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Mounting costs: 247Moneybox.com looks at flight tax increases

Friday, October 29th, 2010

We could all use a getaway this Christmas. What with looming cuts, ‘doom and gloom’ seemingly around every corner and the never-ending saga of yet another round of people wanting to be people that almost got famous singing, we here at 247Moneybox.com think some winter sun or snow would be ideal.

Not to depress you any further, but Air Passenger Duty (APD), or Airport Tax, is set to increase by up to an extortionate 55% from Monday 1st of November. Ouch.

An article on thisismoney.co.uk reports that this could close to triple some fares, with a trip to Australia for a familyof four set to cost £680, up from £440, IN TAX; and, for example, a flight to Florida will result in a tax increase from £180 to £240 - a 33% rise; and a general tax increase in economy fares from £220 to £340, a 55% rise. It’s almost like they want to stop us from flying!

The article is very interesting and brings together views from across the industry, with the consensus being that such hikes are disgraceful.

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Tags: Air Travel, Holiday, Leisure, Payday Loan, Tax
Posted in Government, Leisure, Payday Loans, Recession | No Comments »

Recession? Is it a case of glass half empty or half full? Should we be tightening or loosening the belt? Questions we want answered!

Wednesday, October 27th, 2010

We would have all heard the apparent ‘good news’ spreading through reports this morning, telling us that GDP grew 0.8%, doubling forecasts that predicted growth at 0.4%. Well, it’s not much but it’s something.

This has been put down to the growth of the construction sector, so all you hard-working labourers and engineers should give yourselves a pat on the back and get yourselves a well earned beer this weekend!

Here at 247Moneybox.com we won’t let ourselves get carried away though, bearing in mind this data was gathered before the cuts were announced. And it seems like consumers won’t either.

Research gathered by Gocompare.com shows that people are still tightening their belts in the hope of saving some money and improving their credit rating.

Which is not really surprising, what with the nation’s workforce in fear of job losses stretching across public and private sectors. We don’t intend to scaremonger, but it will be interesting to see what we’re told about GDP at the end of the current quarter.

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Tags: Economy, Government, Payday Loans, Recession
Posted in Economy, Government, Payday Loans, Recession | No Comments »

Financially unCable

Thursday, October 14th, 2010

As if finding a job after graduating wasn’t hard enough in this current economic climate, then try doing so under the stress of knowing you have £20,000 worth of financial debt.

Now double/triple/quadruple that figure.

Reported across the media this morning, including the Metro, business secretary Vince Cable, in a complete u-turn from the Lib Dem ideal of scrapping university fees altogether, is considering doubling the tuition fee level to £7,000 by 2012.

What’s more, he has also insinuated that the cap on fees could be lifted so that universities can charge as much as they like for specific courses – Oxbridge, for example, could be looking to make potential students pay £12,000 per year.

Here at 247Moneybox.com we are asking what does this actually mean for our young academics if those levels are introduced?

Instead of repaying your loan as soon as you start earning £15k or above, you will be given breathing space until you’re on a £21k salary.

On average, graduates will be expected to pay around £30 per month on a £25k salary and will continue to do so for 30 years, at which point the government writes off any remaining debt (currently the debt is written off after 25 years). The interest rate on repayments will be 2.2% above inflation.

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Tags: Government, Loan, Payday Loan, Recession, Student, University
Posted in Government, Recession, Unemployment | No Comments »

Child benefit - a deep cut

Tuesday, October 5th, 2010

The HMRC suggests, in reference to the most recent statistical study, that 96%-97% of the eligible population claim child benefits. You may have heard about the impending slash in these benefits – among others coming soon – for people earning in excess of £44,000. Child benefits have been officially in place since 1979, so it is fair to say this is quite a drastic reform.

The BBC has compiled a Q&A relevant to the issue, and we here at 247Moneybox.com thought we’d take it upon ourselves to do a bit of jargon-busting and clarify some of the finer points in summary of that article.

If you or or your spouse earn more than £44,000 then you will no longer qualify for the benefit; but as long as you both earn less than £44,000 individually then you’re fine. Many single parents feel targeted by the measure as your household could earn more than the threshold (up to £87,000) but still be allowed to claim (so I guess they haven’t thought that one through).
This is estimated to affect 1.2 million families – approximately 15%.
How this cut will be enforced is still under debate. Higher-rate taxpayers may have to declare the benefit on a self-assessment tax form, but it sounds a bit drawn out and susceptible to error. Surely it’d be easier to link the affected households to their tax records, as the BBC article suggests.
The child benefit works out at £20.30 per week per child – a ‘child’ defined as being under 16 years and in your direct care. So if you are affected, you will stand to lose out on around £80 a month or £1,055.60 a year; families with two children claim £33.70 per week and will lose out on £1,752.40 a year, while families with three children stand to lose £2,449.20 per year (usually claiming £47.10 per week).

More information on current eligibility can be found on the HMRC website or by calling the Child Benefit Office on 0845 302 1444.

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Tags: Benefit, Cash Advance, Government, Payday Loan, Reform
Posted in Government, Payday Loans | No Comments »

Make sure you’re paying the right amount of council tax

Friday, July 2nd, 2010

At 247Moneybox.com we know that council tax can be hard on your finances, and it is important to ensure that you are being charged the right amount. This follows the news from The Telegraph that 17 neighbours from Birmingham were able to claim a refund of £49,000 from their local council after successfully challenging their council tax bands. This kind of query is definitely worth pursuing, as the money owed by the council gets backdated to when you first started living at the property. Properties just next door could be in different tax level bands, so make sure you check it out.

The way to do this is simple. Just go to the website of the council tax list at the Valuation Office Agency, www.voa.gov.uk, then enter your postcode and find and compare the addresses of your house and the other houses on your street.

However, be careful as you are merely challenging what band your house is in, which could potentially lead to your house being re-valued into a higher band.

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Tags: Council Tax, Rebate
Posted in Government, Housing, Money saving | No Comments »

Swine flu peaks for the summer, but re-emergence will prove difficult to predict

Thursday, August 20th, 2009

Despite large numbers still seeking treatment for swine flu, only one in ten people actually have contracted it, reports Times online. The Chief Medical Officer, Sir Liam Donaldson, said that we have seen the peak of swine flu for this summer; however, there will be great difficulty in estimating when the next bout of the virus will hit the country again.

We have seen the latest wave of the illness subside as overall diagnosis and hospitalisations due to the virus have decreased, from 25,000 counted last week to 11,000 so far this week. Fortunately the predictions by top medical officers aren’t looking likely to come to fruition; based on the best scientific evidence simulating the worst-case scenario, it was predicted that 100,000 new cases could be diagnosed by the end of a April. This is not likely to be the case but cases will re-emerge intensely when schools re-open in September and October.

Donaldson reassures the public that the greatest care is being taking with the virus; he said, ‘We have always said that it is better to hope for the best, but plan for the worse’. There are still 263 patients who are being treated in hospitals, with 30 in intensive care. He hopes that the illness will follow the pattern of a similar virus in 1968-70, which peaked at Christmas time; if it does, then there will be plenty of time to vaccinate as many people as possible and even avoid a peak, he said.

Donaldson states that schools could face closure if the virus develops in certain areas, however he does not believe that a national policy will have much effect. So far there have been 54 deaths, the majority of which have been attributed to pre-existing medical conditions. The government has announced a list of the priority groups for vaccines, which include people with asthma and diabetes.

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Tags: Swine Flu, Tamiflu
Posted in Government | 1 Comment »

High-street lenders face further pressure to ease up lending

Thursday, August 13th, 2009

Further pressure has been levelled at high street banks to encourage them to lend more and get the economy back on the road to recovery, reports The Times online. The Bank of England threatened to cut the rate it pays to high street lenders. The Governor of the Bank of England, Mervyn King, said he was considering cutting the interest the Bank pays on cash held by the banks in its reserve accounts.

The amount in these reserve accounts has increased substantially in the last year from £90.6 billion at the end of 2008 to around £157 billion in the first half of this year. King also forecasted more gloomy news, stating that the recovery would be ’slow and protracted’, and that consumers will feel the fallout for years to come.

This comes at a time when the bank stunned many by injecting £50 billion into the economy to prevent a slowdown. King states that the British economy had shrunk much quicker and deeper than his team had predicted and requires ‘robust growth’ to put it on a stable footing.

With this there has been news of rising unemployment, which had jumped to a 14-year high of 2.43 million in the last three months. King highlighted the significant role banks would have in stimulating a recovery, as growth would continue to be curbed unless banks started lending again. Lending to non-financial corporations slumped by a record £14.7 billion between May and June this year, despite the bank’s measures to unclog the credit markets via quantitative easing.

Do you need a loan? Need a little quantitative easing of your own? Well, look no further than a payday loan from us here at www.247Moneybox.com. We work to tailor loan solutions to people so they can cover those urgent expenses until the next pay cheque arrives. So don’t be worried about unpaid bills any longer - visit our website and fill out an application form now!

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Tags: Bank of England, Lending, Mervyn King, Payday Loan
Posted in Credit Crunch, Government | No Comments »

Ofgem accuses energy suppliers of ‘unjustified price differences’

Monday, August 10th, 2009

Could you be saving money on your utility bills in the next couple of weeks? Well, more than 2 million rural households will see their electricity prices fall after Ofgem has cracked down on ‘unjustified price differences’ in the UK energy market, reports Times Online.

Following findings from the regulator’s reports, it has been decided that some people are being charged too much and are generally receiving bad service from the main power suppliers. In particular, 2 million people have not been able to connect to Britain’s gas network, leading to their not being able to qualify for the dual fuel bills offer which could get them cheaper electricity.

Furthermore, energy suppliers have been found to be treating some classes of customers worse than others; suppliers will have to provide annual statements telling households how much energy has been used and that it is viable that they can change suppliers. Proposals have been made to make tariffs simpler for customers, making comparison with other providers easy.

The poorer members of society have often received the toughest deals and a ban on ‘unjustified pricing’ will help them from being discriminated against. Ed Milliband the energy and climate secretary has said that ‘we need regulation to protect consumers and that is why I welcome the Ofgem proposals’.

Are you finding that your utility bills are going to be too much for you this month? Worried you might face having your utilities turned off if you don’t pay in time? If so, it sounds like you may benefit from a payday loan from us here at www.247Moneybox.com, as we can offer you fast cash to cover those monthly expenses that are too much for you. So apply today and see if we can help you with a loan to ensure that you don’t face your gas, electricity or water being shut off.

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Tags: Electricity, Energy, Gas, Power, Utility Bills
Posted in Government, Inflation | No Comments »

Make sure you cash in on the latest Government fuel poverty scheme

Tuesday, August 4th, 2009

In a previous article we worried about the increase in the number of people in fuel poverty, but today it is apparent that government decision-makers have been reading our daily blog as they have announced a new £350 million scheme to aid those in fuel poverty, reports Times online.

The scheme is designed to give low-income households a complete ‘energy efficiency makeover’. The scheme, called the Community Energy Saving Programme (CESP), will start next month and targets 100 ‘fuel-poor’ regions and installs energy efficient measures to the residents there, street by street. Some 90,000 people could benefit from measures ranging from extra insulation to a completely new central heating system, which will save an average £330 a year on fuel bills.

Overall, 900 deprived areas can qualify for assistance, but it is down to community action groups to lobby their local authorities to ensure that the scheme can be adopted in the other 800 deprived areas that have not been chosen directly by the energy suppliers. To find out whether your area is eligible or not go to www.imd.communities.gov.uk and click on the map.

It is important that local communities get on board as the scheme requires at least 25% of the eligible households in the area to have signed up before any work is carried out. There are also worries that the suppliers won’t deliver the scheme properly but will instead aim to meet the government’s carbon reducing targets rather than budget targets when delivering CESP.

If despite the reduction in your fuel bills they are still just too expensive, then it might be time you spoke to us here at www.247Moneybox.com and get yourself a payday loan to cover expenses until your next pay cheque arrives. Our payday loan will allow you to get cash fast, and the application process is quick and easy, so sign up today!

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Tags: Carbon Targets, Fuel poverty, Utility Bills
Posted in Government, Housing, Inflation | No Comments »

Ofwat puts its foot down to alleviate hard-pressed consumers

Monday, July 27th, 2009

Great news for consumers’ water bills - we can expect our water bills to fall significantly over the next couple of years, nullifying many water companies’ plans to increase prices by - in some cases - as much as 17%, reports Times online.

Ofwat has decided that the monopolistic position of many water companies has allowed them to get away with price rises, whereas in other markets consumers can shop around for better value, and has thus mandated that prices will fall over the next couple of years.

Water companies will have to juggle lower revenue with an expectation for the same amount of investment, which has lead to criticism that neither can be achieved simultaneously. The chief executive of Water UK, Pamela Taylor, has voiced concerns that the propositions will undermine investment, alluding to Ofwat’s myopia and stating that they had ‘lost their longer term imperative’.

The announcements to curb revenue obviously led to a steep fall in the share prices of the bigger water companies, in particular Severn Trent and United Utilities.

Water companies will be expected to further invest in network improvements, reducing leaks, improving flood defences and replacing antiquated Victorian sewerage networks. Regina Finn, Ofwat’s chief executive, assures that there will be £21bn still available to fund the investment despite price and revenue cuts.

The announcements came as part of the draft recommendation for the period 2010 to 2015, in which Ofwat decides on how much should be invested and how much they are allowed to earn for their shareholders.

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