Top news
- 'Good news' as major drop in household energy bills predicted
- 'Seismic shift' as number of bank branch closures passes 6,000
- The 'top places to work' in hospitality - including Gary Neville's hotel
- New Greggs stores to open in these locations
- Drivers hit by 'unfairly high margins' on fuel
Essential reads
- Lowest buy-to-let mortgage rates revealed
- Is more expensive steak better for you?
- The rise of Michelin starred 'fast food'
- Basically...What is PIP - and what could government changes mean?
- How to make sure your car passes its MOT
- Cheap Eats:Michelin-star chef reveals his top steals in London - including an unbeatable sub sandwich
- Money Problem:My workplace wants to pay us by the minute - what can I do?
- Best of the Money blog - an archive
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Body Shop administrator to launch auction of stricken chain
The Body Shop’s administrators are to launch an auction of the chain after concluding that an alternative restructuring of one of Britain’s best-known high street retailers was not viable.
Sky News has learnt that FRP Advisory, which has been overseeing the collapsed business since January, is to begin formally sounding out potential buyers in the coming weeks.
The move raises the prospect of new owners taking control ofThe Body Shop, which was founded nearly half a century ago.
Read more here...
Biggest billionaire fall in guide's history - but UK's wealthiest family breaks record
The UK's mega rich are dwindling - in a sign Britain's "billionaire boom has come to an end", according to the latest Sunday Times Rich List.
Published today, the list reveals the largest fall in billionaires in the guide's history - froma peak of 177 in 2022to 165 this year.
While the combined wealth of the list's 350 wealthiest individuals amounts to more than £795bn - larger than the GDP of Poland - the guide's compiler says time will tell what impact a drop in billionaires could have.
"This year's Sunday Times Rich List suggests Britain's billionaire boom has come to an end," Robert Watts said.
"Many of our home-grown entrepreneurs have seen their fortunes fall and some of the global super rich who came here are moving away."
Top of the list is British-Indian businessman Gopi Hinduja and his family, whose wealth of £37.2bn is the largest fortune in the ranking's history.
But other familiar names in the list saw their riches fall, with Sir Richard Branson's total dropping by £2.4bn, which is back to his 2000 level.
Last year's top climber Sir Jim Ratcliffe, whobought a stake in Manchester Unitedthis year, fell two positions with a decline of £6.1bn.
Euan Blair, Tony Blair's eldest son, made the list for the first time, as did Sir Lewis Hamilton.
It comes as the UK continues to deal with a cost-of-living crisis, with new figures this week revealinga record 3.1 million food bank parcelswere distributed over the course of a year.
The top 10:
- Gopi Hinduja - £37.2bn
- Sir Leonard Blavtanik - £29.2bn
- David and Simon Reuben and family - £24.9bn
- Sir Jim Ratcliffe - £23.5bn
- Sir James Dyson and family - £20.8bn
- Barnaby and Merlin Swire and family - £17.2bn
- Idan Ofer - £14.9bn
- Lakshmi Mittal and family - £14.9bn
- Guy, George, Alannah and Galen Weston and family - £14.4bn
- John Fredriksen and family - £12.8bn
Reality TV stars charged over promoting unauthorised investment scheme on Instagram
A group of social media influencers have been charged in relation to promoting an unauthorised investment scheme.
The Only Way Is Essex (TOWIE) original cast member Lauren Goodger, 37, former Love Island star Biggs Chris, 32, and Celebrity Big Brother winner Scott Timlin, 36, also known as Scotty T, are among seven TV personalities alleged to have been paid to promote the scheme to their combined 4.5 million Instagram followers.
The others charged by the Financial Conduct Authority (FCA) include former Love Islanders Rebecca Gormley, 26, Jamie Clayton, 32, and Eva Zapico, 25 and TOWIE member Yazmin Oukhellou, 30.
The UK's financial watchdog brought the charges in a crackdown on "finfluencers" who use their online platforms to offer advice and information on various financial topics.
It alleges that between 19 May 2018 and 13 April 2021 Emmanuel Nwanze, 30, and Holly Thompson, 33, used an Instagram account to provide advice on buying and selling investments known as contracts for difference (CFDs) when they were not authorised to do so.
The watchdog said CFDs were high-risk investments used to bet on the price of an asset, in this case the price of foreign currencies.
It previously warned that 80% of customers lost money when investing in CDFs.
Mr Nwanze has been charged with running the scheme. He faces one count of breaching the general prohibition of the Financial Services and Markets Act 2000, and one count of unauthorised communications of financial promotions.
Ms Thompson, Mr Chris, Mr Clayton, Ms Goodger, Ms Gormley, Ms Oukhellou, Mr Timlin and Ms Zapico each face one count of unauthorised communications of financial promotions.
All nine will appear at Westminster Magistrates Court on 13 June.
The FCA asked anyone who believed they had sustained a loss due to the scheme to contact its consumer contact centre.
The 'top places to work' in hospitality - including Gary Neville's hotel
A hotel part-owned by Gary Neville and other ex-Manchester United legends has been named one of the best places to work in hospitality.
Each year, The Caterer releases its top 30 best places for employees in the sector, with the top six featuring some familiar names.
The list is compiled via anonymous employee survey - with no input from managers or owners.
Hotel Football, the only hotel with a rooftop five-a-side pitch, was among the top six venues selected by employees across the UK.
The hotel's benefits package was particularly well-praised by those who work there - given that it "prioritises the financial wellbeing of employees during the cost of living challenge".
Management at the hotel, which is situated next to Manchester United's Old Trafford stadium, was also praised for enhanced maternity, paternity, parental and adoption leave policies and a strong belief in diversity and inclusion.
The other five to make up the top six areThe Biltmore in Mayfair, Cycas Hospitality (which has 18 locations across the UK), Dalata (which boasts some 1,000 employees), Gleneagles Hotel in Edinburgh and Nobu Hotel in Shoreditch, London.
'Good news' as household energy bills predicted to fall by 7%
The energy price cap is set to fall by about 7% in July, a leading thinktank has said.
Cornwall Insights said: "For a typical dual fuel household, we predict the July price cap to be £1,574per annum" - a drop from £1,690.
Looking further ahead, it forecasted the cap to rise again slightly in October, before falling again in January next year.
Reacting to the news, Uswitch said the predicted drop was "clearly good news".
"The future still remains uncertain, and with the price cap changing every three months – currently expected to rise in October before falling slightly in January – it's crucial not to be complacent," Richard Neudegg, director of regulation, said.
However, "a predicted 7% drop in energy prices in July is clearly good news, with the price cap looking likely to hit its lowest level in over two years", he said.
He also urged households who want to lock in rates for price certainty to run a comparison to see what energy tariffs are available to them.
"There are many 12-month fixed tariffs available at rates cheaper than the current price cap, and even some that are 2% below these new predicted July rates," he said.
Forbes list of highest-paid athletes revealed
Cristiano Ronaldo has topped Forbes' list of highest-paid athletes for the fourth time in his career.
Ronaldo became the world's highest-paid athlete after his move to Saudi Arabian side Al Nassr andForbes saidthe 39-year-old's estimated total earnings were around $260m (£205m) - an all-time high for a football player.
His on-field earnings amounted to $200m (£158m) while off-field he earned $60m (£47m) thanks to sponsorship deals where brands make use of his 629 million Instagram followers.
Spanish golfer Jon Rahm took second place following his switch to Saudi-backed LIV Golf.
Rahm earned $218m (£172m) and joins Ronaldo as the only two athletes to earn over $200m.
Third on the list is record eight-time Ballon d'Or winnerLionel Messi, who switched to Major League Soccer team Inter Miami, which helped the Argentine World Cup winner earn $135m (£107m).
The 36-year-old earned $65m (£51m) in on-field earnings but $70m (£55m) off it from deals with major sponsors such as Adidas and Apple.
Los Angeles Lakers forwardLeBron Jamescame in fourth at $128m (£101m), while fellow NBA star Giannis Antetokounmpo of the Milwaukee Bucks made fifth with $111m (£88m).
France football captainKylian Mbappedropped down to sixth with $110m (£87m).
French striker Karim Benzema, who also moved to Saudi Arabia, is eighth on the list with $106m (£84m), followed by Golden State Warriors guard Stephen Curry with $102m (£80m).
Lamar Jackson is the only NFL player on the list, in 10th place with $101m (£80m), thanks to the signing bonus negotiated into his new Baltimore Ravens contract last year.
How much it costs to send your children to private school - as figures reveal major change
The number of new pupils joining private schools has fallen by 2.7% since last year, according to the latest figures.
Data from the Independent Schools Council (ISC) shows families are now paying more than £18,000 a year on average to send their children to private school.
This is an 8% rise in school fees for the 2023-2024 academic year compared with the year before.
But as fees soar, figures show a 2.7% drop in the number of new pupil applications - this is the biggest fall since the ISC started collecting data in 2011.
The lowest buy-to-let rates on the market right now
Every Friday we get an overview of the mortgage market with independent experts fromMoneyfactscompare.co.uk.Today, finance expert Rachel Springalloutlineswhat's been happening within the buy-to-let market…
A handful of lenders moved to tweak the fixed rates they charge on buy-to-let mortgages over the past week.
Paragon Bank launched some new "portfolio" and "green" fixed mortgages, and Aldermore pulled its limited edition five-year fixed rates, max 65% loan-to-value.
Buckinghamshire Building Society also launched new deals onto the market, and Claire Askham, head of mortgage sales said: "The decision to increase our BTL lending to 80% represents a positive move for the sector as we continue to see landlords appraising their portfolios through divesting, refinancing and taking advantage of a variety of property-related opportunities as they arise."
Week on week, there has been minor moves to the overall average fixed buy-to-let rates, with the two-year remaining unchanged at 5.62% and the five-year falling by 0.02% to 5.59%.
This week the lowest two-year fix for buy-to-let customers at 75% loan-to-value comes from Metro Bank, priced at 4.19%, which charges a percentage booking fee of 5.00% of the mortgage advance and is available to second-time buyers and remortgage customers borrowing a maximum of £2m.
There is another option from the same lender which carries an incentive package just for remortgage customers, but it has a lower maximum advance of £1.5m.
If you are looking to borrow more, then Suffolk Building Society has the lowest two-year fix for buy-to-let customers at 80% loan-to-value priced at 4.79% for second-time buyers and remortgage customers.
The deal charges a percentage completion fee of 3.00% of the mortgage advance as well as a flat £199 booking fee.
Remortgage customers will receive a free valuation and free legal fees incentive.
A five-year fixed buy-to-let mortgage may be more appealing for you to guarantee your monthly repayments for longer.
If you looking to borrow at 75% loan-to-value, HSBC has a deal for remortgage customers priced at 4.33%, which carries a free valuation and free legal fees incentive package but charges a flat £3,999 product fee.
If you are looking to borrow more, then Furness Building Society has the lowest five-year fixed buy-to-let deal at 80% loan-to-value priced at 5.39% for second-time buyers and remortgage customers. It charges a booking fee of £995 and includes an £250 cashback incentive.
Remortgage customers will also receive a free valuation. This deal also happens to be a Best Buy for a five-year fixed deal at 80% loan-to-value.
Best Buy alternatives
The lowest buy-to-let rates may carry both a flat product fee and an arrangement fee which is based on a percentage of the mortgage advance, so a Best Buy package may be more suitable if you are looking to save on the upfront cost of any deal.
You might also want a deal to cover a valuation or legal fees. A Best Buy buy-to-let mortgage could be the most cost-effective choice in this instance, but it's worth seeking advice before entering any arrangement.
This week the top packages on a two-year fixed buy-to-let deal at 75% loan-to-value comes from HSBC, priced at 4.69%, which comes with a free valuation and charges a £3,999 product fee and is available to second-time buyers.
If you want a loan with a lower upfront fee, then HSBC also has a Best Buy deal priced at 4.94% at 75% loan-to-value, which carries a free valuation and charges a £1,999 product fee and is available to second-time buyers.
If you are looking to borrow more, then Furness Building Society has a Best Buy two-year fixed buy-to-let deal priced at 5.73% at 80% loan-to-value for second-time buyers and remortgage customers. It charges a fee of £995 and includes a £250 cashback incentive. Remortgage customers will also receive a free valuation.
A five-year fixed buy-to-let mortgage may be more appealing for you to guarantee your monthly repayments for longer. If you looking to borrow at 75% loan-to-value, HSBC has a Best Buy deal priced at 4.39%, which carries a free valuation and charges a £3,999 product fee.
If you want a loan with a lower upfront fee, then HSBC also has a Best Buy deal priced at 4.64% at 75% loan-to-value, which carries a free valuation and charges a £1,999 product fee.
If you are looking to borrow more, then Furness Building Society has a Best Buy five-year fixed buy-to-let deal priced at 5.39% at 80% loan-to-value for second-time buyers and remortgage customers.
It charges a booking fee of £995 and includes an £250 cashback incentive. Remortgage customers will also receive a free valuation. This deal also happens to be the lowest rate on a five-year fixed deal at 80% loan-to-value.
Sainsbury's and pharmaceutical giant lead morning markets movements
By James Sillars, business reporter
A lack of strong corporate updates did for the FTSE 100 on Thursday.
A flat end to the day has been followed by a flat end to the week, with the index falling almost 0.1% to 8,433 in early deals on Friday.
Very little around for investors to ponder.
Developments this morning included pharmaceutical firm GSK saying it had raised £1.25bn from selling its entire remaining stake in Haleon.
The consumer healthcare firm was spun out of GSK almost two years ago.
One other announcement of note came from Sainsbury's.
It revealed a five-year strategic partnership with Microsoft that will see generative AI used to boost personalised shopping experiences for consumers, improve search functions and make staff working practices more efficient.
The financial terms were not disclosed. Its shares were 0.4% higher.
Away from the equity markets, it's worth taking a quick look at how oil is finishing the week.
Brent crude is trading above $83 a barrel on evidence of rising demand.
Prices at these levels should not have an impact at the fuel pumps but small recent declines in average costs could be reversed if the upwards oil price trend continues.
New Greggs stores to open in these locations
Greggs will open eight stores in the next few weeks, as the company continues its expansion plans
The bakery said it would open a total of 180 new branches before the end of this year.
We were told earlier this year that the famous sausage roll-seller would open new stores in London, Cambridge and Sale, but Greggs has now revealed where its next eight new branches will be.
Here are the locations of the eight new sights, revealed by the bakery to The Sun:
- Saffron Walden, Market Place, England
- Bangor, Carnarfon Road,Wales
- Birmingham Prime Park, England
- Brierley Hill, Merryhill, England
- Consett Delves Lane Drive Thru, County Durham,England
- Edinburgh, 60-61 Seafield Road,Scotland
- Glasgow, Argyle St, Scotland
- Porth, U3C Geilligron IE, Wales
