House prices have hit a two-year high after jumping 0.3% in August, the latest data from Halifax has shown. Scroll through the Money blog for this plus more personal finance and consumer posts - and leave your comments below.
Saturday 7 September 2024 08:31, UK
Read our ultimate guide to student finance - from discounts to cheapest cities to top paying jobs after uni
Instead of our regular Saturday long read, we've published our first ever Money blog spin off - a student finance special.
In it you'll find:
Check it out here - and we'll be back with live updates on Monday.
By Jimmy Rice, Money blog editor
Away from Oasis ticket prices, the news agenda in Money this week was dominated by pensions.
We learned on Wednesday that the state pension looks set to rise by just below 4% next April - equalling around £400 extra per year for those on the full state pension.
Pre-2016 retirees who may be eligible for the secondary state pension could see a £300 per year increase.
Because of the triple lock, each year the state pension rises by whatever is highest from inflation, average wage growth or 2.5%.
Officials did nothing to downplay a BBC report, apparently based on internal Treasury figures, that average wage growth would be the highest of these this year.
The figures that would be used to set next April's rise are released next week but the OBR forecast is for 3.7% - which would take the full state pension to around £12,000.
Whether or not pensioners would view this as good news is up for debate (see our last post), but there was definite bad news for older Britons earlier in the week, as Chancellor Rachel Reeves refused to rule out heavier taxation on pensions in the October budget.
How could pensions be taxed further? We had a look here.
Ms Reeves also confirmed on Tuesday that she'd impose a cap on corporation tax.
She said the tax would be capped at its current level of 25% to "give business the confidence to grow".
A final piece of news from Money this week that could have consequences for your bank balance was confirmation that the Household Support Fund would be extended until April.
Councils decide how to dish out their share of the fund but it's often via cash grants or vouchers. Many councils also use the cash to work with local charities and community groups to provide residents with key appliances, school uniforms, cookery classes and items to improve energy efficiency in the home.
People should contact their local council for details on how to apply for the Household Support Fund - they can find their council here.
On the Oasis ticket price story, which continued to make headlines through the week including today, a post in Money appeared to help prompt a U-turn from official reseller Twickets.
The company told us it would be lowering its fees after criticism online.
Unofficial resellers were also in the spotlight and, on an episode of the Daily podcast, Niall Paterson spoke to Viagogo - eliciting an admission that things need to change.
Here in Money, we published a few explainers that are well worth checking out.
We'll be back with live updates on Monday - but do check out our Money blog spin-off tomorrow, a student finance special.
Have a good weekend.
'Can I cancel my O2 contract now they've axed free Greggs?'We start this week's round up of your comments with Virgin Media O2's decision to axe its weekly free Greggs perk.
Customers on social media claimed they'd review whether they remained with O2 - while one Money blog reader asked what his rights were if he wanted to cancel.
I signed a new O2 contract on 16 August based largely on the advertised promise of the Greggs priority offer. I'm angry that I have been mis-sold my new contract and I will not be able to enjoy the benefit that I signed it for. I want to end it early, what are my rights?
Phil
We looked at O2 Priority's T&Cs - and they clearly set out that they can make any change to the terms of the agreement and service without giving you a right to cancel.
Therefore, if you want to cancel you'll have to pay an early termination charge.
There is one exception - but only if you're in the first two weeks of your contract.
Consumer champion Scott Dixon says: "When you enter into a phone contract with a mobile phone provider online, it is classed as a distance sale and is covered by legislation.
"This legislation binds traders to provide key information at the point of sale including right to cancel information. This gives you a 14-day cooling-off period to leave without paying any termination fees, although you would have to pay for what you have used such as calls, texts and data.
"If you entered into the contract in-store, this would not apply."
This probably isn't what Phil wants to hear - but we did look at other ways he and others might be able to get free or discount Greggs.
This post, which we hoped would be helpful, didn't go down well with everyone.
How to eat Greggs on the cheap?! Give me strength.
Pork Pie Percy
Another topic that elicited a strong response from readers was a campaign group's call for the chancellor to impose a pay-per-mile tax on electric vehicles.
EV drivers obviously don't pay fuel duty - and the pay-per-mile proposal would make up for lost revenue to the Treasury as more people ditch petrol and diesel cars.
The Campaign for Better Transport group proposing the tax says the public would be on board - but our LinkedIn poll suggests this isn't the case.
I wonder how many people realise that an introduction of pay per mile, I guess by means of a tracker type of device, will actually allow big brother to watch your every move when travelling in your car, your speed on any given road, accident data etc. our freedom is diminishing.
Big Ian
EVs need electricity to work, the cost of electricity in the UK is mad. I pay higher electricity bills because I don't have a diesel anymore. Why should I be charged pence per mile just by having an EV? It's money and NOT pollution targets the government are looking at.
A Grant
The proposed introduction of pay per mile for ZEV will clearly by necessary to compensate for the taxes lost from the sale of petroleum based fuels. This was always going to happen.
EU4ME
Only a matter of time before they came for the electric clan. I wonder if sales of electric will now suffer?
Chappers2013
Read more on this story here.
Pension stories always attract a lot of feedback - and this week's suggestion that the state pension will rise in line with average earnings growth next year was no different.
A rise of 3.7% would equal another £400 a year.
Wow how generous, suggested £400 rise to state pension would equate to a rise of £7.69 a week to a pensioner. But in reality, take away winter fuel and the rise is £100, that's £1.92 a week - will be rolling in the money.
SueP
Without raising the personal allowance any pension increases will be eaten up with tax. This country is unbelievable in the way it treats its old folk.
Monkee knows best
Oasis fan 'fuming' after spending £355 on ticketA potential £400 rise in state pension is hardly a headline, it's still a long way off from the minimum living wage.
Prendy
An Oasis fan who spent more than £350 on a single ticket says she was left "fuming" after extra show dates were announced.
Diane Green, from Middlesbrough, was close to buying a ticket costing £158 but said she was kicked out of an online queue.
She then had to wait four hours to pay £357.95 for one ticket.
The 60-year-old wanted to buy a total of four tickets to take herself, her son and two friends to see the band at Heaton Park in Manchester, but said "there's just no way I could have got more".
"I would never have done it (purchased the ticket)," she said.
"If I had known they were putting more dates on, I would have just thought 'no, I'll chance it again', but it was really frustrating."
"I paid double. I could have got two tickets when I paid and now only one person can go. In our household, it's like, who goes?"
Ms Green said she bought the ticket thinking it was her only chance to see the band and was "absolutely fuming" when they announced more dates.
"It's disgraceful," she added. "For me to purchase a ticket for £358, it's a lot of money. I regret doing it in a way."
Oasis announced two new Wembley Stadium dates due to "phenomenal public demand" earlier this week.
It comes after controversy over the sale of tickets for their reunion tour, with 17 shows across Cardiff, Manchester, Wembley, Edinburgh and Dublin selling out.
Fans were beset with problems getting on to ticket websites, from being labelled bots and being kicked out of queuing to some ending up paying more than the advertised price of £148 as costs surged past £355.
Liam Gallagher appeared to brush off the controversy earlier as he joked about ticket prices on social media, telling one person to "shut up" after Oasis were accused of ripping off fans.
Nationwide to complete takeover of rival | Body Shop rescue deal looms | Economy needs £1tr to growNationwide's £2.9bn takeover of rival Virgin Money is expected to complete next month after the deal was approved by the UK's financial regulators.
The deal will still need to be sanctioned in court, with a hearing set to take place on 27 September, but it is due to be formally complete on 1 October.
It comes after Nationwide agreed to the takeover of its London-listed rival in March.
The building society struck the deal with a 220p-a-share offer for Virgin Money, including a planned 2p-per-share dividend payout.
It will bring together Britain's fifth and sixth-largest retail lenders, creating a combined group with around 24.5 million customers and more than 25,000 staff.
The new owners of The Body Shop are lining up tens of millions of pounds in new financing as they finalise a deal to buy the chain out of administration.
Sky News has learnt that Aurea, an investment company led by cosmetics entrepreneur Mike Jatania, is in advanced talks to secure more than £30m in working capital from Hilco Capital, a prolific investor in and lender to the retail industry.
Banking sources said that the deal between Aurea and FRP Advisory, The Body Shop's administrators, was likely to be finalised within days.
If confirmed, the new debt from Hilco would be used to help place the cosmetics chain back on a growth footing, the bankers said.
The UK economy would need investment of £1trn over a decade for an annual growth rate of 3% to be achieved, according to a business lobby group.
The Capital Markets Industry Taskforce (CMIT), which represents leaders in the financial services sphere, said £100bn a year must be found to help the country catch up after trailing its peers for many years.
It urged a focus on energy, housing and venture capital, arguing the money could be unlocked from the £6trn in long-term capital within the pensions and insurance sector.
The government has made growing the economy its top priority.
Prime Minister Sir Keir Starmer let it be known during the election campaign that he was seeking to achieve a growth rate of 2.5% - a level the economy has struggled to reach since the financial crisis of 2008.