Money blog: Fans fume at 'disgusting' prices to see star of the moment: 'Even worse than Taylor Swift' (2024)

Next has come under fire after introducing a charge for clothes hangers at its checkouts.

The retailer has introduced the 15p fee across four of its stores in Bristol, Preston, Watford and Bishop Auckland - but it could be rolled out further if the trial is successful.

Customers have taken to X to criticise the "shocking" charge, with some surprised to be faced with paying it after spending large amounts on clothes.

One complained about receiving "poor customer service" after spending £149 on a suit and being told she could not have a hanger or a suit carrier.

Next is not the only store to charge for hangers, though.

Earlier this year, Tesco trialled a 10p fee for its hangers, and Matalan made the same move in 2023.

Sky News has contacted Next for comment.

Nationwide has become the first major lender to introduce a mortgage deal for less than 4%.

It has cut rates across its two, three and five year fixed rate products by up to 0.25% today, with its lowest rate now standing at 3.99%.

The move has been praised by brokers, who say it's a sign that momentum in the mortgage market is picking up, but some point out that it will only benefit those with a large deposit.

Here are some of the new rates available:

New customers moving home

• Five-year fixed rate at 60% LTV with a £1,4992fee is 3.99%
• Five-year fixed rate at 60% LTV with a £999 fee is 4.04%
• Two-year fixed rate at 80% LTV with a £999 fee is 4.87%

First-time buyers

• Five-year fixed rate at 85% LTV with a £999 fee is 4.55%
• Two-year fixed rate at 85% LTV with a £999 fee is 4.95%
• Five-year fixed rate at 60% LTV with a £1,4992fee is 4.34%

Remortgage

• Five-year fixed rate at 60% LTV with a £1,4992fee is now 4.27%
• Two-year fixed rate at 75% LTV with a £999 fee is now 4.79%

Graham Cox, director of Self-Employed Mortgage Hub, says: "Nationwide dropping rates below 4% is a sure sign the worst of the mortgage market woes are well and truly behind us.

"After several months of steadily increasing rates, the last month has seen consistent mortgage rate cuts from all the major lenders," he told Newspage.

"With a base rate cut likely in August or September, we could see a big jump in property transactions in the coming months."

Emma Jones, the director of When The Bank Says No, adds: "The sub-4% mortgage is back.

"Even though it will only be available to borrowers with bigger deposits or more equity, this is a big moment and shows the momentum picking up in the mortgage market."

Nationwide says the cuts reinforce its position as "one of the most competitive lenders in the market" and it is aiming to maintain its support for all types of borrowers.

Are you struggling because of high interest rates? Sky News is keen to hear from people who are due to refix their mortgages, are on variable rates or are trying to get on the housing ladder.

Email us your stories at sky.today@sky.uk

By James Sillars, business reporter

Bang! And the dirt is gone.

The company behind Durex and Nurofen has announced a big strategy shake-up that will include the sale of a portfolio of home care brands, including Cillit Bang and Calgon cleaning products.

Owner Reckitt Benckiser said it was part of a wider move to drive shareholder value that would be expected to result in some job losses.

It added that it was too early to put a figure on the numbers affected but signalled they would not be significant.

Shares rose more than 4% on the news, despite the company lowering its full-year sales growth outlook for 2024, blaming temporary supply disruptions within its nutrition business.

Among other companies reporting this morning amid a rush to clear the decks before the summer break was Aston Martin Lagonda.

The luxury carmaker's shares were 10% higher after it said the worst of its losses were now in the rearview mirror.

Aston revealed a pre-tax loss of £216.7m for the six months to the end of June, compared with a loss of £142.2m in the same period last year.

It has been making fewer vehicles ahead of the introduction of new models, including the DB12, which are expected to help turn its financial fortunes around.

Let's look at easyJet too.

The no-frills carrier saw its stock soar by 8% after it reported a 16% lift in profits during the third quarter of its financial year.

The company raised the annual forecast for its holidays division ahead of the summer rush.

The chief executive said, unlike his Ryanair counterpart on Monday, that fares were stable on last year rather than falling and that demand was solid.

The FTSE 100 opened 0.4% lower at 8,145 led by financial and technology stocks.

Hidden in overall grocery inflation - which stands at 1.6 per cent right now - are the huge rises in the price of some specific products we've seen over the past two years.

One of those is ice cream.

Cornetto and Solero are among the popular brands that have soared in price in the past two years.

Which? compared costs at the biggest supermarkets in the two months to July this year with the same period two years ago.

Cornetto's strawberry cones, the biggest riser, has increased by 38%.

The Cornetto Classico jumped by 35%, and Solero Exotics went up 35%.

This table sets out the biggest hikes...

Which? also found some supermarket own-brands did better in blind taste tests than the original brand and were a good option for consumers looking to avoid the biggest hikes.

For instance, Aldi's Gianni's tropico exotic fruit lollies, which cost £1.35 for three, scored 76% in a taste test - higher overall than Solero, which scored 70%.

And Asda, Lidl and Morrison's scored 77% with their strawberry ice cream cone tests, more than Cornetto's 65%.

Every Wednesday we ask top chefs to pick their favourite Cheap Eats where they live and when they cook at home.This week we speak toTommy Heaneyof the restaurantHeaneys Cardiffin the Welsh capital.

HiTommy,can you tell us your favourite places in south Wales where you can get a meal for two for less than £40?

I love what they are doing with the Cardiff Market, we've been crying out for a permanent street food market for years! My go-to is Tokyo Nights, fill your boots with homemade Gyoza and a banging tonkatsu sando.

The Bab Haus is another great spot that can be found in Newport, Barry and now Caerphilly. Leyli is one of the hardest working chefs I know, but more importantly she does a belting taco.

My favourite is Beales Fish and Chips in Porthcawl, it's about 20 minutes from my house.

Nothing is better than when the sun is out, loading up the van with the family and pups, grabbing some fish, chips, a battered sausage or two and curry sauce. Head to the beach, open the doors and just pig out in the back of the van.

What is your go-to cheap eat to cook at home when you have a night in?

A carbonara is my go-to when wanting a quick and easy meal at home.

It's so simple - just five ingredients, which are all household staples. Don't overcomplicate it - all you need is garlic, bacon, spaghetti, parmesan and eggs. My twelve-year-old makes a banging one.

We've spoken to lots of top chefs and bloggers - check out their cheap eats from around the country here...

Nationwide has launched new savings opportunities for customers with the issue of fixed-rate online bond and fixed rate branch bond schemes - and savers only need £1 to open an account.

The new offer means savers who lock their money away - in this case for a year - have a chance to generate hundreds of pounds.

The new rates are:

• 1 Year Fixed Rate Online Bond - 4.5% AER
• 1 Year Fixed Rate Branch Bond - 4.5% AER

If you have £5,000 to invest, for example, you would earn £225 in interest a year.

Tom Riley, director of retail products at Nationwide, told Sky News the new one-year bond scheme pay an increased rate and are a "competitive option for those who like to save with a high-street brand they know and trust".

"We offer a range of accounts to suit the different needs of savers," he said.

"Some of our best rates are available for those with a lump sum who can lock their money away for a longer period."

Not sure what AER means? We explained everything you need to know in our Basically... series recently:

Logan Paul and KSI's Prime energy drinks brand is being sued by theUS Olympic and Paralympic Committee fortrademark infringement.

In its lawsuit, the committee alleges the brand used trademarked Olympic phrases and symbols on a special edition of its hydration drink, which features Olympic gold medallist and NBA forward Kevin Durant.

Lawyers say this was "wilful, deliberate, and in bad faith".

The lawsuit comes a year after the brand faced scrutiny over itspotentially dangerous levels of caffeine.

IKEA is set to launch 100 more click-and-collect points at Tesco stores across the UK.

More than 90% of consumers will be within five miles of a collection point when it is complete.

The Swedish retailer recently announced it had opened its 100th mobile pick-up point after national roll-out began in 2022.

More than 150 employees at an Asda store in Cambridgeshire are set to walk out for a second time next week over poor working conditions.

The GMB union confirmed that workers at the superstore in Wisbech will walk out from 3am to 10pm on 2 August.

Staff carried out their first strike in March this year.

It's no secret that many Britons do not save enough to live off in retirement.

The bad news is that the number of people falling into that category is rising.

The annual retirement report published today by Scottish Widows, the life company, reveals that the percentage of people not on track for even a minimum retirement lifestyle has risen from 35% to 38% during the past year.

That equates to an extra 1.2 million people.

The Pensions and Lifetime Savings Association (PLSA) defines a minimum retirement lifestyle as covering all the needs of a retiree "with some left over for fun and social occasions" - a holiday in the UK, a meal out once a month and "affordable leisure activities about twice a week".

It estimates the cost of such a lifestyle to be £14,400 for a single retiree or £22,400 for a retired couple.

The PLSA assumes retirees qualify for a full state pension, which rose to £11,500 a year at the start of the current tax year, with retirees currently qualifying for the state pension at the age of 66.

This is due to rise to 67 between May 2026 and the end of 2028.

The report, based on interviews in March and April with 5,072 people saving for retirement and deemed to be representative of the UK population, suggests that most people would like to retire at the age of 62 but just over half, 54%, think they will have to work longer than they would like - on average by seven years.

Just over a quarter of those quizzed, some 27%, said they don't feel they will ever be able to retire.

You can read the rest of my analysishere:

A middle-class getaway favourite has been found to sell the cheapest beer of Europe's top holiday destinations.

A 330ml bottle of beer costs just £1.74 in Italy's Puglia resorts - the cheapest of 16 destinations analysed in the annual Post Office holiday report, produced with TUI.

Resorts in the Algarve have the second cheapest beer, at an average of £2.04, whilefive cities charged more than £5 for a bottle (Dubrovnik, Paris, Dublin, Stockholm and Nice).

While Puglia was cheap on beer, it was found to be one of the most expensive destinations overall for a general family holiday.

Laura Plunkett, head of travel money at the Post Office, said: "Even though sterling is stronger now than last July, price inflation across Europe means that families need to allow for increases in meals, drinks and other tourist costs in their spending budget."

Phillip Iveson, commercial director at TUI UK & Ireland, said: "It's clear that it's not just the UK that is impacted by the cost of living."