Money

Last updated: 15:26 BST, 24 May 2022
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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.

HMRC data shows drop in house sales and purchases, as experts claim housing transactions are are returning to levels seen before the pandemic.

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...

Citroen has revealed the left-hand-drive two-seat model will cost from £7,695 when first deliveries arrive this summer - and the single-seat 'Cargo' van version is £7,995.

Landlords often get a bad rap for not looking after their rental properties. In this scenario our reader intends to go above and beyond and actually improve their property.

There is something strangely fascinating about true crime drama, and if there's one thing that has captured the cultural zeitgeist it is true life tales of elaborate scams.

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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.

BP boss Bernard Mooney (pictured) said the oil giant was backing Britain as it unveiled a deal with Abu Dhabi investors to back two factories on Teesside.

London-listed SSP and The Restaurant Group each updated investors on Tuesday on their plans to tackle soaring costs amid rising food, commodity and energy prices.

Business leaders gathering in the Swiss ski town were eager to address the issue of rising prices which are posing a threat to their businesses and citizens.

The tiles specialist retailer said it had to put up prices at the end of last year, but sales have continued to grow amid strong demand for home improvements.

The programme, which was initially announced in February, had been delayed in March after the bank admitted it sold more financial products to investors in the US than it was allowed to.

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.

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.

Buying a property that needs work is often seen as a great way to secure a bargain - but spiralling renovation costs mean it could end up being more expensive.

Your mattress needs to air to avoid unhealthy moisture being trapped in the bed, so pull back the bed linen to give the mattress the chance to breathe.

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.

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.

Two thirds of my benefits were accrued before April 1997. The fund rules don't allow for rises in excess of the Guaranteed Minimum Pension on those, but can be made at the discretion of the company.

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.

Moonpig said Smartbox will boost revenues to £350m next year, while enhancing profit margins and so adding to earnings per share.

It said earnings were negatively impacted by rising employee, manufacturing, and freight costs, and lower purchases of its first responder products.

Conservative MP John Redwood has called on Sunak to back down on the policy, adding that it could tip the country into recession.

Revenues for the full year to the end of March rose 29 per cent to £302.6million, while adjusted pre-tax profit rose 3 per cent to £58.8million.

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.

AdvancedAdvT, Murria's vehicle said a rival £310m bid 'does not fairly reflect' the 'significant synergies' available to M&C Saatchi shareholders.

The British fashion brand said it will now move into a process of 'confirmatory due diligence' with its 'preferred counterparty' that could take up 'several weeks'.

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?

This year's Davos Forum is without the twin pillars of US finance - Jamie Dimon of JP Morgan and the world's biggest investor Larry Fink of Blackrock.

Eloy Mazon's 4Global advises cities, governments, event organisers and sporting bodies on the social, economic, financial, participation and health impact of sport.

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?

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.

TerraUSD, a prominent stablecoin, broke its peg with the dollar and is now trading at near zero which has precipitated a wider crash and even blue-chip cryptocurrencies are suffering.

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.

The Scenic Vision uses a combination of a battery and electric motor but, innovatively, adds a hydrogen fuel cell that can charge the battery on the move.

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 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.

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.

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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 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?

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''.

Such a share will often have a high dividend yield or a low PE (price-to-earnings) ratio. US investors look in particular for a low P/B (price-to-book) ratio.

The Edinburgh-based firm counts major US tech giants such as Tesla, Amazon and Nvidia among the largest holdings in its portfolio.

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?

It can seem a little overwhelming keeping up to date on what is going on with our energy bills, but as prices soar, This is Money takes a look at all of the essential things you should know about.

As a sole trader/single person business working in the mortgage industry, I'm incredibly busy. At what point do you decide to take the plunge and employ someone? Our business doctor Dave Fishwick replies and also answers a question about a mental and physical wellbeing business.

If walls or any other piece of furniture in your home is damaged during a delivery men, will the retailer pay or will you end up having to fork out for the repairs?

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.

We pick our five favourite cash Isas for savers. This is essential Isa reading and is kept up-to-date throughout the year

The average two-year and five-year fixed rate increased again in April, reaching 2.86% and 3.01% respectively.

If you are interested in buying shares or know more about unearthing good companies and valuing them, read our guide to share investing.

Buy-to-let lost some of its spark in recent years but that might be about to change as new tax cuts and low mortgage rates have caused landlords to flock back to the market.

Premium Bonds Winners

PrizeAreaValue of bond
£1,000,000Greater Manchester£40,000
£1,000,000Wandsworth£1,000
£100,000Hampshire and Isle of Wight£50,000
£100,000Norwich£30,000
£100,000Avon£50,000
£100,000Northern Ireland£10,000
£100,000Warwickshire£2,000
£100,000Essex£10,000
More May 2022 winners
View list of May 2022 winners
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Updated 24 May 2022.
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