prices – Latest News

Sainsbury’s and Tesco use ‘potentially dodgy tactics’ on loyalty card prices, Which?

admin — Fri, 15 Sep 2023 00:57:22 +0000

Tesco and Sainsbury’s are using ‘potentially dodgy tactics’ on some of their loyalty offers to shoppers, consumer group Which? has claimed.

The supermarkets are, in some instances, giving the impression that savings for loyalty card members are better or more substantial than they really are, according to Which?

Its findings suggest Tesco and Sainsbury’s ‘are sometimes offering customers deals that do not necessarily constitute a genuine saving’.

Sainsbury’s has refuted the claims and said the Which? findings were based on a ‘flawed methodology’.

Tesco also rejected the findings by Which? and told This is Money that ‘all our Clubcard Price promotions follow strict rules’.

Claims: Tesco and Sainsbury’s are using ‘potentially dodgy tactics’ on some of their loyalty offers to shoppers, consumer group Which? claims

Which? also claimed that not all customers are able to sign up to the supermarkets’ loyalty schemes, particularly those without access to a computer, people who are too young or those in temporary accommodation.

The consumer group analysed 141 Tesco Clubcard and Sainsbury’s Nectar card product prices and tracked the pricing of these products over a six month period.

It claimed that only 29 per cent of products included in member-only promotions were listed at their so-called ‘regular price’.

Through its research, Which? said it identified three main problems centred on ‘regular’ prices quoted in certain loyalty offers at Sainsbury’s and Tesco.

This included regular prices that had been changed soon before the customer promotion, regular prices that were far higher than at other supermarkets and regular prices that were only available for a very short period of time.

Which? used different example to detail its findings

According to Which?, Sainsbury’s advertised a jar of Nescafé Gold Blend Instant Coffee (200g) for £6 with a Nectar card, a saving of £2.10 on the ‘regular’ price of £8.10. But the regular price had also been £6 at Sainsbury’s until it went up to £8.10 just two days before the Nectar price launched.

Which? also found the ‘regular’ Sainsbury’s price was considerably higher than at other supermarkets.

At Asda, for example, the same jar was £7, while at Morrisons, Ocado and Waitrose it was £6. Tesco charged £5.99 at Tesco and £5.49 was charged at Lidl, the consumer group claimed.

At Tesco, Which? found Heinz Salad Cream (605g) with a Clubcard price of £3.50 and a ‘regular’ price of £3.90. However, its regular price had been £2.99 for several weeks before it was increased to £3.90, 22 days before the Clubcard promotion, Which? said. It had been at its ‘regular’ price for only 25 days out of 183, equating to around 14 per cent of the previous six months.

On member-only pricing, one shopper told Which?: ‘I agree that these attract customers like me, but feel like they raise the prices anyway and then members’ prices become the normal price it should be.’

Which? has shared its findings with the Competition and Markets Authority. Which? said it focused on Tesco and Sainsbury’s as they are the UK’s two biggest supermarkets and have established loyalty schemes.

Some shoppers ‘excluded’

Which? also raised concerns about some shoppers being unable to access loyalty card membership schemes.

It said people who don’t have access to technology, are too young to apply or don’t have the required criteria for an address are at risk of being excluded.

Vulnerable groups, like young parents and carers or those in temporary housing, might miss out on access to the loyalty offering, it added.

Response: Tesco refuted the claims and said all its promotions adhere to strict rules

Response: Sainsbury’s refuted the claims made by Which? in its latest findings

You have to be 18 or over to be a member of Asda, Iceland, Lidl, M&S, Sainsbury’s, Tesco, and Waitrose loyalty schemes, and 16 or over at Morrisons.

What is member-only pricing?

A growing number of supermarkets and shops are offering member-only or loyalty pricing.

For certain products, the retailer offers one price for loyalty card members and a different, higher price, for non-members.

‘With high food inflation continuing to put pressure on household finances, loyalty schemes are an effective way for supermarkets to compete with the consistently low prices of discounters Aldi and Lidl’, Joe Dawson, retail analyst at GlobalData, said.

Access to these promotions is limited to shoppers who’ve joined the relevant loyalty scheme. Many retailers believe the use of such schemes will ensure their member customers keep returning to their chain, rather than shop elsewhere.

Big-names like the Co-op, Superdrug and Boots have all upped their use of member-only pricing in recent months. The Co-op recently announced it has invested £70million into member-only prices.

Co-op is the only major supermarket currently offering a scheme for under-16s, Which? said. Sainsbury’s does let under-18s collect points using a parent or guardian’s account.

One shopper told Which?: ‘I don’t mind member-only pricing from a selfish point of view, but think it’s very discriminatory and morally questionable.’

Sue Davies, Which? head of food policy, said: ‘It’s not surprising that shoppers are questioning whether supermarket loyalty card prices are really a good deal, as our investigation shows that up to a third of loyalty offers at Tesco and Sainsbury’s are not all they’re cracked up to be.

‘As member-only pricing continues to grow, the sector, its pricing practices and who is eligible for membership needs to be properly scrutinised so that all shoppers – including society’s most vulnerable – can benefit and no one is misled into buying things they wouldn’t have usually bought or which isn’t quite the deal they believe it to be.

‘Which? is calling on supermarkets to make sure that their loyalty card prices don’t mislead and for the regulator to look more closely at this growing trend towards dual pricing. There is also the important issue of whether it is right for certain groups to be excluded from member-only schemes.’

Sainsbury’s and Tesco respond

A Sainsbury’s spokesperson told This is Money: ‘Nectar Prices offer our customers the opportunity to make genuine savings across 5,000 products.

‘Which? fails to recognise that base prices have been increasing throughout the year due to inflation. Our promotional rules around Nectar Prices are informed by the guidance from Trading Standards.

‘The Nescafe Gold example demonstrates Which?’s flawed methodology as the claim that the ‘regular’ price was £6 is untrue.

‘The base price of this item has been £8.10 since December 2022 and £6 was a promotional price throughout this year, including on Nectar Prices when it launched in April.’

A Tesco spokesperson told This is Money: ‘We know that having low prices on the products we sell is really important to our customers right now, which is why we have more than 8,000 weekly deals on Clubcard Prices, offering customers potential savings of up to £351 a year – all while collecting Clubcard points that can be put towards groceries and fuel, or doubled in value with our Reward Partners.

‘All our Clubcard Price promotions follow strict rules, including considering how they compare against prices in the market, to ensure they represent genuine value and savings for our Clubcard members. These rules have been endorsed by our Trading Standards Primary Authority.

‘As Which? reported recently, Tesco was the cheapest of all the major supermarkets when a Clubcard was used – and was extremely competitive when compared with the limited range discounters.’

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Rising gas prices push up the rate of annual inflation to 3.7% – the second consecutive

admin — Wed, 13 Sep 2023 14:39:56 +0000

Rising gas prices push up the rate of annual inflation to 3.7% – the second consecutive rise THIS YEAR – but experts insist interest rates will remain steady

Prices rose 0.6 percent month-on-month, driven mainly by a jump in gas prices
Despite the rise, the Fed is expected to hold interest rates steady next week
Core inflation, which excludes volatile food and energy prices, remained mild

By Tilly Armstrong Consumer Reporter For Dailymail.Com

Updated: 10:38 EDT, 13 September 2023

Inflation in the US has accelerated for a second consecutive month to a 3.7 percent annual rate – up from 3.2 percent in August.

Prices rose 0.6 percent month-on-month to August, driven mainly by a jump in gas prices – which accounted for over half of the increase.

Shelter costs also contributed to the rise, which went up for the 40th consecutive month.

The consumer price index report comes a week before the Federal Reserve‘s two-day policy meeting.

But despite the acceleration in inflation, the Central Bank is expected to hold interest rates steady while deciding whether a further rate hike later in the year will be needed to combat inflation.

Inflation in the US has accelerated for a second consecutive month to a 3.7 percent annual rate – up from 3.2 percent in August

Core inflation, which strips out volatile prices including food and energy and is deemed a better gauge of long-term trends, stayed mostly mild.

Monthly core inflation rose by 0.3 percent in August – up marginally from a 0.2 percent increase in July.

For the 12 month ending in August, core inflation slowed to 4.3 percent – down from 4.7 percent last month.

Americans faced surprise pain at the pump last month as gas prices surged – putting upward pressure on overall inflation.

The average price of a gallon of regular gasoline was $3.84 in August compared with $3.60 in July, according to OPIS, an energy-data and analytics provider cited by The Wall Street Journal.

The national average for a gallon of gasoline stood at $3.811 as of September 5, data from the American Automobile Association showed.

The price has not been higher at this time of year since September 2012 when filling up at the pump hit $3.84 per gallon amid concerns about supply disruptions from the Middle East.

Americans faced surprise pain at the pump last month as gas prices surged – putting upward pressure on overall inflation

The seasonal high this year is significant because it strikes at at a time when gas prices generally decline as summer gives way to fall and people drive less.

Oil production cuts by Saudi Arabia and Russia have caused prices to increase – on top of an already tightened global supply.

In July, major producer Russia – which sent markets into a frenzy when it invaded neighboring Ukraine nearly two years ago – vowed to take 500,000 barrels a day off its exports.

At a time where US officials are still trying to make up for the more than 1million barrels a day of fuel-making lost during the pandemic, the loss is a significant one, and looks to be finally being felt.

Another factor contributing to the higher prices is a lack of refining capacity on the US side, after hiccups over the summer limited output from US gasoline producers.

Record heat in fuel-making hubs such as Texas and Louisiana further affected supplies, after several refiners promised they would run their plants at up to 95 percent of their capacity in a bid to pump out more fuels despite the heat.

This is a breaking news story. More to follow.

August house prices fall at their steepest pace for half a decade

admin — Mon, 21 Aug 2023 04:43:32 +0000

August house prices fall at their steepest pace for half a decade

By John-Paul Ford Rojas

Published: 19:05 EDT, 20 August 2023 | Updated: 19:05 EDT, 20 August 2023

House prices have fallen at their steepest pace for August since 2018 as sellers try to attract interest amid a cost of living squeeze and soaring interest rates.

Average asking prices fell by 1.9 per cent compared with July according to figures from property website Rightmove.

It meant the typical house was on the market for £364,895 – down from £371,907 a month earlier. Prices also fell, by 0.1 per cent, compared to the same month last year – the first year-on-year drop in asking prices since 2019.

And the number of sales being agreed is now 15 per cent lower than in pre-pandemic 2019 ‘as higher mortgage rates mean that some have had to pause their moving plans for now’, Rightmove said.

It is the latest sign that the housing market is being battered by the inflation squeeze on household incomes and an increase in interest rates to the highest level since 2008.

Squeeze: A dip in asking prices is not unusual during August as sellers seek to drum up interest during a quiet period for the market

A dip in asking prices is not unusual during August as sellers seek to drum up interest during a quiet period for the market.

But the latest fall is twice the level of the typical 0.9 per cent slide. Rightmove said average asking prices were now £8,000, or 2 per cent, lower than at their peak in May.

But that follows a strong rise over the last few years and they are 19 per cent, or £59,000, higher than in August 2019.

Rightmove said some sellers were ‘seizing the initiative and heeding their agents’ advice to price competitively for their current local market conditions’.

Wilko slashes prices as rescue bids weighed up

admin — Sat, 19 Aug 2023 16:37:15 +0000

Wilko slashes prices as rescue bids weighed up

By Leah Montebello

Published: 16:50 EDT, 18 August 2023 | Updated: 16:50 EDT, 18 August 2023

Wilko has slashed prices at hundreds of stores as unions insisted there are still ‘genuine grounds for hope’ for a rescue deal.

The collapsed High Street retailer launched a sale offering up to 50 per cent off at its 400 shops across the country having tumbled into administration last week, putting 12,000 jobs at risk.

The sale comes as administrators at PwC consider various bids for Wilko in the hope of saving the business.

B&M, Poundland and Benson for Beds-owner Alteri are all rumoured to have thrown their hat into the ring.

And while there have been concerns for Wilko’s 12,500 staff, union bosses have been more optimistic.

Sign of the times: The collapsed High Street retailer launched a sale offering up to 50 per cent off at its 400 shops across the country

Andy Prendergast, national secretary at the GMB union, said: ‘We can confirm there have been expressions of interest from organisations who are considering taking over at least some parts of the business. These are still at an early stage, but this means there are genuine grounds for hope. While this process continues, staff will continue to be paid and kept on.’

Wilko has been a High Street name in Britain for decades. It was founded in 1930 as a hardware shop in Leicester by JK Wilkinson, and for decades was known as Wilkinson before taking on the abbreviated form in the early 2010s.

Over the years the family-owned company expanded its range to include DIY products, gardening wares and general home goods. But it has faced stiff competition from a growing number of cut-price competitors including B&M, The Range and Home Bargains.

It is thought would-be saviours have tabled offers to PwC for 40 to 50 Wilko stores, though one rescue offer, if accepted, could see as many as 300 stores retained. But the order of events is reminiscent of Woolworths, which disappeared from High Street in 2008 at the height of the credit crunch with the loss of 27,000 jobs and 800 stores.

Wilko bosses were slammed after the Mail on Sunday revealed they took £77m out of the company in the decade before it collapsed.

The biggest chunk came as £63m was paid to one side of the Wilkinson family after it sold its share of the company to other members of the clan.

Another £3m was taken out as a shareholder dividend in 2022, when the company announced losses of £35.9m.

Chief executive Mark Jackson said last week the company had done all it could to weather uncertain economic circumstances – but that ‘time has run out’.

In a letter to staff, he said: ‘We’ve all fought hard to keep this incredible business intact but must concede that time has run out, and now we must do what’s best to preserve as many jobs as possible, for as long as is possible.’

Apple and Amazon accused of ‘collusion’ in bid to keep iPhone prices artificially high

admin — Thu, 27 Jul 2023 11:53:08 +0000

Class-action style legal proceedings have been brought against Amazon and Apple, alleging the tech giants unlawfully colluded to increase the price of the iPhone maker’s products.

The claim, filed at the competition court in London, seeks redress of at least £500million for the ‘millions of UK consumers who bought Apple and Beats products since October 2018’.

Any consumer in the UK who purchased new Apple or Beats products since October 2018 is an eligible member of the claimant class, unless they opt out.

Action: A UK-based class legal action has been brought against Amazon and Apple

According to lawyers leading the litigation against the two US tech giants, Amazon restricted sales of popular Apple products by independent merchants on its online marketplace.

In return, it is alleged, Apple offered Jeff Bezos’s firm preferential wholesale prices on all Apple and Beats products, which it could sell directly to customers via its own retail business.

The deal, allegedly struck in October 2018, is said to have covered iPhones, iPads, Beats headphones and MacBooks.

The legal action has been filed on behalf of UK consumers by Professor Christine Riefa, a consumer law expert who teaches at the University of Reading. Professor Riefa is being represented by Hausfeld & Co LLP.

Who is eligible to join the class action?

According to Hausfield & Co LLP, the legal firm leading the litigation: ‘Any consumer in the UK who purchased new Apple or Beats products since October 2018 is an eligible member of the claimant class.

‘In accordance with Competition Appeal Tribunal Rules, the collective action is being filed on behalf of all potential claimants.

‘The claim is brought on an opt-out basis whereby all UK class members are included by default unless they decide to opt-out. To find out more information on this claim please visit www.ukappleamazonclaim.co.uk.’

A spokesperson for Amazon told This is Money: ‘This claim is without merit, and we’re confident that this will become clear throughout the process.

‘As a result of our agreement with Apple, customers can find the latest Apple and Beats products on our store, and they benefit from an expanded range with better deals and faster shipping.’

Apple declined to comment but has previously noted that certain agreements reached in 2018 were aimed at fighting counterfeit and safety concerns on Amazon marketplace.

Professor Riefa, the proposed class representative in the action, said: ‘Millions of consumers in the UK enjoy the services and products of Apple and Amazon.

‘They do not suspect that those companies collude to make them pay more for their electronics and reduce their choice. I believe that big businesses like Apple and Amazon should behave fairly and compete on merits, not by using underhand tactics.

‘Each company has an effective stranglehold over its market, and they are misusing that advantage to shut out competition from independent merchants – unlawfully lining their wallets at the expense of consumers. It’s a betrayal of their customers’ loyalty.’

She added: ‘At a time when families are under huge financial pressure from high inflation, mortgage and energy costs, it is more important than ever for consumers to be treated fairly.

‘I decided to bring the claim because consumers individually would never have been able to and the two Tech giants would have continued to line their pockets with their unlawful behaviours going unchecked.’

Eligibility: Any consumer in the UK who purchased new Apple or Beats products since October 2018 is an eligible member of the claimant class, unless they opt out

Action: Professor Christine Riefa is a consumer law expert who teaches at the University of Reading

Wessen Jazrawi, a partner at Hausfeld & Co LLP, which is leading the litigation, said: ‘Apple and Amazon have worked together to exclude competitors on the Amazon platform and to reduce the availability of discounted products, at their customers’ expense.

‘We look forward to working with Christine Riefa to return money to those who have lost out and to making these companies accountable for their unlawful conduct.’

In a statement, Hausfeld & Co, added: ‘Because of the market power enjoyed by the two Tech giants, and the drastic reduction of discounted offerings on Amazon’s platform, more than 7million British customers have paid (and continue to pay) higher prices for Apple and Beats products when purchasing them from Amazon.

‘The claim estimates that the compensation owed to these customers is almost £500million.

‘The claim also alleges that a further 29million British customers have paid higher prices for Apple and Beats products when purchasing them from other retailers (e.g., Apple, Curry’s, etc.) either online or in-store, with total compensation for such customers to be quantified in due course.’

Earlier this week, a separate legal filing in London accused Apple’s App Store of being an unfair ‘monopoly.’

Bank of England under pressure as prices shock leaves Britain in slow lane

admin — Thu, 22 Jun 2023 01:54:49 +0000

Bank of England under pressure as prices shock leaves Britain lagging US and Europe in battle against inflation

By John-Paul Ford Rojas For The Daily Mail

Updated: 20:02 EDT, 21 June 2023

The Bank of England will be under pressure to increase the pace of interest rate hikes today after official figures showed Britain still lagging behind the rest of the G7 in the battle against inflation.

Rates are expected to rise for the 13th time in succession, to 4.75 per cent, when the Bank’s Monetary Policy Committee announces its decision at midday.

But yesterday’s worse-than-expected inflation data from the Office for National Statistics (ONS), showing inflation was stuck at 8.7 per cent, has left the question of the size of the increase on a knife edge.

Financial markets were last night betting that there was a 51 per cent chance that rates would go up by a quarter of a percentage point to 4.75 per cent versus 49 per cent that they would go all the way to 5 per cent.

And further increases all the way to 6 per cent by the end of the year are pencilled in – something that experts fear will precipitate a recession.

Price spiral: Latest inflation data from the Office for National Statistics showed UK inflation stuck at 8.7%

Yesterday’s May inflation figure was a bitter blow to the Bank of England which has been raising rates rapidly to try to curb Britain’s price spiral.

Inflation has come down from the peak of 11.1 per cent last October but not nearly as quickly as hoped. It remains more than four times higher than the Bank’s 2 per cent target.

Worryingly, a measure of ‘core’ inflation – stripping out volatile factors such as energy and food – is going up even as the headline measure falls.

It climbed to 7.1 per cent in May, according to the ONS data. Britain’s record fighting inflation pales in comparison with other large economies and is the highest in the G7.

In the eurozone, inflation has fallen to 6.1 per cent and even in Italy – often scorned as a basket case by foreign commentators – it is lower than in Britain, at 8 per cent.

America, the world’s biggest economy, looks to be on top of the problem after an aggressive series of rate hikes saw inflation fall to 4 per cent.

That has allowed its central bank, the US Federal Reserve, to hit the pause button on rate hikes.

Yet the problem of global inflation – which spiralled last year after Russia’s invasion of Ukraine – has not entirely disappeared outside of the UK.

Fed chairman Jerome Powell told a congressional hearing yesterday that ‘inflation pressures continue to run high’.

Ruth Gregory, deputy chief UK economist at Capital Economics, said: ‘Inflation in the UK has stayed higher than elsewhere as the UK has endured the worst of both worlds – a big energy shock, like the eurozone, and labour shortages – even worse than the US.’

POPULAR MONEY SECTIONS

Peter Andre and Katie Price’s son Junior is mobbed by bikini-clad girls as he parties in

admin — Thu, 15 Jun 2023 13:27:15 +0000

Peter Andre issues a warning to son Junior, 18, as he is mobbed by bikini-clad girls while partying in Ibiza

By Lily Jobson For Mailonline

Published: 09:24 EDT, 15 June 2023 | Updated: 09:24 EDT, 15 June 2023

Junior Andre was mobbed by bikini-clad girls in the VIP section of Ocean Beach Ibiza on Wednesday, amid his dad’s fears of letting him go on a lads’ holiday.

Peter Andre and Katie Price share Junior, 18, and Princess, 16, and recently let their eldest jet off to celebrate his milestone.

The Mysterious Girl singer, 50, revealed to his Instagram fans that he was struggling to cope with Junior going on his first holiday by himself – and has now issued a warning to his son during his sun-soaked break.

Junior has been partying away with club owner Wayne Lineker, 61, after Peter revealed he would be well looked after by his friends on the island.

Peter previously said he was getting a ‘sick sort of feeling’ as he dropped Junior off to the airport.

Mysterious Girls! Junior Andre was mobbed by bikini-clad girls in the VIP section of Ocean Beach Ibiza on Wednesday, following his dad’s fears of letting him go on a lads’ holiday

A hit with the ladies: Peter Andre and Katie Price share Junior, 18, and Princess, 16, and recently let their eldest jet off to celebrate his milestone – with some new friends (pictured)

The aspiring DJ was tagged in videos and pictures on Instagram with bikini-clad girls as he partied on the Balearic island.

He captioned the post: ‘Celebrating my 18th birthday the best way possible in Ibiza!

‘I just want to say a massive thank you to you all for the Birthday Wishes and thank you everyone who continues to support me.

‘I’m so excited to see what the future holds and I can’t wait for you to hear my new music!’

His fearful dad commented on his post and said: ‘Be careful but have fun.’

Speaking in a video he shared on Instagram, Peter said: ‘I mean it was great day today, we spent the day together with Princess and it was wonderful.’

‘But taking him to the airport I was getting that sick sort of feeling in my gut but I’m really wanting him to have fun and enjoy himself.’

‘He’s with people I know, so I know he is going to have a good time and he is performing at Ibiza Rocks!’

‘Anyway I’m just having a moment and wanted to share it, I hope you don’t mind.’

Celeb friend: Junior has been partying away with club owner Wayne Lineker, 61, after Peter revealed that he would be well looked after by his friends

Warning: Peter, 50, issued a warning to Junior, telling him to ‘be careful but have fun’ as he enjoyed his first sun-soaked solo holiday

Popular: The aspiring DJ was tagged in videos and pictures on Instagram with bikini-clad girls as he partied on the Balearic island

Fun in the sun: Junior was having a ball as he kicked back in the VIP section of Ocean Beach Ibiza

He captioned his post: ‘My son is 18, I’m stressing …… Do I need to get over it ? Can anyone relate ?’

Fans gushed to the comments to support the Mysterious Girl hitmaker and said: ‘It doesn’t stop whatever age our children are.’

‘My son is 18 next week and I’m stressing! First lad’s holiday in July = many sleepless nights for me.’

‘My daughter turns 18 a week today and she also goes away with friends. My stomach is already in knots!!! I don’t want her to grow up.’

Caring: Peter revealed to his Instagram fans that he was struggling to cope with Junior going on his first holiday by himself

Oil and gas windfall tax to be shelved if energy prices fall significantly

admin — Fri, 09 Jun 2023 19:07:16 +0000

Government to shelve windfall tax for oil and gas companies if energy prices fall significantly

Oil and gas firms currently pay a 35% ‘energy profits levy’ on North Sea profits
The UK government estimates the levy has raised £2.8bn since being introduced
Harbour Energy recently declared it would cut 350 jobs due to the windfall tax

By Harry Wise For This Is Money

Updated: 12:26 EDT, 9 June 2023

Oil and gas producers will not pay a windfall tax if energy prices drop to ‘historically normal levels’ for a continued period, under plans announced by the government.

HM Treasury said the measure was needed to encourage investment in the North Sea, protect jobs and improve the UK’s domestic energy supply amidst Russia’s full-scale invasion of Ukraine.

Oil and gas firms currently pay a 35 per cent ‘energy profits levy’ on the profits made from North Sea production, in addition to a 40 per cent headline rate of tax.

Taxing: Oil and gas firms currently pay a 35 per cent ‘Energy Profits Levy’ on the profits made from North Sea production, in addition to a 40 per cent headline rate of tax

The UK government estimates the levy has raised £2.8billion since being introduced by then-Chancellor of the Exchequer Rishi Sunak in May 2022 and is anticipated to raise about £26billion by March 2028.

Money from the levy has gone towards supporting households and businesses with their energy bills, which have skyrocketed in the past 18 months due to the conflict in Ukraine and the loosening of Covid-related restrictions.

But energy companies have complained that the levy has forced them to cut investment plans, even though they can save 91p in tax for every £1 they invest in new oil and gas extraction.

Harbour Energy recently declared it would cut 350 jobs and shift expenditure away from the UK after it stopped bidding for new North Sea projects and saw annual profits virtually wiped out by the windfall tax.

The government has now said petroleum firms will not pay the EPL if oil prices stay below $71.40 per barrel and gas remains under 54 pence per therm for two successive quarters.

On Friday, a barrel of Brent Crude was trading at $76.13 a barrel, while natural gas stood at 68.4 pence per therm.

Gareth Davies MP, exchequer secretary to the Treasury, said: ‘It’s so important that we secure investment in our own domestic supply, protecting the tens of thousands of British jobs that come with it.

‘It would be beyond irresponsible to turn off the North Sea taps overnight. Without oil and gas from British waters, we would be forced to import even more from overseas, putting our security of supply at risk.’

Earnings: Many campaigners and politicians believe reducing the windfall tax is wrong, given that some oil and gas companies such as Shell and BP are making record profits

A ban on new North Sea oil and gas investment would lead to the UK’s dependence on imports rising from 50 per cent to 80 per cent by 2033, according to figures from the government and the North Sea Transition Authority.

The Treasury’s decision comes as Norwegian energy giant Equinor prepares to decide on the future of Rosebank, a £4.5billion project that could produce up to 300 million barrels of oil.

But environmental groups are vehemently opposed to the site’s development, with the organisation Uplift claiming it would emit over 200 million tonnes of carbon dioxide.

Many campaigners and politicians also believe reducing the windfall tax is wrong, given that some oil and gas companies are making record profits and spending huge sums on share buybacks and dividends.

BP made £23billion in underlying earnings and bought about $11.7billion of its own shares last year, more than double the previous year’s amount.

Just as controversial with environmental activists, the firm announced a scaling back of its planned carbon emissions reduction target.

Meanwhile, Shell revealed a record £32.2billion annual profit for 2022, £1.4billion higher than analysts had predicted, mainly due to soaring gas prices.

Alice Harrison, fossil fuels campaign leader at Global Witness, said: ‘Now is not the time to be asking those companies to pay even less tax. This is a government on the side of polluters, not the people.’

Harrison further accused the government of having ‘learned nothing from the energy crisis and is intent on returning to business as usual as quickly as possible.

She added: ‘The fossil fuel industry has used its enormous influence and power to fight the windfall tax, and it is an affront to humanity that it appears to have won.’

POPULAR MONEY SECTIONS

Artist transforms a street (and boosts house prices) by painting row of 63 homes in vivid

admin — Thu, 01 Jun 2023 12:15:44 +0000

Rainbow road! Artist transforms a street (and boosts house prices) by painting row of 63 homes in vivid colours

Artist Tash Frootko, 44, has been painting homes in Gloucester since 2018
Local residents say artwork has seen house prices rise by up to 30 per cent
In total, 134 houses have been painted using more than 1,300 litres of paint

By Allan Glen

Published: 05:43 EDT, 1 June 2023 | Updated: 08:10 EDT, 1 June 2023

An artist transforming a city by painting its houses different colours has unveiled her latest street of 63 ‘rainbow’ homes.

Tash Frootko, 44, has been painting houses in Gloucester since 2018 – giving a makeover to entire streets and squares.

Local residents say it has created a better atmosphere and has even seen house prices rise by up to 30 per cent.

Now Ms Frootko has unveiled her biggest project yet with 63 houses on Hopewell Street painted in bold and vivid colours.

It is the artist’s fifth transformation in the city and her largest project to date.

Local residents say the artist has ‘remarkable vision’ and her drive is ‘phenomenal’

One resident who lives on the ‘rainbow street’ says the artist has brought ‘love and colour’

Gloucester artist Tash Frootko, 44, says she has a ‘template and formula that works’

The property developer, who has lived in Gloucester for the past two decades, said: ‘It shows what an individual with a vision can achieve.

‘I started these transformations as there was such a negative morale about the appearance of the city.

‘The backdrop has been here all the time, it just needed a creative mind and a huge injection of colour to decorate it.

‘My projects get more exciting every time and I seem to have a template and formula that works.

She said the response from the community, its schools and visitors to the street has been ‘overwhelmingly positive’.

‘I am delighted that my 2023 and 2024 projects have been partially funded by Gloucestershire County Council Levelling Up Together scheme as until now I have self funded them’, she added. ‘I will continue to work completely voluntarily so that every penny of funding goes towards making the area shine.’

The new home makeovers have also been accompanied by a huge floral mural by street artist Sophie Mess, murals by Ms Frootko’s partner Stuart Doust and a quirky door installation and rainbow staircase.

Residents of the newly transformed street have shared their thoughts on the ‘remarkable’ regeneration.

The makeovers have been accompanied by work from Sophie Mess and Stuart Doust

Rob Wilks, who has lived on the street for 63 years, said: ‘It was like Tash appeared from nowhere and turned our street into a work of art.

‘The tireless work she does behind the scenes to fix the street’s issues before adding her signature colours is admirable.

‘She has bought love, fun, colour and laughter to the street and we can’t thank her enough for that.’

Brigitte Wurfel-Mathurin, who has lived on Barton Street for 37 years said: ‘There is no end to this lady’s ability to improve the look of our city.

‘Her remarkable vision and drive is phenomenal and she takes the community on the adventure with her.

‘Having Tash come to our street and do what she has done has been life-changing and makes me feel so proud to say that I live in Barton and Tredworth.

‘She has created a kaleidoscopic masterpiece here and another landmark for Gloucester.’

Ms Frootko’s project began in 2018 with painting the houses on a small street to ‘reinvigorate’ local areas with creativity.

She is now set on transforming entire parts of the city and transforming them into huge ‘outdoor art galleries’.

Since the artist began her mission to turn Gloucester into the Rainbow City five years ago, 134 houses have been painted in her trademark vivid colours using more than 1,300 litres of paint.

Chelsea freeze 2023-24 season ticket prices as Todd Boehly and Co aim to appease

admin — Thu, 11 May 2023 11:25:14 +0000

Chelsea have frozen their general admission season ticket prices for the 12th straight year in a move to appease fans on the back of a disastrous season.

Despite forking out an unprecedented £600million on new signings this term, the Blues are languishing in 11th place after losing 14 of their 34 Premier League matches so far.

They have employed four different head coaches after sacking Thomas Tuchel and Graham Potter – with Bruno Saltor and current caretaker Frank Lampard both enjoying interim spells in charge – while struggling for form in the league and crashing out of every cup competition.

It has been a baptism of fire for new co-owners Todd Boehly and Behdad Eghbali, who have drawn the ire of supporters for a number of questionable decisions in their first full season at the helm, including the dismissal of Tuchel back in September.

As a result, the much-maligned duo have chosen to freeze season ticket prices ahead of the 2023-24 campaign in an attempt to begin winning over fans, Chelsea confirmed on Thursday.

Chelsea have frozen their general admission season ticket prices for the 12th straight year

Co-owners Behdad Eghbali (left) and Todd Boehly (right) have made the move in a bid to appease disgruntled fans on the back of a disastrous campaign

The Blues are in the bottom half of the Premier League table amid a crisis on and off the pitch

In a statement announcing their season ticket plans for next season, the club said: ‘This season has not produced the results that any of us want. We know what we are working towards, but equally we know that will require hard work, determination and commitment. We all want to see Chelsea back where we belong and to share many more winning moments together at Stamford Bridge.

‘Adult general admission (GA) season tickets have been frozen since 2011/12, meaning since 2005, season ticket prices have fallen in real terms by 32%. Like many industries, our costs have also risen significantly. Operating Stamford Bridge and delivering matchdays have been particularly subjected to inflationary pressures – up 31% since 2018.

‘Equally, we are acutely aware of the rise in cost of living and the impact that has on our supporters.

‘Looking at all of these factors, the Board has decided to freeze GA season tickets for the 2023/24 season.’

The move comes as a consolation for Chelsea supporters after what has been one of the worst seasons in their modern history, with relegation from the Premier League only mathematically secured last weekend after a six-game losing streak finally came to an end at Bournemouth.

Amid turmoil on and off the pitch, Chelsea’s Supporters’ Trust penned an open letter to the club in March warning them of ‘irreversible toxicity’ if they decided to ramp up season-ticket prices.

Citing the current cost of living crisis in the UK, the upsurge in Chelsea’s commercial revenue, their diabolical season and the impact heightened ticket fees could have on Stamford Bridge’s matchday atmosphere, the group pleaded with Boehly and Eghbali to stick by their prices next season.

Chelsea’s Supporters’ Trust warned the club of ‘irreversible toxicity’ if they increased prices

The Blues have had four different head coaches this season after sacking Thomas Tuchel (left) and Graham Potter (right)

Season tickets ranged from £595 to £940 during the 2022-23 season, while individual matchday tickets were offered up at between £53 and £76 for adults on general sale.

And the Supporters’ Trust’s concerns have now been heard after Chelsea confirmed the freezing of their season ticket prices for the 12th successive year.

The move sees fans in general-admission areas at Stamford Bridge continue to pay less for their season tickets than fans of London rivals Arsenal and Tottenham, who fork out the highest prices in English football.

Chelsea’s cheapest adult general admission season ticket will be set at £750, with Tottenham’s costing £807 after the north London club also froze their prices for next season.

Arsenal, meanwhile, have announced an average rise of five per cent to season tickets which were already priced at upwards of £900.

Mauricio Pochettino is expected to be confirmed as Potter’s replacement in the coming weeks

After replacing Roman Abramovich at Chelsea last year, one of Boehly and Eghbali’s first moves was to freeze season ticket costs while also scrapping an unpopular booking fee.

Nevertheless, a number of fans did see their season tickets treble in price shortly before Abramovich’s departure following the refurbishment of the West Stand Upper Tier Concourse and seating.

Boehly and Eghbali maintained these prices for the new ‘Westview’ stand after arriving at the club despite anger from supporters who were forced to shell out for a premium matchday experience.

And while talks are understood to have taken place over a potential increase, Blues chiefs came to the agreement that supporters should not be made to spend more with the club set to miss out on European qualification down in the bottom half of the table.

Boehly and Eghbali are also poised to announce their new permanent head coach, with former Tottenham boss Mauricio Pochettino a heavy favourite.

Pochettino, who has been out of work since being sacked by PSG last year, is expected to take charge in the summer once Lampard’s turbulent caretaker spell draws to a close.

prices – Latest News

Sainsbury’s and Tesco use ‘potentially dodgy tactics’ on loyalty card prices, Which?

Some shoppers ‘excluded’

What is member-only pricing?

Sainsbury’s and Tesco respond

Rising gas prices push up the rate of annual inflation to 3.7% – the second consecutive

Rising gas prices push up the rate of annual inflation to 3.7% – the second consecutive rise THIS YEAR – but experts insist interest rates will remain steady

Share or comment on this article:

August house prices fall at their steepest pace for half a decade

August house prices fall at their steepest pace for half a decade

Share or comment on this article:

Wilko slashes prices as rescue bids weighed up

Wilko slashes prices as rescue bids weighed up

Share or comment on this article:

Apple and Amazon accused of ‘collusion’ in bid to keep iPhone prices artificially high

Who is eligible to join the class action?

Bank of England under pressure as prices shock leaves Britain in slow lane

Bank of England under pressure as prices shock leaves Britain lagging US and Europe in battle against inflation

Share or comment on this article:

Peter Andre and Katie Price’s son Junior is mobbed by bikini-clad girls as he parties in

Peter Andre issues a warning to son Junior, 18, as he is mobbed by bikini-clad girls while partying in Ibiza

Share or comment on this article:

Oil and gas windfall tax to be shelved if energy prices fall significantly

Government to shelve windfall tax for oil and gas companies if energy prices fall significantly

Share or comment on this article:

Artist transforms a street (and boosts house prices) by painting row of 63 homes in vivid

Rainbow road! Artist transforms a street (and boosts house prices) by painting row of 63 homes in vivid colours

Share or comment on this article:

Chelsea freeze 2023-24 season ticket prices as Todd Boehly and Co aim to appease