UK launches £40m competition to roll out self-driving commercial vehicles May 23, 2022 The UK Government has launched a £40m competition to kick-start the roll out of commercial self-driving vehicles from 2025. Announced today by investment minister Lord Grimstone, the ‘Commercialising Connected and Automated Mobility’ will provide grants to help increase the UK’s reputation as an industry world leader. Out of the total funding, £1.5m will be used [...]
Petrol retailers could face fines if they fail to pass on fuel duty cuts to consumers May 19, 2022 Petrol retailers could be fined if they fail to pass on fuel duty cuts to customers, warned the Competition and Markets Authority.
Credit inclusivity must go beyond buy now pay later to cater for those in need of access May 13, 2022 Credit has a huge inclusivity problem in the UK. It’s encouraging to see buy-now-pay-later (BNPL) firms make moves to share their data with credit referencing agencies (CRAs) ahead of regulatory deadlines. However, there’s much more to be done to help millennials improve their credit, and a real risk in advising consumers to increase BNPL usage [...]
UK recession to hit sooner than first thought as economy unexpectedly shrinks May 12, 2022 The UK is “dangerously close” to tipping into a recession sooner than predicted due to households already cutting spending ahead of the cost of living squeeze tightening. That’s according to City economists’ assessment of weaker than expected GDP figures published today by the Office for National Statistics (ONS). The economy shrank 0.1 per cent in [...]
The City View: Subpar UK economic figures, and more rate hikes to come May 12, 2022 Today Andy Silvester talks to City A.M.’s Economics and Markets reporter Jack Barnett. They go through the gloomy economic figures released by the ONS this morning measuring the economy’s performance, and explain what this will mean for rate hikes going forward. And in the news: BT has confirmed a joint sports venture with Warner Bros [...]
‘You can’t catch a break’: Leaseholders face high insurance fees amid cost of living crisis May 12, 2022 Leaseholders have said soaring building insurance fees amount to “daylight robbery,” amid the City watchdog’s probe of the market. The Financial Conduct Authority (FCA) was asked to review the insurance market for blocks of flats earlier this year, after housing minister Micheal Gove said he was “extremely concerned” by accelerating costs faced by leaseholders. In [...]
London cabbies need to give up an antiquated system holding our economy back May 9, 2022 Have you tried to get an Uber in central London recently, and, upon seeing the price just thought “may as well get a black cab”? At least that way, you skip the hassle of trying to find your designated Toyota Prius and can simply hail a driver from the street. But the cost and expense [...]
Car insurance prices sink to lowest in seven years May 5, 2022 Car insurance prices have, on average, sunk to the lowest since 2015, the Association of British Insurers (ABI) announced today. Comprehensive prices, which are now at £416, dropped 5 per cent compared with 2021 levels following the Financial Conduct Authority’s decision to offer both new and returning customer the same tariff, and end “loyalty premiums.” [...]
Direct Line takes financial hit from watchdog’s new ‘price walking’ ban May 4, 2022 Insurance company Direct Line has said its Q1 performance was “broadly in line with expectations,” after the FCA’s new pricing practice reforms hit its bottom line. The Bromley based firm said its overall premiums were 2.4 per cent lower in Q1 2022 than in the first quarter of last year, as revenues dropped across its [...]
Fuel price rise means cost of running a car jumps 17 per cent April 25, 2022 Huge jumps in fuel prices have contributed to a rise in the cost of maintaining a car by 17 per cent to £3,500. Motorists are spending on average £1,435 to fill up their car each year, which is a £960 rise, according Insurance Revolution. The fuel jump rise means some road-users have started to use [...]