Elon Musk unveils the first high-speed Boring hyperloop tunnel in California December 19, 2018 Entrepreneur and Tesla chief Elon Musk has lifted the curtain on the first tunnel completed by his underground high-speed rail venture the Boring Company. In a 30-minute presentation, Musk described the 1.14 mile tunnel as a breakthrough in counteracting the "soul-destroying" traffic of Los Angeles, California. Despite previously suggesting the public would be offered free [...]
UK inflation falls to 20-month low led by cheaper petrol prices in Christmas boost for households December 19, 2018 UK inflation fell to a 20-month low in November led by cheaper petrol prices in a boost for consumers in the run up to Christmas. Consumer prices rose by 2.3 per cent in November, down from 2.4 per cent the previous month and the slowest rate since March 2017, according the Office for National Statistics. [...]
The changes that could shake up your finances in 2019 December 19, 2018 We Brits approach 2019 with a sense of dread, waiting with bated breath to find out how (and if) the UK leaves the European Union on 29 March. There’s no doubt that Brexit will affect various corners of our finances, but perhaps the real game-changer for our money will be the ongoing push to make [...]
Brands must learn to use social video to reach Generation Z December 19, 2018 UK retail giant John Lewis claims that its Christmas television adverts are among “the most effective marketing campaigns in the industry”. Perhaps this was the case once, but faced with impressing video obsessed Generation Z (those born since 1995), does it still hold true now? It appears that I am not the only one with [...]
Dealing with the auto-enrolment challenge December 19, 2018 This year saw automatic pension contributions rise to five per cent, and an increase to eight per cent is scheduled for April 2019. While auto-enrolment has certainly been a positive step in encouraging people to save some money towards their pension, there are notable challenges that the initiative poses. The main concern is that there [...]
Santander fined £32.8m for ‘serious failings’ in processing accounts of deceased customers December 19, 2018 Santander has been fined £32.8m for “serious failings” in processing the accounts of deceased customers as thousands of families were left waiting for their inheritance. The bank failed to transfer more than £183m to the beneficiaries of dead customers when it should have done, the Financial Conduct Authority ruled. In some cases funds were kept [...]
Virgin still weighing its options for Flybe takeover as budget airline shares soar December 19, 2018 Shares in struggling low cost airline Flybe have taken off this morning after Virgin Atlantic said it was still considering a potential takeover bid. Sir Richard Branson’s airline opened talks to buy the company last month after the Exeter-based airline puts itself up for sale. Virgin confirmed this morning that it was still “reviewing its [...]
Eleven banks chosen to join £350m RBS scheme to boost business banking competition December 19, 2018 Eleven banks have been chosen to join a £350m scheme to encourage small businesses to move away from RBS in a bid to boost competition. Challenger banks including Monzo, Metro and Starling as well as Santander, Co-operative, CYBG and TSB were selected by the Banking Competition Remedies body (BCR) and funding amounts will be revealed [...]
UK watchdog calls for new powers on tackling £4bn ‘loyalty penalty’ after super-complaint December 19, 2018 The UK's Competition and Markets Authority has said it will seek new powers to fight the so-called loyalty penalty faced by consumers across multiple industries, including insurance, mobile phones, broadband, savings accounts and mortgages. The challenge comes off the back of a super-complaint made by consumer body Citizens Advice in September, a practice designed to end [...]
DEBATE: Will the new recommendations from the CMA help rebuild trust in the audit sector? December 19, 2018 Will the new recommendations from the CMA help rebuild trust in the audit sector? Michael Izza, chief executive of ICAEW, says YES. The proposals from the Competition and Markets Authority (CMA), alongside the Kingman Review, are the kind of bold intervention in audit that we have been calling for. Breaking up the larger firms was unlikely [...]