Money latest: Four big lenders hike mortgage rates amid interest rate uncertainty (2024)

Train drivers who are members of the Aslef union at 16 companies have announced fresh strike dates as part of their long-running dispute over pay.

Drivers at different companies will walk out on various dates between 7 May and 9 May.

They will also refuse to work non-contractual overtime from 6 May to 11 May.

BySarah Taaffe-Maguire, business reporter

The UK's biggest water company has put forward an investment offer that could increase customer bills even more than the 40% rise it already requested.

Thames Water, which serves 16 million customers in the south of England, has suggested an additional £19 a year bill increase on top of its plan for bill payers to becharged 40% more.

The optional extra increase could fund £1.9bn in environmental protection investment, Thames Water said, if approved by regulator Ofwat.

Under the utility's proposed business plan, for the five years to 2030 bills will rise to £608 a year - a 40% rise.

The average bill is currently £432.60 a year.

But if the extra investment takes place customers will have to pay 44% more instead - £627 a year by 2030.

An investment of £18.7bn had already been proposed but under revised plans, an extra £1.1bn has been offered to go into "projects benefiting the environment", Thames Water said.

Regulatory approval is required for the plans and Ofwat is due to publish its draft view on 12 June.

By Sarah Taaffe-Maguire, business reporter

Despite the retaliatory strikes between Israel and Iran, the oil price has fallen to $86, down from the $91 dollar highs seen earlier this month.

A barrel of the benchmark Brent crude oil now costs $86.41, down from $88 on Friday.

It's a good day for the hundred most valuable companies that make up the Financial Times Stock Exchange (FTSE) 100.

The index is up 1.31%, led by grocers Ocado, Sainsbury's and Marks and Spencer.

It's also a big day for Asda as it reported profits rose 23%. As the company is privately owned, its share price is not tracked on the London Stock Exchange.

The larger FTSE 250 index is also up, just a smaller 0.87%.

A pound buys $1.2359 and €1.1591.

Ryanair has hit back after a study suggested it often may not be the low-cost option.

A study conducted by Which? found thatwhile budget airlines like Ryanair and Wizz Air often had the cheapest headline fares, both failed to return the lowest price when cabin bags and seat selection were added on.

One of three routes analysed - return flights from London to Naples - foundBritish Airways offered the lowest total price at £120.

This compared with £185 with Wizz Air, £132 with Ryanair and £126 with easyJet.

For return flights to Malaga, easyJet came out as cheapest, with British Airways in second.

Rory Boland, editor of magazine Which? Travel, warned passengers to "look beyond the headline fare and factor in the cost of extras you need, before you book".

Reacting, a spokesperson for Ryanair said:"This is more fake news from Which?.

"Ryanair has the lowest fares of any airline in Europe and additional ancillary products, such as extra luggage, are entirely optional for customers."

A Wizz Air spokesperson added that its "average price" for cabin baggageand priority boarding was "much lower" than the one found by Which?

They said the "ultra-low-cost" airline allowed passengers to choose which services they wished to purchase so that they could offer the "most affordable travel opportunities".

Every Monday we put your financial dilemmas or consumer disputes to industry experts. You can find out how to submit yours at the bottom of this post.

This week, a Sky News reader who left their name as "Dangerous Trees"asks...

"My neighbour's trees are damaging my wall. Can't close the gate, starting to take up the pavement. Gutter is full of pines off the trees, they go up the roof, branches are hanging over the house and garden. They think they are bigger than the law and refuse to do anything saying it's green belt. Is there any way to get them to pay for repairs?"

George Harrison, solicitor at The Jonathan Lea Network, says this...

Dealing with troublesome neighbours can be challenging and we often advise on these disputes. Usually, the starting point is to have a polite and respectful conversation with the neighbours to explain the issues caused by their trees and express your concerns. However, it seems that constructive communication with these neighbours has broken down.

You have indicated that the trees are damaging your property, namely your wall and pavement and you also cannot close your gate, preventing enjoyment of your property. Consider a couple of issues as a starting point:

• If the property is in the green belt (which is a government policy for controlling urban growth in some areas), you can check any restrictions with your local council or planning authority. They can provide information about green belt regulations and any restrictions related to tree maintenance. If the trees are indeed causing damage, the council may also be able to intervene directly; and...
• You should find out if the trees are protected by a Tree Preservation Order. TPOs are legal orders that prevent the cutting down, uprooting, or damaging of certain trees without permission. If the trees have TPOs, your neighbours will need consent (ie from the local council) to carry out any work. You can check with your district or borough council's planning department or tree officer to see if there is a TPO in place.

You may potentially have a claim against your neighbours for trespass (because the trees are trespassing on your land) and/or private nuisance if the trees are causing a continuous, unlawful and indirect interference with the use or enjoyment of land, or some right in connection with the land.

If there is also trespass and/or encroachment of the trees and the roots cause damage, compensation can be claimed for this damage.

If you have a mortgage, your lender may wish to get involved as they will be interested in protecting their security which is at risk of damage. Furthermore,you should checkany insurance policies you may have for the property which may include legal expense insurance coverage as this may assist with any claim you need to makeand/or protect you from your neighbour's poor behaviour.If you do have an insurance policy for your property, it may be the case that as a condition of this insurance, the insurer may have the right to take up the claim on your behalf, so this is also something to investigate.

Also, consider having the properties assessed by an expert surveyor to obtain estimates for repair and keep all receipts for any repairs as evidence. You could even consider jointly instructing an expert surveyor with your neighbour.

If you choose to take court action, you should make sure you follow the pre-action protocol.

If you choose to take matters into your own hands, you can lop the trees only to the extent of the overhanging branches trespassing on your land, but you should offer any prunings back to the neighbour as these remain their property.

Before you do this, you should also warn your neighbour of the action you will take in advance. You must not trespass onto the neighbour's property at any time, although you could climb into the tree to undertake the necessary work.

It goes without saying you should also check for any TPO or other conservation area restrictions before carrying out the work. You cannot cut back further than the relevant boundary, and you could be liable for any damage to your neighbours' trees if, for example, the branch removals cause tree failure due to disease, a change in the balance of the trees, or different wind loading which causes the trees to blow over.

Therefore, it may be wise to employ a competent tree surgeon to ensure that any risk is minimised and they would take on liability for the work (check they have suitable public liability insurance before engaging their services).

This featureis not intended as financial advice - the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute, leaving your name and where in the country you are, in the form above or by emailing news@skynews.com with the subject line "Money blog". Alternatively,WhatsApp ushere.

Iceland has dropped its famous "That's why mums go to Iceland" tagline as part of a drive to be more inclusive.

The frozen foods giant historically advertised with "mums love it" when it first opened in 1970.

It adopted its classic slogan in 2004, with pop star Kerry Katona fronting its advertising campaigns.

But the chain, which opened its first store in Oswestry, Shropshire, in 1970, has now changed its strapline to a more neutral "that's whywego to Iceland" - which bosses say reflects its "growing customer base".

TV personality and Big Brother winner Josie Gibson, the company's new ambassador, said the new tagline was "great".

"Even though mums love it, Iceland is for everybody," the mother-of-one said.

Executive chair of Iceland, Richard Walker, said: "Iceland's always been number one with mums and our new campaign celebrates our growing customer base, from across all aspects of the great British public."

If you're unhappy with your bank, a switch may be something worth considering.

It's quick and easy, and when you switch your incoming payments will move to your new bank account.

Five switching offers have launched in recent months - but they've all now ended apart from one, which will be pulled today.

Here's what you need to know...

What bank?

First Direct is offering a £175 switch incentive. The cash bonus is available to new account holders on a sole or joint account.

How do you qualify for the deal?

You will need to complete a full switch using the Current Account Switch Service (CASS) and be a UK resident.

After that you need to do the following within 30 days of your account opening:

• Transfer at least two direct debits or standing orders;
• Deposit £1,000;
• Log on to digital banking.

You can apply for the switch here.

We're back for another week of consumer news, personal finance tipsand all the latest on the economy.

This is how the week in the Money blog is shaping up...

Today: Every week we ask industry experts to answer your Money Problems. Today, a Money blog reader is having a dispute with a neighbour over a tree - we get a solicitor's view.

Tuesday: This week'sBasically...explains everything you need to know about power of attorneys.

Wednesday: We speak to a Michelin chef in Cumbria - and learn some Cheap Eats tips on creating the perfect lasagne.

Thursday:Savings Championfounder Anna Bowes will be back examining the pros and cons of another type of savings account, and the best rates available.

Friday: We'll have another Myth or Must, andSunna Van Kampen will take us down another supermarket aisle to help us shop healthier for less.

Running every weekday, Money features a morning markets round-up from theSky News business teamand regular updates and analysis from our business, City and economic correspondents, editors and presenters -Ed Conway,Mark Kleinman,Ian King,Paul KelsoandAdele Robinson.

You'll also be able to streamBusiness Live with Ian Kingweekdays at 11.30am and 4.30pm.

Bookmarknews.sky.com/moneyand check back from 8am, and through the day, each weekday.

The Money team is Emily Mee, Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young and Ollie Cooper, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

By Brad Young, Money team

As exam season approaches, some parents are putting hundreds of pounds aside to reward their children if they achieve certain grades.

While some parents lambasted the idea as "absolute potatoes",others told Sky News they saw their children's focus increase after offering up to £250 for the top results.

Among them was Sarah Cook, 45, from Dorset, who said cash incentives had improved her eldest daughter's concentration at GCSEs and she promised her youngest, Merryn, the same offer: £100 for a 9, 8 or 7 (A*/A in old money), £50 for a6 or 5 (B) or £20 for a 4 (C).

"We were definitely all for it and happy to pay up based on achievement. I think it reflects real life as well - if you do well in your job, you tend to get paid more," Ms Cook said.

Merryn, 13, added: "I think it is better for the motivation and for that extra encouragement to get the highest you possibly can and to push yourself more."

Robert Gidney, from Norfolk, said his 14-year-old son's results had improved by a grade since the family decided on reward money: £250 for a grade 9, reduced by £50 for each lower grade, with no reward for grades below 5.

"He seems to be concentrating a lot more on it. He has been studying a lot more and putting a lot more effort in."

He admitted the practice might not be for everyone - something mother of two Sarah Paterson, 57, from Cheshire, would agree with.

"Never in a million years," she said, recalling how her children, now aged 26 and 37, would protest that their friends were being offered cash rewards.

"It's absolute potatoes. What are you setting you kids up for there?

"If they are going to academic, they are going to be academic. Life is about self-motivation."

What the psychologists say

External motivators like money can help children focus in the short term, but they "eventually kill off intrinsic motivation", said Dr Cath Lowther, general secretary of the Association of Educational Psychologists.

She said all children were intrinsically interested in learning, but regular external incentives "erode the engines of motivation" that cause them to find joy inlearning or set and achieve theirown goals.

It could also cause conflict and jealousy in some schools, with "children in that classroom who can't afford breakfast".

There is already too much pressure on children, said Dr Emma Citron, consultant clinical psychologist and chartered member of the British Psychological Society.

They are already trying to catch up after the pandemic and taking exams that could determine if they get a university place, she said.

"I just think that it's sending all the wrong messages as parents. You're adding to their pressure and actually, more importantly, changing the dynamic between you and your children.

"You're making it conditional on outcome, on reward, rather than what we know to be good, which is unconditional approval and validation."

Parents ought to be "quietly supportive" and act in a pastoral capacity, she said.

Teachers split on the practice

Charlotte, a biology teacher at a private school, who did not wish to give her last name, said approximately 20% of a given year group were offered cash incentives by their parents.

The educator of 30 years said those children often found academia harder, misbehaved or hadn't put in much work before exam season.

"It's not that much fun, revising, it's pretty dull, so I think anything that is an incentive is probably a good thing."

She said her children, now adults, were not offered cash, adding they had dyslexia and dyspraxia.

"They knew that what we required was just for them to do their best," she said.

A 26-year-old teacher at a state school in Reading said she hadn't found cash incentives were common during her four years as a teacher, but she was offered money by her parents when she took exams.

"I think sometimes it could be effective, but it could put more pressure on the pupil and I don't know if it's healthy," said the teacher, who did not wish to be named.

"They are going to feel disappointed if they don't get the grades no matter what."

Dr Lowther said cash incentives spoke to a wider problem with the British schooling system, where external motivators are built in from the start, rather than practices that foster intrinsic motivators like autonomy and connection to others.

From gold stars at reception to narrow choices in the national curriculum, schools focus on extrinsic incentives, she said.

"It would be great if there could be some real thinking about the curriculum and getting science behind how it's developed and how it's implemented," she said.