How to get cheaper motoring for young drivers as costs hit nearly £2,400 for first year of driving

Many youngsters find it difficult to afford running a car. The latest figures show that on average, a 17 to 24-year-old driver now pays nearly £2,400 to run a car in their first year of driving, of which more than half will be insurance costs. 

Here, The Mail on Sunday looks at how young motorists can drive down the cost of insurance cover and examines moves to make driving for youngsters more affordable.

Safe: Charlotte Raymond has benefited from the black box technology

Telematics technology, which allows insurance companies to monitor driving behaviour, is helping many young motorists manage their insurance bills. With a ‘black box’ telematics policy, a smartphone-sized box is installed out of sight inside a car. 

It works like a sat-nav or GPS, but monitors how a motorist drives by recording – and assessing – their speed, acceleration, braking, the time of day they drive and how they manoeuvre around corners.

Providers include Co-op Insurance, Marmalade, Insurethebox, Smartdriverclub, Ingenie and MyPolicy.

Graeme Trudgill, of the British Insurance Brokers’ Association, says: ‘Putting a telematics black box in a car to monitor driving can reduce premiums for younger motorists by up to a quarter. It also reduces accidents three-fold in the first year of driving.’

One person to benefit from telematics technology is 21-year-old Charlotte Raymond, from Llanelli, Carmarthenshire. She has had cover with Co-op via its Young Driver Black Box telematics policy since she was 17.

As a result of driving safely since taking out her insurance, she has managed to reduce her annual premium from £1,012 in 2014 to just £440 this year.

She says: ‘When I got my car four years ago – a Vauxhall Corsa which I am still driving today – I compared insurers and Co-op’s black box offering made the most sense financially. Insurance costs for young drivers are extremely high, but the quote I got back from Co-op was considerably lower than those from other insurers.’

Charlotte had a black box installed after passing her test.

She adds: ‘There are restrictions – such as not being able to go out in my car between 11 o’clock at night and six o’clock in the morning – but I do not feel too hindered by this curfew.

‘My driving also gets monitored and scored on a number of factors – speeding, cornering, braking and acceleration. But I do not mind this as it keeps me safe and means I ultimately save money on my insurance if I drive safely.

‘My premiums have more than halved in four years. Meanwhile a lot of my friends are still paying premiums running into thousands of pounds a year.’

A car is integral to the work of junior doctor Robyn Lewis. But she finds that the cost of owning, running and insuring her Vauxhall Corsa is a big burden on her finances.

The 24-year-old, from Ealing, West London, has just graduated from medical school and is about to take up a more permanent post at a hospital in West London.

Plea: Junior doctor Robyn Lewis would like to see insurance premium tax reduced for young drivers

She says: ‘During my studies, I needed my car to drive to hospitals in London and across the South East.

‘For around five months I was spending as much as two-and-a-half hours a day in my car. I could have used public transport, but that would have meant spending even longer commuting.’

Robyn estimates she spends around £200 a month on petrol. She also pays £20 a month for a servicing plan which covers the cost of repairs – plus road tax, a resident parking permit and occasional parking fees at hospitals.

While all of these costs mount up, the biggest motoring expense remains her car insurance.

She says: ‘When I first passed my driving test, I paid around £1,400 for insurance. I have been driving for several years and am still paying a huge £800 for my current policy.

‘With insurance costing this much, it is really hard for young drivers to be able to afford to keep a car on the road. I would support a call for the Chancellor of the Exchequer to scrap – or at least reduce – insurance premium tax for young motorists.

‘I think the Government should be taking steps to make driving more affordable for people like me. In my work, a car is a necessity, not a luxury.’

Charlotte has just completed her final year at Cardiff University studying politics.

She says: ‘I do not have my car with me in Cardiff, but go home frequently during term time – as well as during the holidays – and use it for local journeys. I now feel a lot more confident about my driving.’

Charlotte is one of Co-op’s ‘ten safest young drivers.’ Overall, these ten drivers have seen their annual premiums decrease by an average of £382 since taking out their insurance.

Findings from the Co-op show that since 2015 the proportion of overall claims per year attributed to drivers aged 17 to 24 has decreased by a fifth as a result of the widespread use of ‘black box’ telematics data.

Steve Kerrigan, of the Co-op, says: ‘While statistics highlight that young drivers are involved in a quarter of all accidents on the roads, it is really encouraging to see that telematics, together with our own training modules, is continuing to have such a positive impact on the safety of young drivers.

‘The financial incentive offered for using telematics has helped result in a 21 per cent reduction in incidents among this age group.’

Since launching its Young Driver proposition in 2011, the firm has ‘given back’ £12.6 million to young motorists – an average of £117 per policy.

Mike Bristow from road safety charity Brake adds: ‘The reported reduction in claims for young drivers shows telematics has an important role to play in promoting safe driver behaviour and is welcomed.

‘The data shows young drivers do respond to black box systems which discourage them from slipping into dangerous habits behind the wheel.’

Some campaigners are calling on the Government to reduce or abolish insurance premium tax for younger motorists to help make driving more affordable.

This tax works in a similar way to VAT in that it is added to the price of insurance policies – at a rate of 12 per cent.

‘But some believe it could be pushed up to as much as 20 per cent by the end of the decade, especially given the need to fund extra spending in the National Health Service.

Research from website Comparethemarket shows that four out of five young drivers do not know what the current rate of insurance premium tax is, despite it adding an average £161 to their annual insurance bill.

Simon McCulloch, a director of the website, says: ‘We urge the Government to introduce a cap on insurance premium tax for drivers under 25 – or remove it altogether.

‘Our research shows that 61 per cent of young motorists do not think the Government is doing enough to make driving affordable for them.’

Further findings show more than two thirds of young drivers rely on their car as part of their commute to work, school or university.

More than a quarter fear that if they could no longer afford to drive then they would risk losing their job.

McCulloch adds: ‘Failing to introduce a limit on insurance premium tax will make it harder for many youngsters, a key segment of the workforce, to get to their place of employment.’

Earlier this year, the Government said it would look at introducing graduated driving licences in an attempt to curb the number of young drivers killed on the roads.

This would mean those who had recently passed their test would face limitations, such as restrictions on night driving and on the number of passengers they can carry.

Mike Bristow from road safety charity Brake, says: ‘We need to look at telematics, along with graduated licences, to improve driving standards among young motorists.’

But some are concerned that such a move could make driving more difficult for young people.

Simon McCulloch says: ‘It needs to be balanced against a restriction in freedom to drive at night. Imposing conditions on new motorists could reduce the number who learn to drive.’

Do you want to automatically post your MailOnline comments to your Facebook Timeline?

Your comment will be posted to MailOnline as usual.

Do you want to automatically post your MailOnline comments to your Facebook Timeline?

We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.

Part of the Daily Mail, The Mail on Sunday & Metro Media Group

 

July 28, 2018

Sources: Daily Mail

Related news

  • Flybe sees more than a third of its market value wiped out in minutes

    Flybe sees more than a third of its market value wiped out in minutes

    today after it issued another profit warning, blaming higher fuel prices, a weaker pound and lower demand for flights.</p><p>The low-cost UK carrier said it will now make an adjusted loss of around £12million for the year to the end of March 2019. </p><p>This is a smaller loss than last year's £19.2million, but is worse than market forecasts, and comes despite a £10million one-off boost to its accounts.</p><p>Profit warning: Flybe has been hit by higher fuel costs, a weaker pound and lower demand</p><p>It comes just six months after the last profit warning from the group, which suffered from disruption earlier this year when the Beast From The East swept the country.</p><p>Flybe said it expected to take a £29million hit from fuel costs and a fall in the value of sterling and added: 'Consumer demand in domestic and near-continent markets has weakened in recent weeks and the board now expects this to continue into the second half.</p><p>'This, together with higher fuel prices and weaker sterling, will impact the expected H2 profit performance.'</p><p>Flybe Chief executive Christine Ourmieres-Widener has been cutting costs by reducing capacity to focus on the airline's most popular routes.</p><p>She said the strategy has started to pay off, with load factor, a measure of how well an airline fills its planes, rising by 7.2 percentage points to a record 86.6 per cent over the quarter to the end of September.</p><p>Passenger revenue per seat also lifted 6.8 per cent as it reduced its flight capacity by 10 per cent. But Ourmieres-Widener said the market was now softening.</p><p>'We are reviewing further capacity and cost-saving measures while continuing to focus on delivering our sustainable business improvement plan,' she added.</p><p>Michael Hewson, chief market analyst at CMC Markets UK said that despite focusing on its more profitable routes, the turnaround 'doesn't appear to be happening fast enough'.</p><p>He added: 'The company is taking steps to pare down its fleet, by returning aircraft that are coming to the end of their leases, in an effort to further control costs, and there appears to have been some provision for this, which is expected to see losses widen to £12m.</p><p>'The outlook for the second half of this year is also expected to soften, with the company blaming increases in oil prices along with weakening consumer demand.'</p><p>The company's shares rocketed in February when Stobart Group said it was considering a bid for the company.</p><p>Stobart and Flybe already work together and have a franchise arrangement between the two groups' airlines.</p><p>However, Stobart walked away from its bid in March after the two firms failed to agree terms. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday &amp; Metro Media Group</p>

    1 October 17, 2018
  • Death of black man in police custody hits home at Facebook and in Silicon Valley

    Death of black man in police custody hits home at Facebook and in Silicon Valley

    ho had been darting in and out of traffic on a busy downtown street in Millbrae, California, went into cardiac arrest after being tackled by San Mateo County sheriff’s deputies and repeatedly tased.</p><p>The drama unfolding over the death in police custody of this 36-year-old father and Morehouse College graduate who may have been suffering a mental break is similar to other high-profile cases of unarmed black men that have gripped the nation in recent years.</p><p>Ebele Okobi, Chinedu’s sister, is demanding a probe into the police tactics used to subdue her brother in the fatal encounter. Were sheriff’s deputies trained in crisis intervention for people who are mentally ill? Why did the deputies keep zapping Okobi with Tasers rather than summoning medical help?</p><p>What’s different this time, Okobi is a prominent Facebook executive and her grief over her brother’s death is striking close to home for employees of the technology giant, where there’s been an outpouring of support from top executives including Facebook’s chief operating officer Sheryl Sandberg.</p><p>Okobi, 44, says she wants her younger brother's death, which occurred just miles from her company's headquarters in Silicon Valley, to reverberate in this place where privilege and race keep many people far removed from the everyday lives and experiences of black people.</p><p>“There's a part of me that's angry that this is the reality for everybody black I know and that people can live completely oblivious to that reality," she told USA TODAY.</p><p>What happened to Okobi's brother is still unclear. At least five deputies were involved. The sheriff’s department says when Chinedu Valentine Okobi was first approached, he "immediately assaulted" a deputy. At least two deputies fired their stun guns for a total of four discharges, according to San Mateo County District Attorney Steve Wagstaffe, whose office is investigating Okobi’s death. The Okobi family's attorney, John Burris, who represented the families of Mario Woods, Oscar Grant and Rodney King in civil lawsuits against police departments, says a passerby described seeing Okobi sitting on the ground, chin on his chest, appearing to be unconscious with foam around his mouth, while being propped up by the knee of one of the deputies.</p><p>Despite public scrutiny and nationwide protests over the deaths of unarmed black men in police custody, Ebele Okobi says she knows the statistics: very few officers are criminally charged and, even when a case is prosecuted, officers are rarely convicted. That has only made her more determined to bring attention to law enforcement practices, not just for her brother, but to keep this pain from being visited on other families, she says.</p><p>At the same time, she wants to raise awareness among people who’ve never had the police deaths of black people personally touch them, like many of her own colleagues at Facebook who, in the days since her brother's death, have confided in Okobi: "I didn't think this could happen to someone I know."</p><p>"I think this has helped people who aren't African American and who aren't in the African American community recognize that this is something that every black person faces," Okobi, Facebook’s director of public policy for Africa, told USA TODAY. "I definitely think within Facebook, for a lot of my friends and my colleagues, there has been this realization and this recognition that this is a significant national problem."</p><p>In the city where Okobi’s brother was killed, less than one percent of the population is African-American. Four percent of employees are African American at Facebook which, like other big Silicon Valley tech companies, is mostly white and male and sensitivity to the Black Lives Matter movement has not always been evident. In 2016, Facebook employees crossed out "Black Lives Matter" and wrote "All Lives Matter" on the walls of the company's Menlo Park, California, campus. Facebook investigated the racially charged incident and CEO Mark Zuckerberg called the defacing of the movement's slogan "deeply hurtful."</p><p>It was those kinds of racial attitudes in the U.S. that prompted Okobi to uproot her family and move to London four years ago after the birth of her son. </p><p>In the hospital, a nurse remarked: "Oh he's got such big hands. He's a big boy. He's going to be a football player."</p><p>"I remember in that moment thinking, first of all, he can't be a pianist? He can't play the violin? He can't be a surgeon? It just felt like in that moment there was already a story being told about my son being big and intimidating and he was only six pounds nine ounces and he was only three days old."</p><p>Okobi says she left the U.S. "so that I would never have to have this phone call about my son. To get this phone call about my brother felt both shocking and inevitable because this is what I was running away from."</p><p>African-Americans are far more likely than white people and other groups to be subjected to use of force by the police, according to a 2016 study by the Center for Policing Equity. And that use of force can be deadly. Michael Brown in Ferguson. Tamir Rice in Cleveland. Walter Scott in South Carolina. Alton Sterling in Baton Rouge. Philando Castile in Minnesota. Stephon Clark in Sacramento.</p><p>And there are other examples of black men who suffered from mental illness dying in police custody. Terrence Coleman, a Boston man who was diagnosed with schizophrenia, was killed in 2016 after his mother called for an ambulance to take him to the hospital. The family of a mentally ill Milwaukee man, who was tased repeatedly before his death, filed a federal civil rights lawsuit in May.</p><p>Stun guns, used by officers as an alternative to deadly force, can cause or contribute to people's death, research shows. More than 1,000 people in the United States died after being stunned with Tasers, most of them since 2000, according to a Reuters investigation published in 2017. Earlier this year, body camera footage of Milwaukee police officers using a stun gun on the NBA player Sterling Brown led to discipline for the officers and an apology from the Milwaukee mayor. And Burris says Okobi is the third person this year to die in San Mateo County after being tased.</p><p>Okobi, who was not suspected of any crime and had no outstanding warrants, was the youngest of five siblings who grew up in San Francisco's Diamond Heights neighborhood. He graduated from Morehouse with a degree in business administration and with dreams of “taking over the world,” his sister says.</p><p>Then he began struggling with mental health issues and, while studying for the GMATs, began hearing voices. One psychiatrist diagnosed him as bipolar, another as schizophrenic.</p><p>His ambitions derailed, he still held down a steady job, attended church regularly, wrote poetry, had a child. He was managing his condition until December or January when his sister fears he stopped taking his medication.</p><p>Ebele Okobi says she knew something was wrong when she came home for Christmas and her brother, who adored her three children, didn’t join the family celebration. He lost his job at Home Depot in January. "He was definitely not himself," she says.</p><p>Okobi was in and out of touch with his family. A week before he died, he texted his mom: "Hello sunshine." The day before, he sent a child support payment to his 12-year-old daughter who lives in Nashville with her mom.</p><p>Cell phone video posted to Snapchat from Oct. 3 shows Okobi wandering around El Camino Real, a busy thoroughfare, in the middle of the day, Burris says. A few minutes later, surveillance video from a hotel shows deputies arriving on scene. After a scuffle, Okobi was taken to a local hospital where he was pronounced dead.</p><p>On Tuesday, a service was held for Okobi at the San Francisco Christian Center. Ime Archibong, Facebook's vice president of partnerships, Maxine Williams, global diversity chief, and Joel Kaplan, vice president of policy, attended the memorial. Friends and colleagues of Ebele Okobi have contributed more than $40,000 to a Facebook fundraiser benefiting Bryan Stevenson’s Equal Justice Initiative.</p><p>Okobi says she wants her brother to be remembered as more than a hashtag.</p><p>"His name is now one of too many names," she wrote. "He was a person. He was my little brother, he was a father, he was loved. Now he is gone, and our hearts are broken. Black Lives Matter."</p>

    1 October 17, 2018
  • Inflation drops sharply to 2.4 per cent as food is cheaper in the shops

    Inflation drops sharply to 2.4 per cent as food is cheaper in the shops

    food prices fell in the shops, new data out today reveals.</p><p>The figures on prices come just a day after wage statistics showed pay packets are growing at their fastest rate in a decade.</p><p>It means a long squeeze on household wallets is finally easing.</p><p>The drop in inflation is significantly sharper than expected. Forecasts had expected it to move from 2.7 per cent in August to 2.6 per cent in September.  </p><p>Inflation (blue line) dropped sharply to 2.4 per cent in September as food prices fell in the shops, new data out today reveals. The figure comes a day after wage rises (red line) hit the highest point since the financial crisis </p><p>The change to inflation was driven by food and soft drinks falling in price between August and September - though both are higher than a year ago.</p><p>Transport, recreation and clothing costs also fell.</p><p>Rising electricity and gas prices prices are pushing up the CPI rate, the Office for National Statistics said. </p><p>Mike Hardie, head of inflation at the ONS, said: 'Food was the main downward pull on inflation as last year's September price rises failed to reappear, while ferry prices dropped after their surprisingly high summer peak.</p><p>'However, it wasn't all one-way traffic with energy suppliers pushing up their prices.'</p><p>Recreation and culture prices returned to more normal levels, growing by just 0.3 per cent compared to 0.8 per cent a year earlier.</p><p>Cultural services, which includes theatre tickets, fell 2.5 per cent while games, toys and hobbies rose just 1.6 per cent, compared to a 4.4 per cent rise in September last year.  </p><p>Meanwhile the downward trend in air travel continued, dipping 27.3 per cent following a 26.7 per cent fall a year earlier.</p><p>The price of food and soft drinks fell 0.2 per cent between August and September - though both are higher than a year ago (file)</p><p>At the pumps, motorists were also facing higher fuel costs last month, with petrol up by 1.7p per litre on the month to 130.3p per litre. Diesel also rose by 1.5p to 134.3p per litre (file) </p><p>The drag on inflation was partially offset by increases in electricity and gas prices.</p><p>Electricity rose 1.8 per cent and gas was up 1.2 per cent, whereas both were flat this time last year.</p><p>At the pumps, motorists were also facing higher fuel costs last month, with petrol up by 1.7p per litre on the month to 130.3p per litre. Diesel also rose by 1.5p to 134.3p per litre.</p><p>Jobs data yesterday showed there were 32.39 million people in a job in the three months to August, a fall of 5,000 on the previous quarter but still 289,000 higher than a year ago, the ONS said.</p><p>In good news for ministers, unemployment is at just four per cent - its lowest rate for 43 years.</p><p>Following the jobs data yesterday, the Resolution Foundation said that the jobs boom is finally feeding into a boost in  wages for hard-pressed Britons.</p><p>The pay boost comes after many years of squeezed wages. </p><p>Workers across a range sectors enjoyed a pick up in wages, which grew by 2.8 per cent in the hospitality sector, 2.3 per cent in construction, and 2.1 per cent in finance. </p><p>In good news for Theresa May (pictured in the Commons yesterday) unemployment is at just four per cent - its lowest rate for 43 years</p><p>But pay growth in the public sector continues to lag behind after staff faced years on the public sector pay cap.</p><p>Stephen Clarke, Senior Economic Analyst at the Resolution Foundation, said: 'Britain's jobs surge is at last feeding through to higher wages, with pay packets growing at their fastest rate in since the financial crisis almost a decade ago.</p><p>'This pay momentum is very welcome, reflecting a tight labour market with near record numbers of people in work and unemployment at a 43-year low. </p><p>'However, it comes off the back of a truly awful decade for wages that means they remain £12 a week lower than a decade ago.</p><p> The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday &amp; Metro Media Group</p>

    1 October 17, 2018
  • Sexism in the City: How the gender pay gap goes all the way to the very top of corporate Britain 

    Sexism in the City: How the gender pay gap goes all the way to the very top of corporate Britain 

    hat sexism remains rife at the top of corporate Britain.</p><p>The same number of FTSE 100 companies in 2017 were run by men called David or Dave as by women and more than double the number of firms had a chairman called John than had a woman at the head of the boardroom table.</p><p>Women suffer a yawning gender pay gap as male chief executives earn more than twice as much on average as their female counterparts.</p><p>The same number of FTSE 100 companies in 2017 were run by men called David or Dave as by women</p><p>The entrenched inequality revealed by our investigation will come as a disappointment to the Prime Minister who has backed drives for more women in leadership positions and for equal pay. </p><p>Only seven firms in the FTSE 100 last year were led by women, the same number as are run by a man called Dave or David.</p><p>Although well-paid by normal standards, female chief executives also suffer a gender pay gap, earning an average of £3million compared with £5.8million for the FTSE index overall.</p><p>It is impossible to make precise comparisons between male and female bosses because a number of factors can influence rewards, including experience, size of company and share price performance.</p><p>However, the gulf between male and female packages is so great it cannot be accounted for other than as a gender divide. </p><p>Emma Walmsley, the chief executive of drugs giant Glaxosmithkline, is only paid around half as much as Frenchman Pascal Soriot who leads rival Astrazeneca.</p><p>Unlike Walmsley, Soriot figures prominently in the 'list of shame,' ordered by Theresa May for companies who suffer a significant shareholder protest over rewards after 35 per cent of investors revolted against executive pay at Astra.</p><p>Walmsley, the only woman to make it into the top 25 best paid FTSE 100 chief executives for 2017, receives a much smaller pay packet than Soriot even though GSK is a larger company than Astrazeneca measured by stock market value. </p><p>GSK's share price for the past 12 months has not done as well as Astra's, but Walmsley's supporters point out she has only been in her job since last year so needs time for her presence to bear fruit.</p><p>Most of the other women – including Alison Brittain of Whitbread, Veronique Laury of Kingfisher and Moya Greene, the recently departed boss of Royal Mail – are also clustered towards the bottom of the FTSE pay table.</p><p>Tobacco boss Alison Cooper at Imperial Brands is another to be paid less than her male counterpart Nicandro Durante at BAT, whose rewards have also provoked shareholder protests.</p><p>The gender divide is equally bad at chairman level. Only six FTSE 100 companies were chaired by women in 2017: Susan Kilsby at drugs company Shire, Dame Alison Carnwath at property group Land Securities, Anita Frew at speciality chemicals group Croda, Annette Court at insurance company Admiral, Fiona McBain at Scottish Mortgage Investment Trust and Sarah Bates at financial advice giant St James's Place.</p><p>Deanna Oppenheimer has since been appointed chair of financial adviser Hargreaves Lansdown.</p><p>By contrast, 13 businesses are chaired by men called John or its variants Jan or Jean. Not content with one top job, three of these were chairing two FTSE 100 companies apiece.   </p><p>Simon Thompson presides at Rio Tinto and BT, John Allan is chairman at Tesco and Barratt Developments and John McAdam chairs Rentokil and United Utilities.</p><p>As with female chief executives, there is a gender pay gap. Women chairing a board received pay of just over £300,000 on average compared with an overall average of around £475,000. </p><p>Only one woman, Shire's Kilsby, made it into the best paid 50 chairmen, and no woman earned more than £500,000, compared with 39 men.</p><p>The number of female chief executives edged up from five in 2015 to seven in 2017, but at that rate it will take 43 years to reach 50-50, the High Pay Centre said.</p><p>Outside of the FTSE 100 a couple of women have made enormous sums. Denise Coates, founder of privately-owned gambling group Bet 365, is Britain's best-paid businesswoman. Her recent earnings totted up to £217million.</p><p>Avril Palmer-Baunack, boss of British Car Auctions, which runs the We Buy Any Car website, has been criticised over a £29million bonus. Advisory firm Glass Lewis called it 'exceptionally disproportionate'.</p><p> The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday &amp; Metro Media Group</p>

    1 October 17, 2018
  • BBC is set to scrap free TV licences for over 75s

    BBC is set to scrap free TV licences for over 75s

    e eligible, believed to be around 4.46million homes.  </p><p>It was first introduced by the government in 2000 who paid for and ran it. </p><p>But in 2015 the government decided it would no longer provide the funding and the BBC would have to take it on.</p><p>From 2020 A television license (pictured) may no longer be free for the over 75s following a report which finds pensioners are now wealthier</p><p>The scheme currently provides a saving of £150.50 to the over 75s (pictured stock image), believed to be around 4.46million homes</p><p>The current concession is set to end in 2020 and the BBC is now consulting on what the future of the scheme will be.</p><p>Options could include asking for voluntary payments, introducing means-testing and removing it from pensioners who live with younger family.  </p><p>The report, carried out by Frontier Economics on behalf of the BBC, raises concerns over the future cost of maintaining the current scheme. </p><p>It forecasts that by 2021 to 2022 the cost to the BBC would be £745 million - significantly more than the £365 million cost to the government in 2001 to 2002. </p><p>The report has not yet been published in full, but the discussion paper mentions a number of areas Frontier Economics has been asked to look into. </p><p>The BBC has asked the report to consider two key questions. </p><p>Frontier Economics concludes by saying that the paper will provide the context for the BBC to make a decision on any new scheme from 2020. </p><p>The report focuses on the changing living standards.</p><p>At the time the concession was introduced, it was justified 'based on evidence that older pensioner households were disproportionately concentrated at the bottom of the income distribution'. </p><p>But now the report claims that 'incomes of over-75 households have grown more rapidly than average'.</p><p>It also claims: 'Incomes, wealth and life expectancy of older people have improved significantly.</p><p>'Pensioner poverty rates have fallen, and older households report higher well-being on a range of metrics.</p><p>'These changes give cause for reflection on what an appropriate approach to providing concessionary licences to older households might look like.'</p><p>Frontier Economics has only released a discussion paper thus far and the full report is due to be released next month. </p><p>It the upcoming report, the firm will 'consider both the implications of continuing with the current concession, and the case for reform of the concession from 2020.'</p><p>The BBC has stressed it will not change anything without consulting the public and the scheme could remain in its current guise.</p><p>A spokesman said: 'This is an important discussion paper which we are studying carefully. Their full report - which looks at a range of approaches the BBC could take - will be published shortly.</p><p>'As we have said, the Government concession ends in June 2020. We are going to be consulting on what then happens. It might be a concession on the same terms, it might be different concession.</p><p>'There are important issues to consider. We will do nothing without consulting with the public. Everyone who wants to contribute will be able to do so.'</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday &amp; Metro Media Group</p>

    1 October 17, 2018
  • Flat-rate state pension will rise by 2.6% or £4.25 a week to £164.35 next April

    Flat-rate state pension will rise by 2.6% or £4.25 a week to £164.35 next April

    ent from April next year, slightly below the 3 per cent increase pensioners received in 2017/18.</p><p>That means the standard flat-rate weekly payout will rise by £4.25 to £168.60. It comes after consumer inflation for September was recorded below expectations at 2.4 per cent, according to Office for National Statistics data today.</p><p>The September figure is used for the state pension ‘triple-lock’ uprating. The triple-lock guarantees the state pension increases in line with the highest of inflation, July’s Average Weekly Earnings growth figure or 2.5 per cent. </p><p>The annual flat-rate state pension will rise in value by £221 from £8,546.20 this year to £8,767.20 from April 2019.</p><p>As average earnings growth stood at 2.6 per cent in July, this figure will be used to boost the value of the state pension. It means the annual flat-rate state pension will rise in value by £221 from £8,546.20 this year to £8,767.20 from April 2019.</p><p>The lifetime allowance, meanwhile, will increase in line with September’s CPI inflation figure, meaning it will rise by £24,720 to £1,054,720 next year.</p><p>Tom Selby, senior analyst at AJ Bell, said that today's figures will provide a welcome income boost to millions of people currently in receipt of the state pension.</p><p>'Those who get the flat-rate amount will see their annual payment increase by over £220 in April next year, a smaller increase compared to last year but still not to be sniffed at,' he said. 'With inflation returning to the economy, the value of protection against rising prices is not to be underestimated.</p><p>'In the context of the triple-lock, it’s worth noting the guarantee will cost the Government nothing compared to the earnings and inflation "double-lock" some have proposed. It is only in a low inflation, low earnings environment that the promise begins to bite.</p><p>'The Government’s decision to peg the lifetime allowance to inflation from 2018/19 bucked a long-established trend of sharp cuts in the limit. The extra £24,720 available from April next year will be useful to savers, representing a tax-free cash boost of £6,180.</p><p>'Of course this assumes Chancellor Hammond won’t once again take the axe to the lifetime allowance in his Budget later this month. Such a move would risk sending a seriously negative anti-savings message, as well as adding more unwelcome complexity as new ‘protections’ would inevitably be needed for those close to or over the new, lower limit.'</p><p>The ONS said the consumer prices index measur eof inflation fell to 2.4 per cent in September, compared to 2.7 per cent in August.</p><p>This was the lowest level since June, when CPI inflation was also 2.4 per cent. It came as a surprise to economists who were expecting inflation to fall to 2.6 per cent.</p><p>Mike Hardie, head of inflation at the ONS, said: 'Food was the main downward pull on inflation as last year's September price rises failed to reappear, while ferry prices dropped after their surprisingly high summer peak.</p><p>'However, it wasn't all one-way traffic with energy suppliers pushing up their prices.'</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday &amp; Metro Media Group</p>

    1 October 17, 2018
  •  Canadians legalize cannabis, but they may not have enough

    Canadians legalize cannabis, but they may not have enough

    Canada becomes the first G7 Nation to legalize recreational marijuana. </p><p> Medicinal use of the drug has been legal in Canada since 2001. Now it's up to each of the country's 13 provinces and territories to determine where and how weed is sold and distributed. </p><p> As with any nascent industry, especially one straddling the public and private sectors, there are potential hurdles to clear. </p><p> "There will be shortages," Bruce Linton, CEO of Canopy Growth, told ABC News. Canopy became the first cannabis company in North America to be publicly traded when it was listed on the Toronto Stock Exchange in 2014. "There's been pent up demand for nine decades of prohibition." </p><p> Aphria, the third-largest Canadian cannabis company by revenue, alerted investors that it's facing short-term supply-chain issues and will not be able to meet demands ahead of Wednesday. </p><p> There was a feverish gold-rush mentality when the law passed, and many companies hit the ground running, analysts said. However, not all of them will have the logistics and infrastructure in place to deliver enough weed to customers, especially early on. </p><p> "Investors should be warned," said Nikolaas Faes, an analyst at Bryan, Garnier & Co. "There are largely valued companies who don't have contracts with the local governments and provinces. Others are low on inventory. There will be shortages at the beginning because they won't be able to deliver enough product, and the companies who can will gain market share." </p><p> Of the 40 or so major cannabis companies in place, Faes predicts about a quarter will survive. </p><p> Weather permitting, Canopy's Linton said he will celebrate the historic event at one of Canopy's Tweed marijuana stores in St. John's, Newfoundland. </p><p> The location is significant because it sits across the street from the historic St. John's Court House, he said. </p><p> "There were over 100 marijuana cases prosecuted there," he said.</p>

    1 October 17, 2018
  •  Canadians legalize cannabis, but they may not have enough

    Canadians legalize cannabis, but they may not have enough

    Canada becomes the first G7 Nation to legalize recreational marijuana. </p><p> Medicinal use of the drug has been legal in Canada since 2001. Now it's up to each of the country's 13 provinces and territories to determine where and how weed is sold and distributed. </p><p> As with any nascent industry, especially one straddling the public and private sectors, there are potential hurdles to clear. </p><p> "There will be shortages," Bruce Linton, CEO of Canopy Growth, told ABC News. Canopy became the first cannabis company in North America to be publicly traded when it was listed on the Toronto Stock Exchange in 2014. "There's been pent up demand for nine decades of prohibition." </p><p> Aphria, the third-largest Canadian cannabis company by revenue, alerted investors that it's facing short-term supply-chain issues and will not be able to meet demands ahead of Wednesday. </p><p> There was a feverish gold-rush mentality when the law passed, and many companies hit the ground running, analysts said. However, not all of them will have the logistics and infrastructure in place to deliver enough weed to customers, especially early on. </p><p> "Investors should be warned," said Nikolaas Faes, an analyst at Bryan, Garnier & Co. "There are largely valued companies who don't have contracts with the local governments and provinces. Others are low on inventory. There will be shortages at the beginning because they won't be able to deliver enough product, and the companies who can will gain market share." </p><p> Of the 40 or so major cannabis companies in place, Faes predicts about a quarter will survive. </p><p> Weather permitting, Canopy's Linton said he will celebrate the historic event at one of Canopy's Tweed marijuana stores in St. John's, Newfoundland. </p><p> The location is significant because it sits across the street from the historic St. John's Court House, he said. </p><p> "There were over 100 marijuana cases prosecuted there," he said.</p>

    1 October 17, 2018
  • Crest Nicholson issues a profit warning but Barratt keeps benefiting from Help to Buy

    Crest Nicholson issues a profit warning but Barratt keeps benefiting from Help to Buy

    day as Crest Nicholson warned over profits but Barratt Developments said it started its new financial year in 'a strong financial position'.</p><p>In an unscheduled update, Crest Nicholson blamed a 'more difficult' than expected property market for a slowdown in property sales in London and the South during the traditionally stronger autumn months.</p><p>The Surrey-based company said it now expects profits for the full-year to come in between £170million and £190million – well below last year's pre-tax profit of £207million.</p><p>Profit warning: Crest blamed a 'more difficult' than expected property market in the South</p><p>But Barratt Developments, the UK's biggest housebuilder, said it continued to benefit from taxpayer-funded Help to Buy loan scheme and low borrowing costs.</p><p>Crest Nicholson chairman Stephen Stone said: 'The usual Autumn pick up in sales volumes has not been evident during September and October, with many customers putting off decisions to buy whilst current political and economic uncertainties persist.</p><p>'Mindful of the current uncertain market environment, our new strategy will focus on shareolder returns by prioritising cash flow and dividends, maximising the value in our portfolio, and improving operational efficiency.'</p><p>The company, which focuses on the South and London, said reservations levels in London had slowed 'significantly', with prices under pressure in areas where affordability is most stretched.</p><p>It also said that woes in the new homes market were being compounded by falling numbers of transactions in the high-end second-hand housing market, which had led to long property chains.</p><p>And added: 'Product which addresses a more aspirational market has suffered from a lack of confidence among discretionary buyers, who cite economic and political uncertainty as a disincentive to transact.'</p><p>In the six months to April 30, Crest Nicholson posted pre-tax profits of £74.8million, down 2 per cent from the same period in 2017.</p><p>'Strong position': David Thomas, chief executive of Barratt Developments</p><p>Along the results, the company also announced that its chief financial officer Robert Allen was stepping down and will leave the company after a short handover period.</p><p>Meanwhile, Barratt Developments said market conditions remained 'good' and private reservations remained 'strong' in the 15 weeks of its new financial year between 1 July and 14 October.</p><p>Ahead of its annual general meeting taking place in London today, Barratt said total forward sales as at 14 October were £3.14billion, up 12.4 per cent on last year's £2.8billion.</p><p>Chief executive David Thomas said: 'The Group has started the new financial year in a strong position, with a good sales rate, healthy forward order book and customer demand supported by an attractive lending environment.</p><p>And added: 'We are focused on delivering our medium term targets set out at our Full Year results'.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday &amp; Metro Media Group</p>

    1 October 17, 2018
  • Compare your power bills faster: New service will find cheapest deals and switch you automatically 

    Compare your power bills faster: New service will find cheapest deals and switch you automatically 

    ergy bill after exit fees</p><p>A new service from GoCompare will help households who want to save money on their energy deal but don’t want the hassle of shopping around.</p><p>Weflip is free to use and continuously searches the market for the cheapest gas and electricity deals. </p><p>Gocompare said it launched the Weflip energy switching service following a rise in energy prices where customers are overpaying £352 a year on energy. </p><p>Once customers have signed up, the service will scour available deals and if it can save you at least £50 a year on your annual energy bill after exit fees, it will switch you automatically.</p><p>Matthew Crummack, chief executive of GoCompare, says: ‘Registering takes three minutes, and all the information you need is on your latest energy bill, except your date of birth.’</p><p>A customer service telephone number will be available before the end of the year.</p><p>There are a few downsides to the service, however. It doesn't cover the entire market and Weflip has confirmed that it currently has relationships set up with 64 providers.</p><p>It also only compares fixed tariffs, cutting out potentially cheaper variable deals. </p><p>However Weflip have said that variable tariff providers will be added 'soon'. </p><p>Another drawback is that it doesn't factor in good service reviews. </p><p>This means that households could end up with an energy provider with a poor track record when it comes to customer service. </p><p>Just last week, a new league table published by Citizens Advice highlighted that many smaller and newer energy suppliers are continuing to disappoint customers with poor service levels and called on Ofgem to tighten rules over who can supply energy.</p><p>But these drawbacks are being considered. Anders Nilsson, spokesperson for Weflip said: 'At the moment people can choose three preferences. They can choose for us to search only popular suppliers, all of our suppliers, or they can opt to stick with their current supplier if they feel they are getting a good service.</p><p>'Over time we'll add more preferences like customer service ratings and the choice to only stick to green energy providers.'   </p><p>He added that if customers do have any issues with the customer service offered by their energy supplier through using the Weflip service that they are free to contact Weflip, which will endeavor to sort the issue out.  </p><p>Weflip makes its money through a commission paid from providers when you move over.</p><p>It's not the first to offer this service to customers. Look After My Bills and Labrador also offer free energy-switching services.</p><p>Flipper, another switching company, charges users £25 a year for its service because it does not receive money from energy providers.</p><p> The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday &amp; Metro Media Group</p>

    1 October 17, 2018

Comments

Earn free bitcoin