NS&I will increase the Premium Bonds prize fund rate from 1 to 1.4% boosting the chances of its 21m savers bagging a monthly prize.The odds will change from 34,500 to 1 to 24,500 to 1. The number of £100k prizes will rise from six to 10, and £50k prizes from 11 to 19.
Mega-priced motors: After the £115m sale of a Mercedes this month, here are the 10 most expensive cars ever bought at auction
It was confirmed last week that an exceptionally rare 1950s Mercedes-Benz (pictured inset) had sold at a top-secret auction in Germany for a world record fee. Not only is that the most amount of money someone has ever paid for a vehicle at auction, it's among the top 10 most expensive items to go under the hammer in history. Here's our rundown of the most valuable motors sold when the hammer dropped in auction rooms, featuring seven Ferraris, two Mercedes and an Aston Martin...
BUSINESS LIVE: Avon Protection profits plummet; North American gains boost HomeServe; Barclays begins £1bn buyback
The FTSE 100 is down roughly 0.9 per cent in early trading. Among UK companies with reports and updates are Barclays, HomeServe, Avon Protection and The Restaurant Group. Barclays has kickstarted a £1billion share buyback programme aimed at reducing its share capital after refiling accounts with US authorities on Monday.
Dividends keep up with inflation: Boom in payouts from oil companies lifts UK stock market rewards for investors hit by the cost of living crisis
Dividend payments rose by just over 14% in the three months to the end of March to £12bn, according to data from asset manager Janus Henderson. Oil companies were the 'main driver' of the rise in payouts during the period as they posted soaring profits amid a surge in energy prices as a result of higher demand and supply disruptions caused by the end of pandemic restrictions and the war in Ukraine.
Your essential mortgage jargon buster: From deposits, to mortgages in principle and fixed rates, what you need to know
Buying a home is exciting, but it can also be very hard work, especially if you are navigating it for the first time. As if saving up a deposit and finding a home that is right for you wasn't challenging enough, there are then a host of complicated hoops to jump through in order to get a mortgage, run checks on the property and become the legal owner. It doesn't help that agents, solicitors and mortgage lenders sometimes seem to be speaking in a completely different language - one that is full of obscure abbreviations and puzzling financial jargon. From loan-to-value to stress tests and conveyancing, it won't be long until you come across a word or phrase you have never heard before. To help you buy your first home with confidence, This is Money and Moneybox have put together this guide to home-buying jargon and what it really means.
We own a freehold house but have to pay estate charges that have rocketed from £6,000 to £16,000 a year: How can we challenge them?
The estate charges for our home have risen sharply from £6,000 per year in 2018 to a bill for £16,068 annually now. Can we challenge these and if so, what is the best way to do this. Legal expert, Stephen Gold, an ex-judge, helps a reader with a question about how they can fight back against estate charges that have almnost trebled.
What happens when you win big on the lottery? As £184m winners step forward, here's how advisers help prevent 'Sudden Wealth Syndrome'
Winning a huge sum of money on the lottery may sound like a dream, but experts warn a sudden windfall could create problems of its own, at least in the short term, Once winners know they have a winning ticket, Camelot - the parent company of the lottery - provides them with a dedicated winner's adviser.
Pandemic rate cuts and money printing are not to blame for soaring inflation, insists Bank of England governor Andrew Bailey
Speaking at a conference in Vienna, Andrew Bailey (pictured) hit back at claims the central bank's decision to print billions of pounds during the pandemic and slash interest rates to record lows had served to fuel the rapid rise in inflation. Instead, Bailey attributed the rise in prices to the 'very tight' labour market, which has been blamed for helping to fuel inflation by pushing up wages as firms have battled to attract and retain staff.
Number of electric car drivers running out of battery halves in two years: Just 4% of breakdowns AA attends are now for EVs with zero charge
The proportion of EVs rescued by the breakdown assistance company for being 'out of charge' has halved since 2020 as motorists become more accustom to the requirements of running a car powered entirely by batteries. Edmund King, the motoring group's president, says the theory that EVs run out of battery 'doesn't match reality' and shouldn't put people off switching from their petrol and diesel cars. And in a passing dig at the combustion engine, he says older diesel cars will soon be looked at 'the same way we now think about smoking on the top deck of a bus'.
The decision represents a massive victory for the embattled lender, whose survival has remained in question over the past two years following a boatload of complaints from people who believe they were sold loans by the firm that they could not repay. It also means creditors are in line to receive at least £112million between them, with £15million coming from a share issue, though this could go up to £116million if they raise more than expected.
Kingfisher reveals another £300m share buyback scheme as trading remains 'resilient' despite slowdown
The FTSE 100 home improvement retailer finished a separate £300million share buyback scheme in late April when it returned £75million in surplus capital to shareholders. For the last two years, the DIY industry has benefited from a surge in business as people have spent increased time at home and accumulated extra savings when lockdown restrictions remained tight.
Is it time to invest in beaten-up bank shares? They should be boosted by rate rises but the cost of living crisis could see more people default on loans
UK banks have been largely overlooked and unloved by investors in recent years amid a period of poor performance. Over the past decade the FTSE All-Share has delivered a total return of 99.6% while the UK banking sector has eked out a paltry 17.5%. Should investors reconsider as interest rates rise or will inflation and the cost of living crisis scupper chances of a turnaround?
Is a recession inevitable as inflation hammers the UK and interest rates are hiked? This is Money podcast
Inflation continues to surge, the Bank of England says there is little it can do to stall it but is raising rates any way, and at the same time is warning of a potential recession looming. It seems safe to say this isn't the Covid recovery year that many people were hoping for: the longed-for bout of calm and optimism has turned out to be a cost of living crisis instead. So, with inflation now at 9 per cent and set to rise further and central banks swiftly changing their tune on low interest rates, is a recession inevitable?
THIS IS MONEY'S FIVE OF THE BEST SAVINGS DEALS
Gatehouse bank pays 1.3% on its easy access savings account. It can be opened online with £1,000. Enjoy unlimited free withdrawals. This rate is the 'expected profit rate' under Sharia compliant accounts.
Aldermore pays 1.25% to holders of its ‘Double Access account’. The account can be opened with £1,000. It limits savers to only two withdrawls per year. If exceed this, the rate will drop to 0.1%.
Al Rayan Bank pays a market-leading rate of 2.26% on its one-year fixed rate savings account. The minimum deposit required is £5,000.
Secure Trust Bank pays a market leading 2.6% on its two-year fixed rate savings account. It can be opened with £1,000 online.
Marcus Bank pays a tax-free 1% interest on its easy-access cash Isa. It requires £1 to open. You can't transfer your existing cash Isas into this account. The rate includes a 0.1 percentage point bonus payable for the first 12 months.
Could investing like Warren Buffett help you conquer inflation? Why stocks combining quality and value can protect your portfolio
Age may be just a number. But there is a new interest in the wisdom of people who have lived a long time and experienced a few economic and other crises. The Queen's indomitable spirit has much to teach us in this Platinum Jubilee year. There are lessons to be learnt too from that other doughty nonagenarian - the US investment guru Buffett. If you wish to navigate this tempestuous period in the stock markets, the views of this 91-year-old, at the top of his game for more than half a century, are more relevant than ever.
Soaring cost of summer holiday car hire exposed: Average price for a week in European hotspots rockets to £675 - DOUBLE the price of 2019
EXCLUSIVE: The biggest jump in costs was found for Geneva. In 2019, a family hatchback would have cost an average of £353 for a week rental, but this summer is a whopping £933 - an increase of 164%,according to figures provided exclusively to This is Money by iCarhireinsurance. For those planning a trip to Barcelona, expect to pay 140% more than before the pandemic, with the 2019 average of £258 more than doubling to £609 for a week in summer 2022. If you're yet to book your car hire for this year, Booking.com has eight top tips to lower your vehicle rental costs.
My neighbour's dog keeps jumping up our fence and it's going to knock it down: Can we make them pay for the damage?
In lockdown, our neighbours took ownership of a very lively dog. When I'm playing out in the garden with my toddler, it becomes over-excited and starts jumping up the fence with force. I'm pretty certain the whole thing will go soon. The fence is on the right-hand side, and I know that means it is our responsibility. But can I argue that the neighbours need to pay for it, or at the very least, insist they foot half the bill?
The most valuable car in the world: Auction house confirms sale of a 1955 Mercedes 300 SLR Uhlenhaut Coupe for £115MILLION
The rumours are true - someone has paid a world record figure for a car this month. Auction house RM Sotheby's has confirmed it sold a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupes for £115million, making it the most expensive car on the planet. It was sold to a private collector - with the winning bid placed on their behalf by a British classic car expert - at a top-secret auction hosted at Mercedes' museum in Germany on 5 May and exceeds the previous record amount paid for a motor vehicle by a staggering £63million. RM Sotheby's said the car, which is one of two created in 1955, has 'always been regarded as one of the great jewels of motoring history' and its sale is a monumental moment with few ever imagining that it would be offered to a private buyer by the German manufacturer.
Our cruise was axed... now Noble Caledonia wants another £6,000 for an identical voyage: TONY HETHERINGTON investigates
Noble Caledonia has cancelled our cruise because of problems with its ship. It offered to transfer our booking to the next identical cruise, sailing in August, and we accepted this. Now, ignoring its own booking conditions, it wants to charge us an extra £3,000 each to take up the offer. It is no longer answering my emails.
The 36 investment trusts that have reigned longer than the Queen: From cheap global investing to reliable dividends, which are worth backing?
They have survived the stock market crashes that peppered the early 1970s, October 1987 (Black Monday), 2000 (the bursting of the dotcom bubble), 2008 and 2020 in the wake of the pandemic. Some of the oldest trusts have invested customers' money through the reign of six Monarchs. So what is the secret to their longevity?
My sister wants to use power of attorney to sell our poorly 91-year-old mum's bungalow and split the cash with me - is this legal?
My sister lives two hours away from me, two miles from mum's bungalow, and we both have power of attorney for mum as she has early onset dementia. We have decided to sell mum's bungalow, but my sister wants to split the proceeds of the sale between myself and her, about £100,000 each. She will use that and the sale of her own home to buy something for her, her husband and mum to be able to live nearer to me, and other family, so we are able to help and give them a break from time to time. The question is, can we legally have this money? Something doesn't sit right with me. Could you give me any advice please?
Should investors stick with Finsbury Growth & Income? Nick Train says sorry for falling behind the market but believes his quality shares will pay off
Finsbury Growth & Income has suffered another spell of underperformance but Nick Train has said the uncertainty in markets could present a buying opportunity. It's half-year report recorded the third consecutive six-month period of underperformance for Train. Despite the lacklustre returns, Train said he remained confident in his strategy which prizes 'long-term ownership of 'sound common stocks''.
SIMON LAMBERT: The UK's strange gas surplus has sent market prices tumbling... but we can't take advantage to lower our energy bills
Energy prices are among the chief villains in inflation soaring to 9%, yet, Yet, as a measure of the often-impenetrable world we live in, wholesale gas prices in the UK have collapsed. Curiously, Britain has a glut of gas and we are exporting as much as possible to Europe because we can't store it. So, will it cut your bills and what is going on here?
CRANE ON THE CASE: I'm owed a £164 air passenger duty refund after Covid cancelled my Maldives holiday... why won't Blue Bay or Qatar pay up?
I had a dream holiday to the Maldives booked for January this year. Unfortunately it had to be cancelled at the last minute, as my partner tested positive for Covid two days before we were due to fly. Luckily we had travel insurance, so we got our money back - minus £164. The insurer said this was the 'air passenger duty' element of the booking. When I called Blue Bay, it said our insurer should have refunded us the £164. I then called the airline we were due to fly with, Qatar Airways. It said I couldn't reclaim it from them as I booked via an agent. I have been going around in circles for months. Someone has this money. Why can't we get our refund?
Choosing the right DIY platform is crucial but a wealth of choice and a variety of charges can leave investors scratching their heads. We pick some of the best. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.
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|Updated 24 May 2022.|
|US Dollar||1.23||Buy Now|
|Australian Dollar||1.726||Buy Now|
|Barbados Dollar||2.361||Buy Now|
|Brazilian Real||4.893||Buy Now|
|Bulgarian Lev||2.191||Buy Now|
|Canadian Dollar||1.557||Buy Now|
|Chinese Yuan||8.699||Buy Now|
|Croatian Kuna||8.552||Buy Now|
|Czech Koruna||28.77||Buy Now|
|Danish Krone||8.423||Buy Now|
|Hong Kong Dollar||9.552||Buy Now|
|Hungarian Forint||434.1||Buy Now|
|Icelandic KrÃ³na||160.6||Buy Now|
|Indian Rupee||87.48||Buy Now|
|Indonesian Rupiah||16821.0||Buy Now|
|Israeli New Shekel||3.99||Buy Now|
|Jamaican Dollar||163.1||Buy Now|
|Japanese Yen||155.5||Buy Now|
|Jordanian Dinar||0.8361||Buy Now|
|Kenyan Shilling||139.0||Buy Now|
|Malaysian Ringgit||5.226||Buy Now|
|Mexican Peso||26.68||Buy Now|
|New Taiwan Dollar||33.92||Buy Now|
|New Turkish Lire||19.11||Buy Now|
|New Zealand Dollar||1.891||Buy Now|
|Norwegian Krone||11.75||Buy Now|
|Polish Zloty||5.22||Buy Now|
|Romanian New Leu||5.547||Buy Now|
|Russian Rouble||75.14||Buy Now|
|Singapore Dollar||1.672||Buy Now|
|South African Rand||19.23||Buy Now|
|South Korean Won||1488.0||Buy Now|
|Swedish Krona||11.95||Buy Now|
|Swiss Franc||1.171||Buy Now|
|Thai Baht||41.17||Buy Now|
|UAE Dirham||4.474||Buy Now|
|Vietnamese Dong||27664.0||Buy Now|