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Co-op rolls out 'talking' ATMs

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ATMThe Co-operative Bank has started a roll-out of "talking" cash machines for blind and partially-sighted people across the UK.

More than 400 ATMs, which give spoken instructions, went live on Thursday and over 2,000 machines should have the facility by the end of 2014, the Co-op said. People can use the machines by plugging a headset into the ATM and the service will be open to Link and Visa card holders from all banks.

The service will eventually be made available in all the Co-op's bank branches and at most ATMs at Co-operative Food stores.

The Co-op declined to give a figure for the cost of the ATM upgrades, saying it was an "ongoing investment".

The Co-op, which has 2,700 ATMs across the country, expected more than 1,000 of them to have the new function by the end of the year. High-contrast screens are also being introduced to help partially-sighted customers.

David Fawell, head of payments at the Co-operative Bank, said: "We are committed to implementing talking and high contrast services on our cash machines.

"We have started the roll-out and by the end of 2013 we'll have 1,000 of our ATMs enabled to 'talk'. Our aim is to extend this out to over 2,000 cash machines which is three-quarters of our entire estate by the end of 2014."

The move is being supported by charity the Royal National Institute of Blind People, which previously launched a Make Money Talk campaign calling for banks to provide ATMs with audio facilities for customers.

NatWest has already committed to making 80% of 4,800 cash machines which are branded with its name or that of its sister bank Royal Bank of Scotland (RBS) speech-enabled over the next couple of years.

The Co-op quoted one if its customers, named Mark Ellis, who has campaigned on the issue. Mr Ellis, who is from Colchester, said: "I feel it's compulsory for banks to assist their blind or partially-sighted customers and I hope more will commit to launching the ATMs soon."

 
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Nationwide winning the current account war

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More and more dissatisfied banking customers are making the switch, according to figures from Nationwide that report 365,000 new current account openings at the building society in the past year.

So what is the draw to Nationwide and could you benefit from switching too?
Current account openings have reached a record high at Nationwide and 123,000 customers switched their main banking relationship to the building society in 2012/2013, an increase of 58% on the previous year.

Chris Rhodes, Nationwide's Executive Director, said: "Dissatisfaction with the big banks is leading people to vote with their feet. We opened new current accounts at a rate of one thousand per day over the last year and many of these were people switching from another provider. These results show that Nationwide really is the main challenger to the big banks."

What's on offer?
Nationwide is challenging the big banks with two new current accounts. First up is FlexDirect - a self-service, non-fee paying account, which pays a market leading 5.0% AER, and FlexPlus - a £10-a-month packaged current account that includes worldwide travel insurance, mobile phone insurance and UK and European breakdown cover. The long-standing FlexAccount remains popular, offering customers free European travel insurance when they use it as their main current account.

Easy to switch
Moving your current might seem daunting but it can be surprisingly quick and straightforward as most banks now have a dedicated switching team. Nationwide offers an Account Transfer Promise to customers that switch to the building society - promising to contact customers' direct debit providers within ten working days, and offering £100 if the process is held up. Text updates keep customers informed of progress and provide reassurance that the process is going smoothly.

Banking on the go
With a growing demand for customers to be able to manager their money on the move, Nationwide launched its mobile banking app November 2012. The app has since been downloaded by over 500,000 members and is being used by many on a daily basis to access and manage their Nationwide accounts.

"Nationwide has great products and a strong reputation for excellent service," adds Rhodes. "We hope this will lead to many more people divorcing their banks and starting a new relationship with Nationwide."

 

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Should cyclists pay a 'road tax'?

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Cyclist The Beatles' 1966 hit 'Taxman' contained the lyrics 'if you drive a car, I'll tax the street' and although George Harrison was probably only looking for a word that rhymed with 'feet' it seems that many motorists still believe that road, or street, tax really does exist.

The issue of 'road tax' generally comes up in one of two scenarios; when talking about potholes and when talking about cyclist.

The first is a more generic 'I pay road tax, why don't they fix the roads' but as we saw last week the argument around cyclists is much more militant.

Last week motorist Emma Way knocked a cyclist off his bike in Norfolk and then thought the incident so infuriating, or funny (I'm not sure which) that she took to Twitter to make the following comment: "Definitely knocked a cyclist off his bike earlier - I have right of way he doesn't even pay road tax! #bloodycyclists".

I'm sure most people would agree that her attitude is callous but what people will disagree over is the 'road tax' element of her argument. The fact of the matter is there's no such thing as road tax - it was abolished in 1937 following opposition from Winston Churchill. What the little tax disc on the windscreen indicates is that you've paid vehicle excise duty, which is based on emissions - the higher the emissions the higher the charge.

Bicycles don't create emissions so they don't pay the duty.

And there is also confusion over what vehicle excise duty pays for; it doesn't go towards keeping Britain's roads pot-hole free, that's what council tax is for.

If motorists are so concerned about the state of the roads and who has the right to use them, then maybe all road users, whether bicycles, motorbikes, scooters, cars or lorries, should pay into a road fund like they had in the 1930s.

If you want everyone to pay a tax to use the road then we have to introduce a new tax but who wants to pay more tax? I'm a cyclist and motorist and I can tell you right now that I don't want to pay more tax and that it would be completely unenforceable to tax cyclists unless you added a levy on to the purchase of a new bike.

Motorists and cyclists may not rub along without incident but I'm sure one area they can agree on is that we don't need any further transport taxes.

 

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Nissan recalls another 800,000 cars

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Tony Blaire in a Micra in Sunderland in 2002

Nissan has said it will recall 841,000 cars worldwide, because a bolt in the steering wheel hasn't been screwed in properly. Among the cars are 133,869 Nissan Micras made between 2002 and 2006 in Sunderland.

So are you at risk?

The fault

Nissan said in a statement that the fault affects the Nissan Micras made between 2002 and 2006, and a model called the Cube, manufactured in Japan and never sold in the UK.

The car company said: "In some cases, the steering wheel securing nut has gradually become loose. This would soon become apparent to the driver and there is no risk of a sudden failure, but if left unchecked this could eventually lead to the steering column being damaged."

It added that there had been no reported injuries or deaths as a result of the fault.

Are you at risk?

Nissan said that it would be contacting all potentially affected owners, asking them to take their car to a Nissan dealer for a free check to ensure the steering wheel securing bolt is tightened sufficiently. If you are concerned you can contact your dealer who will check whether your car is affected or call customer services on 01923 899 334.

If your car is included in the recall you will need to make an appointment with a dealer, where the car will be fixed free of charge - either by tightening the bolt or by replacing the steering wheel. The fix should take 15 minutes.


 

Recalls

It's the third recall Nissan has had to implement in eight months. As we reported in April it was one of four car companies that had to issue a massive recall because of a problem with the device that inflates the passenger airbag. Back in September it recalled over 50,000 vehicles over a separate problem with a steering wheel.

And it's not the only car maker with recalls on its hands. In April Honda, Toyota and Mazda were also hit by the faulty airbag inflator and issued recalls. Honda has had to recall cars for four different faults in 2013, while Toyota recalled 2.7 million vehicles in November 2012 over a steering wheel fault and 7.43 million in October over a problem with window switches.

 

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Cheapest and most expensive places to buy petrol revealed

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A new survey says the average price at the pumps is falling, although there are big differences across the UK.

The price of unleaded petrol has dropped, according to new figures from Santander.
The bank's research found that the average price at the pump has decreased by 6.28p a litre since early March.

However, there are big differences between prices in different parts of the UK. Carlisle is the cheapest place to fill up with unleaded petrol, with an average price of 129.7p a litre. Taunton in Somerset is the most expensive place, with prices averaging 136.9p a litre.

Here are the top five most expensive places to fill up with unleaded petrol.

Town Price per litre of unleaded petrol Cost of filling up 60-litre tank (eg Ford Focus) Cost of filling up 70-litre tank (eg Ford Galaxy)
Taunton 136.9p £82.14 £95.83
Hereford 136.33p £81.80 £95.43
Northampton 136.12p £81.67 £95.28
Stevenage 135.85p £81.51 £95.10
Milton Keynes 135.5p £81.30 £94.85

And here are the five cheapest places.

Town Price per litre of unleaded petrol Cost of filling up 60-litre tank (eg Ford Focus) Cost of filling up 70-litre tank (eg Ford Galaxy)
Carlisle 129.7p £77.82 £90.79
Aberdeen 129.9p £77.94 £90.93
Bradford 129.9p £77.94 £90.93
Wigan 130.13p £78.08 £91.09
Sunderland 130.7p £78.42 £91.49

To find out where you can buy petrol for less in your area, go to PetrolPrices.com

Earn money on your fuel spending with a cashback credit card

Oil falls, but has it been overpriced?
The Office for National Statistics said that the price of oil fell by 6.8% between March and April, which is one of the key contributors to a fall in annual inflation during April and the price falls above.

There was also relief for motorists in this year's Budget when a planned 3p increase in fuel duty, due to come into effect in September, was scrapped.

However, BP and Shell are among companies currently being investigated over alleged fixing of oil prices.

Looking for cheaper car insurance? Try our comparison tool

 

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Pensioners confused into losing £5.5bn benefits

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Life is getting tougher for pensioners, as their fixed incomes are stretched thinner than ever by rocketing food and fuel bills. However, at the same time, there's £5.5 billion in benefits waiting to be claimed by pensioners.

So what is this money, and why isn't it being claimed?


Hardship

The seriousness of the financial crisis facing pensioners must not be underestimated. New research from Age UK found that 56% are worried about affording the absolute basics of feeding themselves and paying for heating. A fifth had to cut back on heating this winter, while a fifth are buying cheaper food. It's a growing crisis, which means that 1.7 million pensioners are now living in poverty.

However, at the same time as pensioners struggle, there are billions of pounds which should be lining their pockets, which are lying unclaimed at the Treasury.

What is this money?

The bulk of the money is pension credit - which makes up £2.8 billion. According to Age UK, around 38% of all those who are entitled to pension credit do not claim it - that's around 1.58 million people. The credit will top up your income to £145,40 a week, and the average amount being missed is £1,092 per person per year.

Housing benefit also makes up a chunk of this. Age UK estimates that 390,000 people are missing out, and that the average amount of unclaimed housing benefit is £2,444 per person per year. That comes to a total of £1.03 billion.

And finally there's Council Tax, of which £1.69 billion goes unclaimed every year. Age UK estimates that 46% of those who would be entitled to it don't claim it - which works out as 2.23 million people. The average person is missing out on £728 a year.

 

Why?

There are several reasons why this money is not claimed. Some people don't know they are entitled to it. Others don't know how to apply. Citizens Advice Chief Executive Gillian Guy said: "A lot of people simply don't know about the help that's out there. Others are put off because the system can seem very daunting. Some think the amount they get will not be worth the trouble. But all too often they are missing out on substantial amounts of extra cash that could make a real difference to their lives."

What can be done?

Age UK has a benefits calculator which works out what you are entitled to, and is a great place to start.

You can also get help in person - not just assessing what you are entitled to, but claiming for it as well. Charities like Age UK and Step Change have teams of experts trained to help you apply for benefits and complete all the paperwork properly. Alternatively you can ask for help at your local Citizen's Advice Bureau.

Meanwhile, some people will not claim benefits through a sense of pride. People are perfectly entitled to take any kind of stand they like. But given that so many of them have paid so much in tax over the years, and taken so little out of the system, surely they deserve some help with basic necessities as they get older.

 
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Rolling Stones rocker Richards racks up £3k library fine

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Keith Richards may owe a local library £3,000 in fines. The 69-year-old Rolling Stones musician has admitted that he failed to return books he borrowed more than 50 years ago from a Dartford library.

On the basis that the fines are usually 15p a day - plus admin and interest - this comes to £3,000. However, the library has offered him a deal.

Brought to book

Athough Richards is on a Stones world tour, Dartford Library - reportedly haunted - has offered to waive the fine, provided the rock star pays them a visit. The library's negotiating position is compromised given that it has no record of the books Keith Richards originally borrowed.

"If he would like to come and visit and help us spread the word about what a great service this is," Kent's Head of Libraries, Registration and Archives, Cath Anley, told the Mirror, "he would more than compensate us for the books he didn't return."

"Unfortunately," she added, "any of our books missing since the 1960s will have been removed from our records many years ago."

Alternatively, Richards could stick a cheque in the post. Given he's worth around £175m, he's not short.

Library strategies


Some libraries have adopted interesting strategies to retrieve books. San Francisco's Public Library turned an overdue book amnesty program into a creative writing contest in 2009. Borrowers could return books without paying fines, provided they could scribble a good excuse.

Meanwhile in 2011, The New York Public Library waived outstanding fines of more than 140,000 city children barred from borrowing books. The condition? They had to read. Kids which enrolled in a summer reading program could erase $1 from their bill for every 15 minutes of reading they undertook, Reuters reported.

 
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Royal Mail driver stole £230k of parcels

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Royal Mail lorry

A Royal Mail driver has been jailed for stealing parcels worth almost £230,000. Paul Doughty, 57, from Devon Court, Liverpool, kept much of the cash in a range of bank accounts, as well as buying himself a timeshare in the Canary Islands, and a caravan.

And he's not the only Royal Mail employee to have abused his position.

Theft

It's not known exactly how much Doughty stole. Royal Mail paid out £228,935.28 in insurance claims for the stolen post, but it could be more, given that not everyone will have made a claim.

The Daily Mail reported that the pattern of missing recorded delivery parcels alerted Royal Mail to the problem in 2011. Investigations revealed that Doughty may be involved, so a surveillance operation was started.

According to the Warrington Guardian, Simon Clarke, prosecuting, told Warrington Crown Court what they found: "He was stopping his Royal Mail HGV at the side of the motorway and removing mail sacks and putting them into black bin bags before hiding them in bushes at the roadside. When he had finished his duty he would return in a private vehicle to collect the bags and dispose of them through what is thought to be a network of buyers."

Doughty pleaded not guilty, but admitted fraud charges in March. He was jailed for three years and nine months. The Judge said: "'Those who are employed by Royal Mail have a special position and are regarded as people the public have a high degree of trust in." He added: "This was pure, unadulterated greed."

Not the first

However, he is not the first to have abused this trust. In February we reported the case of Jabur Hissan, a 32-year-old postman from Birmingham, who was jailed for eight months for destroying almost 30,000 letters that he should have delivered. He was apparently having personal problems and struggling to keep up with his rounds.

Then there was postman Paul Willicot, a 44 year old from Paignton in Devon, found guilty of hoarding over 30,000 letters that he didn't get round to delivering, and sentenced to community service in November 2011.

And let's not forget 38-year-old Yogeshbhai Patel, a postman from Wigston, Leicester, who stole mail including 2,000 DVDs and 2,250 games along with CDs and other electrical equipment. Patel pocketed £46,686 over two-and-a-half years. He was jailed for two years.

Clearly there are many millions of letters and parcels which are diligently delivered by trustworthy Royal Mail employees. However, if you should be unlucky enough to have post go missing, it's worth checking out this guide we put together on how to make a claim for missing mail.

 
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M&S launches green tomatoes

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Green tomatoes

Marks and Spencer has started selling green tomatoes. The 'sweet greens' are said to be sweeter than the traditional red tomatoes, and are on sale in some stores to test demand.

So how are they different, and would you buy them?


The tomatoes

The tomatoes were discovered in Israel and have been developed by Andy Roe, a farmer in Lancashire, working with M&S. They will go on sale in some stores at £1 for 100g, and if the trial is popular they will be rolled out across the chain.

Typically buyers associate green tomatoes with being unripe and sour. However, this one has sugar levels of up to 12 (on the Brix scale used to measure the sweetness of fruit and vegetables), while a typical supermarket red tomato is closer to eight or nine.

M&S Tomato Technologist, Jo Oliver, said: "We're really excited to be bringing our customers the first ever sweet green tomato. We've been working closely with our growers to create a stunning green tomato with a perfect balance of acidity and sweetness, that we are sure customers will love."

Odd

Marks and Spencer has a history of selling unusual fruit and vegetables. It has previously trialled black apricots, tiger-striped green and red tomatoes, round carrots, the flower sprout (crossing kale with sprouts) and tiny tangerines.

When announcing the new green tomatoes, it said that customers are getting more adventurous in their shopping habits, and want to go beyond the traditional favourites to try something new. It is also expecting the tomatoes to make it into children's lunchboxes as a novelty.

But what do you think, are green tomatoes a welcome addition to the shelves? Will they create a dinner-time talking point? Or are they an expensive gimmick? Let us know in the comments.

 
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Checkout staff bonus pot halved

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Tesco trolleysCheckout staff at Tesco have seen their annual shares bonus pot halved after the supermarket giant slumped to its first annual profits fall in nearly 20 years.

The retailer said 280,000 UK staff will share a payout worth £56 million, down from £110 million a year earlier and worth a maximum of £1,625 per worker.

About 5,000 top managers and its board have also been denied bonuses and long-term shares awards after the retailer's 2012/13 performance "fell short of where we wanted it to be", its annual report revealed.

Tesco endured a "challenging" year in 52 weeks to the end of March, with bottom line pre-tax profits diving 51.5% to £1.96 billion as it was hit by slowing sales growth and a raft of hefty writedowns.
These included an £804 million charge from its decision to scrap more than 100 major store developments in the UK. It also took a £1.2 billion hit from its failed foray in America and is offloading its loss-making Fresh & Easy business. Tesco is instead focusing on reinvesting profits in its existing UK business and expanding online, part of a £1 billion overhaul.

Chief executive Phil Clarke took home £1.17 million during the year, up marginally on a year earlier, comprising a salary of £1.11 million and £57,000 in benefits. That compares with a £7 million potential package. Finance director Laurie McIlwee saw his total pay fall almost 20% to £917,000, the report showed.

Mr Clarke and Mr McIlwee missed out on long-term shares worth a combined £2.4 million when the awards lapsed because of the missed performance targets. Tesco's top 5,000 bosses earned 16.9% of their bonus potential a year earlier.

Stuart Chambers, chairman of the group's remuneration committee, said: "This demonstrates that our remuneration policy is effective in aligning pay with performance".

The £56 million staff shares award is equivalent to 1.5% of an employee's earnings, and is payable to workers who joined the group before February 25. Shares are held in trust and can be sold after three years.

A spokeswoman said while the staff payout is not tied to specific measures, "it's not been a secret that it's been a challenging year for the business".

 
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We're living longer, but when will longevity plateau?

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Overweight person The government is worried but our ageing population but what will be the cut off for longevity and will all our poor lifestyle choices actually start to reverse the years we have gained on our lives.

Longevity has been increasing steadily since the two World Wars, and certainly since the introduction of the state pension in 1948 when a person who retired at 65 was only expected to live another two years.


This is compared to a man aged 65 who can expect to live to 83 and a woman aged 65 who will live to 85.

But how long can longevity carry on increasing? Granted we've got a few more years to go but it has to stop at some point. We might have more people living to 100 but the real issue is quality of life.

Unfortunately the number of healthy years in retirement isn't keeping pace with increasing longevity. Men and women who retire at age 65 can expect to spend 56% and 57% respectively, of their retirement in good health.

So there are two main questions to answer; what is the cut off point for longevity and how many of those extra years will be of a decent standard where we are free from illness and disability?

I don't believe Dr Aubrey De Grey's prediction that humans will eventually live to 1000-years-old due to medical advancement. However, much medicine has advanced to diagnose illnesses earlier, treat them more effectively and keep us alive for longer, medical advancement cannot stop us from shortening our lives.

There is still a quarter of the UK population who smoke and the number of people who are considered obese has trebled over the past 25 years.

These factors, and others such as alcohol mis-use and increased stress levels, all have a negative impact on longevity but it will be interested to see whether our bad lifestyle choices will become so detrimental that we slow down longevity increases substantially or even reverse the trend altogether.

Our retired lives are becoming shorter by government order in that it is increasing the age at which we receive our state pension, which the majority of people rely on as their main income in old age. All of the poor lifestyle choices that we make mean we are shortening our lives at the other end of retirement and dying earlier.

 

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Energy bills could overtake mortgage repayments by 2025

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Energy costsEnergy company First Utility has issued a chilling warning about the future of energy prices.

Gas and electricity bills are on course to become our biggest household expense.

First Utility found the annual cost of energy could soon exceed what some people pay towards their mortgage each year.

It's warning that should prices keep increasing at the same rate they will exceed average annual mortgage repayments in some parts of the country by 2025.

Could you save money by remortgaging? See the latest rates and get expert advice

How could it happen?
First Utility's analysis of Ofgem data found that the cost of gas and electricity has risen by 8.5% in each of the last five years, leaving us with an average annual dual fuel energy bill of £1,420.

At the current rate, in 12 years' time an energy bill might reach £3,761 - which is £125 more than the typical annual mortgage repayment in Stoke-on-Trent.

By 2029 the soaring cost of energy could mean an annual energy bill reaches £4,808, surpassing average yearly mortgage repayments of £4,776 for homeowners in Liverpool by £32.

And just one year later, in 2030, homeowners in Norwich and Birmingham will be in the same boat; paying £223 and £103 more respectively for energy than their mortgage that year.

Who will be to blame?
First Utility's grim prediction for future price rises assumes average annual mortgage repayments stay the same for the next 30 years and energy bills rise in a uniform manner.

That may seem like a stretch, but the energy company says it's quite a likely scenario if interest rates remain low, our consumption behaviour stays the same and government energy policies don't change.

Everyone else, it seems, will be to blame but the energy companies.

Shifting blame
Back in April First Utility joined the long line of energy companies to hike prices by announcing an 18.6% price rise.

Though the level of hikes varies between companies, the increased cost of wholesale gas and oil was used by all as the reason for driving prices up, as well as the cost of implementing government energy policies.

First Utility believes the cost of updating outdated infrastructure, subsidising energy efficiency measures, implementing renewable energy schemes like wind farms and an unfair energy market that lacks competition will contribute to the potential future price rises it predicts.

But government figures tell a different story.

Opposing figures
While First Utility's data suggests dual fuel energy will cost £2,505 by 2020 - rising by over £1,000 compared to current costs - the government predicts energy bills should only rise by £76 by 2020.

The smaller change is dependent on the take up of government policies like the Green Deal loan scheme.

The Department of Energy & Climate Change (DECC) published a report earlier this year where it predicted energy bills are likely to continue on an upward trend, with or without policies, as a result of rising wholesale energy and network costs.

The report looked at the impact of government energy and climate change policies and found that increased costs of £268 would be greatly outweighed by the eventual savings of £452 by 2020.

In all the government's energy-saving policies, like better gas boilers, tighter building regulations, the Green Deal loan scheme and smart meters could save householders around £166 a year by 2020.
Limiting the impact

Whoever's to blame one thing we can't deny is that energy bills are rising and one solution is to be more energy efficient.

Ian McCaig, CEO at First Utility said: "To address the inevitability of energy price rises, two things need to happen: We need industry reform to level the playing field and encourage more competition and we need to help consumers reduce their energy usage and get more efficient."

Strangely the boss at First Utility is actually encouraging us to use less energy. He added: "First Utility has an entirely different mindset to the Big Six in that it wants consumers to actually use less energy and helps them find ways to do so, giving people real and tangible ways to use less energy and lower their bills."

First Utility was the first UK energy supplier to offer smart meters to all its customers in 2008. In 2012 it launched my:energy, an online analytics service which provides households and businesses with personalised information regarding their energy usage.

The cheapest energy deals
As well as becoming more energy efficient in your home you can also make sure you are on the most cost effective energy tariff.

Here are the top cheapest energy tariffs around at the moment:
Supplier Tariff Average cost Saving vs typical bill* Payment method Notes Cancellation period
Sainsbury's Energy Online July 2014 £1,157 £263 Monthly DD Discounted variable tariff. 4% discount on Clear & Simple tariff rates until 31st July 2014 £30 per fuel until 31 July 2014
SSE Discounted Energy Bonus October 2014 £1,158 £262 Monthly DD Discounted variable tariff. Prices are guaranteed to be 11% cheaper until 1st October 2014. £50 if you switch away before 1st October 2014
ScottishPower Online Energy Saver 22 £1,180 £240 Monthly DD Discounted variable tariff. Prices will always remain 6.3% lower than ScottishPower's standard gas and electricity prices until 31st July 2014 £25 per fuel until 31 July 2014.
npower Energy Online August 2014 £1,182 £238 Monthly DD Discounted variable tariff. Customers on this tariff are guaranteed at least 2% lower bill than npower's current Standard (off-line) variable prices until 31st August 2014 £30 per fuel until end of discount period 31/8/2014
npower Online Price Fix August 2014 £1,184 £236 Monthly DD Fixed until the 31 August 2014 £30 per fuel until end of discount period 31/8/2014
EDF Blue +Price Promise February 2015 £1,192 £228 Monthly DD Prices fixed until 28 February 2015 None
First Utility iSave V15 £1,199 £221 Monthly DD Discounted variable tariff. None
ScottishPower Online Fixed Price Energy October 2014 £1,201 £219 Monthly DD Fixed until the 30th of September 2014 £25 per fuel before fix end
British Gas Online Variable May 2014 £1,219 £201 Monthly DD Discounted variable tariff. 4% discount against Clear & Simple prices until 31st May 2014 £30 per fuel until end of discount period 31/05/2014
E.ON Energy Discount £1,222 £198 Monthly DD Discounted variable tariff. At least 3% cheaper than standard prices for 12 months There is a cancellation fee of £10 if you switch away before the end of the guarantee period

*Saving calculated against an average bill as decared by OFGEM in winter 2013 (£1,420)

All calculations are for an average usage dual fuel household paying by monthly direct debit. Average usage as defined by OFGEM is 16,500 kWh pa of gas and 3,300 kWh pa of electricity

See if you can save on your gas and electricity bills

 

 

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Where will your pound go further in summer 2013?

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TokyoBritish tourists heading abroad for their holidays will find the price of a local meal feels steeper than last year as the pound has lost value against 80% of global currencies in the past 12 months.
According to foreign exchange specialists Moneycorp, sterling is weaker against 38 of 50 global currencies compared with a year ago, and people travelling to Europe, or further afield to the States and Australia, may find their holiday money does not go as far as they hoped.

"The weak performance of sterling over the past 12 months means our summer pounds aren't going to stretch quite as far this year as they did last year," said Matthijs Boon, Moneycorp's director of travel money.

Moneycorp's Boon said British travellers could get more for their pound in countries where sterling has strengthened against local currencies, such as Argentina, South Africa and Brazil. However, he added: "Cheaper destination costs will need to be weighed up against the higher price of flights to get there, when compared to hopping on a plane over to mainland Europe."

However, there are still some far flung destinations where British holidaymakers' pounds will stretch further this summer compared to 12 months ago:

 

For those intent on staying in Europe, the picture isn't helped by the cost of petrol. A recent report by the Post Office showed that motorists travelling to mainland Europe will find filling up with fuel a pricey business. The Post Office's Motoring on the Continent report showed that unleaded petrol prices have increased by 9p per litre over the past 12 months in Spain, and by 7p per litre in France, and as sterling remains weak the increases will be felt even more keenly for British travellers.


Moneycorp has the following advice for travellers to help their holiday money go that little bit further:
  • Don't use a credit card to withdraw money from an ATM abroad, you will pay the bank's exchange rate as well as a foreign exchange fee and an ATM fee. You will also owe interest on your withdrawal immediately.
  • Use a pre-paid currency card, such as Moneycorp's Explorer card, which you can load with money before you leave. You won't pay a foreign exchange fee when you withdraw cash from an ATM, and you'll also get a better exchange rate.
  • Avoid withdrawing from ATMs in shops as they are likely to charge a fee.
  • Take a combination of cash and cards to cover the first few days of your break. You may need cash for taxis or tipping in restaurants.
  • Order travel money online to get the best exchange rates. It can even be delivered to your home or a bureau de change at the airport you leave from.

 

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Updates from Smiths Group and Close Bros

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A sharp tumble for the FTSE 100: the index plunged -2.10% yesterday, slipping almost 144 points to 6,696 following negative comment from the head of the US Federal Reserve, plus worrying China manufacturing numbers. Aggreko was the worst hit, down -5.59%.

Overnight, Japan's Nikkei 225 plunged more than -3% as trading nerves continued.
First, an interim from technology player Smiths Group. In the nine months to 4 May Smiths says it saw underlying revenue expand across all divisions with underlying headline operating profit ahead of the same period last year.

Headline operating margin improved in all divisions bar Smiths Medical which invested substantially more in sales and marketing in higher growth markets and incurred additional expense from the US medical device tax, says the company.

Overall, expectations for the year remain in line with the outlook given at the interim numbers in March, albeit with a slightly different mix by division. At 4 May, net debt was £891m, up from £855m at 31 January, reflecting the interim dividend pay-out and tough foreign exchange gusts.

Next, an interim from Close Brothers Group. Close claims its Banking division saw its loan book increase to £4.5bn, up +9% year to date; Winterflood, its securities arm, has seen an improvement in trading volumes and Assets under Management increase +4% to £9.2bn.

The banking loan book is upped +2% to £4.5bn (31 January 2013: £4.4bn), driven by growth in motor finance and the Commercial businesses. Growth remains solid "but slightly lower than last year" due to a moderation in demand in some of its markets.

But while trading volumes have increased "Winterflood has not yet seen a sustained improvement in retail investor risk appetite," Close says, "particularly in the AIM and small cap sectors, but remains well positioned to benefit as conditions improve."

Finally, chemicals maker Croda says it has completed its acquisition of the Specialty Products business of Arizona Chemical based in Jacksonville, Florida. Croda claims the acquisition should expand its footprint in polymers.

"This acquisition represents further progress in our strategy to acquire complementary new technologies," says Keith Layden, Croda's Chief Technology Officer. "The varied functionality of these specialised polyamides will be a valuable addition to our offerings across both the Consumer Care and Performance Technologies market sectors."

No manufacturing assets will be acquired as part of the buy. Morgan Stanley reissued an overweight rating on Croda International (LON: CRDA) in a research report issued in mid May.

 

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Charity warns of 'bailiff boom'

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BailiffFears of a "bailiff boom" as soaring numbers of people struggle to cope with council tax benefit cuts have been raised by a debt advice charity.

Citizens Advice warned that "many more" vulnerable people were in danger of being pushed into the hands of bailiffs, which it said often overstated their powers, acted aggressively and piled on excessive fees and charges.

The charity was seeing evidence that the number of people worried about paying their council tax had "rocketed" since Government welfare reforms were introduced last month.

Some 37,000 people consulted its online advice pages about council tax in April - representing an 87% increase compared with the same month last year. The charity said that anecdotally, increasing numbers of people were coming through the doors of some of its bureaux who were struggling to pay their council tax, although it was too early to give figures at this stage.
Council tax benefit was replaced by council tax support last month, which allows councils in England to run their own schemes but on 10% less funding than they had previously. Citizens Advice warned that the changes risked stoking a "boom time for bailiffs". It was braced for an influx of people being chased by bailiffs after being pushed into arrears by the changes and urged councils to use them only as a "last resort".

Citizens Advice said it had seen a 38% increase in complaints about private bailiffs over the last five years. Almost nine in 10 bailiff problems the charity deals with relate to private bailiffs, who collect debts such as council tax and parking penalties. One third of the 60,000-plus complaints the charity received in the last financial year about bailiffs were related to people with council tax debts.

The charity's chief executive, Gillian Guy, said: "Bailiffs will see their profits rise at the expense of hard-pressed households. We're concerned that changes to council tax benefit will mean more people will end up in debt because they can't pay their bill and have the bailiff knocking at the door. The number of people worried about council tax is up 87% since the changes came in, and this will climb even higher as more people find it difficult to cope with the costs. Bailiffs often overstate their powers, deliberately frighten debtors and charge extortionate fees."

Citizens Advice wants councils to sign up to a "good practice" document which was drawn up jointly with the Local Government Association (LGA) and aims to strengthen co-operation between councils and debt advice bodies and lessen the chances of councils turning to bailiffs.

Local government minister Brandon Lewis said: "Spending on council tax benefit doubled under the last administration, costing taxpayers £4 billion a year - equivalent to almost £180 a year per household. Welfare reform is vital to tackle the budget deficit. Our reforms to localise council tax support now give councils stronger incentives to support local firms, cut fraud, promote local enterprise and get people into work. We are ending the 'something for nothing' culture and making work pay. Councils have set up their own council tax support schemes and should have taken into account the impact on vulnerable people. For those facing genuine hardship, there are free advice services who can offer help and support, and many councils have put in place hardship funds to provide financial assistance to people in difficult circumstances."

Mr Lewis said it is important for councils to be sympathetic to those in "genuine hardship" and take proportionate enforcement action and not overuse bailiffs. He said: "The coalition Government has taken action to rein in aggressive bailiffs."

 

 

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'Indoor beach' among oddest claims

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SwanA holiday home insurer has revealed some of its strangest ever claims, including a swan crashing through the roof and guests creating an "indoor beach".

Provider Schofields said that one of the most unusual claims it saw was from a holiday home owner in Spain, whose guests aged in their 20s had brought the beach indoors by piling sand and water into the house.
The guests said they had done this because their local beach "hadn't lived up to their expectations".

In another case, a holiday cottage in the UK needed to be redecorated because the guests decided to hold an indoor barbecue, due to the poor British weather.

 

 

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Superb tops car owners' favourites

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Skoda SuperbThe aptly-named Skoda Superb is the car that owners are most satisfied with, according to a survey.

And another Skoda model - the Yeti - was second in the list compiled from owners' views by What Car? and information services company JD Power and Associates.

Third in the list was the Jaguar XF, with equal fourth place being occupied by the Citroen DS3 and the Lexus RX .

The 116th and bottom-placed car was the Chevrolet Spark, with the Alfa Romeo Mito in 115th place and the Fiat Grande Punto/Evo 114th.
The top models' table was based on responses from more than 16,000 UK car-owners who were also asked to name the car company they were most satisfied with.

Topping the company list was Jaguar, followed in second place by Lexus, with Honda third, Skoda fourth and Mercedes-Benz fifth.

Bottom of the 27-company list was Chevrolet, with Alfa Romeo 26th and Mitsubishi 25th.

The Volkswagen Fox was considered the best city car, Citroen DS3 the best supermini, Toyota Prius the best small family car and the Skoda Superb the best family car/compact executive.

The Jaguar XF was the best executive car, the Mercedes-Benz B-Class the best MPV, the Skoda Yeti the best compact SUV and the Lexus RX the best large SUV.

Commenting on the company list, What Car? editor-in-chief Chas Hallett said: "This is another great achievement for everyone at Jaguar. This study shows that customers are really satisfied with their Jaguars."

 

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Controversial pension plan shelved

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Steve WebbEuropean plans to impose "damaging and reckless" new rules on pension scheme funding have been shelved.

Pensions Minister Steve Webb welcomed EU Commissioner Michel Barnier's decision to postpone plans to impose the rules, known as Solvency II, on defined benefit (DB) pension schemes.

Fears had been raised that the rules would add as much as £400 billion on to UK pension shortfalls.

The European Insurance and Occupational Pensions Authority (EIOPA) had been looking at rules to assess the solvency of pension funds, which providers said would ramp up their costs as more funding would need to be injected.
The Commissioner said he will not present proposals this autumn to bring in new capital requirements for occupational pensions, though he would focus on governance, transparency and reporting requirements.

The National Association of Pension Funds (NAPF) said the solvency rules will become a task for the next commissioner who will take office in November 2014.

Minister for Pensions Steve Webb said: "This is a welcome move by the commissioner, and is hopefully a sign he may eventually abandon his damaging and reckless plans altogether.

"Introducing Solvency II-style rules for defined benefit pension schemes would push up liabilities by up to £400 billion, harming businesses' ability to invest, grow and create jobs, and put more schemes at risk. The UK has been making the case against the plans for some time, with growing international agreement. The signs are we are winning the argument."

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James Walsh of NAPF said: "The great diversity of pension systems across the EU makes it very difficult to devise a 'one size fits all' system. We welcome Commissioner Barnier's sensible decision not to go ahead with new rules on pension scheme funding. This is good news for British pension schemes.

"The proposals could have increased UK defined benefit pension deficits by 50%, causing great damage to pension schemes and their sponsoring employers."

 

 

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Flybe quits Gatwick Airport flights

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FlybeStruggling regional airline Flybe is quitting Gatwick Airport by selling its runway space there to budget rival easyJet for £20 million.

The Exeter-based carrier, which currently flies about 340 flights a week between Gatwick and destinations around the UK, said its pilots have agreed a 5% pay cut, while it will also cut more jobs.

It recently warned annual losses for the year to March will be deeper than feared at around £23 million as it is squeezed by higher fuel costs and the tough economy.

Flybe will cease flights from Gatwick next March, where it currently flies more than half a million passengers to destinations around the UK. EasyJet today said it will review the routes, but there is no obligation for it to maintain them.
Flybe is selling the 25 pairs of take-off and landing slots to raise vital funds after struggling badly during the downturn. It blamed higher taxes and "discriminatory pricing" at Gatwick, owed by private equity and sovereign wealth funds, for its decision to quit the airport.

Flybe flies to and from Newcastle, Jersey, the Isle of Man, Inverness, Guernsey, Belfast and Newquay from Gatwick. It flew 550,000 passengers from the airport in its latest financial year. It said there will be no change to the routes' frequency or timings while it still operates the slots.

EasyJet's purchase will bolster its presence to almost half the slots at Gatwick, its biggest base, where it already has more than 41% of runway space. The airline has reported surging growth despite the squeeze on consumer income as it capitalises on rivals' woes.

Flybe also revealed another 80 redundancies, on top of almost 600 staff - or 22% of its workforce - who have been axed so far as part of plans to save at least £35 million a year. The airline has delayed the purchase of 16 new aircraft from Embraer, saving £20 million in payments this year.

Its 650 pilots, most of whom are in the British Airline Pilots Association, have agreed in principle to take a 5% salary cut in return for extra time off, it added.

Flybe said: "It is the view of the board that the increase in charges, combined with the penalistic levels of air passenger duty imposed on UK domestic airlines by successive governments, have resulted in Flybe's services to and from Gatwick becoming unsustainable in the long term."

 

 

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'Smart shoppers' cutting food bills

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Shopping basketShoppers are visiting two or more supermarkets in the same trip and almost half are reducing food waste in efforts to save money, according to a study.

Almost seven in 10 food and grocery shoppers (68%) said they were now prioritising saving money, the IGD ShopperVista research revealed.
The poll revealed 42% of shoppers have visited two or more supermarkets in the same shopping trip during the last month, 48% are reducing food waste to save money and 29% have paid for their shopping in two parts to benefit from a loyalty scheme or promotion over the last year.

Nearly half of consumers (46%) say planning and budgeting is a higher priority now, with 57% of those with children - regardless of social class - saying they put more effort into their shopping to maintain quality while keeping costs down.
IGD chief executive Joanne Denney-Finch said: "Just because people are interested in saving money it doesn't mean they have to compromise on the quality of their food. Smart shoppers are finding imaginative ways to save money and maintain quality at the same time.

"As well as planning better, reducing food waste and cooking from scratch, shoppers are becoming more creative. This includes going to more than one store in a single shopping trip, as they continue to find ways to secure the best value during the downturn.

"Smartphones, money-saving websites and apps have helped people make more informed choices and find the deals and promotions that allow them to save money while maintaining quality.

"The best companies are working with shoppers to help them stretch their money further without sacrificing quality."

IGD surveyed 1,000 consumers between March 1 and March 31.

 

 

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