Top news
- Fines for parents taking children out of school to increase next month
- Gail's under fire for selling day-old croissants for £1 more
- Mortgage product shelf life drops significantly in sign of volatility
- The UK's highest-earning roads revealed
Essential reads
- Is this the end of the British pub?
- What's gone wrong at Asda?
- Best of the Money blog - an archive of features
Tips and advice
- All the discounts you get as a student or young person
- TV chef picks best cheap eats in London
- Savings Guide:
- 'I cancelled swimming with weeks of notice - can they keep my money?'
Ask a question or make a comment
'Make supermarket beer more expensive': Publicans, brewers and punters on the death of pubs
Each week we feature comments from Money blog readers on the story or stories that elicited most correspondence.
Our weekend probe into the myriad reasons for pub closures in the UK prompted hundreds of comments.
Landlords and campaigners, researchers and residents revealed to Sky News the "thousand cuts" killing Britain's boozers - and what it takes to survive the assault.
Here was your take on the subject...
I've been a publican for 19 years. This article is bang on! It's like you've overheard my conversations with my customers - COVID, cost of living, wages - the traditional British boozer going out of fashion. (My place: no food, no small children).
Hey Jood
I own a small craft ale bar or micropub as some say. The current climate is sickening for the whole hospitality sector. This summer has been ridiculously quiet compared to previous ones. Micropubs were on the rise pre-COVID, but not now even we're struggling to survive…
Lauren
I am an ex-landlord. It's ridiculous you can buy 10 cans for £10 or one pint for £5 now. It's not rocket science, it's a no-brainer: reverse the situation. Make supermarket beer more expensive than pub beer, then people will start to go out and mix again rather than getting drunk at home.
Ivanlordpeers
Bought four pints of my regular drink at a supermarket for less than one pint in our local pub. It's becoming a luxury to go to a pub these days.
Torquay David
Traditional pubs are being taken over by conglomerates who don't sell traditional beer, only very expensive lager, usually foreign, and other similar gassy drinks. How can they be called traditional pubs?
Bronzestraw
The main reason for pubs closing is twofold! 1: The out-of-reach rents that the big groups charge landlords. 2: Landlords are told what stock they can hold and restrict where they can purchase it from. Strange, but most pubs belonged to the same groups!
A pub-goer
Less pubs are managed now, pub companies are changing them to managed partnerships, putting the pressure onto inexperienced young ex-managers. Locals complain that their local pub has gone. but they don't use them enough. Can government regulate rents and beer prices for business owners?
John Darkins
I was a brewery tenant in Scotland for many years and sequestrated because of the constant grabbing at my money by greedy brewers who wanted more and more. I made my pub very successful and was penalised by the brewery.
James MacQuarrie
The only reason pubs are closing is locals only use them on Boxing Day, New Year's Eve, and one Sunday a year. Plus breweries don't need pubs, they sell enough through supermarkets! Use them or lose them.
Peter Smith
The closing of pubs is a terrible shame. I still go to my local and have great memories of getting drunk in many in my hometown. They are important places in society. As someone once said: "No good story ever started with a salad."
Kev K
It's the taxman killing pubs. £1 of every £3 sold. Utter disgrace.
Stef
I go with my girlfriend, Prue, every day to my local. It's a shame what's happening to prices. It used to be full of people and joy but now it's a ghost town in the pub since prices are too high now. I wish we could turn back time and find out what went wrong.
Niall Benson
Minimum wage is around £11 and the tax threshold is £12,600 per year.How can you possibly afford a night in a pub out when a pint costs between £3 and £8 a pint on those wages?
Allan7777blue
Unfortunately, the very people who have kept these establishments going over the years (the working man) have been priced out, and they're paying the price.
Dandexter
The pubs are too expensive for people to go out regularly as we once did a decade or so ago. People's priorities are on survival, not recreation. Until the living wage increases beyond an inflation that wages haven't risen above in years, then we will see shops, pubs, etc. close
JD
Who wants to spend hard-earned money going into a pub that's nearly always empty. It takes away one of the main attractions - socialising.
Michael
UK's best bank named after major survey
Monzo has been named the best bank in the UK for customer satisfaction, according to a major survey.
More than 17,000 personal current account customers rated their bank on the quality of its services and how likely they would be to recommend to friends or family.
Digital banks made up the top three, with Monzo coming out on top, followed by Starling Bank and then Chase.
Some 80% of Monzo customers said they would recommend the bank.
The digital banking app said topping the tables "time and time again" was not something it would "ever take for granted".
Royal Bank of Scotland (RBS) was bottom of the ranking for another year.
The banks with the best services in branches were Nationwide, Lloyds Bank and Metro Bank.
Gail's under fire for selling day-old croissants for £1 more
Gail's bakery chain has come under fire for repurposing unsold pastries into croissants and selling them for almost £4 the next day.
The retailer lists the "twice baked" chocolate almond croissants as part of its "Waste Not" range, which means it is made using leftover croissants that are then "topped with almond frangipane and flaked almonds".
The scheme has been hit with criticism online, with many pointing out the £3.90 price tag is 95p more than the original croissant.
One X user said: "The audacity of bragging about it being part of their 'Waste Not' range like we should be grateful to them and proud of ourselves for contributing to reducing food waste when they could just sell it for less money – not one pound more than yesterday.
"Unsure whether to be impressed or horrified that someone has come up with a concept to capitalise on yellow sticker goods to make more profit."
It should be added, however, that the practice was not invented by Gail's - and almond croissants were originally created by French boulangeries to reuse day-old croissants and stop them going stale.
When factoring in the extra ingredients (almond frangipane and flaked almonds) and baking time, the bakery chain would likely defend the increased price by pointing to the additional costs incurred.
It comes as locals in a trendy London neighbourhood signed a petition against a Gail's bakery setting up shop in their area.
After (unconfirmed) rumours began circulating that the chain was looking to open a site in Walthamstow village, more than 600 have signed a petition opposing the plans.
The petition says the village "faces a threat to its uniqueness" should Gail's move into the area (see yesterday's 11.54am post for more).
Gail's has been contacted for comment.
Retail sales rose in July after Euro 2024 and summer discounts
British retailers saw a rise in sales last month after a boost from Euro 2024 and summer discounting, according to official figures.
High street retailers said sales of football shirts, electronics such as TVs, and alcoholic drinks were all stronger amid the Three Lions' journey to the final.
Total retail sales volumes rose by 0.5% in July, the Office for National Statistics (ONS) said. It was, however, slightly below predictions, with economists forecasting a 0.7% increase.
It followed a 0.9% slump in volumes in June as retail firms blamed uncertainty ahead of the general election and poor weather.
ONS director of economic statistics, Liz McKeown, said: "Retail sales grew in July led by increases in department stores and sports equipment shops, with both the Euros and discounting across many stores boosting sales.
"These increases were offset by a poor month for clothing and furniture shops, and falling fuel sales, despite prices at the pump falling."
The data showed that non-food stores saw a 1.4% rise, driven by a strong performance from department stores, where sales grew by 4% for the month as summer sales helped to stoke demand.
However, clothing and footwear shops saw a 0.6% dip, whilst homeware retailers also saw volumes fall 0.6%. Food stores, meanwhile, saw sales remain flat for the month.
Fears £2 bus fare cap could be scrapped
There are fears that the £2-cap on single bus fares could be scrapped after the government declined to say whether the policy would continue past December.
Bus companies said it was vital the cost of using their services is kept low for young people to "enhance their access to education and jobs".
Alison Edwards, director of policy and external relations at industry body the Confederation of Passenger Transport, said: "Bus operators are working closely with the government so that together we can find a way to avoid a cliff edge return to commercial fares.
"Analysis has shown that supporting fares, which can be done in a range of different ways, is great value for money and can support many other government objectives.
"For example, keeping fares low for young people would enhance their access to education and jobs, while also encouraging them to develop sustainable travel habits to last a lifetime."
Transport Secretary Louise Haigh said in a recent interview with the PA news agency that her officials were "looking at various options" in relation to the cap, including whether they could "target it better".
Pound up against dollar after busy week on economic front
It's been a busy week on the economic front.
There was no major shift in the overall outlook - since Monday we've had it confirmed that the UK economy has lower inflation and more growth than the last two years, while wages have grown faster than the overall pace of price rises.
On the back of all that news the pound is at the highest rate since early this month against the dollar, worth $1.2882, and the highest since July when it comes to buying euro with one pound equal to €1.1733.
Signs of a recovery from the global market sell-off of Monday last week can be seen in the share prices of companies listed on the London Stock Exchange.
Share prices have grown among the most valuable companies on the stock exchange, those that comprise the Financial Times Stock Exchange (FTSE) 100 list of most valuable companies.
Today though, this benchmark UK index fell 0.19% but finishes the week higher than the start.
Also finishing the week higher than the start are the more UK-based companies of the FTSE 250 (the 101st to the 250th most valuable firms on the London Stock Exchange).
On Friday morning that index was up 0.08%.
With tensions in the Middle East and Eastern Europe high as Iran mulled a retaliatory strike on Israel and Ukraine made incursions into Russian territory, there had been concern about energy price spikes.
But the benchmark oil price has remained steady at $80.13 dollars for a barrel of Brent crude oil.
Gas prices have remained below the Monday high of 100 pence a therm (the measurement for heat) and now are 94.50 pence a therm.
Government responds to claims over 15% pay offer for train drivers and junior doctors
A Cabinet Office minister has said it is "unfair" to suggest other public sector workers will be queuing up for a pay rise after the government's offer of a 15% increase for train drivers and junior doctors.
"I think that's an unfair characterisation as well," paymaster general Nick Thomas-Symonds told Times Radio.
"I think what is absolutely crucial here is we are a Government again that is sticking to the promises we made in opposition.
"We promised we would sit down and find solutions, and people expressed scepticism about that, but actually that is precisely what we have done in Government."
Last month, the government and the British Medical Association struck an improved pay deal for junior doctors in England worth 22% on average over two years.
Meanwhile, train drivers will vote on a new pay deal following talks between representatives of drivers' union ASLEF and the Department for Transport.
The new offer is for a 5% backdated pay rise for 2022/23, a 4.75% rise for 23/24, and 4.5% increase for 24/25.
The UK's highest-earning roads revealed
The Dartford Crossing is the highest-earning toll road in the UK, new data shows.
The Kent to Essex route raked in £215.9m in the last year - 2,159 times more than the Whitney toll bridge in Hereford.
The crossing, which was supposed to stop charging customers in 2003, costs between £2 and £6 to use (depending on the vehicle you're driving) between 10am and 6pm every day.
Car finance company Moneybarn found it earned just over £209m in 2022.
It topped the chart of 13 toll roads in the country, making over £100m more than the second highest-earning road in 2023 - the M6 Toll in the West Midlands.
In third place was the Mersey Gateway Bridge between Halton and Cheshire, which made £48.9m.
You can see how the other toll roads fared below...
Fines for parents taking children out of school to increase next month
Fines for parents who take their children out of school will increase this upcoming term as the government continues with plans to improve attendance.
From next week, fines for unauthorised absences will go up by as much as £40.
Under the new system, the cost of a penalty charge notice will rise from £60 to £80 if paid within 21 days, and from £120 to £160 if paid within 28 days.
This marks the first increases since the system was introduced in 2013.
So, when do parents get fined?
Children are only allowed to miss school if they are unwell, or they have been given permission from the school in advance.
Parents can make an absence request to take their children out of school, but there needs to be "exceptional circ*mstances" and the headteacher needs to authorise it.
Currently, it's the responsibility of the local authority to decide when to issue fines, meaning the process varies from council to council.
But, under the new rules which were created by the Conservative government, all schools will be required to consider a fine when a child has missed at least five days of school for unauthorised reasons.
What happens if you keep getting fined?
If a parent receives a second fine for the same child within any three-year period, this will be charged at the higher rate of £160.
A parent can only receive two fines within any three-year period, and once this has been met, other actions can be considered.
This includes a parenting order or prosecution.
Parents who are prosecuted and attend court because their child hasn't been attending school, can be fined up to £2,500.
Where is the money spent?
Government guidance states any money collected from fines should be used by the local authority to cover the costs of administering the system.
Any surplus after that should be spent on "attendance support".
Any cash remaining at the end of the year must be paid to the education secretary.
A Department for Education spokesperson said: "High and rising school standards are at the heart of our mission to break down barriers to opportunity and give every child the best start in life. Strong foundations of learning are grounded in attendance in the classroom.
"Tackling the root causes of absence is a major priority for the government.
"Our support-first approach outlined in our guidance is designed to help parents to meet their responsibility to ensure their child attends school.
"However, in some cases, including term-time holidays, it may be necessary to issue penalty notices."
Mortgage product shelf life drops significantly in sign of volatility
Every Friday we take an overview of the mortgage market, speaking to those in the industry before getting a round-up of the best rates courtesy of the independent experts atMoneyfactscompare.co.uk.
Over recent months and years, the release of monthly inflation data has had a big impact on forecasts for interest rate cuts - but not this week.
Following a slight uptick in inflation to 2.2% in July, announced on Wednesday, markets were pretty unmoved at pricing in a 63% chance of a base rate cut next Monday.
Investors still think there will be two further cuts this year, bringing the base rate down to 4.5% by Christmas.
On the high street, rate cuts we've mentioned for a month or two now continued this week, with the lowest five-year fixed available now 4.83% - with NatWest, Barclays and Nationwide all settling there for now.
Moneyfacts finance expert Rachel Springall said: "Nationwide Building Society was one of many mutuals to cut fixed rates this week - it now offers a five-year fixed as low as 3.83%. NatWest also cut rates by up to 0.20% and Virgin Money made similar reductions."
Looking specifically at home movers, Springall has some data that shows the difference between now and this point five years ago.
"Home movers who want to lock into a longer-term fixed mortgage will find the average overall five-year fixed rate is much higher than it was back in August 2019, which was 2.84%. Week on week, the overall average two-year and five-year fixed rate mortgage fell to 5.66% and 5.29% respectively."
Away from rate changes from some of the big lenders, one of the most telling insights into the mortgage market this week came with statistics about the average shelf-life of mortgage products.
Springall said: "The volatility within the mortgage market was made clear by the notable drop in the average shelf-life of a mortgage to just 17 days, down from 30 in June.
"There are expectations for rates to fall further in the weeks to come, particularly as the market reflects on the 0.25% base rate cut, the first cut in over four years."
Here's a look at the look at the best rates currently on offer for house purchases...
Moneyfacts also looks at what it calls "best buys" - which considers not just the rate, but other costs and incentives. These are their top picks this week...