Money blog: Drivers 'losing £112m a year' due to this one mistake (2024)

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  • Budget airline ranks worst for delays for third year running
  • Mortgage market 'unseasonally bad' as four lenders hike rates
  • Drivers 'losing £112m a year' making this mistake
  • UK passport one of worst valued in Europe after price hike
  • Swifties fuming after spending £680 for 'lovely view of a tent'
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Malaga becomes latest Spanish city to crackdown on holiday flats

Malaga has followed other big Spanish cities in halting or limiting new holiday flats.

The decision has been made in a bid to crack down on an excessive number of tourist flats, with the number of tourist lets in Malaga rising from 846 in 2006 to more than 12,000 in 2024, a 14-fold increase.

Plentiful sunshine, bustling bars and restaurants, a series of new art museums and a thriving tech sector have attracted digital nomads to Malaga, making it a rival to cities like Barcelona for younger workers.

That popularity has come at a price, however. The average rental price in the city now stands at€14.32 (£12.10) per square meter, an increase of 3.2% over the last quarter, according to Spanish estate agents Sun Properties.

Many locals have seen their homes turned into lets for holidaymakers because the owners earn more on these short lets, prompting protests around the city.

In response, Malaga's council has banned any more properties being turned into tourist accommodation.

"We recognise the role [tourist flats] have played and play in the recovery of certain areas of the city, but we do not want them to exceed numbers that could be very high," Francisco de la Torre, the mayor of Malaga, told reporters.

Barcelona, Madrid, Seville and Valencia have also taken similar steps.


Sainsbury's launches EV loyalty scheme | Updated DLR trains delayed | US interest rates

Sainsbury's has become the first retailer in the UK to offer an electric vehicle charging loyalty scheme.

Customers using the Smart Charge service will be able to collect Nectar points for doing so.

Rolling out today, the system allows customers to gain one Nectar point for every £1 spent on charging their car.

Smart Charge is an ultra-rapid EV charging network with more than 400 charging bays.

"With bays in more locations than ever before, and Sainsbury’s stores conveniently placed far and wide, it has never been easier for EV drivers across the UK to access ultra-rapid facilities, and now they can reap the benefit of Nectar points too," saidPatrick Dunne, Sainsbury's director of property, procurement & EV ventures.

London's new DLR trains have been delayed due to "challenges" discovered at the testing stage.

This could mean the reduced service in place could continue for longer than expected.

In total, 30 new trains have been built and are in various stages of testing, according to the Transport for London's Commissioner's June report.

It says work is continuing to prepare the first train, which is now expected to be operational in late 2024 - it was originally due to launch in March.

Issues were noticed in the "integrated testing and operational proving phase", the reports says.

"While we have experienced some challenges with this phase, we continue to work collaborativelywith our suppliers and operator to mitigate this."

By 2026, the DLR is still on track to have 54 new trains, which will be feature USB ports, air cooling tech and real time operational information.

Arran Rusling, TfL's head of programme for DLR rolling stock replacement, said:"Our programme of rigorous testing continues of the new DLR fleet to ensure the trains can enter service safely and reliably.

"As part of this, we encountered some complex challenges, which means we will now start to introduce the new trains into passenger service later this year."

US interest rates are to be cut just once this year, according to updated forecasts from its central bank.

The cost of US borrowing was kept at a more than 20-year high despite news yesterday that inflation, the rate of price rises, fell to the lowest level in more than three years at 3.4%.

The Federal Reserve published new guidance from its interest rate-setting committee, which expects just one rate cut this year. Just three months ago, three cuts were anticipated.

While the UK's interest rate-setters at the Bank of England don't give rate forecasts like the US, market expectations are for three rate cuts this year, according to Refinitiv market data.

The first of those cuts is expected to be in September. It was previously hoped the first cut in more than four years would happen in May - but interest rates were held at 5.25%.


Want an England shirt that's not £124.99? Here are some cheap alternatives

Whispers of "It's coming home" are starting as the nation gears up for the start of the Euros.

The competition kicks off tomorrow night with Scotland vs Germany and, on Sunday, England will play Serbia.

The price of England shirts have crept up over the years - and this year a "match" shirt from the official England shop will set you back£124.99 - though there is a cheaper "stadium" shirt for £84.99.

So to help anyone with any budget get in the spirit, we've rounded up some cheaper alternatives you can buy on the high street. Here's what we've found:

Sports Direct

The sporting goods store is selling a range of shirts on its website, including this one for £11.

We should point out though that stock seems to be quite limited. The website showed just large shirts were available.

It's also offering the option to pre-order this women's top for £9.99.

JD Sports

One of Sports Direct's competitors - JD Sports - has got "It's Coming Home" T-shirts on its website for £10.

If you fancy spending a little more, you can get a shirt with Jude Bellingham or Harry Kane on for £18.


Asda had a range of cheap shirts available, with the most expensive costing £14.

These were the cheapest though, setting you back £5.60 and £6.25 respectively.


TU at Sainsbury's has quite a broad range as well - and is selling the same Kane top that we featured above for slightly less at £16.

The cheapest we found was this women's England shirt, which costs £6.00.

For slightly more, you can get a licensed FA shirt for £15.


We found Aldi had the cheapest shirt available at £4.99.

The budget supermarket also sells a Scotland version for the same price.


If a cropped look is more your style, Primark is offering this women's crop top for £5.

There's also this T-shirt for £15.

A word of warning

One thing to avoid if you're actually going to Germany is buying knock-off replica kits - as they can land you in trouble with the authorities.

Here's our digital video producer Phoebe Williams to talk you through why...


This one mistake is costing drivers '£112m a year'

UK drivers are losing at least £112m unnecessarily every year due to an avoidable issue, a new study suggests.

Research by the Motor Ombudsman reveals drivers are wasting rubber - and money - by driving on tyres that are inflated below manufacturer-recommended levels.

The ombudsman said that as well as presenting "many hidden dangers", under-inflation means tyres wear out far quicker than they should, reducing their lifespan and leading to more frequent trips to the garage.

Figures from the British Tyre Manufacturers' Association and charity TyreSafe reveal around 57% of cars on UK roads have tyre pressures at 10% less than recommended - equating to around 19 million cars.

The Motor Ombudsman said that with the most commonly seen tyre sizes averaging £85 a tyre, the total bill for the nation's drivers is at least £112m every year.

Its survey of 1,000 UK car drivers also revealed that more than a third of motorists wouldn't feel comfortable topping up the air in their tyres.

The ombudsman's findings have been published as part of its "Make Time for Tyres" campaign.

Bill Fennell, managing director and chief ombudsman, said under-inflated tyres "carry a number of risks and costs".

"Avoiding any unnecessary expense is especially pertinent with the current financial pressures on the nation's motorists," he said.


Mortgage market 'unseasonally bad' as four major lenders hike rates

Four major mortgage lenders have announced rate increases today, with some by as much as 0.35%.

Barclays has upped a number of deals by 0.15%, while TSB has increased rates across their residential and Buy to Let ranges by up to 0.35%.

Smaller increases have been announced by Leeds Building Society, including a 0.6% hike on selected residential products and a 0.20% rise on some shared ownership products.

Clydesdale Bank has opted for similar increases, upping its 95% LTV Five Year Fee and other fee fixed rate deals by 0.20%

Its exclusive 90% LTV Purchase Two Year Fixed Rate package will also go up by 0.15%.

Justin Moy, managing director at EHF Mortgages, said the market was "unseasonally bad" and high rights were the "last thing borrowers and the property market need".

"It feels like one lender has blinked and the rest have followed. Money markets haven't increased excessively in the last week or so, in fact longer swap rates have fallen, so these increases may reflect activity from the end of last week," he told Newspage.

And, it doesn't look like things are going to be getting better anytime soon.

Katy Eatenton, a mortgage and protection specialist, said it's looking more likely the Bank of England will opt to hold interest rates at its meeting next week, which will add to the turmoil.

"Rising mortgage rates are sucking the energy out of the property market. This is certainly not the direction of travel we had anticipated for this stage in the year," she added.

"It's looking ever more likely that the base rate will hold next week and that the outlook for borrowers will be roughly as bright as the UK summer."


E.coli outbreak could be linked to fresh produce - as officials update guidance

The recent E.coli outbreak in the UK could be linked to fresh produce, according to reports.

At least 37 people have been admitted to hospital with the bacteria since an urgent warning was released a week ago, according to the UK Health Security Agency (UKHSA).

Owing to the "wide geographic spread of cases", the agency said last week that the outbreak was linked to a nationally distributed food item or multiple food items.

Now, an industry source has told The Grocer that the Food Standards Agency has focused its investigation on fresh produce in sandwiches and salads.

It is understood that cheese is not a cause for concern at present.

Sky News put the claim to the FSA, which said the source of the illness is "most likely linked to one or more food items".

Darren Whitby, head of incidents and resilience at the FSA, said "extensive food chain analysis" was being carried out to find the cause of the outbreak, adding that staff were working closely with food manufacturers to put control measures in place.

Updated guidance on how to handle fresh produce

He also updated the FSA's guidance on handling fresh food.

"We advise consumers that food should be cooked in accordance with the cooking instructions on the product label, to ensure it is safe," he said.

"Fruit and vegetables should be washed with water before they are eaten to make sure that they are clean. This should be done under a running tap, or in a bowl of fresh water.

"You should not prepare food for others if you have had symptoms, or for 48 hours after symptoms stop."

Who has been affected?

All the cases recorded in the outbreak involve Shiga toxin-producing E. coli O145 (Stec), with 81 cases in England, 18 in Wales, 13 in Scotland and one person in Northern Ireland who believes they fell ill in England.

Those affected range in age from two to 79, with the majority of cases in young adults.

E. coli are a diverse group of bacteria that are normally harmless and live in the intestines of humans and animals.

However, some strains produce toxins that can make people very ill, such as Stec, which can cause people to suffer with diarrhoea.

About 50% of cases have reported bloody diarrhoea. Other symptoms, which can last up to two weeks, include stomach cramps and fever.

Stec is often transmitted by eating contaminated food but can also be spread by close contact with an infected person, as well as direct contact with an infected animal or where it lives.


Housebuilder blames Bank of England as it sounds alarm over profits

By James Sillars, business news reporter

The FTSE 100 is off to a slow start this morning as investors digest events across the Atlantic.

The US Federal Reserve last night signalled it would make just one interest rate cut this year - disappointing investors who want borrowing costs to come down.

Despite that guidance, bets remain on two US rate cuts this year after inflation figures for May came in flat on the previous month.

As such, the FTSE 100 moved just 0.1% lower at the open amid the conflicting messages.

The interest rate path for the UK was also making noises in the market.

Crest Nicholson, the housebuilder, saw its stock plunge by 11% after issuing a profit warning.

It blamed the lack of a UK interest rate cut for falling demand.

The company cut its dividend after reporting an 88% slump in half-year earnings, warning that annual profits would be hit as a result.


Budget airline ranks worst for delays for a third year

Wizz Air has once again topped the table as the worst airline for flight delays in the UK, new figures show.

Departures with the budget airline from UK airports were an average of 31 minutes and 36 seconds behind schedule last year, according to analysis of Civil Aviation Authority data by the PA news agency.

Though an improvement on 2022, it still meant the carrier had the worst punctuality for UK flights three years in a row.

Wizz Air enjoyed a boost to its passenger numbers in the year to March despite its poor punctuality, however. Figures show it had a record 62 million people use its services, up from 51.5 million the year before.

Turkish Airlines ranked second-worst for punctuality last year, with an average delay of 28 minutes and 36 seconds, followed by Tui (28 minutes and 24 seconds).

At the other end of the scale, Irish carrier Emerald Airlines had the best performance, with its average delay sitting at just 13 minutes and six seconds, while Virgin Atlantic followed closely behind at 13 minutes and 42 seconds.

Wizz Air said the firm made "significant improvements" after experiencing "extraordinary operating challenges" in 2022 - but acknowledged there was "still work to be done".

"Helping our customers reach their destination is our number one priority and we will continue to invest in our service to ensure they get there on time," the spokeswoman said.


The three items you'll legally need in your car if you're driving to the Euros

This week thousands of football fans are heading to Germany for the first game of the Euros - Germany vs Scotland.

But did you know there are three items you are legally required to have in your car while travelling in the country?

You need the same items if you are driving through France as well - without them, you face a fine of around £600.

Drivers must have:

  • A first aid kit
  • A warning triangle badge
  • One high-vis vest per passenger

Fans driving from the UK will also need to use headlamp beam deflectors if their cars are right-hand drive.

The RAC also recommends carrying these products in your car, though they aren't legally required:

  • Fire extinguisher
  • Replacement bulbs
  • A high-quality torch
  • A spare fuel can
  • Additional engine oil and water (for topping up)
  • An up-to-date road map or satellite navigation system
  • Refreshments and plenty of water
  • Take extra supplies of medication in case you can't get them abroad
  • Photocopies of important documents
  • European Health Insurance card


Good news for savers as fixed-term ISA rates pick up again

Every ThursdaySavings Champion founder Anna Bowesgives an insight into the savings market and how to make the most of your money...

Although there was a distinct slowdown in the competition between ISA providers immediately after the end of the ISA season, things appear to be picking up again.

While some of the top fixed-term ISA rates on offer are not quite at the levels they were earlier this year, there has been a bit of a recovery over the past few weeks, which could be as a result of the delay to the anticipated base rate cut.

Whatever the reason, it's great news for savers, especially those who are already fully utilising their personal savings allowance and are therefore looking to shelter some of the interest they earn from the taxman.

Virgin Money is the top fixed-rate ISA available - paying 5.05% tax free, fixed until maturity on 30 June 2025.

You do need to have a current account with Virgin Money to be eligible to open the Virgin Money 1 Year Fixed Rate Cash ISA Exclusive Issue 11.

But you can open a current account now to be eligible and you don't need to transfer your existing current account over or make any regular payments into the current account.

It does need to have an active balance, so you'll need to put in at least £1. So, a few things to be aware of and a few hoops to jump through.

The next best thing available to anyone prepared to open an account online is with Castle Trust Bank and is paying 4.87% tax-free/AER.

While the longer-term fixed term ISA rates are lower than the shorter term, the top rates are actually a little higher than they were during the ISA season.

So as the base rate is expected to fall over the next few months and years, it could still be a good time to lock up some of your cash for the longer term, to hedge against falling interest rates.

Money blog: Drivers 'losing £112m a year' due to this one mistake (2024)


Can you reverse a bank transfer if scammed? ›

Did a scammer make an unauthorized transfer from your bank account? Contact your bank and tell them it was an unauthorized debit or withdrawal. Ask them to reverse the transaction and give you your money back.

Can I get my money back from a bank transfer? ›

If you have transferred money into someone's bank account but want it returned,you will have to ask them to pay it back to you. However if the payment resulted from a transaction paid via a credit card,or eBay or PayPal you can dispute the transaction and maybe get a refund.

Do banks refund money if scammed? ›

If you've transferred money to someone because of a scam

This type of scam is known as an 'authorised push payment'. Your bank or building society should reimburse you if it's registered with the Lending Standards Board under their Contingent Reimbursem*nt Model Code (CRM Code).

Can I get my money back from a bank transfer by mistake? ›

While the bank cannot reverse the amount that has been transferred, you can always file a written complaint with the bank. In case it denies providing you with any solution, you can move to the ombudsman who does not take sides and gives a fair decision.

How do you reverse a money transfer by mistake? ›

  1. You must immediately contact your bank's customer service if the details seem incorrect.
  2. Your bank can help by providing the contact details of the unintended beneficiary.
  3. Follow up by requesting a transaction reversal and asking the unintended recipient to return the funds to you.
Dec 22, 2023

How to recover scammed money? ›

RBI guidelines state if you're defrauded, you need to inform the bank in writing within 3 days. Even if you report the fraud within 4 to 7 days, you may still have a chance to recover your money.

Can I ask my bank to reverse a transfer? ›

Tell them what happened

Let your bank know about the mistake. It can't reverse the transaction, but it can help try to get your money back.

Is it possible to reverse a bank transfer? ›

In most cases, once a bank transfer has been made, it can't be cancelled as the funds are usually transferred immediately. However, you should contact your bank as soon as possible if you need to cancel a bank transfer. If the payment hasn't been processed, they may be able to stop it.

Can you get your bank to reverse a transaction? ›

If either a consumer or a vendor notices something is wrong with the payment, they can contact the bank to stop the transaction going through. This is typically the payment reversal type which involves the least hassle for both customers and businesses.

Can I get my money back if my bank account has been hacked? ›

Am I going to get my money back? Your bank should refund any money stolen from you as a result of fraud and identity theft. They should do this as soon as possible - ideally by the end of the next working day after you report the problem.

Can I get an e transfer back if I was scammed? ›

An Interac e-Transfer transaction cannot be reversed once a recipient has deposited the funds. Always use a strong password that can't easily be guessed or found – and make sure you share it via a safe channel. Better yet: Suggest that your recipient set up Interac e-Transfer Autodeposit for ease and added security.


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