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Lovely England, London (2025)

22/11/2023

National living wage increasing to £11.44 per hour from April - a £1.02 rise
The national living wage applies to all workers aged 23 and over, and is a higher rate than the minimum wage which applies to people under the age of 23.

The national living wage will rise to £11.44 per hour from April.

Chancellor Jeremy Hunt has announced he is accepting the recommendation from the Low Pay Commission - an increase of £1.02 from the current rate of £10.42.

According to the Treasury, it is the largest ever cash increase to the rate - and is equivalent to £1,800 a year for those on the lowest income.

Until now, the national living wage has been the minimum wage for Britons over the age of 23 - but from next year, it will apply to 21 and 22-year-olds for the first time.

It is separate from the living wage.

The changes are expected to impact about two million people.

22/11/2023

Autumn statement unlikely to put big dent in tax burden - here's why
Sky's Ed Conway writes that the chancellor will likely claim space for tax cuts in the mini-budget but there's every reason to believe the bills will still be higher than when he took the role.

It's autumn statement time.

Once upon a time, these winter budgets used to be brief updates on the fiscal forecasts, never overshadowing the far more substantial main budget in the spring. Or at least so we're told.

In practice, for as long as I've been covering economics, the autumn statement (or, as Gordon Brown used to call it, the pre-budget report) has simply been the chancellor's second bite of the fiscal apple - a budget in all but name.

In other words, these statements are quite a big deal.

They have been used to raise taxes and cut them, to lift spending and lower it.

Indeed, it was at Jeremy Hunt's first autumn statement last year that he introduced some of the tough measures designed to clear up the economic mess following predecessor Kwasi Kwarteng's mini-budget - freezing income tax and national insurance thresholds all the way until 2028, consigning millions of families to higher taxes.

This time around, we're all being told that the story will be very different - in particular that tax cuts are now imminent.

22/11/2023

Autumn statement: Public have 'duty' to work, says minister - as benefits shake-up looms
Ahead of Wednesday's statement - where Rishi Sunak has pledged to "clamp down" on fraud in welfare - the chief secretary to the Treasury tells Sky News "those who can work, should work".

There is a "duty on citizens" to work if they are able to, a government minister has said.

Chief secretary to the Treasury, Laura Trott, told Sky News that the Conservatives believe "if you can work, as a principle, you should work" - saying the tenet is "the thrust of all our policies".

Her remarks came ahead of the autumn statement on Wednesday, where the government is expected to announce plans to force those with mental health or mobility problems to find work they can do from home, or risk losing their welfare payments.

Government sources have told Sky News there is a concern that a large number of people are currently "written off" - and there will be measures in the speech to address that.

Chancellor Jeremy Hunt is said to be considering a big squeeze on benefits in order to make savings for the public purse.

Over the weekend, he said ministers needed to "take difficult decisions to reform the welfare state", and he has not ruled out a change in the way the government increases benefits - perhaps using October's lower inflation figure of 4.6% for the rise, rather than September's higher number of 6.7%.

22/11/2023

Highest ever October state borrowing costs, official figures show
The highest amount in any October was spent paying interest on state borrowing last month, outpacing OBR forecasts.

Public sector borrowing reached the second highest level for any October since records began, according to official figures, casting doubt on the prime minister's pledge to cut debt and the chancellor's capacity to cut taxes.

Public sector net borrowing was £14.9bn last month, £4.4bn more than the same point last year and the second highest since monthly records began in 1993, the Office for National Statistic (ONS) said.

Only once before, in the pandemic year of 2020, was a higher amount borrowed in October.

High borrowing costs, thanks to high interest rates and bond yields having neared a 15-year high, are part of the reason.

The interest payable was the highest on record for any October since such figures began being collated by the ONS.

Interest payments were £1.1bn more expensive than October last year, reaching £7.5bn. It is an even greater amount than the Office of Budget Responsibility's (OBR) forecast of £4.9bn.

One of Prime Minister Rishi Sunak's five promises is to reduce government debt, which arises when the state spends more money than it takes in from taxes.

Across the seven months to October 2023 debt was up £21.9bn compared with the same seven months in 2022, totalling £98.3bn.

22/11/2023

A look at the polls might explain the Tories' new zeal for tax cuts

For months the chancellor and his team have been billing today's big announcement as an autumn statement for growth, the final heave if you like before the big giveaway spring budget.

We were expecting tax cuts for businesses, but were told for months tax cuts for all of us would have to wait. Then this week the prime minister effectively rebranded Wednesday's fiscal event as the autumn statement for an election.

What was all too difficult against the backdrop of high inflation and a stuttering economy, is now suddenly possible.
We're now expecting tax cuts for businesses and personal tax cuts too, perhaps in the form of a cut to national insurance contributions. There's a record increase in the national living wage.

Ask government insiders and they say the reason for giveaways is that the fiscal outlook has improved, with the economy more resilient than it looked at the time of the March budget.

"Inflation has fallen significantly and we have stronger [tax] revenues because growth is stronger," says one government figure on the timing of this tax cutting. Growth, they argue, is enabled in part by targeted affordable tax cuts.

22/11/2023

Falkland Islands sovereignty not up for debate, UK warns after Argentina's new president vows to 'get them back'

Javier Milei, who was elected in Argentina's presidential election on Sunday, has said Buenos Aires had "non-negotiable" sovereignty over the Falklands, known as Islas Malvinas by Argentines.

There is "no doubt" the Falkland Islands are British, Rishi Sunak's spokesperson has said, after Argentina's new president vowed to "get them back".

Javier Milei, who was elected in Argentina's presidential election on Sunday, has said Buenos Aires had "non-negotiable" sovereignty over the Falklands, known as Islas Malvinas by Argentines.

He said his government would "make every effort" to take the islands back "through diplomatic channels".

But the prime minister's official spokesperson said: "The UK has no doubt about the sovereignty of the Falkland Islands."

The Falkland Islands were the subject of a bloody conflict in 1982 after Argentine forces invaded and briefly occupied the territory.

The war claimed the lives of 255 British servicemen, three islanders and 649 Argentine personnel.

Mr Sunak's spokesperson said: "The UK government will continue to proactively defend the Falkland islanders' right to self-determination."

British ministers regularly cite the results of a 2013 referendum that saw close to 100% of voters on the islands, which has a population of about 3,500 people, opt to remain a UK Overseas Territory.

The No 10 official said Falklands rule was an "issue that was settled decisively some time ago".

10/11/2023

Michael Matheson: £11k iPad minister warned year ahead of costs risk

A Scottish government minister who ran up an £11,000 data roaming bill on his iPad in Morocco had been warned almost a year earlier to update his device.

Michael Matheson ran up "huge" charges while on holiday last Christmas because his parliament-issued tablet had not been switched to a new data provider.

BBC News understands Mr Matheson was told via email to swap out the sim card in the device in February 2022.

Opposition MSPs have urged the health secretary to cover the bill himself.

The cost has been met from the public purse, with £3,000 coming from Mr Matheson's expense budget and the rest being paid by the parliament.

The health secretary has insisted he was using the tablet for official parliament and constituency business, and has been backed by the first minister.

Minister's £11k iPad bill is legitimate cost - Yousaf
Minister racks up £11k bill on parliament iPad
Minister racks up £11k bill on parliament iPad
Roaming charges are an expense incurred when using mobile devices abroad.

The parliament's previous mobile contract with EE came to an end in December 2021, and members were told to switch their devices across to the new contract with Vodafone.

09/11/2023

UK house prices increased by 0.9% month-on-month in October, says Nationwide
The uptick in house prices in October most likely reflects the fact that the supply of properties on the market is constrained, Nationwide said.

House prices rose by 0.9% on average month-on-month in October – likely reflecting a constrained supply of properties for buyers to choose from – according to an index.

Across the UK, property values fell by 3.3% compared with October last year, Nationwide Building Society said.

The average UK house price in October was £259,423.

Robert Gardner, Nationwide’s chief economist, said that despite the month-on-month rise in house prices: “Housing market activity has remained extremely weak, with just 43,300 mortgages approved for house purchase in September, around 30% below the monthly average prevailing in 2019.”

He continued: “The uptick in house prices in October most likely reflects the fact that the supply of properties on the market is constrained.

09/11/2023

What does the Bank of England’s latest interest rate pause mean for households?

Monthly hikes in base rate may have stalled, but the cost-of-living squeeze has not gone away

The decision to leave interest rates on pause may help to boost housing market confidence, but experts have warned that households could face another tough year ahead as budgets remain squeezed.

The Bank of England base rate was held at 5.25 per cent on Thursday. In September, the Bank also kept rates unchanged at 5.25%, which had been the first hold decision for nearly two years after 14 hikes in a row.

Andrew Hagger, a personal finance expert from Moneycomms, said: “The monthly hikes in base rate may have stalled, but the cost-of-living squeeze hasn’t gone away – increased energy costs, higher prices at the pumps and soaring mortgage rates mean there’s little respite for the household budget at the moment.

“Many people will have to tighten their belts this Christmas, but will be hoping that 2024 is less harsh on their bank balance – however, any rate reductions will be slow and steady, so it’s likely to be another tough year ahead.”

Alastair Douglas, CEO of website TotallyMoney, said: “Buy now, pay later (BNPL) has boomed.”

Earlier this week, the Financial Conduct Authority (FCA) said an estimated 14 million adults across the UK used BNPL payment options at least once in the six months leading up to January 2023.

The FCA said its research indicated that frequent users of BNPL tended to be more likely to be in financial difficulty, such as having rising debts or missed bill payments.

Estate agents may be hoping that the continued freeze on interest rates, and the impact for mortgages, could help to inject more confidence into the housing market.

09/11/2023

29% annual jump in average price paid for motor insurance

Delays in repair and supply chains, the rising cost of raw materials and increasingly sophisticated car technology are feeding into insurance costs. The average price paid for motor insurance leapt by 29% or £125 annually in the third quarter of this year to a record high, according to data from the Association of British Insurers (ABI).

The typical price paid for motor insurance from July to September 2023 was £561, the ABI said – the highest level since its records started in 2012.

Back in the third quarter of 2022, the average price paid was £436, with rising costs of labour and materials pushing up underlying costs, according to the ABI.

It also calculated that around £60 of the average premium is due to insurance premium tax (IPT). IPT is a tax on insurers, which in practice is passed on to customers through the cost of premiums.

The ABI is calling for IPT to be reduced in Chancellor Jeremy Hunt’s autumn statement later this month.

The association also highlighted delays in repair and supply chains, the rising cost of parts and materials and increasingly sophisticated car technology as factors adding to insurers’ own cost pressures, which in turn feed into the prices paid by customers for insurance premiums. Rising energy bills are also impacting costs.

A skilled technicians shortage is also increasing claim costs further as repairs are delayed, the ABI said.

For example, the ABI said insurers have reported that the cost of paint has increased by 16% and spare part costs increased by 11% over the past year.

09/11/2023

More than 16 million people ‘missed payments on key household bills this year’
The estimates were made by the Money and Pensions Service, which said two million people missed payments for the first time.

More than 16 million people have missed payments on key household bills this year and more than two million did so for the first time, according to estimates from a Government-backed body.

The Money and Pensions Service (MaPS) released the findings to mark Talk Money Week (November 6-10).

It commissioned a Censuswide survey of more than 3,000 people across the UK in October, which found that three in 10 (30%) have missed at least one payment in 2023. Of those, one in seven (14%) said it is the first year this has happened.

Credit card repayments were the most common type of bill that went unpaid, followed by utilities, council tax and bank overdrafts or loans. Some people, meanwhile, missed rent or mortgage payments.

This Talk Money Week, MaPS is asking people to act now if they are struggling to make payments.

The organisation says if you are about to miss a payment, speak to your creditor because they may be able to offer a better tariff, a more flexible payment arrangement or contact with a charity that can help. They also have a responsibility to treat you fairly by offering affordable options.

For people who have already missed payments, MaPS says they should consider taking free debt advice as soon as possible.

Charlotte Jackson, head of guidance at MaPS, said: ”People are struggling this year and as these results suggest, some household budgets are becoming severely stretched. One in seven people currently wouldn’t take any action if they started to struggle, and this increases their risk of becoming stuck in the trap of long-term problem debt.

“This Talk Money Week, we’re asking people struggling with payments to ‘do one thing’ and act fast. If you think you’ll miss one, speak to your creditor, and if it’s already happened, it’s not too late to consider free debt advice. Acting now will help you get some control over what’s happening, find out your options and avoid the devastation that debt can cause.

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