Top news
- Pound falls for four straight weeks - here's what it means
- Blue Light discount for teachers prompts backlash - but poll suggests public support move
- Unusually cheap package holidays on offer - but travel writer dismisses Russia theory
- Compensation for poor water service to double
- Revolution Bar's restructuring plan approved by court
Essential reads
- Money Problem:'I cancelled swimming lessons and they are keeping my money - do I have any rights?'
- Is this the end of the British pub?
- The rise of 'doom spending' - what it is and how to stop
- Where kids can eat for free or cheap
- Best of the Money blog - an archive of features
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Battle to bring down inflation not over, BoE economist warns - with wage growth to blame
The battle to bring down inflation is not over, a Bank of England ratesetter has warned, as she urges Britons not to be "seduced" into thinking the country is out of the woods.
Catherine Mann, an external member of the BoE's Monetary Policy Committee (MPC), said she was still worried inflation could rise again despite it coming down to the 2% target.
She told the Financial Times that pay growth (currently way above inflation at 5.7% with updated figures due this week) could pose a problem, with companies still expected to make increases to wages and prices.
"That says to me right now I'm looking at a problem for next year," she told the newspaper.
"There is an upwards ratchet to both the wage-setting process and the price process and... it may well be structural, having been created during this period of very high inflation over the last couple of years," she added.
"That ratchet up will take a long time to erode away."
Ms Mann was one of four members of the nine-strong MPC who voted to keep interest rates at 5.25% last month - and it sounds like she isn't likely to shift position ahead of September's rate decision.
Waitrose to unveil new concept store - here's what's inside
A revamped Waitrose store in north London will reopen soon with fancy new features - including a parmesan bay - as the upmarket grocer unveils its new store concept.
The John Barnes store on Finchley Road has undergone a major six-week refurbishment and is set to reopen on 21 August.
According to Retail Gazette, the store will have a number of new features including a new look and feel bakery, an in-branch baguette station and even a "dedicated parmesan bay".
The supermarket chain said it would also be the first to have a hot wok counter serving ready-to-go meals.
The John Barnes site is being used as a tester for its new concepts, it added.
Poll suggests people back teachers getting Blue Light discount - but our comments section definitely doesn't
On Friday we reported on teachers being given access to the Blue Light discount scheme - which appeared to elicit a backlash on social media...
We had scores of reader comments - all but one onside with the backlash (see below).
This morning, we asked our followers on LinkedIn for their view. The poll is still active, but the results so far suggest a level of support for teachers...
The discrepancy between the way people are voting on LinkedIn and the comments here in the Money blog could be interpreted in several ways. Sky News could be followed by different demographics on the two platforms, or perhaps it is that those who feel most angry at something are far more likely to leave a comment.
Whatever the explanation, here's a selection of comments that sum up the general feeling in our inbox...
If you change it to key workers then you would have to open it to shop workers, waste disposal workers, plumbers and electricians.
Dave
Blue light is in the name. Shift workers who work long unsociable hours in a responsive role. Pure greed by the administrators of the scheme.
Shawhome
How long have teachers been an emergency service? I don't remember them being on the front line during COVID. I haven't seen them during the riots.
Swiftrider
Teaching is NOT an emergency service. I'm a carer to a child and get paid peanuts, no Blue Light card for me.
Joseph Morgan
As a gas emergency engineer who is safeguarding life and property who has an hour from the reported time to get to the gas escape... we get there quicker than the ambulance service and occasionally police but we can't get a Blue Light card. Just wondering why?
Senseirick
Teachers do a good job, but to actually class them as blue light is shameful. When was the last time a teacher went home and wept after loosing a patient or had to stand in a line behind a shield getting bricked by a mob? Or being shot at in a foreign land?
Ianstu
Farmers feed the nation, when will they be entitled to a Blue Light Card?
Greatauntbleach
An emergency service is available 24 hours a day. 365 days per year. Teachers are not. They are valuable in society, absolutely, but they are not an emergency service with a blue light.
Joanna Clark
Wow. 30 years as a prison officer, working very unsociable hours, getting abused, assaulted. Nowhere near the amount of time off that teachers get. Police, NHS, armed services deserve this, not teachers.
Noslop17
We did have one correspondent backing teachers - and of course our inbox is still open if you want to share your view...
Good to see teachers getting the Blue Light card as an essential service for children's future - and also what about teaching assistants, lunch supervision and school club staff. If schools shut, the whole country is affected, especially parents not working, during strikes or bad weather.
Southwest lady
Blue Light hits back
Blue Light Card hit back on Friday, saying: "Teachers are not just educators; they are mentors, guides and inspirations that are helping shape the future for our children. They are fully deserving members of our blue light community."
What kind of offers can a Blue Light card get you?
There's too many to list but among the offers is 12% off at Fenty Beauty and 15% off at Bose.
Users can also get a £30 gift card if they spend more than £1,000 at British Airways or a £110 voucher if they sell their car via Carwow.
Or if getting fit is more your thing, you can get 50% off an annual subscription to the Body Coach.
Pound falls for four straight weeks - here's what it means
The pound last week completed its fourth consecutive weekly fall against the US dollar – something that will have worried British tourists heading to the US this summer.
Since hitting a high for the year of $1.3044 on 17 July, sterling slipped to a low of $1.2662 last Thursday, but has since rallied to as much as $1.2782 this morning.
Against the euro, the pound has traded similarly. It hit a peak of €1.1927 on 17 July but then fell to as low as €1.1584 last Thursday before rallying to as much as €1.1703 today.
The reason for these reverses is pretty straightforward.
Since the Bank of England cut interest rates on 1 August, for the first time since 2020, the markets have started to price in the prospect of at least one further interest rate cut between now and the end of the year. That obviously has implications for the pound.
It is important to put this recent weakness into context.
Until last month, sterling had been one of the best performing currencies globally so far this year, hitting its highest level for a year last month. That reflected the strength of the UK economy which, during the first half of this year, had been the best performing economy in the G7.
So the recent weakness, such as it is, is really not that remarkable – and analysts still think, all other things being equal, that the "bull case" for sterling remains intact.
Lots of new information on way for markets
By Sarah Taaffe-Maguire, business reporter
It looks set to be a quieter week on the markets compared with last week which started with a global market sell-off prompted by fears of the US economy being in recession and worries of tech company performance.
But there'll be plenty of new information for investors to chew over as latest inflation, economic growth and employment data is released over the coming four days.
As stock market values rebounded, so too did the benchmark oil price. A barrel of Brent crude now costs $80.09, greater than at any point last week, spelling more expensive fuel refilling for motorists.
The pound has come off the highs against the dollar seen earlier in the summer. One pound now buys $1.2768. Similarly it is weaker against the euro with £1 equal to €1.1689.
Both of the UK's major stock market indexes started the week up. The Financial Times Stock Exchange (FTSE) 100 index of most valuable companies on the London Stock Exchange rose 0.57%, while the larger and more UK-based FTSE 250 index was up 0.34%.
Compensation for poor water service to double
Compensation for customers experiencing poor service from their water providers is to more than double under new government proposals.
The plans will see compensation paid in more circ*mstances - including automatic payments for people who are told to boil their water in certain areas or when firms miss scheduled appointments.
Earlier this year, residents in the Devon town of Brixham were told to boil their water for eight weeks after the local supply was hit by a parasite outbreak.
People affected by an incorrect notice telling them their supply will be interrupted could also see their payout rise from £20 to £50, while those being reimbursed for internal flooding from sewers could see a maximum payment of £2,000 rather than the current £1,000.
It's hoped the proposals - which are now subject to an eight-week consultation - will "turn the tide on the destruction of our waterways", Environment Secretary Steve Reed said.
'I cancelled swimming lessons and they are keeping my money - do I have any rights?'
Every Monday the Money team answers your Money Problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...
I had a frustrating issue with my kids' swimming lessons. We had to pay in advance, but when your child says they don't want to go any more, that's it, they don't go. I asked the club if we can get a refund for the remaining month that they won't attend but the club just say, 'Your child is eligible to come for the next four weeks.' Doesn’t seem quite fair.
Richard Wallace, West Sussex
Hi Richard, we can understand why this doesn't seem fair. You are trying to cancel with what sounds like a reasonable amount of notice and yet you're getting nowhere.
This is a common occurrence and many readers will have been in a similar situation.
The law says that you can cancel a service you've booked online or by phone (or by mail order) within a 14-day cooling-off period.
This might be a cleaner or electrician or surveyor.
This cooling-off period also applies if a business approached you away from their premises if the service costs £42 or more.
The bad news in your case, though, is that the above does not apply to accommodation, delivery services, vehicle hire or - and this is the relevant one here - leisure or catering activities for specific dates.
In these cases, you'd be relying on their being a generous cancellation policy - so you should check their T&Cs.
It might not be a dead end, though.
You should try to negotiate with them - it's generally accepted this can be done when a cancellation charge seems unfair or when a business is withholding more money than needed to cover their losses.
Ask them if they're part of a trade association, which you could request help from in negotiating.
Beyond this, they might be a member of an alternative dispute resolution (ADR) scheme. Again, it's worth asking. If not, you could choose a Trading Standards-approved ADR scheme yourself to approach.
We suspect the sums involved here are not big enough for you to consider going to court - but if this was an avenue you wanted to explore here or in future, keep records of all the above steps.
As a last resort you can take your case to the Small Claims Court in England and Wales - or use the respective legal routes inScotland and Northern Ireland.
Further help
The Citizens Advice consumer helpline is a great resource - it's0808 223 1133. You can also usean online form.
If you're in Northern Ireland, contactConsumerline.
This feature is not intended as financial advice - the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute via:
- The form above - you need to leave a phone number or email address so we can contact you for further details;
- Email news@skynews.com with the subject line "Money blog";
- WhatsApp us here.
Why are there unusually cheap holidays on offer?
Unusually cheap package holiday deals have been popping up for August.
The Money team found deals for between £300 and £400, including a week-long trip to Rhodes from Edinburgh for £365 and a holiday to Corfu from the East Midlands for £325.
The Independent's travel journalist Simon Calder has been looking into what's behind bargain prices - and the veracity of a rumour that a lack of international travel from Russia due to the war in Ukraine means hotels are having to cut prices to attract tourists.
In a nutshell, it's not true.
Calder says that, yes, places that are popular with Russians, such as Cyprus, Venice, Monaco, Nice and Turkey, are missing some of those guests.
"Yet I am also seeing good value in places such as Benidorm and Lanzarote, which were not visited by significant numbers of tourists from Russia and Ukraine before the conflict began," he writes in this article.
So what is the reason?
"Nothing is so perishable as a plane seat that departs empty and a hotel room that remains unoccupied," says Calder. "Holiday companies, with commitments of aircraft and accommodation, can cut prices for late sales to whatever is needed to fill the booking void.
"Since the end of the pandemic, holiday prices have soared.
"Tempted by big profit margins, companies have piled on capacity. But growing unwillingness by the travelling public to pay outlandish prices, combined with pressure on household budgets, means buyers need to be lured by cheaper deals."
Revolution Bar's restructuring plan approved by court
Troubled bar firm Revolution is to close some of its sites after gaining High Court approval for its restructuring plan.
The firm argued the plan was needed to save the business from collapsing into insolvent administration.
The court was told that Revolution Bars Limited, part of a group owning the Revolucion de Cuba and Peach Pubs brands, was "heavily loss-making" and "deeply unprofitable".
Lawyers said it was forecast to "run out of cash" this month, and was reliant on funding from the group to survive.
Like other hospitality businesses, the Revolution group was "adversely affected by the COVID pandemic and suffered significant losses as a result," Tom Smith KC, representing the company, said.
The approved restructuring scheme will amend Revolution Bars Limited's obligations under a fully drawn £30m "revolving credit facility" with NatWest bank and extend the time to pay its tax debt, its legal team told the judge.
It will also feature the "right-sizing" of a portfolio of leases "in order to create a sustainable business".
Around 15 bars will close, while Revolution will restructure its debt and see a rent reduction across some of its other locations.
Following completion of the Plan, the business will operate 27 Revolution Bars, 15 Revolucion de Cuba Bars, 22 Peach Pubs and one Founders & Co. site.
It's a big week for the economy - we'll have everything you need to know here in the Money blog
The Money blog is back for another week of consumer news, personal finance tipsand the latest on some big updates in the economy.
This is how the week is shaping up...
Monday: This week's Money Problemis about whether you're entitled to your money back if you cancel an activity you'd booked.
Tuesday: We'll have jobs data first thing in the morning - remember, the Bank of England keeps a close eye on this when it decides what to do with the base rate. We're also continuing a new series to investigate whether some of your favourite sweets and treats from the past will ever return - we've called it Bring It Back and it'll run every Tuesday until we, or you, run out of ideas. We'll also have our regular Tuesday Basically...feature.
Wednesday: Inflation data for July is released at 7am. This will give a measure of where we're at with the cost of living crisis and, again, the figures influence what could happen with interest rates. And we are back in London for this week'sCheap Eats, in which top chefs reveal their favourite spots to get a meal for two for less than £40.
Thursday: Quarterly GDP figures will provide a picture of how the UK economy is doing. Here in Money, Savings Championfounder Anna Bowes will be back with her weekly insight into the savings market.
Friday: We'll have everything you need to know about the mortgage market this week with industry experts - plus the best available rates with Moneyfactscompare.co.uk.
Bookmarknews.sky.com/moneyand check back from 7am each weekday - and look out our weekend reads every Saturday.
The Money team is Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young, Ollie Cooper and Mark Wyatt, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.
