CA:Economy

CA:Economy

UK banks’ trust account exodus cuts lifeline for disabled people, says charity

Customers face ‘severe consequences’ as banks and building societies close accounts typically set up to help vulnerable people

People with disabilities are facing potential hardship because banks are scrapping trust accounts that allow money to be managed safely on their behalf.

Victims awarded personal injury settlements and those with learning difficulties are among those facing “severe consequences” as accounts are closed or frozen by high street banks and building societies, according to campaigners.

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CA:Economy

‘Heartless’ multinationals exploiting pensions loophole for UK workers

Hewlett Packard, American Express and Pfizer among firms to have frozen increases in payouts despite inflation

Some of the world’s richest companies are accused of exploiting a loophole in pension law to freeze increases in payouts for many former UK employees, despite the cost of living crisis.

The companies, which include Hewlett Packard Enterprise (HPE), American Express and Pfizer, are being urged to “do the right thing” and increase these frozen pension payouts in line with inflation. MPs have condemned the failure of companies to increase the payments in the face of high inflation in recent years as “heartless” and “unethical”.

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CA:Economy

From cat litter to incontinence pads: UK shoppers on how ‘porch pirates’ got caught out

Readers say doorstep theft is a ‘nightmare’, but some thieves have not got what they expected in parcels

Doorstep parcel thieves are making off with a variety of gadgets and pricey fashion items ranging from computer monitors to Ugg footwear. However, the “lucky dip” nature of the crime means some crooks are opening their pilfered packages to discover they contain biodegradable cat litter or incontinence pads.

An increase in home shopping has fuelled a rise in doorstep thefts, with “porch pirates” making off with an estimated £376m-worth of goods in the 12 months to August.

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CA:Economy

Police warn UK shoppers over ‘porch pirates’ stealing parcels from doorsteps

Total value of parcels stolen estimated at £376m, with Black Friday and run-up to Christmas the worst periods

Police forces across the UK are warning shoppers about a rise in “porch piracy”, an emerging criminal trend involving doorstep parcel thefts that is costing businesses and consumers millions of pounds.

In one east London borough, police have put up posters in the lobbies of flats, while in other areas forces are using social media to provide tips on how to make life more difficult for thieves.

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CA:Economy

‘These water companies have got a damn nerve’: anger in England as 58,000 homes lose supply while bills surge

Southern Water customers’ taps ran dry or lost pressure after a fault at one of its supply works

“It feels awful,” said Samantha Hargreaves as she trundled her bottle-laden trolley past queues of cars waiting for drinking water in an Asda car park. It was the second year in a row that her water supply had been cut off shortly before Christmas, and she was loading up her car with extra bottles to give to less mobile neighbours.

“There’s quite a few of us who are struggling,” said Hargreaves, a 31-year-old community healthcare assistant.

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CA:Economy

Average water bill in England and Wales to rise by 36% over five years

Firms accused of forcing households to pay for years of underinvestment after Ofwat agrees to increases to help fix sector

• Thames Water to pay £18m penalty after breaking dividend rules

Water bills in England and Wales will rise by 36% over the next five years, as suppliers were accused of forcing struggling households to pay for years of underinvestment to fix leaky pipes and cut pollution.

The industry regulator Ofwat said on Thursday that, from next April, it would allow companies to raise average bills by £31 a year, or £157 in total, over the next five years to £597 by 2030 to help pay for investment. That represents a 36% increase before inflation, which will be added on top.

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CA:Economy

Thames Water to get green light to hike bills by more than a third by 2030

Exclusive: Long-awaited decision by water regulator Ofwat falls short of utility’s requested 59% rise

Troubled Thames Water will be allowed to increase customer bills by just over a third by 2030 after a decision by the industry regulator, the Guardian has learned.

Ofwat is poised to announce on Thursday that the heavily indebted company, which serves 16 million consumers in London and the Thames Valley area, will be permitted to raise bills by just over half the level the company had demanded.

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CA:Economy

Rachel Reeves: improving services more important than Waspi women payout

Chancellor says high cost of compensation cannot be justified because most of women affected had known pension changes were coming

Improving public services is a higher priority than spending £10bn compensating Waspi women, the chancellor, Rachel Reeves, has said, as MPs and campaigners criticised the decision to reject the watchdog’s recommendation for a flat-rate compensation scheme.

Her comments came after campaigners accused Labour of hypocrisy for having promised to compensate women hit by the rising state pension age. The parliamentary ombudsman had recommended paying out £1,000 to £2,950 to each of the more than 3 million women affected.

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CA:Economy

Anger greets UK government decision not to compensate ‘Waspi women’

Minister says flat-rate compensation scheme for women affected by rising state pension age would have cost taxpayer £10.5bn

Campaigners for “Waspi women” hit by the rising state pension age reacted with fury on Tuesday, after work and pensions secretary, Liz Kendall, announced they will not be compensated by the taxpayer.

Kendall told MPs the government accepted the parliamentary and health service ombudsman’s findings earlier this year that her department had failed to communicate the changes adequately.

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CA:Economy

Business activity between India, UK flourishes in 2024, shows HSBC data

Business activity between the UK and India has flourished in 2024 as the value of payments received by clients in Britain from India rose by 121 per cent, according to the latest data released by HSBC UK.
The multinational bank, which highlighted the figures based on its two-way support for businesses within the India-UK corridor this week, said its data on payments and client referrals showed year-on-year growth.
In the nine months to October 2024, the value of payments made by HSBC UK business clients to India reportedly rose by 32 per cent and the bank received 36 per cent more new business client referrals from HSBC India year-on-year.
Our data shows that business between the UK and India is not only strong, it’s getting even stronger, and the opportunities for expanding businesses in India are huge, said Cora McLaren, Head of International Subsidiary Banking at HSBC UK.
India’s population is not only a vast number of potential customers, within it there is a growing middle cla
CA:Economy

Thousands of affordable homes ‘held up by lack of money from providers’

New homes in England and Wales not being built as housing associations face financing issues, research shows

The delivery of thousands of affordable homes by private housebuilders is being held up because social housing providers are unable to buy them, research has shown.

A study found 17,400 affordable homes in England and Wales with planning permission could not be built because housing associations did not have the financial capacity to bid for them.

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CA:Economy

Trade gap widens by record 39% in November

India’s November merchandise trade deficit soared to a record $37.8 bn due to surging gold imports and contracting exports. While petroleum product price drops impacted exports, non-petroleum and service exports showed growth. Officials remain optimistic about reaching the $800 bn export target, citing festive demand and global uncertainty as factors driving gold imports.
CA:Economy

How to declutter your home before Christmas

Tips on where to start your cleanup, how to get the kids involved, and where best for your unwanted items to end up

It might not be the first place that springs to mind, but as Vicky Silverthorn, a professional declutterer, points out, it’s the place where you’re most likely to need a bit of space during the next few weeks.

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CA:Economy

UK retailers accused of recruiting young shop workers without rights over Christmas

Lush and Gymshark among chains using apps promoted by TikTok influencers to take on gig economy assistants lacking basic protections, say unions

Unions have accused high-street retailers of drafting in young gig economy store assistants without basic employment rights in the run-up to Christmas.

The Observer has found large brands, including Urban Outfitters, Lush, Gymshark and Uniqlo, are recruiting “freelance” shop assistants through gig apps to staff their stores during the busy festive period.

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