Top news
- New energy price cap announced at 7am - here's the latest prediction
- 'Are you out of your actual minds?' - Man quoted £780 for two return train tickets to London
- Millions of Nationwide customers to get £100 payments
- Cheapest (and most expensive) cars to insure
Essential reads
- Savings Guide:Britons urged to act quickly to grab above-inflation savings rates while they last
- Top Northern Ireland chef picks his Cheap Eats - in Belfast and at home
- Money Problem: 'My second-hand Ford is being written off with a known issue - but no one is taking responsibility'
- How to sell your home without an estate agent
- Best of the Money blog - an archive
Ask a question or make a comment
New energy price cap announced at 7am - here's the latest prediction
The new energy price cap from July will be announced at 7am.
Respected predictor Cornwall Insight gave its final prediction for the announcement yesterday.
Based on wholesale costs, the cap is expected to fall to£1,574.37a year for a typical dual-fuel household - a 7% decrease.
The current price cap sits at £1,690 a year for a typical household.
In October 2021, the last time the cap was set before the Russian invasion of Ukraine, it was £1,277 a year.
The cap explained
The cap is controlled by energy regulator Ofgem and aims to prevent households on variable tariffs being ripped off.
It doesn't represent a maximum bill. Instead it creates an average bill by limiting how much you pay per unit of gas and electricity, as well as setting a maximum daily standing charge (which all households must pay to stay connected to the grid).
It changes every three months - in January, April, July and October.
The changes are mostly based on the costs faced by suppliers for providing energy.
Who is covered by the cap?
Most households will be covered by the energy price cap.
You'll know your bills are price-capped if you're on a standard variable tariff.
'Are you out of your actual minds?' - Man quoted £780 for two return train tickets from Newcastle to London
A man's social media post has gone viral (it's been viewed more than six million times) after it showed him being quoted £786.80 for two return train tickets from Newcastle to London.
X user Lee later clarified the tickets were for a Tuesday to Thursday trip in seven days time.
A screenshot of the quote showed the tickets he was trying to purchase were anytime single tickets, which had been advertised on the website as the "cheapest" option.
"Are you out of your actual minds?" Lee said in his post.
Other social media users were just as shocked, with many also complaining about increased fares.
"I book train travel for work colleagues and it's eye watering.. if it was cheap to use public transport, as it is in other countries, more people would use it," one replied.
"We live an hour away from London and train tickets on the weekend can set us back over £100 each. So then we drive which is the total opposite of what public transport is supposed to encourage?" said another.
Rail tickets increased by 4.9% in England and Wales in March.
An LNER spokesperson told the Money team: "We haven’t been provided with the full details for this journey. However, it appears the prices quoted are for peak time travel during a period of very high demand.
"Alternative trains have much cheaper Advance and 70 Minute Flex tickets available for travel in Standard from Newcastle to London King's Cross, subject to seating capacity being available.
"We always encourage customers to book as early as possible for best value fares."
Major lender increases rates across wide range of purchase and remortgage deals
Barclays has significantly increased its rates across a wide range of its purchase and remortgage deals.
Many of the major lender's deals are increasing by around 0.25%.
This includes its two-year fixed rate for remortgage at 60% loan to value, which will rise from 4.61% to 4.86%, which comes with a £999 fee.
Its two-year fixed rate for purchase or remortgage at 75% loan to value will also rise from 4.75% to 5.05%, and comes with a £1,999 fee.
The increases come at a time when several other lenders, such as TSB and Santander, have started cutting rates.
The latest energy price cap prediction ahead of announcement
Respected predictor Cornwall Insight has a final prediction for tomorrow's energy price cap announcement.
Based on wholesale costs, the cap is expected to fall to£1,574.37per year for a typical dual-fuel household - a 7% decrease.
The current price cap sits at £1,690 a year for a typical household.
In October 2021, the last time the cap was set before the Russian invasion of Ukraine, it was £1,277 per year.
Here's what else you need to know...
We'll be hearing tomorrow morning what the new energy price cap will be from July.
The cap is controlled by energy regulator Ofgem and aims to prevent households on variable tariffs being ripped off.
It doesn't represent a maximum bill. Instead it creates an average bill by limiting how much you pay per unit of gas and electricity, as well as setting a maximum daily standing charge (which all households must pay to stay connected to the grid).
It changes every three months - in January, April, July and October.
The changes are mostly based on the costs faced by suppliers for providing energy.
Who is covered by the energy price cap?
Most households will be covered by the energy price cap.
You'll know your bills are price-capped if you're on a standard variable tariff.
Oreo and Toblerone maker fined millions for anti-competitive practices
The owner of Toblerone, Milka and Oreo has been fined €337.5m (£288m) for anti-competitive practices in the EU.
Mondelez, which is one of the world's biggest confectionary companies, was found to have been involved in 22 unfair trade practices by the EU's competition commissioner.
In some instances, wholesalers, shoppers and traders were prevented from buying chocolate bars in another member state where they could be up to 40% cheaper or selling into a market where they could get a higher price for their product.
The EU's competition commissioner, Margrethe Vestager, said it was "blatantly illegal".
She said the EU's investigation found customers were paying higher prices for chocolates, biscuits and coffee because of the practices.
Millions experiencing problems with smart meters - including being sent thousands of pounds worth of catch-up bills
A worrying proportion of households are experiencing problems with their smart meters, research from Citizens Advice suggests.
The charity has said energy companies are failing to fix problems with meters, with roughly 20% of households with a smart meter still having to regularly submit meter readings because their device isn't doing so automatically.
It warned people could end up with huge unexpected bills if their supplier isn't able to take an automatic reading for an extended period of time.
In one instance, a 71-year-old man was landed with a shock catch-up bill of almost £5,000.
Franc Kolar said he had been assured by his supplier the meter would work in his home, and this was the main reason he switched to them.
Current rules allow suppliers to back bill customers for a whole year, whether they have a smart meter or not.
Government figures show by the end of last year more than 10% of smart meters weren't working properly.
However Citizens Advice said this is "just the tip of the iceberg".
"The whole point of smart meters is to empower households to save energy and money, but in reality millions are missing out on those benefits due to problems with technology and poor supplier service," said the charity's chief executive, Dame Clare Moriarty.
"Energy companies are very keen for customers to get a smart meter but when issues arise they are often nowhere to be found. That has to change."
Nationwide customers to get £100 payments
Nationwide has revealed it will give its customers a share of a £385m cash pot.
Those who are eligible will receive a £100 payment directly into their bank accounts as part of the Nationwide Fairer Share scheme, which aims to reward customers who meet certain criteria.
Customers will need to hold a qualifying current account and either a qualifying saving or mortgage product.
You will have need to have held the account since 31 March or earlier, and have the account still open in June.
The building society will be contacting customers between now and the end of May, and the payment will be sent out automatically.
FTSE 100 down again and cost of UK government borrowing rises
By Sarah Taaffe-Maguire, business reporter
Parsing out whether there's been any market election reaction is tricky given the big economic news yesterday - we learned inflation fell sharply (but was still higher than forecast) and the UK government borrowed the fourth largest amount in any April since records began.
The pound is still up against the euro - and so buys more of the Eurozone currency than before yesterday morning's economic announcements. It's still at a high not seen since early March with £1 equal to €1.1745.
Sterling has come down from its highs against the dollar seen yesterday morning but is still higher than most of the last month with a pound buying $1.2731.
The FTSE 100 (Financial Times Stock Exchange index of most valuable companies on the exchange) is down again this morning, 0.23%, after a sharp 0.56% drop in response to the inflation data.
The cost of UK government borrowing rose for the second day in a row as the interest rate on the benchmark 10-year government bond rose to 4.276%. Government bonds are IOUs sold on the market to raise funds.
It's a busy morning on the corporate front as many major companies listed on the London Stock Exchange have updated the market and issued full-year results.
The biggest contributor to the FTSE 100 fall was National Grid, the British and US electricity systems operator. In an effort to raise £6.8bn to fund grid investment, it said it would issue new shares and sell its US onshore wind business and a liquefied natural gas terminal.
Fashion retailer charging up to £8.99 for returns
Online retailer Oh Polly has introduced a new returns policy to clamp down on "repeat refunders".
The fashion site announced customers would be charged based on how much of their order they want to return.
Customers returning up to 50% of their order will be charged £2.99, while those who return more than 90% will be charged £8.99.
The company had previously charged a flat fee of £2.99 for all returns.
Oh Polly explained in an email to customers: "Customers with high return rates increase the cost of the business, and we can either alter prices collectively for all, or only for those who fall into the high returner category."
