 45p extra rate taxpayers can avoid savings interest tax
Many extra-rate taxpayers face tax bills on their savings interest, possibly unknowingly. HMRC expects to collect £10.37 billion in savings interest tax in the current fiscal year 2024-25. It anticipates a stunning £6.8 billion from extra-rate taxpayers, who do not receive a Personal Savings Allowance, unlike basic-rate and higher-rate taxpayers.
Labour promises 1.5m new homes—can it deliver?
According to Labour's election campaign claims, building more homes is central to the new government's economic growth strategy. Keir Starmer vowed that Labour would support house building to accomplish its goal of 1.5 million houses over the next five years. This means 300,000 dwellings will need to be created each year, doubling the number built in 2022-23. Labour claims it will accomplish this by shortening planning application delays, assisting first-time buyers and developing the 'ugly' green belt. Is this a realistic pledge?
How do I start affiliate marketing?
Affiliate marketing has emerged as a lucrative opportunity for individuals and businesses alike in the UK, offering a pathway to generate passive income through online referrals and promotions. As one of the most accessible forms of online entrepreneurship, affiliate marketing allows you to earn commissions by promoting products or services from other companies. This guide is designed to provide you with a clear roadmap on how to embark on your affiliate marketing journey specifically within the UK market.
Can you pass a financial literacy test almost half of adults fail?
According to a new study, over half of all Americans fail a financial literacy test that includes three essential questions about interest rates, inflation, and risk. A test of 3,000 participants, weighted to be nationally representative, revealed that 20% got no answers correct, while another 24% only received one correct response. According to research conducted by investment firm Abrdn, 30% passed by correctly answering two questions, while 26% aced the test.
Latest HMRC numbers indicate half a million more retirees paying income tax
According to HMRC's most recent numbers, more retirees are paying income tax than ever. The number of people over the state pension age who pay income tax increased by 660,000, from 7.85 million in 2023/24 to 8.51 million in 2024/25. It implies that approximately 9 million people over 65 are now paying income tax, up from 4.9 million in 2010/11. The massive increase in retirees paying tax is partly due to a stagnant income tax, with the £12,570 personal allowance frozen since 2021.
Mortgages cost £400 more each month since last election
According to data, first-time buyers are paying £400 more monthly on mortgage repayments than before the last general election. According to Rightmove, the average repayment has increased from £667 to £1,075 since Boris Johnson's overwhelming victory in 2019. This represents a 61% increase over a period in which salaries increased by 27%. It highlights the financial strain on individuals taking their first step onto the housing ladder, even as Rishi Sunak points to good GDP growth and falling inflation as proof that his plan is working.