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High cost credit products must be tackled, say Lords

High cost credit products must be tackled, say Lords

Image copyright Getty Images The banks and financial regulators should do more to tackle the vicious cycle of debt and overcharging, says a Lords committee. The Financial Exclusion Committee says banks are failing the customers who need them the most, leaving the poorest to rely on expensive products. It adds that controls on “rent to […]

Pensions mistakes of the past must be avoided, says John Cridland

Pensions mistakes of the past must be avoided, says John Cridland

Image copyright Thinkstock Mistakes of the past must be avoided when telling people of any rise in their state pension age, the author of a major review has told the government. John Cridland published the independent review on Thursday, proposing that those under the age of 45 may have to work a year longer, to […]

Petrol and diesel prices cut amid pressure on retailers

Petrol and diesel prices cut amid pressure on retailers

Motorists will see an acceleration in fuel price cuts over the weekend as supermarkets take up to 2p off a litre of petrol and diesel. Wholesale prices have dropped and motoring organisations have suggested this merits reduced pump prices. Tesco and Morrisons are cutting prices by 2p a litre on Friday, and Asda and Sainsbury’s […]

Ofcom plans instant payback for broadband woes

Ofcom plans instant payback for broadband woes

Image copyright PA Landline and broadband customers who suffer poor service could get money back automatically under plans set out by the telecoms regulator, Ofcom. Under the proposals, they would no longer have to “fight tooth and nail” to get “fair compensation”, Ofcom said. The plan, which is now subject to consultation, could benefit up […]

New £1 coin: Tesco to leave trolleys unlocked

New £1 coin: Tesco to leave trolleys unlocked

Image copyright Getty Images Shopping trolleys at Tesco’s biggest supermarkets will be left unlocked when the new £1 coin is released on Tuesday. The company said it was an “interim” measure while it carries out work to replace the locks on its trolleys to take the new 12-sided coins. Fewer than 200 of Tesco’s 3,500 […]

Pearson boss sees pay boost despite firm’s struggles

Pearson boss sees pay boost despite firm’s struggles

Image copyright Pearson The boss of publisher Pearson saw his pay package rise 20% last year despite the firm sliding to a record loss. John Fallon made £1.5m in 2016, including a £343,000 bonus, as the company hit certain performance measures. Pearson met its operating profit target of £630m, but made a £2.6bn pre-tax loss […]

RBS and NatWest to shed 158 branches and more than 400 jobs

RBS and NatWest to shed 158 branches and more than 400 jobs

Image copyright Getty Images Hundreds of jobs will be lost following a decision to close almost 160 RBS and NatWest branches. RBS blamed a “dramatic shift” in banking, with branch transactions falling 43% since 2010. In the same period, online and mobile transactions have increased by more than 400%. About 770 staff will be affected […]

Next sees first annual profit fall in eight years

Next sees first annual profit fall in eight years

Image copyright Newscast Next has reported its first fall in annual profit for eight years and warned of “another tough year ahead”. Pre-tax profit at the clothing and homeware retailer dropped 5.5% from £836.1m to £790.2m last year. The firm, which had already warned profits would fall, said it remained “extremely cautious” about trading. It […]

Brantano: collapse of shoe retailer puts 1,000 jobs at risk

Brantano: collapse of shoe retailer puts 1,000 jobs at risk

Image copyright Brantano Shoe retailer Brantano has gone into administration, putting more than 1,000 jobs at risk. The chain was bought out of administration just over a year ago by a company controlled by turnaround specialists Alteri Investors. Since then Brantano has suffered from the “depressed and competitive” footwear market, as well as the fall […]

Bosses’ incomes are 386 times higher than living wage

Bosses’ incomes are 386 times higher than living wage

Image copyright PA Bosses of the UK’s 100 biggest firms earn 386 times more than workers on the National Living Wage, a survey found. The Equality Trust charity compared the £5.3m average pay of a FTSE 100 chief executive with the £13,660 earned by someone on the living wage. The findings come as the government […]

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