The mass boycott came on the back of explicit advice from David Cameron and other ministers, who said angry and disappointed customers should switch to cheaper rivals. Sales and profits at British Gas will be down significantly on last winter, representing a hammer blow from the sudden loss of customers.
Aviva pledges to compensate 390,000 life and pension customers hit by technical errors by 'end of 2015'
Click through latest news features
MONEY'S SIX OF THE BEST
How to not hire a dud: The killer interview questions every candidate should be asked
Job vacancies are rising, more businesses are hiring, the economy is looking rosier. So how do you find the right staff? Having interviewed hundreds of people over the years, made more than his fair share of hiring mistakes, and responded very badly to interview questions himself, Andy Yates reveals his winning formula.
DEALS OF THE WEEK
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£12.50 share dealing
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DON'T MISS
- Money-making Valentine's share tips Six shares to deliver that loving feeling all-year round
- 'Cash can be king even if you are chasing the best investing returns' Investors who think dodging bullets is best
- ADAM UREN: Probe into annuities fails to answer the burning question How do we fix this?
- Will victims of the floods be forced to pay standing charges on energy bills? How the Big Six are helping flood victims
- Why supermarkets are throwing down the gauntlet to High St banks - and going after their profits.
- Have you missed the chance to move to a better mortgage? Best ever fixed rates vanishing but small deposit deals improve.
- 'Thieves stole £200,000 from our family business three years ago'. But our insurer still won't pay
- SIMON LAMBERT: It's different this time, interest rates aren't going back to normal Sentiment that sets alarm bells ringing
- UPDATED: The best and cheapest DIY investing platforms Our pick of the best
- The essential guide to freebies online and on the High St Watch hit movies for nothing with a free coffee and cake...
- The killer interview questions you should ask every candidate How not to hire a dud
CITY & MARKETS
MARKET REPORT: Phoenix's activist shareholders waiting for cash-rich private equity player to put group out of its misery
In the meantime, they were happy to see the shares rally from a 52-week low to close 8 per cent higher at 119.75p following a third-quarter trading statement. Industry guru George O’Connor, at Panmure Gordon, described the statement as anodyne. It did not comment on how the business is performing relative to full-year expectations
SAVE MONEY, MAKE MONEY: THE BEST RATES, DEALS AND TIPS THAT CAN MAKE YOUR RICHER
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FIVE FAVOURITE ISAS
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TOP CREDIT CARDS
From big ticket purchases to rewards, we pick the top deals -
CUT ENERGY BILLS
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CHEAP MORTGAGES
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CAR INSURANCE
Ten tips to find the cheapest and best cover - plus compare quotes in minutes -
HOLIDAY SPENDING
Bank accounts and credit cards that don't hit you with big fees -
BALANCE TRANSFERS
Best credit cards to help clear your debts at 0 per cent interest -
FIVE FAVOURITE ISAS
We've scoured the savings tables to find the best tax-free savings
MONEY NEWS & ADVICE
‘Cash can be king even if you are chasing the best returns’: The investors who think dodging bullets is better than buy and hold
Richard Webb, of momentum investors Saltydog, says sitting back and watching investments plummet does little for your blood pressure and long-term wealth. He explains why its investment portfolio is going against the traditional buy and hold mantra, reducing its equity stake and heading for the safe haven for cash.
Be my money-making Valentine: Six shares to give your investments that loving feeling all-year round
How to choose the best (and cheapest) DIY investing Isa - and our pick of the platforms
Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.
Savers raid £43bn from fixed-rate accounts as they refuse to lock in for paltry returns
Savers are abandoning fixed-rate and notice accounts at record pace with data revealing a whopping £43bn was taken out of these accounts in the last year. In December 2012, Bank of England figures showed £281billion was tied up in fixed-rate and notice accounts. This has dived to £238bn.
Pretenders to the throne: Why supermarkets are throwing down the gauntlet to High St banks - and going after their profits
Supermarkets are lying in wait to pounce on our disillusionment with banks, offering an array of cut-price offers and rewards. With the infrastructure already in place and brand loyalty to rely upon, Tesco, Marks & Spencer, Sainsbury's and Asda are a serious threat to High Street dominance. We take a look at why.
Surveyors warn house prices will rise 6% per year until 2019 as lack of property inflates values
The Royal Institution of Chartered Surveyors said there was an average of just 59 properties on surveyors' books per branch in January. That was the lowest number since the height of the property market collapse in the summer of 2009.
The families who are faced with a £100 gas bill - even though they only use electricity
Stunned homeowners who don’t use any gas are being sent bills that charge them a fixed daily fee for having a certain type of meter. The idea is this covers the supplier’s cost of metering and billing, and that every unit of energy actually used is charged separately. But it is affecting homes that run their heating and cooking on electricity just because they have a meter on the premises — even though it’s disconnected.
What's the point of economic growth? Third of UK workforce don't expect a pay rise this year despite Bank's upbeat 3.4% forecast
The Chartered Institute of Personnel and Development found that a third of employees believe they will not receive a pay rise in 2014 and a further third said any increase will not keep up with inflation. Just over a third of the 2,700 people questioned received a real terms wage rise in 2013 to improve standards of living, said the report.
Buy-to-let borrowers tempted by rock-bottom mortgage rates as average fixed rates for homeowners hit record low
Mortgage Works, part of the Nationwide Building Society, now offers the lowest two-year fixed rate at just 2.49 per cent for buy-to-let borrowers with a 40 per cent deposit. Official figures from the Bank of England show the average two-year fixed rate deal for people who put down a 25 per cent deposit has dropped to just 2.37 per cent, the lowest rate in history.
Savers abandoning cash Isas as terrible rates make tax-free benefit not worth the bother
A survey by uswitch.com revealed 54% plan to save into a cash Isa during the course of the next tax year, which starts on 6 April, compared to 63% in this one. One in ten cite a lack of attractive rates as a deterrent while one in five say they simply cannot afford to save into an Isa this year, according to the comparison website.
ASK TONY: I won a PPI refund on my Debenhams Gold store card - but was then told I owed £1,851
I used the Financial Ombudsman Service to apply for a refund of payment protection insurance on my card. The money was paid by Santander, which operates the card. I was then surprised to receive a statement showing £1,851.90 had been debited from it. Neither Santander, nor the Ombudsman’s office, has been able to explain it.
Is buying always better? It can pay to rent in London but homebuyers in Aberdeen save £100k in seven years
Aberdeen is the most cost-effective place in Britain to snap up a property alongside Dundee and Glasgow, according to a report by Zoopla. In the capital, it would take a projected 18 years for someone with a 10 per cent deposit to be better off financially compared to renting, the website calculated.
Average earners 'need to double their salary' just to keep up with the effect of soaring house price inflation
House prices are so out of sync with wages that an average earner in some parts of England would need to make £100k more a year to be able to afford a home in their area. Shelter looked at wage and house price inflation since 1997 in each area of the country to calculate how they compared.
Money Morals: I lent a girlfriend £600 and now she won't pay it back claiming I gave it to her. What should I do?
Despite the fact that we have fallen out, I still expected her to pay me back as while we had a heated argument about it her last text had said she would. In our Money Morals series we invite readers to help solve a dilemma. This week what should you do if you lent someone money and now they won't return it?
MORE BUSINESS, CITY AND ECONOMY NEWS
Growth in construction industry revised up as house building leaps almost 20%
Construction output rose by 0.2 per cent in the three months to the end of December, significantly down on the 2.6 per cent seen in the previous three months but stronger than the 0.3 per cent fall in construction in the preliminary GDP data for the same quarter. Britain's economy grew by 0.7 per cent in the three months to December an initial estimate by the Office of National Statistics showed last month.
YOUR MONEY ESSENTIALS
We live in a flood risk area and worry we won't get insurance against flooding next year, making our home impossible to sell. Is that the case?
We live in a flood risk part of Sussex in an old Rectory and are concerned that we may not be able to get insurance cover against flooding from next year. This is because only homes in council tax bands A to G will be covered by the new flood cover guarantee, which will come into effect in June 2015.
Facebook shares leap as it hits 10 years old, but who are the fund managers that like social media?
Facebook has marked its tenth anniversary and has given a boost not just to those sharing pictures of cats but investors as well. After a poor start shares have rocketed, rewarding investors who held their nerve. Many British investors hoping to profit from the way social media is changing our lives opt for specialist funds. We look at how to invest and why?
We want to buy a cheap car for our son for his 18th. How do we find one which won't cost thousands to insure?
We are buying a cheap runaround for our 18-year-old son. Should we look for a high-safety rating or a small engine to keep insurance costs down and can we get a cheaper deal by registering him as a named-driver only?
CARDS OF THE WEEK
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THIS IS MONEY: HOW TO FIX YOUR FINANCES
- Play the property game: Ten steps to buying your first home
- From free money to top perks? Five of the best current accounts
- DIY investing essentials: Should you invest in shares or funds?
- Climb on the ladder: The first-time buyer's guide to getting a mortgage
- How to get a cheaper smartphone
- Going on holiday? Best debit and credit cards to beat overseas fees
- Ten tips to get cheaper car insurance
- The best balance transfer credit cards to help clear your debts
- The best credit cards for spending, holidays and rewards
WHAT NEXT FOR YOUR MONEY?
50 ways to save money: Simple steps to cut what you spend that could clear your debts or seriously boost your savings
To clear the average national household debt of £13,000 at 6% interest with a monthly repayment of £100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 – updated – money-saving tips may appear light-hearted but are deadly serious.
Our savings picks: This is Money's five favourite best buy cash Isas for 2014
You can stick up to £5,760 in a cash Isa this tax year. We pick our five favourite cash Isas for savers, don't miss this essential Isa reading that is kept up-to-date throughout the year.
When will interest rates rise? Savers' hopes smashed as Bank of England says base rate will only rise slowly and won't return to 'normal'
The Bank of England has said that interest rates will only rise gradually and even when the economy returns to normal are likely to be substantially below 5 per cent. In a dramatic revision of forward guidance, the Bank called time on its assertion that it would consider a rate rise when unemployment hit 7 per cent, and said slack in the economy meant the base rate needed to stay low.
Compare your pay to the national average in your job: League table of official UK salaries across 400 trades and professions
Midwives in the UK get paid on average £29,248: so where does your salary fit into the national league table, and how does it compare to the average in your profession? Our table lists hundreds of Britain's jobs from company executives and doctors to van drivers, waiters and textile machine operators.
Premium Bonds winners
Prize value | Winning bond No. | Area |
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£1,000,000 | 212RK287483 | Hertfordshire |
£100,000 | 167FQ030247 | Hampshire and Isle of Wight |
£100,000 | 87VD018771 | Manchester |
£100,000 | 10JP589142 | Berkshire |
£50,000 | 180NN730715 | Cardiff and Vale of Glamorgan |
£50,000 | 131PH045098 | Essex |
£50,000 | 119NM946921 | Staffordshire |
£50,000 | 81PY499671 | Central Scotland |
£50,000 | 192QF281155 | Oxfordshire |
£50,000 | 181XW169289 | Stockport |
This is Money on Twitter
MOST READ ON MONEY THIS WEEK
- Four million on alert for compensation after Aviva's £323million blunder Aviva made hundreds of technical errors
- Top ten property boom towns: Olympics and BBC Media City create house purchase frenzy
- Will Lloyds Banking Group shares be a good bet in next year's mega-float? Private investors to be given the opportunity to buy shares
- Should investors think about more than just the price tag? Hargreaves Lansdown named best DIY investing platform
- Marmite lovers hit as the price of their beloved big glass jars rockets 50% in just five months The mysterious rollercoaster ride of the cost of Marmite
- My mum died without a will, but had £5k she didn't want to go to my dad Can we stop him inheriting her whole estate?
- The best cars of the past 36 years? From the Renault 20 to Nissan Qashqai what they cost to buy now
- We live in a flood risk area and worry we won't get insurance against flooding next year Can we get cover?
- Calls to protect 30,000 women who will lose out on state pension Married person's allowance is being scrapped
- 'I'm a Vodafone investor - why is HSBC leaving me dangling? Can hold Verizon shares on its broking service?'
- 'Our Kia panoramic sunroof imploded after less than two years - why does it refuse to pay? Not covered by famous warranty
- House prices jump £2,000 in a month Buyers stretch themselves the furthest for five years
- Hargreaves Lansdown gives into DIY investor anger Does a U-turn on double investment trust and shares charge
- ASK TONY: My passport was destroyed So why can't I claim for it?
- I just won a £5,000 prize for my work that I didn't even know I'd been entered for Do I have to pay tax?
- 'Our village paid £765,000 for flood defences but we STILL can't get insured' Legal loophole means many may never be able to sell their homes
- More free money from your bank Nationwide offers up to £500 a year if you tempt friends to join and Co-op promises new customers £125
- The best buy savings secrets Is your local building society quietly offering the best rates to reward its members?
- Train-making saved in Derby as Bombardier wins £1billion Crossrail contract Safeguarding 800 manufacturing jobs
- I paid a bogus website to renew my passport and now I'm £72.50 out of pocket and still have no passport What can I do?
- ADAM UREN: Had a problem with the interest on your Natwest or RBS Isa? You're not alone
- Lend-to-save more than doubled last year Savers turned to alternatives amid crumbling bank rates
- Revealed The six 'secret' lenders claiming to offer better mortgage deals than high street banking giants
- Does BT owe you a refund? Callers to £2.39 a minute directory enquiries can get their money back after telecoms giant is fined
- JAMES CONEY Investors tempted to bet on the housing market boom as if the crisis never happened
- Buffett vs Woodford Two years after watershed Tesco profit alert, which legendary investor called it right?
- How to choose the best (and cheapest) DIY investing Isa And our pick of the platforms
- 50 ways to save money Simple steps to cut what you spend that could clear your debts or seriously boost your savings
A NEW ERA FOR BANK ACCOUNTS
Latest: Mortgages & home
- House prices nearly £12k higher than a year ago as property market roars into life but number of homes for sale falls
- Number of home repossessions falls to lowest level since 2007 but households are 'coping well' despite financial squeeze
- Surveyors warn house prices will rise 6% per year until 2019 as lack of property inflates values
- Have you missed the chance to move to a better mortgage? Best ever fixed rates vanishing but small deposit deals improve
- The Post Office puts its stamp back on the buy-to-let market with a 3.98% five-year fix
- As cost of rent rises and housing supply remains stretched should the Government increase frozen rent-a-room tax threshold?
- Buy-to-let borrowers tempted by rock-bottom mortgage rates as average fixes for homeowners hit record low
- The return of the first-time buyer: Mortgage lending to those getting their first foot on the ladder surged last year
- The best ever mortgage deals are vanishing, so should you grab a fix now? What next for mortgage rates?
Latest from Saving & banking
- Savers raid £43bn from fixed-rate accounts in a year as they refuse to lock up cash for paltry returns
- Pretenders to the throne: Why supermarkets are throwing down the gauntlet to High St banks - and going after their profits
- Flood victims offered breaks from their mortgage and overdraft extensions as Cameron tells financial firms to do their bit
- Banks don't want savers' cash! No competition in cash Isa market as rates plumb depths well below last year's
- Are you paying for a bank account you didn't want? Fee-paying current accounts could be next PPI scandal
- Savers who fail to act risk being locked into terrible rates when fixed-rate bonds mature
- Savers abandoning cash Isas as terrible rates make tax-free benefit not worth the bother
- Our savings picks: This is Money's five favourite best buy cash Isas for 2014
- Lend-to-save more than doubled last year as savers turned to alternatives amid crumbling bank rates
- 'I've been a loyal HSBC customer for 50 years, but it wouldn't take my £7,300': Why banks won't let you pay cash into your own account
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ANSWERS FROM THE Experts
- Will victims of the floods be forced to pay standing charges on energy bills even though they have to leave their home?
- ASK TONY: I won a PPI refund on my Debenhams Gold store card - but was then told I owed £1,851
- We want to buy a cheap car for our son for his 18th. How do we find one which won't cost thousands to insure?
- We live in a flood risk area and worry we won't get insurance against flooding next year, making our home impossible to sell. Is that the case?
- What happens to a fixed-rate savings account if the saver dies before it ends?
- Money Morals: I lent a girlfriend £600 and now she won't pay it back claiming I gave it to her. What should I do?
- TONY HETHERINGTON: Gem bosses at Diamonds of Mayfair Limited don't sparkle
- My mum died without a will, but had £5k she didn't want to go to my dad, can we stop him inheriting her whole estate?
- I just won a £5,000 prize for my work that I didn't even know I'd been entered for – do I have to pay tax?
- Why did BA deny compensation when my Rio flight was delayed 20 hours because the pilot was sick?
Currency | Rate | Buy now |
---|---|---|
Updated 15 Feb 2014. | ||
Euro | 1.1926 | Buy Now |
US Dollar | 1.6349 | Buy Now |
Australian Dollar | 1.7923 | Buy Now |
Canadian Dollar | 1.7742 | Buy Now |
Chinese Yuan | 9.6988 | Buy Now |
Croatian Kuna | 8.9834 | Buy Now |
Czech Koruna | 32.206 | Buy Now |
Danish Kroner | 8.7566 | Buy Now |
Egyptian Pound | 10.958 | Buy Now |
Euro | 1.1926 | Buy Now |
Hong Kong Dollar | 12.543 | Buy Now |
Hungarian Forint | 361.58 | Buy Now |
Japanese Yen | 165.41 | Buy Now |
Malaysian Ringgit | 5.3028 | Buy Now |
New Turkish Lire | 3.546 | Buy Now |
New Zealand Dollar | 1.9443 | Buy Now |
Norwegian Kroner | 9.7638 | Buy Now |
Polish Zloty | 4.8458 | Buy Now |
Singapore Dollar | 2.0442 | Buy Now |
South African Rand | 17.687 | Buy Now |
Sterling | 1.0 | Buy Now |
Swedish Kroner | 10.369 | Buy Now |
Swiss Franc | 1.4489 | Buy Now |
Thai Baht | 51.611 | Buy Now |
UAE Dirham | 5.95 | Buy Now |
LATEST ON HOUSEHOLD Bills
- EDF promises to repay all direct debit overpayments in cash and review monthly payments twice a year to avoid mistakes
- The families who are faced with a £100 gas bill - even though they only use electricity
- It's not just you who's fed up! 5.5MILLION unhappy customers complained to the Big Six energy firms last year
- Switch now! Households who signed up to cheap fixed energy tariffs put on alert as host of 18 month deals are due to expire
- Living standards in 2019 will STILL be 3.5% lower than pre-recession as economy bears permanent scars
- Green energy provider Ecotricity woos electric car owners with 1,000 FREE miles on its new tariff - but will it cut your bills?
- Sick of paying over the odds for delayed trains? New compensation app lets rail users apply for cash every time their train is late
- Will British Gas be dismantled? Energy secretary urges probe Big Six profits – and says any with too much market power should be broken up
- Squeezed to the last drop: Bills to rise again as we now spend £1,657 a year on water and energy
- Think you are getting a raw deal on your broadband package? Roundup of the best deals to get you faster speeds and smaller bills
Latest from Cards & loans
- Personal loan rates at record low - again - as Santander asks borrowers for just 4.5%
- Our loans picks: This Is Money's five of the best personal loans
- Insolvencies drop to eight-year low – but could payday loans mask the reality of our debt crisis?
- Barclaycard goes one better than Halifax with longest ever 0% balance transfer credit card deal at 31 months
- Borrow interest-free for 29 months: The best balance transfer credit cards to help clear your debts
- Play your cards right: The best credit cards for spending, holidays, rewards or clearing your debts
- Credit reference agency Experian to offer lenders real time data on borrowers to prevent them falling into a debt spiral
- Seven million ID fraud cover customers to begin claiming back £1.3billion due from CPP mis-selling
- A holiday to Tenerife that takes TEN YEARS to pay off: One in ten pay heavy price for making only minimum card repayments
Latest from Investing
- INVESTMENT EXTRA: Change at top does not necessarily lead to share price slump
- Be my money-making Valentine: Six shares to give your investments that loving feeling all-year round
- Why won't my broker let me hold onto the Verizon shares I'm getting in Vodafone payout?
- 'I'm a Vodafone investor - why is HSBC leaving me dangling over whether I can hold Verizon shares on its broking service?'
- Investors snap up opportunity to put AIM shares in Isas - but most popular buys put in a mixed performance
- Investors piled £11bn-plus into share funds last year - the biggest sum since the heights of 2000
- Facebook shares leap as it hits 10 years old, but who are the fund managers that like social media?
- SMALL CAP SHARE TIPS: Action Hotels taps mid-market hotel opportunities in the Middle East
- Will Lloyds Banking Group shares be a good bet in next year's mega-float?
TOP CALCULATORS
- This is Money's calculators and tools All our calculators in one place. See how they could help you
- Historic inflation: how the value of money has changed The effects of inflation since 1900 and what past prices mean today
- True cost mortgage tool - rates AND fees Compare the cost of rival fixed and tracker rate mortgages
- Mortgage affordability: How much you can borrow Find out how much you can afford to borrow and the difference between repayment and interest-only
- Monthly or lump sum savings calculator How much a regular monthly savings scheme could make or a lump sum could be worth.
- Premium Bonds: Have I won? How close have you been to winning your fortune? Our unique calculator will try to show you
- Pleasures v Treasures (how you can save more) How diverting the cash you 'waste' on everyday items into a long-term savings plan pays off
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