Welcome to Metro.co.uk’s money blog — today we’re keeping a close eye on the 2024 Labour Party conference, as well as bringing you the latest news on banking outages and benefits changes.
Santander’s mobile banking app is finally back online after thousands reported a three-hour outage which left customers unable to access their accounts.
It’s been a chaotic start to the week for online banks, with Tesco Bank and MoneyGram also experiencing problems, according to Down Detector.
Meanwhile, all eyes are on Rachel Reeves as she delivers her speech at the Labour Party conference today. The Chancellor will promise ‘no return’ to austerity, but a showdown vote on the controversial move to strip £300 winter fuel payments from millions of pensioners has been delayed until later this week.
For the latest money news, advice and saving tips, scroll down.
Tesco’s ‘price match’ with Aldi is ‘not like-for-like’, shoppers are warned
Shoppers have been warned dozens of Tesco’s products are not truly price matched with Aldi as the quality is not ‘like-for-like’.
Tesco has matched the cost of their milk and meat to cheaper-alternative Aldi for the past four years.
But a new study has found the products do not contain equal levels of the same ingredients.
Tesco’s chicken nuggets contain on 39% of chicken while Aldi’s version contained 60%, the BBC found.
Cottage pie was also found to have 18% beef, while Aldi’s contained 25%.
Out of 122 products studied, 38 were found to have at least 5% less of the main ingredient in the Aldi product.
Other items included blackcurrant squash which contained 14% less fruit than Aldi.
Chicken kievs were also found to contain 13% less chicken.
First time buyers to borrow up to six times salary
Banking giant Nationwide has announced first time buyers will be able to borrow up to six times their salary in a huge move that will hopefully get more people onto the property ladder.
This scheme is available through their ‘Helping Hand’, which was launchde in 2021.
Pension industry struggles after ‘stampede’ of elderly attempt to withdraw
A ‘stampede’ of pensioners have attempted to withdraw lump sums from their retirement funds following Chancellor Rachel Reeve’s tax raid, The Telegraph reports.
There is ‘widespread concern’ among the public about the Chancellor reducing the amount of tax-free cash that pensioners can withdraw, said former pensions minister Sir Steve Webb.
‘The Government’s created a context of uncertainty, discomfort and fear around all of this. Restricting the tax-free lump sum is an obvious potential tax raid. It’s quite an easy lever to pull.’
Worried about your finances? You can get free debt help:
If you are struggling to pay back your loans there are a number of services available to you that can help you with your problems debts – for free.
- Citizens Advice – 0800 144 8848 (England) / 0800 702 2020 (Wales)
- StepChange – 0800138 1111
- National Debtline – 0808 808 4000
- Debt Advice Foundation – 0800 043 4050
New energy support measures on the way
Ministers will introduce new energy support measures to aid with rising costs, The Sun reports.
The Pension Credit will top up your weekly income to £218.15 if you are single or to £332.95 if you have a partner.
If your income is lower than this top up, you are very likely to be eligible for the top up.
This is called ‘guarantee credit’.
‘Fuel poverty kills’ protestors demonstrate outside conference
Protestors have turned up in Liverpool outside the Labour party conference to demonstrate against the withdrawal of the winter fuel allowance.
This conference is the first since Labour returned as the governing party of the UK after 14 years of Conservative rule.
In order to deal with the £22bn ‘black hole’ left by the Tories, Chancellor Rachel Reeves has cut winter fuel payments for pensioners.
Nurses reject Labour’s pay rise offer
The Royal College of Nursing has said that nurses rejected the government’s offer of a 5.5% pay rise.
Chief executive Nicola Ranger said: ‘Many will support the new government’s health and care agenda as set out in recent weeks and fully recognise the diagnosis of a failing NHS.
‘Working closely with all other professionals, nursing staff are the lifeblood of the service. The government will find our continued support for the reforms key to their success.
‘To raise standards and reform the NHS, you need safe numbers of nursing staff and they need to feel valued.
‘Nursing staff were asked to consider if, after more than a decade of neglect, they thought the pay award was a fair start.
‘This outcome shows their expectations of government are far higher.’
Free breakfast clubs for primary school children
Children in some primary schools will begin receiving free breakfast from April next year in a bid to tackle child poverty, Reeves confirms.
The £7m breakfast club scheme will take place in 750 primary schools from April to July.
‘I will judge my time in office a success if I know that at the end of it there are working-class kids from ordinary backgrounds who lead richer lives, their horizons expanded, able to achieve and to thrive.
‘That starts by taking the first steps to delivering on another manifesto commitment: our promise, led by the work of Education Secretary Bridget Phillipson, to introduce free breakfast clubs in every primary school across England.
Today I can announce that this will start in hundreds of schools for primary-aged pupils from April, ahead of the national rollout.’
Chancellor confirms ‘new deal for working people’
Rachel Reeves has addressed Labour’s plan for working people that will ban ‘exploitative zero hour contracts’, fire and rehire.
The national minimum wage will account for the ‘real cost of living’
‘There will be no return to austerity’
Reeves reiterates her point made this morning on BBC’s Today programme, where she promised ‘real terms to government spending’
The Chancellor confirmed ‘ I know how much damage has been done in those years…there will be no return to austerity’
Reeves seemingly addresses winter fuel row
The Chancellor argues the importance of making controversial decisions in her position – likely a nudge at her controversial decision to withdraw the winter fuel allowance from most pensioners.
‘I know that not everyone in this hall or in the country will agree with every decision that I make. But I will not duck those decisions, not for political expediency, not for personal advantage… I did not take those decisions lightly, I will never take the responsibility of this office lightly’
Chancellor promises a ‘crack down’ on tax avoidance and tax evasion
Rachel Reeves says the Labour government will strengthen the powers of HMRC to ‘crack down’ on tax avoidance and tax evasion in Britain’.
The Chancellor confirmed the Treasury would recruit 5,000 new tax compliant officers ‘because this government will not sit back and indulge the minority who avoid paying the taxes that they owe.’
‘We want that money back’
The Labour government will appoint a COVID corruption commissioner to investigate the ‘billions of pounds of public money handed out to friends and donors of the Conservative Party. Billions more defrauded from the taxpayer,’ Reeves tells the conference.
‘I won’t turn a blind eye to rip-off artists and fraudsters, who used a national emergency to line their own pockets.’
£22bn ‘black hole’ in public finances left by the Tories
The first-ever female Chancellor said the Conservatives left them a £22bn ‘black hole’ in public finances.
‘In my first weeks in the Treasury, the true extent of the Tories’ irresponsibility was revealed to me: £22bn of spending plans, this year, that the previous government did not disclose.’
‘Never forget what the Conservatives did’
Chancellor Rachel Reeves tells Labour Party Conference ‘People looked at us – looked at me – and decided Labour could be trusted with their money’ in speech this afternoon.
The politician vowed not to risk the price of food, energy and housing by playing ‘fast and loose with public finances’.
Gary Neville defends PM’s free Arsenal tickets
Former Manchester United star Gary Neville has backed Keir Starmer in a row over his acceptance of free seats in hospitality for Arsenal matches.
The Prime Minister has come under fire for receiving more than £100,000 of gifts and donations since he became Labour leader in 2020.
(Credits: EPA)
Union leaders outraged after pensioners winter fuel vote delayed
The winter fuel vote will now take place on Wednesdays as the Labour conference wraps up.
Aslef boss Mick Whelan said: ‘We are disappointing that this motion has been moved and we don’t understand why.’
Untited general secretary Sharon Graham argued that Labour leaders were trying to ‘silence the voice of pensioners, workers and communities at party conference.’
‘When this becomes widely known there will be real anger among everyday people. Real Anger,’ she continued.
Rachel Reeves to address nation later today
Chancellor Rachel Reeves will address the nation at today’s Labour Conference.
The chancellor is set to make a keynote speech, that will pledge the government’s autumn Budget statement will be used to ‘rebuild Britain’.
Other measures in her speech will include:
– A recruitment drive and reforms to HM Revenue and Customs to tackle tax dodgers because ‘at a time of hard choices, I will not tolerate the minority who continue to avoid paying what they owe’.
– A promise to recoup money from Covid contracts, reversing the previous government’s policy of waiving £674 million of disputed deals because ‘we won’t turn a blind eye to rip-off artists and fraudsters who used a national emergency to line their own pockets’.
– Confirmation that the Government will produce a new industrial strategy next year, with an initial green paper produced at the time of the Budge
How will my benefits and pensions change under the Labour government?
The Labour government will be making some ‘significant changes’ to benefits and pensions over the next few years, The Independent reports.
The government has said they will review Universal Credit to make ‘work pay and tackle poverty’, as well as further planned changes, which include:
- New national jobs and career service to help people get jobs and progress within them
- Mayors and local areas will lead new work, health and skills plans for the economically inactive
- Young people aged 18-21 will have a ‘youth guarantee’ to help them find work, apprenticeships or training
Santander app back online after three hour outage
Santander’s mobile banking app is finally back online after a three-hour outage this morning left thousands unable to access their accounts.
Down Detector said the problems started at around 7 this morning, with over 2000 users reporting outages across the UK.
MORE : Heckler dragged out and bundled away by security during chancellor’s speech
MORE : Gary Neville defends Keir Starmer over free Arsenal match hospitality tickets
MORE : 50 pubs a month shut down in the first half of the year
Sign up to our guide to what’s on in London, trusted reviews, brilliant offers and competitions. London’s best bits in your inbox
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.