UK money news stories - 28 August 2024

Autumn Budget will be ‘painful’, warns Starmer 

It’s not looking good for October’s Budget. In order to fix the £22bn hole in the public finances, Prime Minister Keir Starmer says ‘tough action’ is needed and people will need to "accept short-term pain for long-term good". However, he hasn’t stated exactly what this will look like.

Energy price cap to increase by 9.5% from October 2024

The energy price cap is set every three months and the latest one is going up to £1,717 a year. It means the average customer will be paying £143 a month, an extra £12 a month. Here’s everything you need to know about the new energy price cap and how much you’ll pay.

Crackdown on Buy-Now Pay-Later firms as Labour pushes ahead with plans to regulate the industry

Three years after rule changes were considered to regulate the BNPL industry, Labour is pushing ahead with plans. Currently, customers can borrow quickly and easily from firms such as Klarna and Clearpay, with little recourse if things go wrong. But tougher rules could mean better protection for BNPL borrowers.

Fish and chips price rise tops UK takeaways

Fish and chips from your local chippy used to be a cheap and easy dinner, but the price of the family favourite has soared by over 50% in the last five years, costing almost £10 per portion. But why has the price risen so much more than kebabs and pizza? 

City watchdog raises concerns over £4bn life insurance market

The Financial Conduct Authority is to investigate whether insurance companies are ripping off “vulnerable” life insurance customers. These policies are supposed to offer financial protection for individuals and their families in case of serious illness or death. However, the watchdog is concerned they’re not always structured fairly and offer “poor value”.

Tesco shoppers 'confused' as it makes huge change to cash payments in 40 stores

Tesco no longer accepts cash at 40 of its supermarket cafes, including Oldham, Newmarket and Ashford in Surrey - and more could follow suit. It’s left many shoppers baffled by the decision - although Tesco insists it’s been well received and has led to shorter queues.

Booking.com scam: Spike in reports over summer as some holidaymakers conned out of THOUSANDS

Be warned if you’ve used Booking.com for your holiday accommodation. Scammers have been targeting customers with messages that appear within its internal message system. 

Most commonly, they say an extra fee must be paid to secure your reservation or 'confirm' your booking, asking you to click a link to a third-party website to make the payment. Some people have lost hundreds or even thousands of pounds.