THE Bank of England last week hiked interest rates to 1.75%, the biggest increase in 27 years - but what does that mean for your credit card debt? Millions of people struggling in the cost of living crisis may be tempted to take on more debt to cover the cost of essentials - but it's important to understand how rising rates could affect you. Generally, interest rates on credit card are variable, which means they go up and down - but they aren't usually linked to the base rate set by the Bank of England . However credit card rates have been increasing in recent months , and may well go up again as interest rates going to climb. This means that you could end up paying more if the interest on your card goes up. The ideal way to use a credit card is to clear the balance in full every month as this way you don't start paying interest - but this isn't always possible. Read more in Money RED CARD The most expensive debit and credit … [Read more...] about I’m a credit card expert – how to avoid getting stung by the interest rate rise
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By Kevin Peachey Published 4 days ago comments Comments Share close Share page Copy link About sharing Interest rates have been raised for the sixth time in a row from 1.25% to 1.75%. The Bank of England's decision to increase rates by half a percentage point makes it the largest increase for 27 years. The move is an attempt to slow the rate at which prices are rising. The Bank has warned that inflation could pass 13% later this year. The last time interest rates were this high was during the global financial crisis in December 2008. Why does raising interest rates help lower inflation? Prices are going up quickly worldwide, as Covid restrictions have been eased and consumers spend more. Many firms have problems getting enough goods to sell. And with more buyers chasing too few goods, prices have risen. There has also been a very sharp rise … [Read more...] about UK interest rates: How does a rise affect me?
Published 20 July comments Comments Share close Share page Copy link About sharing Prices are rising faster than they have done for 40 years. The increase in the cost of living is putting a squeeze on people's finances, as incomes fail to keep up. What is inflation? Inflation is the increase in the price of something over time. For example, if a bottle of milk costs £1 and that rises by 5p compared with a year earlier, then milk inflation is 5%. Every month a figure is released, estimating how much prices are rising overall - it's currently at 9.4% . Why are prices rising so fast? Many things are contributing to the high rate of inflation, including: Energy bills , which have risen rapidly because of high oil and gas prices. They're expected to increase sharply again from October Petrol and diesel prices , partly because the war … [Read more...] about What is the UK inflation rate and why is the cost of living rising?
By Noor Nanji & Angela Henshall Published 17 hours ago comments Comments Share close Share page Copy link About sharing People are going back to cash to keep tighter control on their spending as living costs soar, according to new research by the Post Office. Post offices handled £801m in personal cash withdrawals in July, the most since records began five years ago. That's up more than 20% from a year earlier. Natalie Ceeney, chair of the Cash Action Group, said it showed people are "literally counting the pennies" as they grapple with rising prices. "It's absolutely because of the cost of living crisis," said Ms Ceeney, who chaired the government's independent Access to Cash review. "People will be taking out cash and physically putting it into pots, saying 'this is what I have for bills, this is what I have for food, and this is what's left'." … [Read more...] about Cost of living: People turning back to cash as prices rise
Published 1 hour ago Share close Share page Copy link About sharing Owners of idyllic "chocolate box" homes could be forced to sell up as the price of thatch surges, an expert has warned. The price of a bundle of water reed has doubled to about £7 in 18 months, says the National Society of Master Thatchers (NSMT). Britain uses 5m bundles a year, largely imported from countries including Ukraine, where war has hit supplies. NSMT secretary Andrew Raffle said rising costs made replacement thatch unviable for many homeowners. "There is still a demand for people wanting to live in a thatched property. It's an important part of our national heritage," Mr Raffle said. "Inevitably, because of the rising costs, some will no longer be able to afford to continue living in them." Thatched properties often have listed status, meaning roofs have to be repaired or replaced using … [Read more...] about Thatch price hike ‘could force homeowners to sell’
Trailer for You Only Live Twice directed by Lewis Gilbert SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info After starring in five James Bond movies, S ean Connery quit the role that had defined his Hollywood career. While shooting 1967’s You Only Live Twice, the 007 actor was far from happy. The Scottish legend became bored with the role, especially due to what he saw as a lack of character development across the films. Related articles James Bond: Why Cary Grant turned down 007 before Sean Connery's Dr No James Bond: Sean Connery’s hilarious Thunderball toupé scene According to The Telegraph, Connery was getting fed up with the fan attention he was getting as a huge celebrity. During the filming of You Only … [Read more...] about James Bond: Why ‘furious’ Sean Connery quit playing 007 after You Only Live Twice
Should you pick Disney Plus, Netflix or Prime Video? (Image: NETFLIX • PRIME VIDEO • WALT DISNEY • GETTY) This article contains affiliate links, we may receive a commission on any sales we generate from it. Learn more Struggling to find something to watch? A streaming service can be an affordable way to unlock hundreds of new TV shows, documentaries, sports fixtures (in some cases) and blockbuster movies. Streaming platforms like Netflix, Prime Video, and Disney+ are all available with rolling monthly contracts so, unlike some of the best Sky TV deals around, you will be able to cancel at any time – making these streamers incredibly flexible. But with news of an incoming Amazon Prime price rise in the UK – the first time costs have increased since 2014, which streaming service offers the ultimate value for money? Netflix remains the most popular, with 220 million subscribers worldwide. Despite huge success with its latest season of Stranger Things, which is … [Read more...] about Netflix vs Disney+ vs Prime Video: Which streaming service is worth the price?
BP is on course to pay a lower tax rate this year than before the onset of Covid, despite a raid on energy companies' profits during the cost of living crisis. The FTSE 100 oil behemoth said it expects its global underlying effective tax rate this year to be around 35pc, which compares to 36pc in 2019 and 38pc in 2017 and 2018. Murray Auchincloss, finance chief, told analysts last week the rate had been helped during the first half of the year by strong results from its refineries and traders. He said he expected the company’s overall effective tax rate to be around 30pc during the first half of the year, rising to 40pc in the second half, averaging at 35pc for the full-year. Mr Auchincloss added: “I suppose what we didn't plan for at the beginning of the year was a much stronger refining market, nor did we plan for exceptional trading results . So, if you take account of those things, that's what drives the effective rate lower.” BP said it typically pays tax on … [Read more...] about BP to pay lower tax rate this year than before Covid
Petrol and diesel prices are slowly but steadily falling in the UK, latest figures show. The average price for a litre of unleaded on Saturday, the latest figure available, was 177.46p, according to the RAC, while diesel cost an average of 188.23p. On Thursday, the prices had been 178.93p and 189.3p respectively. It comes as world oil prices fall, something analysts said was due to fears that tough economic times ahead could see a weakening in demand. Advertisement "Gains triggered by the invasion of Ukraine have now been cancelled out, as rising interest rates and the subsequent cooling this is expected to have on global economies, outweigh previous questions about a lack of supply caused by the conflict." Brent crude, the international benchmark, had shot up to more than $124 a barrel after the European Union announced in May that it would ban most oil imports from Russia as part of its sanctions package following the invasion . More from … [Read more...] about Fuel prices slowly falling in the UK as recession fears outweigh ‘war premium’
By Connor Gillies Published 24 July Share close Share page Copy link About sharing With holiday season in full swing, BBC Scotland's consumer affairs correspondent Connor Gillies has taken a trip of his own. He wanted to find out how people across the country are coping with the rising price of energy, food and fuel. In four locations over four days, the phrase "cost of living" was greeted with a dreadfully familiar sigh from everyone we met. From Millport on the Isle of Cumbrae, to the Kelpies in Falkirk, Pitlochry and Fort William, our journey showed that every community in Scotland has a unique experience of this crisis. The Barclay family I met Ayrshire couple Gordon and Seonaid Barclay at a caravan park in Pitlochry. They described the current price rises and the impact it is having on their lives as "horrible". Seonaid said: "I shop around now and look for … [Read more...] about Cost of living crisis: How rising prices are affecting people in Scotland