OPEC has reached a deal to cut oil supplies for the first time since the global financial crisis in 2008, prices are expected to rise above $50 a barrel as countries with large oil reserves like Saudi Arabia and its Gulf allies accepted big reductions in production. OPEC decided to cut 1.2m barrels a day to about 32.5m b/d for six months from early 2017 after six hours of talks in Vienna. Our energy expert in Vienna Peter Bild joined the show to discuss.
Consumer writer Megan French from Money Saving Expert gives some advice for those affected by the collapse of GB Energy as well as discussing the pros and cons of PayPal for online Christmas shopping. Plus we have a roundup of the best deals the team have found this week.
How much would it cost you to feed say 8 people for Christmas? £100? maybe even £200? Good Housekeeping's annual Christmas dinner price index just released today has revealed that you can feed eight people for as little as £20 or £2.48 per head. To find out how Sue Dougan spoke to Sara Benwell, Good Housekeeping's consumer editor.
There are calls for Ofgem to look at how to better protect energy consumers from their supplier going out of business. It comes as 160,000 energy customers face uncertainty, after GB Energy Supply was forced to shut down. USwitch is calling on the regulator to look at how suppliers can cope with fluctuating wholesale energy prices more effectively. James Brydges spoke to Claire Osborne, an energy expert from USwitch, about the increase in wholesale prices.
Between 2001 and 2011, the number of whiplash claims for car accidents doubled, despite the number of accidents going down by 40%. This is allegedly costing us £40 a year extra in insurance costs which has caused the government to decided to clamp down on fake claims. Joining Sarah to talk about what this means to the public are, Amanda Stretton, from Confuesd.com and David Williams, technical director of AXA Insurance
This week we discuss Phillip Hammond's Autumn Statement, where he announced changes to salary sacrifice schemes, new money for housing and the leaked ban on letting agent's fees. Joining Sarah are, Jane Moore, from the Institute of Chartered Accountants in England and Wales, Debbie Lovewell-Tuck, editor of Employee Benefits magazine, Sue Warwick who's an Independent Housing Specialist at Infusion Living and Richard Connolly, the CEO of Rentplus.
Jane Moore, Debbie Lovewell-Tuck, Sue Warwick, Richard Connolly
Have you been using your credit cards to get in on the black Friday deals, or perhaps some Christmas shopping? Credit cards can be extremely useful against fraud but can be a big problem if you aren't able to pay them off quickly. So should you bother, or are you better off without? To discuss this with Sarah she is joined by Young Money champion, James Connington, Andy Webb of becleverwithyourcash.com, Andrew Haggar of Moneycomms and Hannah Maundrell of Money.co.uk.
James Connington, Andy Webb, Andrew Hagger, Hannah Maundrell
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.
Black Friday is on and bargain hunting shoppers may spend an estimated £2 billion trying to beat expected new year price rises. And according to the online retailing association IMRG, well over half the spend will be done online. So it might seem surprising to find that two old pre-internet age stores are being revived on the High Street. Safeway and Austin Reed are both staging a comeback, so Matt Cox has been hearing from Mintel’s Retail Analyst, Richard Perks, about the return of these old names.
When it first crossed the Atlantic, Black Friday was a one day affair when we sat back in amusement watching punch-ups over cheap TVs. Now, hundreds of household name retailers are already dangling Black Friday carrots in front of our noses. Last year, amazon.co.uk sold more than 7.4 million items on the day at a rate of 86 items per second and are expecting to beat that this year. Fergal Gara is a Director of Amazon UK, and he joined Share Radio Breakfast to discuss the event.