Money

Updated: 17:00 EST

FTSE boost expected as banks unveil full-year profits

Beleaguered Royal Bank of Scotland is expected to fare the worst of the giants, with the firm likely to report another round of job losses as it remains in the red for a ninth consecutive year. The rest of the main lenders are expected to report solid profits, which could further boost the FTSE 100 this week.

Mike Coupe (pictured), 56, called for a 'level playing field' after the Government faced a backlash over the controversial new levy. Small firms will be hammered by the shake-up.

Read our eight-point guide for the savvy shopper

Relentless pressure on the pound is pushing up shopping bills for families, with inflation climbing to 1.8 per cent. Food prices are being hiked for the first time since 2014 and a host of household staples, from Marmite to Nescafe, are becoming more expensive. Even the cost of tea is set to rise, with the owners of Tetley and Yorkshire now forced to pay more for imported leaves. These higher bills, combined with 'shrinkflation' of beloved chocolate bars such as Toblerone and Freddo, where a manufacturer reduces the size of a bar while charging the same price, mean families need to be smarter than ever with their weekly shop.

The UK economy grew faster in the final quarter of 2016 than initially thought, but economists say it could be the last hurrah.

The slow car crash that is the business rates system is heading towards its final crunch - and it has all been so predictable.

I was cold-called by Parker Stone Capital, based in Lombard Street, London. The firm proposed an investment in 'debt portfolio', with a 10 per cent return.

Pundits rushed to declare Britain's Vauxhall factories doomed last week after it emerged that PSA was looking to buy the European business of US giant General Motors.

Like
MailOnline

Follow
@MailOnline

   

DON'T MISS

Treasury to probe Co-op Bank – after FOUR YEARS

The Treasury is poised to launch an independent inquiry into the Co-operative Bank nearly four years after it almost collapsed. The long-awaited probe will look at the regulation of the bank and questions will include why former Methodist minister Paul Flowers - whose drug-taking was exposed by The Mail on Sunday - was allowed to become chairman of the lender. The Co-op Bank has never fully recovered from the crisis, which led to a rescue takeover by its creditors. Huge losses are continuing and the bank announced last week it is putting itself up for sale.

The 28-year-old has set herself up as a business matchmaker - linking investors with companies looking to expand.

The casual dining high street brand, majority-owned by millionaire restaurateur Richard Caring, saw turnover jump 21 per cent to £111 million in the year to July 31, 2016.

The future of Moorside, one of Britain's three big nuclear projects, was thrown into doubt last night over funding issues. .

Cantor Fitzgerald has reduced its pre-tax profit forecast for Laura Ashley by 30 per cent but it is keeping its 'buy' rating. However, Panmure Gordon has slapped a 'sell' rating on Clydesdale.

RBS announced late on Friday that it wants to provide £750 million to finance competition in business banking, instead of selling the Williams & Glyn branches.

The Queen’s ‘corsetiere’ talks about her business success

June Kenton, bra supplier to the Queen (pictured bottom left), says the Monarch is charged the same price for her bras as any member of the public. Kenton, who became a multi-millionaire when she sold her lingerie business Rigby & Peller, still goes to Buckingham Palace and holds the Royal Warrant as corsetiere to the Queen. Yet it has not always been easy. She started out selling ladieswear at Brixton market in South London and remembers struggling desperately to pay her bills as a young woman.

You CAN cut bills on pay as you go 

If you are exasperated with being tied into a lengthy contract for a product or service, do not despair. There is a way to live without being tethered to your provider. It is called 'pay as you go', an option which is finding favour across all age groups. Emma Mumford, a money-saving blogger known as The Coupon Queen, has spotted a resurgence of interest in 'pay as you go'.

According to the big banks, high street banking is in terminal decline. It is the excuse trotted out every time they close a branch.

More than 21 million people cross their fingers every month in the hope their Premium Bonds will come up trumps and pay them a prize.

How to go further with your holiday pound

Japan, Malaysia and Mexico are tipped as attractive destinations for British travellers keen this year to squeeze more value from their spending money. All three offer more local currency for your pound compared with popular destinations, such as France and Florida, which have seen exchange rates work against travellers. According to analysis by travel insurer Columbus Direct, the weak pound means two-fifths of holidaymakers expect to change their travel plans this year, with as many as eight million saying they will opt for a 'staycation' in the UK to save money.

Workers reluctant to take action against employers over discrimination or unfair dismissal because of unaffordable legal costs could unwittingly be sitting on insurance designed to meet these bills.

Stephen Todd, 35, from Limehouse, East London, has had a chequered past, moving from one disreputable investment firm to another.

One consumer whose interest in food goes beyond cost and pleasure is Henry Boucher. For 14 years he has viewed the growth in food demand from an investment standpoint.

Why do economists get it so badly wrong? Reasons behind mistakes from failing to predict the financial crisis to misjudging the post-Brexit vote slump

Why do economists get it so wrong at times, is economics up to the job - and if not, what alternatives have we got? Economics is undergoing a bit of a crisis, after failing to predict the financial downturn - and forecasting a post Brexit vote meltdown that has failed to materialise.

Shoppers who believe buying bigger sized products equals savings at the till might be surprised to learn that it isn't always automatically the case, an investigation by This is Money has unearthed.

Britain's poshest motorway services firm, whose latest site was opened by Prince Charles, has seen its profit double in the past year as travellers lap up its home-made food.

Support for bereaved families fallen by £5.2bn since 2003

Despite the savings, thousands of new widows in future are set to see their payments slashed from April, with some losing out on tens of thousands of pounds. The government predicts that the changes will cost it around £45million in the first two years. However after that, costs are set to fall even further, by around £21million every year.

Vauxhall Astra, 2013, red, 3,000 miles, 22 not-so-careful drivers. This might not sound like the most enticing second-hand car ad, but did we mention that all 22 drivers are stars?

On average the cost of repairing a broken boiler was £270 but some households says the cost came in at more than £1,250, the comparison website uSwitch has found.

Why we should keep the extra buy-to-let stamp duty tax

I'm no fan of stamp duty, nor an enemy of buy-to-let, but with first-time buyers up and landlord purchases down, reversing the 3% surcharge for additional properties would be a mistake.

Broadband customers who stick with their supplier beyond initial deal periods have seen prices rise by up to 37 per cent in the past five years, new research shows.

In the past six years wholesale line rental costs fell by 25 per cent yet average line rental costs have risen by nearly 40 per cent in the same time - where's the justification for these hikes?

Will thermal foil on my windows cut my energy bills? 

Can thermal foil on my windows help to insulate my home and in turn keep my energy bills down? If so how much am I likely to save by doing so? Or is it a waste of money and should I just pay out for double glazing or roof and wall insulation?

Unilever rejects $143billion takeover offer from Kraft

Kraft confirmed it had made a 'comprehensive proposal' about combining the two companies, but Unilever turned the offer down. The offer valued Unilever at $143billion (£115 billion), and would have been one of the largest mergers and acquisitions deals in corporate history.

The takeover bid by US giant Kraft Heinz has handed bosses at Marmite maker Unilever a £500,000 windfall on shares they picked up two days earlier.

Charter Savings Bank also offers a two-year rate of 1.75 per cent, three-year deal paying 1.85 per cent and five-year fix at 2.16 per cent - beating rival deals by a fine margin.

House prices go potty!

Homes in Luton, Bedfordshire, have risen in value by 14 per cent in the past 12 months - more than double the national average - figures by the Office for National Statistics show. Towns such as Stevenage, in Hertfordshire, and Bedford, in Bedfordshire, are increasing at 16 per cent a year, while many Essex towns, including Thurrock, Colchester and Southend-on-Sea, are rising by between 12 per cent and 14 per cent.

Seeing the value of any investment tumble is always disappointing and it looks like you've had the misfortune to invest just as shares in Aberdeen Asset Management peaked after a strong run.

Until last year, most people bought so-called annuities when they retired. These complicated insurance deals turn a pension pot into a guaranteed income for life.

ASK TONY: Sky kept billing me after I had moved house

When we moved house last August, we found that we could not have Virgin broadband, so signed up to Sky instead. In December, we noticed Sky had not cancelled our television agreement at our old address. It was still collecting £80 per month by direct debit, in addition to the charges for our new property.

How F1 fans can buy furniture made from real race cars

Want to make your home look like like an edition of Grand F1 Designs? These 10 items of designer furniture will convert your living space into a museum of motorsport.All the components have done things like race round the city streets of Monaco, circled the Abu Dhabi marina, or take the flag at Spa Francorchamps. And now they could be gracing your living room.

The unfamiliar banking names battling for your savings

Just when you thought it could not get any worse for savers, NS&I; cuts its rates again. Last week, the Government's savings arm said rates would fall by between 0.1 and 0.25 percentage points on accounts including Premium Bonds. The good news is that unfamiliar banks have started battling for top spot in our independent best buy tables.

The most successful advisers at St James's Place are treated to everything from Asprey cufflinks to trips to the ski resort St Moritz (pictured), it has been claimed.

Home owners selling their properties are being forced to slash their prices after slow growth in the housing market amid Brexit uncertainty.

Dhanu Trivedi, 72, from London, appealed against the rot exclusion when a water leak left him with an £8,000 bill for a new kitchen floor and units.

The anti-pollution levy will affect cars that don't meet European emission standards - the majority of models prior to 2006. Added to the congestion charge it will cost £21.50 to drive through London.

Ray Massey tests  new Land Rover Discovery in Utah

Balancing on two side wheels on a perilously steep rock face helped concentrate my mind on the extreme off-road capability of Land Rover's versatile new Discovery 4x4.

General Motors is in advanced discussions for the sale of Opel and Vauxhall to the group that owns Citroen, DS Cars and Peugeot., according to reports by Reuters and the DPA.

Petrochemicals giant Ineos, led by chairman Jim Ratcliffe, has released details of its ambitious plan to build a new 4x4 to follow in the footsteps of the much-loved Land Rover Defender.

£9,000 David saved into pension is now worth nothing

David Borthwick, pictured, is no stranger to hard work. The 57-year-old gets up in the dark to open his family newsagents in Edinburgh at 3am every day. So he was over the moon in April 2015 when the Government said over-55s could cash in their entire pensions.But it turned out that years of high charges had eaten away most of his savings.

Thank goodness National Savings & Investments is getting a new chief executive next month - because the Government's sleepy savings arm urgently needs a wake-up call.

NS&I; is cutting many of its rates on May 1. Its Direct Isa falls from 1 per cent to 0.75% while its easy-access Direct Saver falls from 0.8 to 0.7%.

London businessman fell for Airbnb con costing him £3k

Phil Moran, from London, booked a villa on Airbnb last August, after friends raved about the spectacular properties available. He found a beautiful villa with a pool on the island of Ibiza, which looked ideal for their children. The website showed 19 pictures of the Spanish property - and one of a couple, whom Phil believed to be the hosts.

Staff will be able to call 999 and say the codeword 'banking protocol' to signal for urgent help. The scheme targets criminals who frogmarch victims to bank branches to withdraw cash.

The energy giant is raising gas prices by 4.8 per cent and electricity prices by 15 per cent from March 16.
However, readers have told us their bills are set to increase by more than 20 per cent.

How can I invest to pay off my mortgage and retire early?

In our series Money Pit Stop, we ask a financial expert to give a free portfolio makeover. This week, a 33-year-old with an investment portfolio and £34,000 in premium bonds wants to know whether it's worth taking more risk with his investment portfolio so that he can take on more properties and give up working ahead of schedule.

Consumer campaigners say they are being flouted, with the travel industry a major offender. Cruise giant ROL charges a 2.5 per cent fee, while P&O; owner Carnival charges 1.5 per cent.

Metal prices have soared since the start of the year - but it might not be too late for those who have missed the rally to still invest.

What is a garden village and would you welcome one nearby?

The Government has publicly backed the development of 14 new 'garden villages' - but would you welcome or fight one of the new developments if they are in your neighbourhood? We reveal the locations of the new garden settlements and what you can do to find out more about the sites.

A typical property in Britain is now worth £220,000, £15,000 more than a year ago according to latest figures from the Office for National Statistics.

The highest proportion of buy-to-let cash transactions came in the North of England, estate agent Countrywide said - seemingly reflecting cheaper house prices.

What's the best way to top up my pension and retire at 60?

Former Pensions Minister Steve Webb is This Is Money's Agony Uncle. He is ready to answer your questions, whether you are still saving, in the process of stopping work, or juggling your finances in retirement. This week, a council worker and new mum wants to know how best to boost her savings so she can stop work at 60.

The Financial Ombudsman Service has changed its tune and will now investigate the case of an investor who lost money in failed Secured Energy Bonds.

A study by What Car? found that the increase in new car prices was the result of a 'perfect storm' of rising inflation and industry efforts to increase dealer profitability.

The unloved assets that investors could profit from

Unloved investments can prove to be profitable, while those that are popular can disappoint, says Mouhammed Choukeir, chief investment officer of Kleinwort Hambros. We tend to give recent events - good or bad - more weight than long-term history. We feel intuitively safer in the middle of herds, comforted by the throng, but blind to if it is headed over a cliff, he says. So it's time to think differently

A holiday is costly enough without the added horror of returning home to find your bank statement littered with extra fees and charges after using your card overseas.

On a recent trip to South Africa my mother requested that my aunt give me my grandfather's war diaries. She refused. As far as I know these were not specified in any will.

Four houses that fit with the Swedish trend lagom

There's a new kid on the Scandinavian block of interior terms. The Swedish art of lagom is the hottest new trend - and broadly translates as just the right amount. This is something that is being adopted by design-conscious homeowners across Britain, and getting on-trend with lagom could help sell your home. We reveal four that fit the bill.

EDITOR'S SAVINGS DEALS OF THE WEEK

50 ways to save money....

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.

Pick the best (and cheapest) investment Isa platform

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.

L Board sign on the rear of a blue saloon car , UK

If you are new to investing then the huge number of funds and investment trusts on offer can be confusing. Fortunately, This is Money's experts have some ideas to get you started.

On the up: Emerging markets such as Brazil are where much of the world's growth is expected to be over future years.

If you're looking to add some flair to your investing Isa with emerging markets, This is Money's experts have some ideas to get you started

Income investing: Dividends can deliver both a healthy boost to long-term growth and a way to earn from your investments.

Income investing can let you draw on your portfolio or reinvest dividends to build solid growth over time. Our experts give their fund and investment trust recommendations.

After the turbulence of 2016, many investors will be wondering what this year could possibly have in store for them. Here, three experts pick funds they believe could be winners.

How much money do I need to save for my pension?

The amount you can save into a pension ultimately depends on what you can afford - but the longer you leave it the more you will need to save. We tend to put ambitious targets on our hoped-for income in retirement and then underestimate how much we will need to set aside to achieve that. So how much should you save?

Even at a time when we are stretching our finances further to afford a home, moving less, and pushing mortgages beyond 30 years, we still remain captivated by two-year fixed rate deals.

When will UK interest rates rise?

An interest rate cut before the end of the year looks less likely following the plunge in the pound. However, the Bank of England has indicated that higher inflation driven by rising import costs won't make it lift rates.

Handy Brexit table explains options for the UK's EU exit

Despite endless media coverage of the political wrangling and financial speculation, the average Briton can be forgiven for remaining confused about what 'soft' and 'hard' Brexit really mean. But a clever table put together by HSBC cleaves some clarity from the murk.

What next for mortgage rates?

Several months after the Bank of England slashed the base rate to 0.25 per cent and lenders are still cutting mortgage rates on almost a weekly basis - but how low can they really go? The experts say not a lot lower and it's likely that if you get a mortgage at the moment, it's going to be a pretty cracking deal. 

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

Best paid jobs and biggest pay rises of 2016 revealed

Compare your pay to the national average and see whether your employer treated you to a pay rise in line with the the rest of your profession. Farmers, care and air travel assistants were big winners on the pay scales in 2016. Travel agents, careers advisers and probation officers lost out.

Premium Bonds winners

February 2017
Prize value Winning bond No. Area
£1,000,000 138XC676243 Outer London
£1,000,000 123KY115050 Liverpool
£100,000 262JM830208 Ealing
£100,000 236QB428974 Lancashire
£100,000 225RZ668018 Nottinghamshire
£50,000 53DT537366 North Yorkshire
£50,000 273NA765027 Edinburgh
£50,000 257EV511692 Staffordshire
£50,000 164NH497160 Central Scotland
£50,000 142ZW890748 Edinburgh
£50,000 138KC696434 Cornwall
More Premium Bonds winners
   

MOST READ MONEY

Tourist rates

Currency Rate Buy now
Updated 20 Feb 2017.
Euro 1.143 Buy Now
US Dollar 1.213 Buy Now
Australian Dollar 1.5798 Buy Now
Canadian Dollar 1.5959 Buy Now
Chinese Yuan 8.2322 Buy Now
Croatian Kuna 8.4059 Buy Now
Czech Koruna 30.7558 Buy Now
Danish Krone 8.4389 Buy Now
Egyptian Pound 16.27 Buy Now
Hong Kong Dollar 9.4288 Buy Now
Hungarian Forint 347.043 Buy Now
Icelandic Króna 127.875 Buy Now
Israeli New Shekel 4.4278 Buy Now
Japanese Yen 138.6504 Buy Now
Malaysian Ringgit 6.2624 Buy Now
Mexican Peso 24.2918 Buy Now
New Turkish Lire 4.3553 Buy Now
New Zealand Dollar 1.6957 Buy Now
Norwegian Krone 10.0456 Buy Now
Polish Zloty 4.8743 Buy Now
Singapore Dollar 1.7234 Buy Now
South African Rand 15.7857 Buy Now
Sterling 1.0 Buy Now
Swedish Krona 10.7225 Buy Now
Swiss Franc 1.2169 Buy Now
Thai Baht 42.1078 Buy Now
UAE Dirham 4.4683 Buy Now

Monthly Or Lump Sum Savings Calculator

Monthly savings plan

Find out how much a regular monthly savings scheme could make me.

Results
Or lump sum investments

Calculate how much a lump sum investment could be worth.

Result

Mortgage Affordability Calculator

Your monthly payment

Enter how much you plan to borrow and find out your monthly bill. Assumes interest calculated annually.

Result
Your total mortgage

Enter the amount you can afford to pay monthly (eg. your current rent) to find out how much you can borrow...

Result
Are you over-stretching

How much of your income goes on your mortgage?

Result
Groupon discount codesAO.com discount codeArgos discount code