This is Money Podcast

State pension boosted by 8.5% from this week - will it ever become means tested?

Older people received another boost to the state pension this week taking the full rate to over £11,000 a year. This year's increase of 8.5 per cent was thanks to the triple lock commitment - a guarantee the state pension will rise each year by the higher of CPI, wages or 2.5 per cent. What does the future hold? While there is plenty of speculation the state pension may become means tested, in reality it could be incredibly hard to implement. This week, Tanya Jefferies, Georgie Frost, Hel...

Beware fixed-rate savings trap… and secrets from an Isa millionaire

There's a warning for savers who's fixed term deals are coming to an end - don't take your eye off the ball now or risk having your returns wiped out in a matter of months. A year ago, there was a flurry of savers choosing fixed-rate bonds as they improved drastically. But if you don't act, the chances are it'll rollover into an awful rate. On this week's This is Money podcast, Helen Crane, Lee Boyce and Georgie Frost talk savings, just as we head into a new financial year. Also on the sa...

Is a 99% mortgage really that bad?

The row over small deposit mortgage is the gift that keeps on giving. Hot on the heels of the Budget plan that never appeared arrives Yorkshire Building Society's new deal, that's been dubbed a 99 per cent mortgage. But is it really one of those and does it have any redeeming features? And if it's cheaper than you rent, is there anything wrong with taking a 99 per cent mortgage? On this week's This is Money podcast, Georgie Frost and Simon Lambert talk tiny deposit mortgages, negative eq...

How to sort your pension and Isa before the tax year ends

There is less than a fortnight to go before the end of the tax year and that means it's time to sort your Isa, pension and finances before it's too late. With another tax raid on the way for investors on capital gains and dividends, this is one of the most important tax year ends in years. On this special bonus episode of the This is Money podcast, Simon Lambert talks to Rob Morgan, of Charles Stanley Direct, to find out what investors need to do and why sorting your pension and Isa can sa...

Will the Bank of England cut rates as soon as people think?

The Bank of England held interest rates again this week as inflation dropped once more. So, are we out of the woods yet? Will inflation keep coming back down towards target and the Bank of England soon seamlessly switch back to cutting rates? Or will central bankers be keen to hold onto higher rates, even if we get hit by a bout of disinflation? On this week’s podcast, Georgie Frost, Lee Boyce and Simon Lambert look at what next for inflation and interest rates and what it means for your ...

Are you about to have to pay for your bank account?

Was the Budget too little, too late - and what will it mean for your money?

Jeremy Hunt bounced around delivering his Budget on Wednesday, proudly declaring his commitment to tax cuts and supporting working families. Another 2p was chopped off National Insurance and the threshold at which child benefit is removed was raised from £50,000 to £60,000. But you don’t need to be a financial expert to know that the Chancellor’s version of events isn’t quite the whole story. Because Mr Hunt is also presiding over a long-term stealth tax freeze to thresholds that is costi...

Quick Budget reaction: Investing experts on the Chancellor's speech

On this bonus episode of the This is Money Podcast, Simon Lambert is joined by Charles Stanley Direct’s Lisa Caplan and Garry White for a quick run through what was in the Budget. Investment experts Lisa and Garry talk us through the main Budget points and what they mean for people. Join us on Friday for the full Budget episode where the This is Money Podcast team will dissect Jeremy Hunt's plan and reveal the devils uncovered in the details.

Tale of the state pension underpaid for 20 YEARS

The debacle over widespread errors in the state pension that This is Money and Sir Steve Webb uncovered, continues. As of the end of October last year, DWP had paid out just under half a billion pounds to more than 80,000 people who’ve been underpaid. But what about those who have died? This week, Tanya Jefferies, Lee Boyce, Angharad Carrick and Georgie Frost reveal the case where a letter was sent to the daughter of an 100 year-old man three years after he passed away, stating he had been...

Will the Budget cut taxes and get rid of these traps?

With the Budget tipped to be the Chancellor’s last roll of the dice before a General Election, expectations over tax cuts are growing. But what taxes could Jeremy Hunt choose to cut and why – and is there hope that he will sort out the tax mess that Britain has got stuck in. The higher income child benefit charge creates marginal tax rates above 50 per cent, meanwhile the removal of the personal allowance bakes in a 60 per cent income tax rate between £100,000 and £125,140. Should these t...

The UK is in recession but does that matter (and could things be about to get better)?

It's finally happened. After months of will-we, won't-we speculation, the UK economy has finally succumbed to recession. The ONS revealed this week that a drop in GDP in the final three months of 2023 meant that Britain had racked up two consecutive of negative growth - and thus the dreaded R word is here. But is this a bad one, why does the term 'technical recession' keep being bandied about and do these backward-looking figures mask things already getting better? On this week's podcast,...

Interview: Sir Stelios on how he launched easyJet - and backing young entrepreneurs

In this special bonus This is Money podcast episode, Simon Lambert speaks to easyJet founder Sir Stelios Haji-Ioannou. Sir Stelios tells the story of how he launched easyJet his easyGroup of companies - and how allowing others to build companies using the easy brand works. He also explains why he is backing entrepreneurs under the age of 35 with his Stelios Philanthropic Foundation awards and giving away £150,000 to the successful winner.

Will you be able to afford a comfortable retirement?

The cost of a comfortable retirement has jumped over the past year - but what do you need to get one and will you get there? As the Pension and Lifetime Savings Association updates its annual look at how much income people need for a basic, moderate or comfortable retirement, Georgie Frost, Lee Boyce and Simon Lambert take a look at what this all means for you. If a comfortable retirement costs a couple £59,000 a year and a moderate one £43,000, which one do you have a chance of achieving ...

Why would the Bank of England cut rates this year?

The Bank of England held base rate once again at 5.25 per cent, the fourth hold in succession – but this time, it was a genuine split by MPC members. So, when will we start seeing rates fall – and will inflation really be at the target 2 per cent by April? This week, Simon Lambert, Lee Boyce and Georgie Frost discuss what another interest rate pause means for you – and what that means for savings and mortgage rates, along with investors. Where do you stand on the smart meter debate? With ...

Why has Britain fallen behind on getting richer?

Britain's disposable income has dropped substantially over the past 14 years compared to where it should be, according to a new report this week. The Centre for Cities said that the average household's disposable income has fallen £10,000 behind where it would have been if pre-2010 growth rates had been maintained. On average we have got better off, but we are well below what would have been expected. On this episode of the This is Money podcast, Georgie Frost, Lee Boyce and Simon Lambert...

You can bag a £10k heat pump discount... would that tempt you to get one?

The Government wants us to get heat pumps fitted in our homes and it's offering up to £7,500 for us to do so. Now Worcester Bosch is bumping that up by an extra £2,500 - if you pick one of theirs of course. But with the devices cost between £8,000 to £30,000 to buy and fit, would it tempt you? Georgie Frost, Helen Crane and Lee Boyce reveal all... and talk the 'boiler tax'. Is inflation back on the rise? How worried should we be by the latest figures? And where next for interest rates? A...

Should you stick your money in Premium Bonds, a savings account or invest?

After a good year for Premium Bonds when the only way was up for the prize fund rate, savers got a blow this week as a cut arrived. The prize fund rate is being cut to 4.4 per cent from 4.65 per cent.   That edges the average return - which you may or may not get - from Premium Bonds further below the best savings deals, so should you save instead? Or would many Premium Bond holders be better off investing? On this podcast episode, Georgie Frost, Lee Boyce and Simon Lambert discuss wheth...

Is the taxman really going after Ebay sellers?

Have you ever sold anything on Ebay, Vinted or Facebook Marketplace to make a bit of extra cash? Those who do may have been worried this week, as news that the websites will now be required to report sellers' activities to the taxman caused panic online.  So what are the rules - and is HMRC really going after people who sell the odd frock or mobile phone?  In this week's episode, Lee Boyce, Helen Crane and Georgie Frost explain what's really happening, how to tell if you are a 'trader' - ...

Will investors have a good year in 2024 - and what do they need to look out for?

How fast will interest rates fall - and where's the new normal?

The Bank of England has reached the peak with interest rates in this cycle. That's the firm view of the markets and most analysts, despite three members of the nine-strong Monetary Policy Committee disagreeing and voting for a rate hike this week. The question has now shifted from how high will rates go, to when will they be cut? The boldest predictions are for more than 1 per cent to be shaved off the base rate next year. Does that fit with the Bank's 'hawkish hold' of the base rate thi...

Will mortgage rates keep falling and is the crisis over?

It's been a rollercoaster year for mortgage rates and after the inflation panic spike over summer, lenders have been slashing costs for borrowers. The best mortgage rates are now falling towards 4 per cent, whereas not so many months ago they were rising towards 6 per cent - and many deals climbed above that. So is the mortgage crisis over and how much further will rates fall? On this podcast, Georgie Frost, Helen Crane and Simon Lambert discussa year of mortgage madness, what could happe...

The pandemic start-up that can turn your floorplan into a grand design: Bonus interview with Peek Home's founders

We love the idea of transforming our homes so much that an entire cottage TV industry has sprung out of it, ranging from Grand Designs, to Ugly House to Lovely House and Your Home Made Perfect.  For Jaemi and Roly Glancy sketching out how they could renovate their properties turned into a start-up helping others envisage what they could do with theirs. In this bonus podcast episode, Simon Lambert of This is Money, speaks to Roly about how they started the business and where it's going.

What drives you mad about going to the shops?

What drives you mad about going to the supermarket? Is it self-service tills, scanning receipts to get out, loyalty scheme dual pricing, or prices being hiked well above inflation? Many of us want to support bricks and mortar retail, but there are times when shops seem to mainly be involved in testing our patience. In a week in which the competition watchdog fired a broadside at the consumer brands giants for pushing up prices, a practice dubbed ‘greedflation’ and sounded a warning to Tes...

Will the mixed bag Autumn Statement boost your wealth?

The Autumn Statement was the definition of a mixed bag. There was a National Insurance cut, but the stealth income tax raid continued. The Isa system got an improvement, but the allowance remained frozen. Meanwhile, the triple lock was delivered along with a pension pot-for-life plan but inheritance tax remains firmly uncut at 40 per cent, with all its weird quirks intact. So, was that an Autumn Statement to fire Britain on to growth, as the Chancellor claimed, or a damp squib? On this ...

Autumn Statement: What would you do if you were Chancellor for the day?

The Autumn Statement arrives next week and the rumour mill has gone into overdrive. The idea of it being a simple update on the economy seems to have been abandoned and instead there is talk of an Isa overhaul, tax changes, and even inheritance tax being cut from 40 per cent to 20 per cent. But if you were Chancellor for the day, what would you do? On this week's podcast, Georgie Frost, Lee Boyce and Simon Lambert look at what could be on the cards as Jeremy Hunt stands up and delivers hi...

How to turn your work pension into a moneyspinner and boost your pot

We all know pensions are important but most of us rarely engage with them. Yet, with a little bit of time and effort, you can get your work pension working as hard as possible for you - and at some point in the future you will be very glad you did so. On this episode of the This is Money podcast, Georgie Frost, Lee Boyce and Simon Lambert talk pensions: why you should start early, the reason that it involves free money, how to invest for a richer retirement many years down the line and muc...

Have interest rates peaked - and what happens next?

Have interest rates peaked? After an inflation spike rudely awoke them from their slumbers, the Bank of England and the US Federal Reserve have shown us that rate hiking can be a difficult habit to break. But 14 consecutive rate rises into an astonishing run from 0.1 per cent to 5.25 per cent for the base rate, the Bank of England suddenly paused six weeks ago. And then, on Thursday, it did it again. On both of those occasions, the Fed had also just done the same thing across the Atlantic...

Pension blunders and why a bond spike is worrying investors

This week, This is Money's pensions expert Tanya Jefferies joins Simon Lambert and Georgie Frost.  Among the topics being discussed: State pension top-ups are in dire need of an overhaul by DWP and HMRC, says TANYA JEFFERIES What does the bond market sell-off mean for your investments and pension? UK bond yields at 25 year high: Global borrowing costs rocket in debt market rout Premium Bonds winning numbers - and latest news Our neighbour's CCTV is recording us: Can we make them take ...

How much will frozen income tax bands suck out of your pay packet?

Wages are up, but inflation is… the same. What does it all mean for mortgage rates, the state pension, benefits and the economy generally?   One thing we know won’t be affected by the latest figure is income tax bands. Just how much is the big freeze – AKA fiscal drag - going to cost us? That’s on the agenda for Simon Lambert, Lee Boyce and Georgie Frost this week as the latest CPI reading stuck at 6.7 per cent.  At the start of the year, Prime Minister Rishi Sunak set the target to halv...

How much further could house prices fall?

House prices will continue to fall, says an influential poll of estate agents.  The latest survey by the Royal Institution of Chartered Surveyors found that buyer demand is declining and fewer homes are coming to the market. Meanwhile, Halifax’s latest house price figures show a £14,000 drop compared to the recent peak in August 2022 and 4.7 per cent fall in the year to the end of September, the largest since 2009.  So, how much further could they fall and are buyers in danger of trying t...

Will your energy bills rise this winter despite a falling price cap?

Inflation is easing, food prices are coming down from their peak and the energy price cap dropped last weekend. But you are still paying around 10 per cent more for your groceries now than last year, petrol prices are rising, mortgage rates are still high, and you may end up paying more for your gas and electricity this winter too. But how is that possible? This week, Angharad Carrick, Georgie Frost, Lee Boyce and Helen Crane tackle energy bills and look at who might be paying more in the ...

Could the most hated tax in Britain be axed?

It’s been called the most hated tax in Britain - but only four per cent of people pay it. You could be forgiven for thinking inheritance tax is something only the super-rich need to worry about.  But thanks to rising house prices and an increasing desire to transfer wealth between generations, more and more people are being drawn into the net. It happens not only when someone is left property or other assets from someone's estate, but also when they accept a gift from someone who passes a...

Have interest rates peaked and what next for savings and mortgages?

And suddenly they stopped. After 14 interest rate rises in a row, the Bank of England stalled and kept base rate on hold. A lower than expected inflation number and slew of economic reports indicating the heat was being taken out of the economy were credited with staying the Monetary Policy Committee's hand. So, will 5.25 per cent now be the peak for base rate or could rates once again start to head higher from here? And what does the Bank of England's decision to pause mean for savings r...

Podcast cut: How young workers can boost their pension (and maybe double their money)

This is Money's Simon Lambert gives his tips for young pension savers on how to give their retirement fund a big boost - and in some instances double the pot they end up with.

Should we keep the triple lock or come up with a better pension plan?

If the triple lock is stuck to, the state pension should rise by 8.5 per cent next April. That will be an inflation-busting rise but a promise is a promise - and the triple lock is meant to be a cast iron guarantee that the state pension will rise by either 2.5 per cent, average wages, or inflation. Except it's already been unpicked once and arguing about whether the government can wriggle out of it has become an annual event. It's expensive and paid for by current workers, but the triple...

Should we gift every newborn £1,000 to invest?

Every child could receive a pot of £1,000 at birth to be channelled into long-term investments in UK growth under proposals to give the young a leg up and revive a ‘stagnant’ economy. The idea of a ‘New Generation Trust’ is part of a package of reforms that could add £225billion to the economy, says a report by the City of London Corporation. A £1,000 payment to all newborn children would need to be invested - and it is claimed this could provide long-term capital for UK PLC.  It revives ...

Are you on track for a comfy retirement and do you really need a £600k pot?

Inflation has been ravaging our finances, but it is also threatening our future.  According to new research, if you want a comfortable retirement, you need to build a pot of nearly £600,000. The rising cost of living requires an extra £4,200 a year to maintain the same lifestyle as in spring last year - which means you have to save another £69,000 in all. This week, Tanya Jefferies, Georgie Frost, Lee Boyce and Helen Crane delve into pensions, as separate research shows more than half of ...

Where would YOU put money for five years? This is Money podcast

Many people may be feeling in a state of financial flux at the moment and wondering where to put their money. And it's not an easy choice. Savings rates have improved, gold is holding steady, but property prices are slipping and stocks are sticky. And that is just some of the myriad of options Britons are contemplating right now, alongside other areas such as overpaying the mortgage or saving for retirement. So, where would you put your money for the next five years? That’s the question t...

Have we turned the corner on high inflation or could it bounce back?

The inflation spike took central banks, governments and many ordinary people by surprise but Britain’s cost of living problem has proved more stubborn that most. The latest set of official figures on consumer prices index inflation seem to show that the UK may be making some headway on getting it down. Aided by a substantial drop in the energy price cap, annual CPI inflation fell to 6.8 per cent in July – down from 7.9 per cent in June. Does that mean we have turned a corner on inflation ...

Mortgage mayhem has stalled but what happens next?

After months of mortgage mayhem some better news finally arrived this week with major lenders delivering a slew of hefty rate cuts. Halifax, Nationwide, and NatWest have all delivered big chops to their home loans, with analysts saying that we may be past the moment of peak panic in the mortgage market. That’s the silver lining to a very dark cloud though, as mortgage rates are far higher than they have been in recent years and almost all of those whose fixes come up for renewal will face ...

Taxman customer service troubles unmasked and probate problems in the spotlight

When it comes to HM Revenue & Customs, it's safe to say that many business owners and accountants have become well-acquainted with chaos. The push for a digital tax system has left some waiting months to receive basic tax information - and following a This is Money investigation, where we spoke to someone inside the madness, we have received an avalanche of taxman woe. This week, Angharad Carrick, Tanya Jefferies, Lee Boyce and Georgie Frost reveal what's been going on - and whether custom...

Energy firms rapped for bad customer service... while still making mega profits

Energy firms have had their feet held to the fire this week. The industry as a whole has been blasted by the regulator Ofgem over poor customer service, while our investigation revealed that 200 customers don't think Ovo has been billing them properly. Meanwhile, British Gas has been in the spotlight for its bumper profits, which jumped by a whopping 889 per cent for the first half of this year.  These firms are certainly making plenty of money - so should they be spending more of it to h...

Inflation eases to 7.9% - what does that mean for mortgage and savings rates?

Earlier in the week, the consumer prices index measure of inflation fell by more than expected thanks to a fall in transport and food prices. It eased to 7.9 per cent in June, a bigger drop than expected, according to the Office for National Statistics.  This was the lowest CPI rate since March 2022 when inflationary pressures began to amplify the headline figure. So what does that mean for the typical household and for potential future base rate rises? Lee Boyce, Sam Barker and Georgie F...

Do you really want your pension invested in risky unlisted companies?

Could your bank really close YOUR current account with little warning?

Banks have come into the firing line this week over current account closures and slowness to pass on base rate rises to savers. Nigel Farage claims his bank shut his current account over his Brexit views – the former politician has been vocal on Twitter about his treatment by Coutts, while the exclusive bank with a high net wealth clientele has fired back. So, can banks realistically do that to you? Georgie Frost, Simon Lambert and Lee Boyce tell you all the reasons your bank can close you...

Podcast extra: How investors can back AI - Simon Lambert speaks to Sam North

Artificial intelligence has burst into the headlines over the past year and generated excitement among investors. But as with any exciting new technology that has generated a lot of hype, there will be pitfalls for investors along the way.  If you want to invest in the AI revolution, what other companies could benefit and what do you need to consider. This is Money's Simon Lambert speaks to eToro’s Sam North to find out more.

Energy price cap falling and savings rates race past the 6% barrier

There has been plenty of doom and gloom in recent months – and today, we go searching for cheerier news. The energy price cap will fall from the weekend, plunging to £2,074 – below the £2,500 set Energy Price Guarantee from the Government. So, what should you be doing to prepare – and what does that mean for your usage? Will we soon see the return of fixed tariffs? This week Georgie Frost, Helen Crane and Lee Boyce discuss the new price cap, along with a sneaky move from a major energy su...

Was hiking interest rates again the right move or is the Bank of England in panic mode?

The Bank of England’s bumper 0.5 per cent rate hike this week was the 13th rise in a row. After sitting on their hands for more than a decade, ratesetters have been shaken out of their slumbers by an inflation storm. By historic standards 5 per cent is not high for interest rates, but unfortunately for borrowers we also started from a historic low and have gone from 0.1 per cent to here in just 18 months. The belated headlong rush into raising rates is also the exact opposite of what the ...

Mortgage mayhem, savings frenzy: What on earth is going on?

The mortgage market is mayhem, with lenders pulling deals and rapidly hiking rates. Average fixed mortgage rates have soared over the past month and we are now at the stage where it looks a lot like the panic after the mini-Budget. At the same time savings rates are going gangbusters and there is barely a day that passes without a new best buy. Meanwhile, UK gilt yields have also leapt, sending the UK’s borrowing costs even higher. What on earth is going on? On this podcast, Georgie Fros...

Money for nothing: Is universal basic income a good idea?

Universal basic income is a controversial idea and not just because it's money for nothing. Paying everyone a set amount every month as a baseline level of income has intrigued economists and central bank geeks for years. Supporters say it has the power to improve physical and mental health and the economy and society, but critics say it's the start of a slippery slope to state dependency and control. A new proposed trial for 30 people in the UK to get £1,600 a month has put the topic bac...