Thousands of UK households face energy bill hikes of almost £200 on average as gas and electricity providers roll customers onto standard variable tariffs.
A total of 54 fixed-rate energy deals are set to expire before the end of August, according to research by price comparison site Money Supermarket. This means thousands of customers are in danger of being rolled on to more expensive tariffs just as the colder weather begins to kick in.
Standard variable tariffs are typically the most expensive and many consumers do not realise that they are being moved on to them. Households on these deals could see their bills rise by £192 on average if they don’t take action and secure another fixed rate before their tariff end date, the researchers estimate.
Bills have already risen in the past year, with all of the major suppliers announcing price increases.
The pound traded near a two-week high against the dollar on Thursday morning, as the first voters took to the polls in the UK’s general election. Sterling was recently trading little changed against the dollar at around $1.2955, not far off its $1.2970 peak hit on Wednesday, which was the currency’s highest level since 25 May.
UK car manufacturing plummeted by almost a fifth in April, as the timing of Easter ate into the number of production days in the month.
High street stalwart Marks and Spencer has reported a more than 60 per cent fall in pre-tax profit in the year to the end of March, hurt by a decline in clothing sales and higher costs from opening new food stores. Pre-tax profit came in at £176.4m for the year, while sales were broadly steady at £10.6bn. Food revenue was up 4.2 per cent.
Tech behemoth Apple has been named the most valuable brand in the world for a seventh consecutive year. The highly-regarded ranking, compiled by Forbes magazine, puts the iPhone makers’ brand value at $170bn, a 10 per cent increase on figure for 2016 and well ahead of second-placed Google, whose brand value has risen $19.3bn from last year to just under $102bn, according to Forbes. Tech peer Microsoft nabbed third spot, with a value of $87bn, followed by Facebook at $73.5bn. Consumer goods giant Coca-Cola rounds out the top five with a value of $56.4bn.
A large, diamond ring is expected to fetch £350,000 at auction 30 years after its owner paid £10 for it at a car boot sale, thinking it was a costume jewel. The “exceptionally-sized” stone was presumed not to be real because 19th Century diamonds were not cut to show off their brilliance like today’s gems. And so the owner, unaware of its value, wore it for decades, while doing everything from the shopping to the chores.
Jean-Michel Basquiat’s painting of a skull sold for $110.5 million at Sotheby’s in New York, setting an auction record for American artists and providing a windfall for the daughter of two collectors who purchased it for $19,000 in 1984.
The company that owns the Peppa Pig brand has announced that it is producing 117 new episodes for the popular children’s cartoon. The new series will air from spring 2019 and take the total number of Peppa Pig episodes to 381.
A buy-to-let tycoon who banned “coloured people” from his properties “because of curry smells” is facing legal action brought by the equality watchdog. Millionaire Fergus Wilson, who reportedly owns close to 1,000 properties in Kent, sent an email to a local letting agency informing them of the ban. Commission chief executive, Rebecca Hilsenrath, said: “We have asked the court if it agrees with us that Mr Wilson’s lettings policy contains unlawful criteria and, if so, to issue an injunction. “As this is now formal legal action we will release further information at a later date.”
KitKat-maker Nestlé has been foiled again, after a UK Court of Appeal ruled that the consumer goods giant cannot trademark the shape of its popular four-fingered chocolate bar. The ruling is the latest in a long running legal battle between the Swiss-based company and its rival Cadbury. Nestlé argues that the KitKat’s shape is “iconic” and should be protected by law but Cadbury objects. On Wednesday, the Court of Appeal ruled in favour of Cadbury, dismissing the claim.
The best region in Britain for workplace happiness and satisfaction is Yorkshire and the Humber, according to new research. London only managed to make it to number five for happiness and came bottom for work satisfaction, according to research commissioned by recruitment agency Robert Half. The findings may give pause for thought to many workers in the capital putting up with sky-high property prices in the hope of landing their dream job.
He may be almost unbeatable on the tennis court, but how will Andy Murray fare in the world of investing? On Monday, a company that claims to make the world’s first folding bike helmet announced that the tennis pro was one of more than 400 individuals who had helped it raise nearly £700,000 on crowdfunding platform Seedrs. Morpher’s bike helmets fold and unfold, meaning that they can easily be slipped into a bag when not in use, catering to cyclists who find normal helmets cumbersome to carry around.
Morrisons will start selling deformed avocados at a third of the average cost of normally-shaped ones as growing demand and reduced harvests from major producers has pushed up prices in recent weeks. The supermarket said on Friday that it would start selling the misshapen and superficially blemished fruits for 39p each or £2.40 a kilogramme in the majority of its stores across the UK starting from 15 May until the end of the summer. Morrisons claims that its offer is the cheapest on the UK market and compares to an average retail price of £1.05 apiece, which is up from 98p last year.
Unilever, the consumer goods giant behind brands such as Dove, Ben & Jerry’s and Marmite, is making a big push toward more sustainable packaging. The company sells billions of products in single-use sachets each year, including cosmetics and food products, particularly in developing and emerging markets. It says that it has now developed new technology to recycle them, which will prevent packaging from ending up in our oceans or in landfill. Through a system called CreaSolv Process, the plastic from the sachets will be recovered and then used to create new ones for Unilever products – creating a full circular economy approach.
The euro hit a six-month high against the dollar on Monday and US stock futures briefly touched a record high after Emmanuel Macron won the French presidential election, easily beating anti-EU rival Marine le Pen.
A knitted yellow John Lewis cardigan adorned with pictures of sheep has sold out after Princess Charlotte was photographed wearing the item, prompting a surge in demand from British parents wanting to dress their offspring like the young royal. John Lewis confirmed that the clothing item sold out online shortly after the photograph was published, although a coordinating prink dress, selling for £10 on the John Lewis’ website, was still available on Tuesday morning.
HRH The Duchess of Cambridge via Getty Images
Dubai has become the first city in the world to get its own front, the government announced on Sunday. The type face, simply called “Dubai Font”, comes in both Arabic and Latin script and will be available in 23 languages. It was created in partnership with Microsoft and is now available to Microsoft Office 365 users around the world.
The US has just lost a major trade battle with Mexico and it revolved around tuna. On Tuesday, the World Trade Organisation ruled that Mexico is allowed to impose $163m (£127m) a year in sanctions against the US on trade in tuna, ending a years-long dispute. The clash, which dates back to 2008, centred on the US insisting that any Mexican tuna sold in the US must have a ‘dolphin safe’ guarantee, meaning that no dolphins were killed by fishermen catching the tuna.
French billionaire Bernard Arnault moved to consolidate control over Christian Dior for about €12.1bn (£10.3bn), folding the fashion house’s operations into the LVMH luxury empire in one of his biggest transactions.
The euro briefly surged to a five-month high against a basket of currencies late Sunday after centrist candidate Emmanuel Macron won the first round of a hotly contested French election vote, an outcome broadly considered the most market-friendly. Immediately after the vote, the euro surged to $1.0940, its highest level against the dollar since November last year, before retreating to around $1.0869.
Mattel shares took a hit after the world’s largest toy company reported a much worse than expected sales slump dragged down by poor demand for key brands such as Barbie and Fisher-Price. Shares in the company dropped 6 per cent to $23.70 (£18.50) in after-hours trading in New York on Thursday after the toymaker reported a loss of $133.2m or 33 cents per share for the three months to 31 March. Barbie sales, which begun to recover last year after the toymaker introduced new dolls with different body types and skin colours, slipped again with gross sales down 13 per cent compared to a year ago – their second consecutive quarter of decline.
The British Government said on Thursday it would sell Green Investment Bank to a consortium led by Macquarie Bank in a deal worth £2.3bn. The British Government set up GIB, which backs green projects with public funds, in 2012 as a commercial venture to spur private investment in green projects. It has invested more than £2bn in projects such as offshore wind farms and waste management. The Government decided to sell a majority stake in 2015, saying it would give the bank more freedom to borrow, remove state aid restrictions and allow it to attract more capital.
AFP/ Getty Images
Energy customers face further delays from government in dealing with with soaring bills, MPs heard on Wednesday. Business secretary Greg Clark accused companies of “flagrant mistreatment” and “milking” their customers in a “broken” market, but insisted the snap general election announced by Theresa May on Tuesday meant he would “have to reflect on the timing” to lay out his long-awaited plans for a crackdown.
The pound surged against the dollar on Tuesday to its highest level since last December after Prime Minister Theresa May said she wanted a general election on 8 June. When Ms May announced she wanted a new national poll, at around 11.05am, the pound instantly jumped, climbing to $1.2765 by the end of trading, up 1.62 per cent on the day and the highest since 13 December. It was also sterling’s biggest one day jump since March 2016.
This aerial photo taken on April 12, 2017 shows farmers working in the fields in Yangzhou, in eastern China’s Jiangsu province. ina’s growth stabilised in the first quarter thanks to rising investments and a recovery in exports. cording to an AFP survey of 16 economic analysts, the gross domestic product expanded 6.8 percent in the first three months of this year
Rome’s Trevi Fountain was a veritable cash cow for the Eternal city’s charities in 2016, according to new data. The charity Caritas said this week that tourists tossed €1.4m (£1.2m) into the baroque fountain last year, helping to subsidise a supermarket for Rome’s needy
Andreas Solaro/AFP/Getty Images
French bakery group Paul and sandwich chain Pret a Manger will begin offering discounts to customers bringing in their own reusable cups, yielding to pressure from environmental groups concerned about the mountains of cardboard waste generated in the UK each year.
Bags of Doritos, packets Peperami and boxes Coco Pops have become the latest treats to shrink in size as retailers passed on surging costs from the Brexit-hit pound and rising commodity prices.
family wine business in Cuba is thriving thanks in part to an unconventional item being added into the fermentation process – condoms. As a result of the US trade embargo and other inefficiencies of Cuba’s economy, thousands of basic household items are inaccessible to Cubans meaning that sometimes a little creativity is required to get the job done. At El Canal, a winery in Havana, Orestes Estevez and his family fill glass jugs with grapes, ginger and hibiscus, before securing a condom over each glass jug Allowing Heathrow to expand will create “a serious obstacle” to meeting the UK’s commitments on climate change and reducing air pollution, a leading scientist has warned.
Stephen Murray, energy expert at MoneySupermarket, recommends that anyone who is due to come to the end of their fixed-rate tariff should ensure they switch to a new deal which will “significantly” reduce the increase they face. “The majority of fixed deals include exit penalties designed to deter customers from switching during the period. However, these cannot be charged within 45 days of the tariff end-date, meaning customers have over six weeks to switch, penalty-free,” Mr Murray said.
“The switching process doesn’t take long, but those households with deals ending in June need to act now to maximise the benefit.”