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More than 800,000 people have called a dedicated fraud line, which connects them with their bank if they think they’re being scammed, since it started 3 years ago. Stop Scams UK, which set up 159, says 20 banks are now part of the service. We'll hear from a woman who called the number after losing £4,000 in a scam and find out more about how it works.
Complaints about the wealth manager St James Place have risen sharply amid a major historical review of the ongoing fees it charged its customers. Fifteen thousand clients complained to the company directly in the first half of this year, and complaints to the Financial Ombudsman Service quadrupled in that time compared to the year before. St James Place says beginning last year, it saw an increase in the number of complaints received. While these have since reduced, it continues to do everything it can to work through them as quickly as possible. It has put in place processes including training and recruitment to maximise the number it can complete without jeopardising the quality of the investigation, and says that it apologises for any delays clients may experience during that time.
Some first-time buyers are finding that Lifetime ISAs, a government scheme that adds a 25% bonus to everything you put in towards your deposit, aren't working for them when they come to buy a home. It is because there's a £450,000 cap on the price of the property you can buy, which some find prices them out of buying where they live. The Treasury says that across the vast majority of the country and in most London boroughs, the average price for a first-time home remains below the cap.
Presenter: Felicity HannahReporter: Dan WhitworthResearcher: Emma SmithEditor: Jess Quayle
(First broadcast 12pm November 23th 2024)
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A record number of people in England and Wales are getting help with the cost of their water bills. The number of people on low incomes who have been given a reduction in their bill grew last year by 250,000 to 1.6 million. They are called 'social tariffs' but newly released data from the Consumer Council for Water shows the amount people get varies widely depending on where they live. Water UK, which represents the water industry, says these are average figures with eligible customers able to receive a much higher deduction. Dan Whitworth will have the full details of this story.
In a week where changes to Inheritance Tax for farmers have dominated the headlines, we’ll discuss how the changes will work and who will be affected.
There's a new inflation measure developed specifically for Northern Ireland. The Northern Ireland Consumer Prices Index allows statisticians to compare how fast prices are rising against the UK rate. We'll find out more about how it's calculated.
Plus, the listener who got a £1,500 refund on his student loan after listening to Money Box.
Presenter: Paul LewisReporters: Dan Whitworth, Emma Smith and Eimear DevlinResearcher: Catherine LundEditor: Jess Quayle
(First broadcast 12pm Saturday 16th November 2024)
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New research estimates that there are more than 3 million lost pension pots in the UK. These are pensions that have been paid into by an employer but the scheme can no longer find the person who owns it. The Pensions Policy Institute research also found number of lost pots has risen more than 17% since 2022. The Department for Work and Pensions told us millions of people will be saved from losing track of their pension pots thanks to its plans to consolidate deferred small pots in its forthcoming Pension Schemes Bill. The Pensions and Lifetime Savings Association says the industry has funded campaigns to raise awareness. Go to gov.uk and search 'pension tracing' to find contact details for your old pensions.
Hundreds of thousands of former university students are being urged to check if they have paid too much towards their student loan and if so to claim a refund. The campaign group Save the Student made the call in response to new figures from the Student Loans Company, published for the first time, which show former students are eligible for refunds worth £184m.
And in last week's Budget the Chancellor, Rachel Reeves, announced a reduction in the level of debt repayments that can be taken from a household’s Universal Credit payment each month. The new "Fair Repayment Rate" will reduce Universal Credit deductions from 25% to 15% per month. The government says that means that 1.2 million households will keep more of their award each month and those who benefit will gain an average of £420 a year.
Presenter: Paul LewisReporters: Dan WhitworthResearchers: Emma Smith and Jo KrasnerEditor: Jess Quayle
(First broadcast 12pm Saturday November 9th 2024)
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Wednesday saw the first Budget from a Labour government for nearly 15 years and the first ever delivered by a female Chancellor. Rachel Reeves wasn't the first to stand up in the Commons and announce tax rises, but the scale of them was large by historical standards - about £40bn a year by 2029/30.
The bulk of that will come from raising National Insurance contributions paid by employers. There will also be higher rates of Capital Gains Tax, VAT on private school fees, changes to Inheritance Tax and a rise in stamp duty in England and Northern Ireland.
As promised, there was no rise in the rates of Income Tax, VAT or National Insurance in what the government called the payslips of working people. There was some welcome news as the freeze on Income Tax thresholds will end in April 2028, minimum wages will rise, and the tax on petrol and diesel will not. Paul Lewis discusses the details with a panel of experts.
And, could a landmark ruling by the Court of Appeal pave the way for millions of pounds of compensation for people who bought their cars on finance?
Presenter: Paul LewisReporter: Sarah Rogers and Neil MorrowResearchers: Emma Smith and Jo KrasnerEditor: Jess Quayle
(First broadcast 12pm Saturday November 2nd 2024)
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The Chancellor, Rachel Reeves, has announced her Budget but what does it mean for yours?
Money Box Live is breaking down what the Budget mean for your finances, from pensions and Inheritance Tax to the cost of a pint. We hear from the experts who are on hand to answer your questions and comments.
Felicity Hannah is joined by Dr Arun Advani, Professor of Economics at the University of Warwick and Kirsty Stone a partner at the independent financial advisers, The Private Office.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(This episode was first broadcast at 3pm on Wednesday the 30th of October 2024)
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There are just a few days to go until Rachel Reeves stands up in Parliament to deliver her first Budget as Chancellor. Since the Labour Party won the election in July, there's been a huge amount of speculation about what she might do to plug what she calls a 22 billion pound black hole left by the previous government. The Treasury says it does not comment on speculation around tax changes outside of fiscal events. But what tax changes might she make and how are people already preparing?
Figures seen by this programme suggest 2.5mn households will face tough decisions this winter about choosing whether to heat their homes or put food on their table. That's an increase of 400,000 in just a few months. The numbers come from official data modelled by the consultancy firm Baringa and indicate many of those who will be affected this winter are middle aged people struggling to get by.
What do changes to Premium Bond rates mean for savers and where are the best deals at the moment?
And, as the Financial Conduct Authority cracks down on some so-called “finfluencers” – for potentially giving money advice illegally – how can you spot the good from the bad?
Presenter: Paul LewisReporters: Dan Whitworth, Jo Krasner and Emma SmithEditor: Jess Quayle
(First broadcast 12pm Saturday 26th October 2024)
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More than half a million young people are yet to claim their Child Trust Fund which could be worth up to £2,200 according to the government, but how do you know if your child has one or even how to get it?
Plus with the Chancellor's budget on the way, we know parents are topping up Junior ISAs and giving away monetary gifts ahead of any changes she might make.
So, today we're looking at how to build a solid financial future for the children in your life and how to help get them get engaged when it comes to their finances.
Felicity Hannah is joined by Stephanie Fitzgerald, Head of Young People at the Money Charity and Sarah Coles, personal finance analyst at Hargreaves Lansdown.
Presenter: Felicity HannahProducers: Sarah Rogers and Craig HendersonEditor: Jess Quayle
(This programme was first broadcast at 3pm on Wednesday the 23rd of October 2024)
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It was a big week for carers as the Government announced an independent review into Carer's Allowance overpayments after families were told to pay back thousands of pounds, often pushing them into debt.
The review will look at what happened, but in the meantime the Department for Work and Pensions has told Money Box it will continue to collect almost quarter of a billion pounds it says it's owed from more than a hundred thousand carers. We hear from Karina who cares for her 22-year-old daughter and ended up in £11,000 worth of debt. The DWP said it is committed to working with anyone struggling with repayment terms.
A major investment firm has said it will review its Child Trust Fund accounts after Money Box revealed one young man's £250 investment had all but disappeared when he claimed it at 18 due to high administration charges.
In the run up to the Chancellor's budget we look at fuel duty and whether the 5p cut could be scrapped. And beware the thieves pretending to offer a solution to lost Winter Fuel Payments.
Presenter: Paul LewisReporters: Dan Whitworth and Emma SmithResearcher: Jo KrasnerEditor: Sarah Rogers
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Each year it’s estimated that £23 billion worth of help and support – from housing benefits to pension credit – goes unclaimed according to Policy in Practice.
We look at the kind of help that is available, and hear from listeners on their experiences trying to claim the benefits they’re entitled to, as well as who might be able to get money off their childcare or broadband bills.
Presenter Felicity Hannah is joined by a panel of experts who answer your questions on how to make the best of the available support: Rachael Walker, research and policy director at Policy In Practice; Sam Hubbard, Head of Core Services at Citizens Advice in Staffordshire North and Stoke On Trent and David Samson, a benefits expert at Turn2Us.
And we hear from a range of people with their own experiences of trying to secure benefits – sometimes during life-changing moments. Gary from Lincolnshire tells us how he had to become a carer for his poorly wife. But during a difficult journey to obtain benefits, it was only by chance that he discovered certain types of support he was entitled to. Meanwhile, Esther from London tells us how she wasn’t aware she could be entitled to a carer’s allowance for her children – two of whom have complex needs .
Presenter: Felicity HannahProducer: Craig HendersonEditor: Sarah Rogers
(This episode was first broadcast on Wednesday 16th October 2024).
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The Government is writing to 120,000 people aged 66 or more encouraging them to claim the means-tested benefit pension credit, which will also entitle them to the winter fuel payment. The letters will go out from next month to people the Department for Work and Pensions has identified as likely to be entitled following a targeted trial scheme last year.
Also on the programme, a leading debt charity calls for the way council tax debt is collected to be reformed, and why do millions of renters not insure their belongings?
Presenter: Paul LewisReporters: Dan Whitworth and Emma SmithResearcher: Jo KrasnerEditor: Sarah Rogers
(First broadcast 12pm Saturday 12th October 2024)
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Buying a home is legendarily one of the most stressful events in life so today on Money Box Live we're going to try to take some of the pressure off by talking you through how it should work.
Obviously there's much more to it than finding your dream house and a lot that can happen between viewing a property and getting the keys.
We talk to first-time buyers on the property hunt in Stockport in Greater Manchester, and our panel of experts, Simon Gammon, Head of Finance at Knight Frank and Beth Rudolf from the Conveyancing Association joins Felicity Hannah to take questions from listeners.
Presenter: Felicity HannahProducer: Craig Henderson/Sarah RogersEditor: Sarah Rogers
This episode was first broadcast on Weds 9th October 2024.
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In a special programme broadcast live from the Atrium in Quay House at MediaCityUK, Paul Lewis discusses a momentous change in the way banks treat customers who have money stolen from their bank accounts by what is called Authorised Push Payment Fraud.
In 2023 a record number of people lost hundreds of millions of pounds to thieves who tricked them, manipulated them and then drained their bank accounts.
On October 7th new rules will come into force which mean nearly all transfers will be covered, so that victims will be refunded in the vast majority of cases up to a limit of £85,000.
Money Box gets hundreds of emails from people who've lost money to scams and frauds and this will be life changing for those who find themselves a victim of this kind of crime.
To mark this change, the team will be joined by a panel of experts and people who've lost thousands of pounds in these sort of scams.
Presenter: Paul LewisReporter: Dan WhitworthResearchers: Catherine Lund and Jo KrasnerStudio Producer: Sarah RogersStudio Managers: Pete Smith, Matthew Dempsey and Cameron WardEditor: Jess Quayle
(First broadcast 12pm Saturday 5th October 2024)
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This month the new government will reveal its plans for the nation's finances in the Budget.
We've been told 'difficult decisions' lie ahead as the Chancellor Rachel Reeves seeks to plug what she says is a £22bn black hole left by the previous government.
There's been plenty of speculation around Capital Gains Tax, Inheritance Tax and pensions tax relief - but what are they and who pays them?
Our email inbox has been full of questions from listeners - so on this weeks Money Box Live we will be answering as many as we can.
Felicity Hannah is joined by Elsa Littlewood, Tax partner at accountancy and business advisory firm BDO and Kirsty Stone a financial planner at The Private Office.
We also have a new way to get in touch, WhatsApp Money Box on 03306 783183.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(This episode was first broadcast on Wednesday the 2nd of October 2024)
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A new report given exclusively to Money Box is calling for more help for working families on Universal Credit. The University of Bath’s Institute for Policy Research wants the government to raise earning thresholds for extra help like free school meals, NHS prescriptions, council tax support and NHS dental help. The government says it's committed to supporting low-income families by extending the Household Support Fund by £421 million. It also told us its commitment to reviewing Universal Credit so people receive the support they need, saying it is taking "bold action" to help people into work so they can gain financial independence and break down the barriers to opportunity.
Banking Hubs should start offering more help for customers with advice on scams, getting online and creating Power of Attorneys according to the former chair of the watchdog, the Financial Conduct Authority. Charles Randell, who’s now a member of the Financial Inclusion Committee, says banks need to invest more in the hubs as bank branch closures continue to hit communities with more than 6,000 having closed since 2015. UK Finance, which represents banks, says significant ongoing investment is being made to support customers with access to cash and day to day banking needs.
What changes could the Chancellor make to ISAs and Dividends in her October Budget?
And energy prices go up next week - what does it mean for you and how does it work?
Presenter: Paul LewisReporters: Dan Whitworth and Catherine LundResearchers: Emma Smith and Jo KrasnerEditor: Jess Quayle
(First broadcast 12pm Saturday 28th September 2024)
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Across the UK freshers are heading off to university, many leaving home for the first time and most of them are paying for at least some of that with their student loans.
Graduates in England leave university with average debts of around £48,500 according to the Student Loans Company.
Tuition fees vary depending on where you live in the UK. Last year students in England were told they'd be paying back their loans longer than the graduates who came before them.
So, this week we're looking at how much a degree really costs. Felicity Hannah will be joined by Tom Allingham from Save the Student and Kellie McAlonan, Chair of the charity the National Association of Student Money Advisers.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(This episode was first broadcast 3pm on Wednesday 25th September 2024)
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People are missing out on nearly two billion pounds' worth of discounts on water bills and broadband, according to Citizen's Advice. Social tariffs give lower prices to people on low incomes, but the charity says there's a "postcode lottery" when it comes to what people can get. The government says more than 1.3 million households in England and Wales benefitted from £200m worth of help with water bills in 2022/23 and that it's working with broadband providers to raise awareness of social tariffs. Industry groups say many customers choose low-cost broadband over social tariffs and the number of households getting help paying for water should double by 2030.
How might the Chancellor change tax relief on pensions in the upcoming budget?
More than 11 million people used Open Banking in July - that figure was up by 12 percent on the month before. We'll discuss how it works.
And, have you been affected by a scam? Ahead of a special programme on October 5th we'd like to know your experiences - email [email protected].
Presenter: Paul LewisReporter: Dan WhitworthResearchers: Jo Krasner and Emma SmithEditor: Jess Quayle
(First broadcast 12pm Saturday 21st September 2024)
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There are nearly 70,000 children in the UK who are in foster care.
Foster carers main concern has to be the children they look after, including many who have experienced neglect and trauma. But they are self-employed, so there are also financial considerations, from allowances and fees, to tax returns and receipts.
In this programme we'll hear from charities, foster carers and care leavers. We'll also discuss new analysis from the Fostering Network, which found foster carers face a post code lottery when it comes to fees they’re paid.
Foster carers are given an allowance to pay for clothes and food - but they're also usually paid extra on top to recognise their time and skills. Those fees aren't fixed though, and local authorities can each individually decide how much to award.
Using freedom of information requests the charity found 60% of local authorities across the UK are paying foster carers the equivalent of less than £5 an hour based on a 40 hour week. Local Authorities are given funding from central government and the devolved nations – the told us they are reviewing support for foster carers.
Felicity Hannah, is joined by Sarah Thomas, Chief Executive of The Fostering Network and Brenda Farrell, Head of Fostering at Barnardo's.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(This episode was first broadcast at 3pm on Weds 18th Sept 2024).
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Hundreds of thousands of disabled pensioners will be unfairly impacted by the cut in Winter Fuel Payment, according to two leading charities who've spoken exclusively to Money Box. Disability Rights UK and Age UK have both told us that disabled pensioners often have higher energy bills because of medical needs and sharp cuts to the number of people receiving the payment will disproportionally affect them more than others. The government says it's committed to giving pensioners the dignity and security they deserve in retirement but says given the state of the public finances its inherited it’s right that it targets support to those who need it most. It says its protecting disabled pensioners through extra disability benefits such as Attendance Allowance, Disability Living Allowance and Personal Independence Payments. And that over a million pensioners will also continue to receive the Winter Fuel Payment and those on the full new State Pension will receive over £400 boost through the triple lock.
How might the Chancellor target Inheritance Tax in the upcoming Budget? Latest figures show that the government received a record £7.7 billion from IHT in the 12 months to July, up over 5% on a year before.
And, what can be done to encourage self-employed people to pay into a pension?
Presenter: Paul LewisReporter: Dan WhitworthResearchers: Catherine Lund and Jo KrasnerEditor: Jess Quayle
(First broadcast 12pm Saturday 14th September 2024)
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Figures given exclusively to Money Box Live show that almost two-thirds of people who called the National Gambling Helpline had gambling related debt. So what are the options and what support is available?
This week Felicity Hannah speaks to those affected by gambling, either themselves or through a family member. Joining her to talk about it are Nicholas Hill from the Money and Pensions Service which is sponsored by the Department for Work and Pensions and Raminta Diliso Head of Gambling Related Financial Harm at the Charity GamCare which is in part funded by the gambling industry.
If you've been affected by addiction - help is available at bbc.co.uk/actionline.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(First broadcast 3pm on Wednesday 11th September 2024)
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Hundreds of millions of pounds has been made available from the government for local authorities across the UK to spend on those most in need of financial help. Known as the Household Support Fund it's made up of £421 million for councils in England with another £79 million for devolved nations. Dan Whitworth meets Sam, who's 28 and got help from the fund via Stockport Disability.
A new report analysing the finances of people on low incomes who apply for loans has found a third were declined because of 'excessive gambling'. Salad Money is a social enterprise, providing credit to people earning between £25k and £35k per year. It says that out of 170,000 people who applied for loans in the first three months of this year, a third were turned down. We'll hear from the CEO of Salad Money, Tim Rooney.
The consultation which could mean fraud victims who lose more than £85k won’t get their money back when new refund rules come into force in October.
And what tax changes could the government make in its first budget? We’ll discuss Capital Gains Tax and how it might be impacted.
Presenter: Felicity HannahReporter: Dan WhitworthResearchers: Catherine Lund and Jo KrasnerEditor: Jess Quayle
(First broadcast 12pm Saturday 7th September 2024)
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