The number of people switching power providers rose 26% to 4.8m last year, the trade association Energy UK reported. On average, more than 400,000 households a month found a new supplier. In December, 449,921 switched — a 33% year-on-year increase — and a fifth of the electricity switches were to smaller suppliers.
“I don’t believe in giving people straws to clutch on to. My only change from the previous regime is that I thought it’s better to tell people clearly: there isn’t any hope”
Richard Harrington, the pensions minister, makes clear he has no plans to help women affected by increases in the state pension age
£2bn The sum paid out by equity release plans topped £2bn for the first time last year, the Equity Release Council said. Equity release lets people use their homes like cash machines. The £2.15bn lent was a third higher than in 2015; typically pensioners took out £78,000. Nigel Waterson, council chairman, said housing wealth was “becoming an increasingly important focus of retirement planning”.
870,000 file their returns late
A total of 870,000 self-assessed taxpayers filed their tax returns late last year and could face penalties, according to Professional Fee Protection, a tax investigation insurance firm. The numbers are only slightly down from a record high of 890,000 the year before. January 31 is the deadline for self-assessment tax returns filed online.
Car insurance accelerates 14%
Car insurance premiums rose by 14% — about £95 — over the past 12 months, taking the average annual cost of a comprehensive policy to £767, according to the latest confused.com car insurance price index. The average premium is at its highest since mid-2012.
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Footsie on record-breaking run
The FTSE 100 soared 128 points to end the week at 7,338, a new record high, after rising for a record 14 days in a row.
Over a year, the index is up 23.1% (up 27.3% with dividends).
Over three years, it is up 8.6% (up 21.5% with dividends).
Over five years, it is up 30.1% (up 56.9% with dividends).
Over 10 years, the index is up 17.6% (up 70.8% with dividends).
Inflation: In November, CPI was 1.2% and RPI was 2.2%.
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