Economy

economy

New £5 notes selling for £200

As you know, last week, the UK was introduced to the new polymer £5 note which will survive a wash, but don't test it to see if it'll tear - because it will, and you'll be a fiver down. However, you can make some money on your new bank note, as some people are forking…

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1p RIP?

1p RIP?

Are we going to be waving goodbye to the humble one pence piece? We did it with the halfpenny, but then again, people got hysterical when we started getting charged 5p for a plastic bag down the shops. We just don't know how anyone'll react to this. It could be happening though, according to a…

Tax problems with pension freedom

New pension freedoms bring their own set of problems, and some people have been slapped with unexpected bills after unlocking some of their money from their savings. This is according to Citizens Advice, who add that some people are also looking at reductions in welfare thanks to the income they're getting after they release funds…

Royal Mail pension 'unaffordable'

Over 90,000 Royal Mail staff have been given a warning that their final pension is 'unaffordable', and may well be closed down. This is a worrying notion, as if it comes to be, other large companies might do the same. Staff have been written to, and have been told that their "gold-plated" pension scheme may…

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Ryanair to focus less on UK

Ryanair to focus less on UK

The immediate fallout of the Brexit vote is that sterling is not great in the exchange rate, and businesses are jumpy, wondering what to do next. This of course, will have one camp of people yelling 'told you so!', another shouting 'stop being cry babies!', and everyone else wishing both parties would shut up for…

Interest rates on hold after cut gossip

This morning, it looked like the Bank of England could have made the first cut to UK interest rates. There were rumours that the BoE were to relax rules which would allow banks to lend an additional £150 billion. Interest rates have been the same since they were cut to 0.5% in March 2009, which…

New low for post Brexit pound

The pound has dropped again, sinking to a new low against the US dollar, going below $1.28 as the uncertainty over the Brexit vote to leave the EU continues. This is a new 31-year low for sterling. What does this mean for you? Basically, a weaker pound means that your holiday is going to be…

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Lloyds cutting 640 jobs

Lloyds cutting 640 jobs

Lloyds is shedding 640 jobs and closing branches. The bank said that these jobs will be going in IT, group operations, and their wealth management businesses. This is part of the 9,000 job cuts that were announced in 2014. They're also planning to close 23 branches in October, and by 2017, Lloyds will have closed…

Taxman doesn't want you asking about Brexit

More Brexit news (sorry, it really isn't going away any time soon), and this time, to HMRC. They've had to put a message on their answering service in a bid to deter everyone from ringing them up about about the result of the EU Referendum. If you call the tax office, you'll be told: "There…

UK market still all over the place after EU Ref

The Brexit aftermath still rumbles on, with the UK being stripped of its AAA rating, business sectors seeing their share value dropping through the floor, and even at one point, trading in Barclays and RBS shares got suspended. Barclays dropped 10.3% and RBS plunged by 15%, which triggered automatic circuit breakers on the London Stock…

Post Offices feel rush on Irish passports

The Brexit could have a big impact in Northern Ireland, what with it being the only part of the United Kingdom (doesn't feel particularly united this week, but there you go) that touches a bit of the EU. Some people's back gardens are in the UK, but lead out into the EU. People are worried…

Post Brexit, the pound continues to wobble

The pound is still having a rough time in the fallout of the Brexit vote, dropping against the US dollar. After Friday's result in the EU Referendum, it saw a spectacular crash, then climbed a bit, and has been wobbling ever since. It has dropped by more than 2% on top of the 10% plunge…

UK stocks and pound plummet after Brexit

Well, there's no avoiding the topic now - the EU Referendum votes have been counted, and the Leave vote won it. This morning, in the aftermath, the FTSE 100 fell by over 8%, led by a steep drop in banks as Britain voted to leave the EU, raising the threat of a recession. The FTSE's…

Uber and AirBnB bans a 'last resort'

The European Commission has said that it should be a "last resort" banning 'sharing economy' businesses like Uber and AirBnB. Of course, the increasing popularity of such companies has posed a number of regulatory problems across Europe (and the rest of the world, obviously), and thanks to confusion about how laws actually impact these businesses,…

Everything you need to know about the new £5 note

We told you the new £5 notes were imminent - well, now they've been unveiled and the new plastic fivers will be in circulation very soon. "These notes will stand the test of time," said Bank of England governor Mark Carney; "Polymer marks a major innovation - it's cleaner, safer and stronger." Thanks to the…