Top news
- UK economy returns to growth
- Should we start worrying about mortgage rates again?
- How to save money on your car insurance - including getting out of admin fee
- We did the maths on eBay's beauty advent calendar - good value or rip-off?
Essential reads
- Does anyone ever actually win big on McDonald's Monopoly?
- Unloved savings account you 'should seriously be considering'
- New employment rights - what you need to know
- 'We bought our homes for 85p - and you could too'
- Just six months left to boost your state pension with historical top-ups
- 'I made £1.85 train ticket error - Northern Rail is threatening to take me to court'
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How to save money on your car insurance - including getting out of the admin fee
By Emily Mee, news reporter
If you've been hit by a dramatic increase in your insurance premium over the past year or two, join the club.
Car insurance premiums have rocketed - by as much as 58% in 12 months, Confused.com data earlier this year suggested. It put the average policy at a whopping £995 (up from £366 a year before).
Insurers have been citing heightened labour and repair costs, increased car use post-COVID, a shortage of microchips, higher second hand car values, and the Ukraine war.
But no one really knows how insurance companies work out their pricing.
"It's so complex and big, no one really understands how it works unless you're in the industry," says consumer expert Scott Dixon, also known as The Complaints Resolver.
What can you do?
Although insurance premium pricing remains murky, Scott has some tips for getting the cost down - including some tips even seasoned hagglers may not have heard before...
Perfecting the art of the haggle - including on admin fee
Your first port of call is to haggle your current insurance company down - it's less hassle, and you can play on the loyalty factor.
Mr Dixon says you should come prepared by getting quotes from elsewhere online, and "never accept the first offer".
"Just say 'is that the best you can do?' - but with a smile on your face," he says.
"You're dealing with real people at the end of the day so you get what you give."
You may be put on hold while they "speak to a manager" - something that Scott says is a "usual ploy" before they go a bit lower.
Another thing most people don't realise is they can waive the annoying £25 admin fee to renew their policy.
Scott points out it "doesn't cost £25 to push a button", so he suggests asking the company to waive the fee as a "gesture of goodwill" - making sure to point out you've been with the company for X number of years.
Use a cashback site
Some cashback sites, such as Quidco or TopCashBack, will offer cashback on your insurance premiums.
Scott says he saved £36 doing this previously, while our own cost of living specialist Megan Harwood-Baynes saved £40.
Don't just auto-renew
This is the most obvious one - but it can be easy to miss the reminder email telling you your policy is up for renewal.
To avoid this, make a diary note to start checking for renewal quotes 21 days before your insurance expires (this is also the sweet spot for when you're likely to get the best price).
Pay your car insurance annually
It can be 30% cheaper to pay annually rather than monthly - but of course, not everyone will have a lump sum to hand.
Scott suggests that to get around this, you could set up a 0% credit card to pay the annual premium, and then set up a direct debit to split it into monthly repayments.
Secure your car
If you've made changes to your car to protect it from theft - such as fitting an immobiliser or steering or handbrake lock - you may have your premium reduced if you tell your insurer about it.
You may also get a discount for fitting a dashcam.
Change your job title
Some jobs seem to attract higher premiums than others.
While you should be honest with your insurer as being untruthful can invalidate your policy, that doesn't mean you can't tweak your job title slightly.
Bundle your home and car insurance policy
Many insurers will offer a discount if you combine your car insurance policy with one that protects your home, Scott says.
Limit your mileage
If you can keep this down, you will be considered a lower risk.
Again, don't lie about this as it can easily be checked online on the UK government's MOT history check.
Consider a black box policy
You will need to have a device fitted to monitor your driving style and speed.
This can work out cheaper for many people - but be aware that your policy may increase if you drive erratically, or late at night or early in the morning.
Downgrade your car
This might not be the most appealing option, but if you go for a cheaper car with a smaller engine, you can cut costs dramatically.
Think about whether you need extras
Scott says many companies are moving towards "Ryanair-style pricing" - aka tacking on extra costs to your original quote.
Some extras may not be needed. For example, some car dealerships will offer free breakdown cover with each annual service.
Banks can also offer extras that you don't need to duplicate.
Pay a higher excess
While this will cost you more in the event of a collision, it can bring down your insurance premium.
Markets latest: Sainsbury's takes big hit
By Daniel Binns, business reporter
Sainsbury's has been the big loser during early trading on the stock market this morning.
The company is down more than 5% after its largest shareholder, the Qatar Investment Authority (QIA), announced it was selling £306m worth of its shares in the supermarket giant.
Before today, Qatar's sovereign wealth fund held a 14.2% stake in Sainsbury's, with the sell-off representing about 5% of its holding.
Analysts said the move did not appear to be linked to the supermarket's next set of interim results next month or the upcoming budget.
The QIA has been selling off its shares since 2021 after reportedly abandoning a potential bid in the company.
Also down is oil giant BP, which has slipped 0.4% after it warned that weak refining margins would dent its third-quarter profits.
Elsewhere, the markets are pretty flat.
The FTSE 100 is currently on zero growth, while the FTSE 250 has risen by just over 0.1%.
Housebuilding firm Vistry Group and Endeavour Mining are the main gainers but are only up just over 1%.
On the currency markets, £1 buys $1.30 or €1.19.
A barrel of the benchmark Brent crude oil is priced at just over $78 (£60), up 1%. Prices have been yo-yoing recently over fears of escalating violence in the Middle East and contrasting worries of a dampening in demand in China.
UK economy returns to growth after two months of stagnation
The UK's economy grew by 0.2% in August, according to official figures.
The slight rise in gross domestic product - which is intended as a measurement of a country's total output - comes aftertwo successive months of stagnation.
The figures from the Office for National Statistics were in line with the forecasts of economists polled by the Reuters news agency, who predicted growth would be 0.2%.
Liz McKeown, from the ONS, said: "All main sectors of the economy grew in August, but the broader picture is one of slowing growth in recent months, compared to the first half of the year."
Rachel Reeves, the chancellor, who is preparing to deliver her first budget at the end of the month, said it is "welcome news that growth has returned to the economy".
"Growing the economy is the number one priority of this government so we can fix the NHS, rebuild Britain and make working people better off," she said.
Business correspondent Paul Kelsosays the news is"not stellar, but it's welcome".
"There's a great deal of focus on the state of the economy and the public finances, as the chancellor wrestles with what she's going to put in her first budget," he says.
Investors from around the world are heading to the City of London for an investment summit on Monday, so this news is "not bad timing" and the government will be "hoping to attract private investment from around the world", he adds.
Should we start worrying about mortgage rates?
Every Friday we take an overview of the mortgage market, hearing from industry voices and getting a round-up of the best rates courtesy of the independent experts at Moneyfactscompare.co.uk.
The most eye-catching news of the week, after months of mortgages rates sliding down, was a few lenders, notably Coventry and Co-operative Bank, withdrawing their lowest rates or announcing hikes.
The escalating conflict in the Middle East, which could affect oil prices and therefore inflation, is creating some uncertainty.
Moneyfacts finance expert Rachel Springall explains: "Over recent days we have seen a rise in swap rates. The uncertainties surrounding future interest rates, such as mixed messages from Bank of England regarding base rate, combined with wider economic uncertainties have their parts to play in lenders pricing decisions.
"Fixed mortgage rates typically follow swaps relatively closely, so any volatility can be an indicator on where rates will go next, but it may be a little too soon to tell how this could impact the market overall."
One factor that could come into play - and potentially prevent hikes being too pronounced - is the timing of all this.
"Each lender will have their own end of year targets to consider and could choose to hold steadfast if they are not priced too low in the present market," says Springall.
This is in line with what we saw with Barclays yesterday, with mainly small improvements to rates but some increases on selected products.
Overall, it's not a time to be too panicked, says David Hollingworth, associate director at L&C Mortgages and Money blog regular.
"This isn't anything like the kind of volatility that we have seen on occasions in the last couple of years," he says.
"Rates aren't likely to spin out of control and it's more a case of understanding that what may have looked like continual cuts to rates may not maintain the same pace.
"Interest rates are still expected to fall and all eyes will be on the inflation data next week."
This week, Moneyfacts has looked at the best rates on offer for home movers...
Moneyfacts also rounds up what it calls "best buys", which look beyond the lowest rates and takes in incentives and fees...
Two other updates of note on the housing market were reported on here in Money. You can read them here...
eBay launches beauty advent calendar - we did the maths to see if it's actually good value
ByMegan Harwood-Baynes, cost of living specialist
eBay has launched its first beauty advent calendar, which promises to be filled with more than £250 worth of products - but is that the case?
We looked behind the advent calendar doors to see if it lived up to the promises...
The pros
In total, we managed to find everything on the list for £225 - this doesn't include any additional discounts some websites offer (Look Fantastic is pretty good at always having some kind of active discount code).
But, at a price of £49.99 for the whole calendar, that's still a pretty good bargain.
There are other plusses: eBay seems to source products from surplus stocks that would otherwise have gone to landfill, plus it is done in support of the Hygiene Bank, a charity dedicated to ending hygiene poverty in the UK.
The cons
There's a reason many of these items are surplus stock. When I was costing it up, there were plenty of people reselling them on eBay fairly cheaply.
And while eBay is still on the cheaper end of beauty calendars (Liberty sell theirs for £260 and Space NK's goes for £250), it is still almost £50 at a very expensive time of year.
You should also ask: are you really going to use 20-something tiny products?
For £50, you could buy a couple of full-sized products you already love and still donate to the Hygiene Bank.
But if you are tempted, have a look before buying to make sure it contains products you will use.
Is it safe to buy cosmetics from eBay?
Lots of people do without issues.
If you're worried, perhaps only buy items that are brand new in the box. If they arrive and it looks like the seal has been tampered with, or the product used, considering chucking it straight in the bin and reporting the seller.
Portugal proposes tax cuts for under-35s to tackle 'brain drain'
The Portuguese government is proposing to slash income taxes for 18 to 35-year-olds in an attempt to tackle "youth brain drain".
As part of the annual budget, Luis Montenegro's government aims to reduce income tax for under-35s to a maximum of 15%, The Guardian reports.
The plans would mean young people earning up to €28,000 (£23,416) a year would be exempt from tax completely in their first year of work.
Then in their second year of work, they would be exempt from 75% of the tax and this would then decrease with each year.
It is hoped the proposed tax cuts will dissuade young people from emigrating and living abroad in search of better pay and career prospects.
Low salaries in Portugal are an issue - the minimum wage is €870 (£727) - and the average salary is one of the lowest in Europe.
This has meant many are choosing to leave the country, with around 30% of Portuguese aged between 15-39 now living abroad, according to data from the Emigration Observatory.
Aldi is hiring 3,500 people for Christmas - how do the perks compare to other supermarkets?
Aldi is looking to hire 3,500 people in the lead-up to Christmas.
Roles on offer include store assistants, managerial positions and cleaners.
The starting pay for a store assistant is £12.40 and £13.65 at any location inside the M25.
Aldi also offers its staff paid breaks, which it says are worth around £900 a year to the average store colleague.
It is not the only supermarket gearing up for a busy few months. As we have reported, Sainsbury's is looking for thousands of people to fill 18,000 festive roles.
Workers will also be offered free food during shifts and a 10% discount across stores (rising to 15% every Friday and Saturday).
Here's a look at how staff perks compare across the major UK supermarkets...
'Speed no longer a luxury, it's a necessity': Waitrose launches on Just Eat
Waitrose has become the latest supermarket to launch on Just Eat.
In the coming weeks, millions of customers will be able to order their favourite Waitrose food and drink from 229 locations across the UK, with the aim of it being delivered in under half an hour.
More than one million Britons now regularly get their groceries delivered by Just Eat.
It comes as the supermarket chain confirmed plans to open up 100 convenience shops across the UK in the next five years.
Sales slump for IKEA UK as retailer 'prioritises affordability'
IKEA has reported a slump in UK sales for the past year.
The company revealed retail sales dropped by 6.8% to £2.3bn for the year to August, compared with the previous financial year, as shoppers held off buying bigger-ticket items.
It linked the drop to a "strategic decision to prioritise affordability" as it invested more than £117m into lowering prices over the year for customers hit hardest by the cost of living crisis.
The retailer said more than 3,000 products, representing about a third of its range, were reduced in price.
Ryanair axes thousands of flights next year in row with Germany
Ryanair has said it will cut 12% of its traffic through German airports next year in a row with the government there over high location charges.
The cuts will result in a loss of 1.8 million seats from the start of the summer flight plan in April 2025 and will see Ryanair close its Dortmund, Dresden and Leipzig operations as well as reducing its Hamburg operations by 60%.
The closure of specific routes means as many as 10,000 flights will be hit, The Telegraph reports.
The move "will be devastating for jobs, tourism and connectivity", Ryanair has said, calling on Germany's transport minister Volker Wissing and the government "to act immediately to lower access costs and fix Germany's broken air transport system".
The airline has repeatedly warned that it would switch capacity to other EU countries if Germany did not meet its demands to reverse an aviation tax increase and reduce air traffic control charges.