In an unpredicted turn of events, the coronavirus lockdown has been good for some when it comes to their bank balances. People collectively tucked away £30billion in savings accounts in March and April, around three times as much as the two months previous - with this credited to surplus cash and moving money to safety. A large slab of that went into easy-access accounts despite plunging rates. Meanwhile, we cleared a record amount of personal debt, according to Bank of England figures. The ONS says households are spending £183 less a week, but while some might be lucky to salt that away, many wouldn't come anywhere near it. Lockdown saving is not a universal picture. Many are facing up to lost income or losing their jobs entirely. In this podcast, editor Simon Lambert, assistant editor Lee Boyce and host Georgie Frost take a look at the figures. Much of the money stashed away at big banks pays 0.1 per cent or less, meaning collectively, billions of lost interest – where are rates heading? National Savings and Investments currently has a few best buy accounts, how long can it prop up the market and are we turning our backs on stocks and shares Isas? Meanwhile, the IMF says the crisis will wipe £10trillion off the global economy: what's happened to the V-shaped recovery? With pubs and shops slowly reopening, will Britons head back and spend their cash to help the economy? Simon talks about investing like Warren Buffett and what opportunities are out the post-lockdown world. With the heatwave that has smothered Britain this week, we take a look at how much it costs to run items that are designed to cool us down, and those trendy garden gadgets.
The combined wealth of British households is up 13 per cent between 2016 and 2018 - with the average standing at £286,600. But it's not all about house prices. In fact, the bulk of the rise is thanks to private pensions rather than property inflation, according to the Office for National Statistics. And it says that despite plenty of election claims to the contrary the rich aren't getting richer - but does that claim stack up? On this week’s podcast, Simon Lambert, Lee Boyce and Georgie Frost delve into the figures and ask: is financial inequality growing? We look at whether a reader can retire at 58 with a £6,000 pension – but £420,000 in a savings account. Meanwhile, as Vanguard reveals details of its new self-invested personal pension is this now the best home for cheap and easy retirement savings outside of the workplace? And finally, away from the serious stuff, we ask do you have to pay inheritance tax on a stamp collection - and just how much do you need to hold in Premium Bonds to have a strong chance of winning a £1million jackpot prize.
This week, This is Money takes a look at a raft of inter-generation financial divide stories that have popped up in August. This includes why those born in the 1980s have less disposable income than those born in the 1970s according to the Office for National Statistics and why the Bank of Mum and Dad is creaking. Assistant editor Lee Boyce, reporter George Nixon and host Georgie Frost run the rule over these statistics, along with proposals to raise the state pension age to 75. This was from a right-wing think tank The Centre for Social Justice and has left many industry experts irate. We also discuss data showing that two thirds of older people say they feel hurt by the inter-generational financial criticism that they are lording it up at the expense of younger generations. We also talk metal bank cards – why on earth would you want one and who is offering them?
It's fair to say environmental issues have moved to the forefront of the agenda in recent times. This week, editor Simon Lambert, assistant editor Lee Boyce and host Georgie Frost take a look at potential changes you can make to help the pound in your pocket turn a little greener. Simon explains his rallying cry for us to be his acronym 'Layby' rather than being labelled 'Nimbys'. Layby – or look after your back yard – is a movement to look after the country we live in. When it comes to investing, there is a growing movement where savers who want to combat climate change invest a small amount of money in the very companies eco-activists traditionally rally against, such as fossil fuel giants Shell and BP – so why? What can you do to be a more eco-friendly tourist? And finally… it's hard enough trying to predict how rapidly a normal car will depreciate, but estimating the loss of value of an electric vehicle is a whole other ball game. We reveal all.
Georgie Frost is joined by editor Simon Lambert and reporter Tanya Jeffries to talk about wealth: are the rich getting richer and should we worry about inequality? How rich are you? Fear not, if the answer is: Not very. This is Money has a plan to help you out. Also there's a focus on the over 60s, what perks you get and what help is available to you, if you are struggling. Plus, what is going on at Metro Bank drama and what you can do if you fancy a house that’s not actually for sale. Don’t worry, it’s all legal!
Welcome to the This is Money Show on Share Radio, brought to you in partnership with NS&I. After its controversial announcement last week Philip Hammond has finally had to U-turn on national insurance hikes in an attempt to win back public trust. Whilst the Budget provoked considerable backlash less publicised has been changes in road tax coming in April which will see some drivers paying as much as seven times more. Meanwhile across the pond the US Fed has raised interest rates with attention now turning to what the Bank of England will do next. Speculating on where all this leaves our finances Georgie Frost is joined by Editor Simon Lambert and Personal Finance Editor Rachel Rickard Straus. Plus is a castle, a Star Wars themed cinema and beer Fridays really what it takes to be named Britain’s best boss? This is Money is presented by Georgie Frost in partnership with NS&I.
Welcome to the This is Money and Share Radio podcast, presented in partnership with NS&I. This week of course the top financial story was Philip Hammond’s first, and indeed last, Autumn Statement. Just what state are the country’s post-Brexit finances in, and crucially what would the Chancellor offer to help his much referenced ‘Jams’? In the end those ‘just about managing’ certainly received a few headline policies but with predictions pointing towards low growth, high borrowing and high inflation many argue Jam spending has been spread too thin. There were also some losers with those enjoying salary sacrifice perks and letting agents coming into the crosshairs, as well as in fact the Autumn Statement itself which will now be scrapped. So what will all this mean for the pound in your pocket? Georgie Frost joins editor Simon Lambert and reporter Becky Rutt to answer just that. Also on the agenda this week they discuss Black Friday and for a slightly different purchase the opportunity to buy a road legal Formula 1 car. This is Money is presented by Georgie Frost in partnership with NS&I.
It's This is Money, your essential week's round-up of the biggest money stories in the UK and abroad. This week, guest-host Sue Dougan teamed up with Editor Simon Lambert and Personal Finance Editor Rachel Rickard Straus from the Financial Website of the Year, This Is Money. On the agenda today; A further rate cut looks unlikely for now, but that's not stopped the banks from taking full advantage of the chance to punish savers and borrowers alike. Meanwhile, a Pensions Roadblock is what we're calling people scared off from trying to get their nest egg in order. Is it just a bit complicated, or totally hopeless? And we'll also be taking a look at a new book on the hidden threat of Big Data: it's Weapons of Maths Destruction.
This is Money is presented in partnership with NS&I.