Essential reads
- Retail sales bounce back – but not as much as expectedDarts star can make millions without even playing – here’s howHigh street giants to close on Boxing DayHow Gen Z are impacting Guinness sales and suppliesBank of England holds base rate at 4.75%
Tips and advice
- Watch out for ‘hidden rip-off fees’ before buying a Christmas gift card25 ways to save money on a trip to the cinemaTop Christmas wines for every budgetDon’t forget to read your meter by 1 JanuaryHacks for cheap train tickets
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To use this form you need to have javascript enabled. 17:05:01 Goodbye for now – here’s some of our favourite reads from 2024 to enjoy over Christmas
By Jimmy Rice, Money blog editor
Almost one year ago we launched the Money blog, a hub for personal finance and consumer news.
It quickly became one of our most popular spots for readers each day, with millions of Britons visiting regularly for original features, tips, analysis and breaking news.
In September, the blog won Best Live Journalism at the Press Gazette’s Future of Media awards – on a night when the outstanding Patient 11 podcast was also honoured.
Having run non-stop for the past 12 months, the Money blog is taking a short break for Christmas – but we’ll be back on 6 January with a host of new features.
What’s It Really Like To Be A… will lift the lid on different professions – to be published in time for your Monday morning commute just as you may be wondering what life might have been had you taken a different career path. Our first interviews are with a publican, a bouncer, an author and a dentist.
Money Problem will be back each Tuesday, while Wednesdays will feature Mortgage Guide and Savings Guide.
We’re relaunching our popular Cheap Eats feature, which will now be a full interview with top chefs from around the UK. Each Thursday we’ll be asking them to reveal their restaurant pet hates, their favourite cheap ingredients and restaurants, and their go-to budget recipes.
We’ll then have something different every Friday – our popular Women In Business series will pop up through the year, we’ll have regular travel and wine recommendations, fashion dupes and money saving tips.
And we’ll continue to publish a long read every Saturday examining social and financial issues.
As we say goodbye for the festive season, we thought we’ll leave you with some of our favourite pieces from Money through 2024…
16:30:01 ‘Market-leading’ savings account launched – but how does it compare to others available?
Coventry Building Society has launched a new savings account for its loyal members to encourage better savings habits in the new year.
Announcing the account, it said it offered a “market leading” rate of 6% for a regular saver.
It can be opened by those who have been with the society continuously since at least 1 January 2024.
The account lasts for 12 months and savers can deposit up to £250 each month.
It can be opened with as little as £1 and there’s no requirement to save every month.
After 12 months, the account matures into Easy Access Saver – a variable rate account which allows unlimited withdrawals and currently pays a rate of 2.65%.
To help savers use their savings pots flexibly over the festive period, the 30-day interest withdrawal charge will be removed at the start of November 2025.
So, how does it compare to other regular saver products on the market…
Well, according to saving experts The Private Office, the top account is from Principality Building Society, offering 8%.
That’s followed by the Co-operative Bank, which has a regular saver account offering 7%.
You can see its top accounts below…
16:00:01 ‘The Littler effect’ – Supermarket sees dartboard sales rise by 1,900%
The World Dart Championships have taken flight this week, and tomorrow teenage sensation Luke Littler will play.
He captured the nation’s attention this time last year – and it appears he has also driven them out to spend money at Asda.
The supermarket giant said budding Luke Littlers have been eagerly anticipating its return, with sales of dartboards increasing by up to 1,900% in the last few weeks alone.
Asda stores across Warrington, the 17-year-old’s hometown, have seen the biggest surge in sales of 15%, it said.
Hollie Catley, buyer at Asda, said: “Over the last few weeks we’ve seen a massive surge in the sales of dartboards in the run-up to the World Championship at the famous Ally Pally, so much so that we sold out of stock just last week.
“We were dart-ermined to get more stock available for budding new stars and we’re pleased to say that they are now back available online at just £15.”
15:45:01 John Lewis, Heinz and Nestle among companies given royal stamp of approval
John Lewis, Heinz and Nestle are among the companies given the King’s stamp of approval, with the monarch granting them royal warrants.
More than 380 companies have been awarded the title, which recognises that the brand provides goods or services to the royal family.
It allows them to use the coat of arms of the royal they are associated with on packaging, as part of advertising, or on stationary.
This year, the Queen gave the warrant to seven new companies, including a number of brands from her own fashion and beauty team.
Mayfair hairdresser Jo Hansford, hat designer Philip Treacy and the creators of her outfits, Anna Valentine and Fiona Clare, have all received the accolade.
Ms Hansford said: “It’s a real honour to be granted a royal warrant from the Queen, who I have been proud to have as a client for more than three decades.
“I think it is particularly wonderful that the Queen has awarded it to an all-female owned and run business. It really shows that with grit and determination, you can achieve truly incredible things.”
Among the King’s list of warrant holders are many firms selling food and drink, from companies known for their champagne like Bollinger, Moet & Chandon and Veuve Clicquot Ponsardin to Bendicks chocolates and Weetabix.
15:20:01 Tesco overwhelmed by number of meals donated by customers
Tesco has been “overwhelmed” after customers donated 1.9 million meals’ worth of food to its stores as part of a charity scheme.
Every item donated through the Winter Food Collection goes to the charities FareShare and Trussell in the run-up to Christmas.
Donations to Trussell help food banks to provide emergency food parcels to people who cannot afford the essentials, while FareShare uses them to support thousands of frontline local charities.
The supermarket scheme has also seen more than £340,000 donated to the charities by customers rounding up their bills at the till and donating through a link from its website.
Emma Revie, CEO of Trussell, said: “Food banks in the Trussell community are a last resort for people who’ve been left facing hunger and hardship.
“They’re a lifeline, offering a warm welcome and space to be heard. Thank you to Tesco customers for coming out in support of your local food bank, to ensure they can continue helping everyone in your local community who is facing hunger and hardship this winter.”
14:45:01 Pointless energy saving modes, AI phone features and unworthy wi-fi routers – ‘Secrets’ of 2024 tech products
Over the course of the year, experts at Which? have been testing the latest tech products – and now they have revealed the “secrets” they have uncovered with Money.
Here’s what they found:
Energy-saving modes on TVs make minimal difference to overall running costs.
While they make very little cost difference, the energy-saving modes can make an enormous difference to picture quality, the consumer champion said.
AI features in flagship phones vary significantly in how effective they are.
Which? ran its own independent tests of AI photo-editing features on the Galaxy S24 from Samsung, the first manufacturer to bring out comprehensive AI features.
Testers found the tech struggled to remove objects in detailed images and generate natural-looking content to fill the gaps.
It’s better to keep your printer on standby mode
Testers said people were likely to fork out less than £1 on energy when printers spend most of their time on standby.
“It’s better to keep your inkjet printer on standby rather than turning it on and off frequently as this is more likely to trigger a cleaning cycle that uses up ink,” Which? said.
It also advised people to consider a tank or laser model or switch to compatible third-party cartridges to save money on printing.
Wi-Fi 6 routers can save you money
Which? found shoppers can save money by choosing Wi-Fi 6 routers, mesh systems and extenders, instead of the newer Wi-Fi 7 option.
“Although Wi-Fi 7 offers some of the fastest connection speeds yet seen, it’s pricier and you won’t reap the benefits if connected to devices that are not also Wi-Fi 7 compatible,” it said.
Lisa Barber, Which? Tech magazine editor, said: “Which? tests thousands of products every year and tech products are an area where we’ve uncovered invaluable secrets that we want consumers to be aware of.
“By taking our advice on board, consumers can save money and make sure they are getting the best performance out of their tech products.”
14:00:01 Government borrowing less than expected in good news for chancellor
The treasury borrowed less than expected in November, as a previous reduction in inflation pushed down interest rates on government bonds.
Economists had predicted public sector net borrowing last month would be about £13bn.
But figures from the Office for National Statistics (ONS) show the sum was actually £11.2bn.
Borrowing is the difference between public sector spending and income.
In November 2023, the government borrowed £3.4bn more, with today’s figures recording the lowest November borrowing for three years.
ONS deputy director for public sector finances Jessica Barnaby said: “Central government tax receipts grew compared with last year, while increased spending on public services and on benefits were offset by lower debt interest payable.”
The figures will give a small boost to Chancellor Rachel Reeves, who has been under pressure following the tax-raising autumn budget.
She announced the biggest tax increases in three decades in October, but promised to balance day-to-day spending with tax revenues by the end of the decade.
She also plans to increase borrowing sharply in the coming years as the new Labour government seeks to improve public services and invest more in infrastructure.
13:15:01 M&S and Next to close on Boxing Day
High street giants M&S and Next have confirmed they will not be opening on Boxing Day this year to give their staff a break.
The stores will also be closed on Christmas Day, which is common practice for retailers across the country.
“Our stores, support centres and distribution centres will be closed on Boxing Day so colleagues can spend more time with loved ones, but the majority of stores will reopen on the 27 December for our seasonal sale,” M&S said in a statement to Drapers.
Next has said it will also be closed, instead offering an online sale starting on Christmas Eve and an in-store sale starting on 27 December.
Earlier this year, John Lewis confirmed it would close its standalone stores on Boxing Day, but its Trafford and Stratford shops will be open.
12:15:53 Today caps off a run of bad economic news
By Sarah Taaffe-Maguire, business and economics reporter
Today caps off a run of bad UK economic news.
In the last week we’ve heard the economy shrank, prices are rising faster than before and we’re buying less than expected.
Even the bright spots were complicated. Yes, we did learn wages are rising, but that could mean a longer period of costly borrowing as it could keep interest rates high.
It’s not a surprise then that the UK markets have had a tough time too.
The UK benchmark FTSE 100 index of the most valuable companies listed on the London Stock Exchange is down more than 1% on Friday morning alone, after weeks of falling.
It’s a similar picture for the larger FTSE 250 comprised of more UK-based firms – it’s fallen 0.62%.
Perhaps most notable is the fact the effective cost of servicing government debt – as measured by the UK 10-year bond yield – has risen sharply and now stands at a level not seen since October 2023 at 4.559%.
The value of the pound is also down, buying $1.25, a low last seen in May.
But good news for anyone heading to a euro-using country for Christmas, there’s very little change against the euro. A pound buys €1.20.
11:49:44 ‘Challenging’ year for Westfields – but there’s a ‘buzz’ at its London centres
Our Business Live presenter Darren McCaffrey is hosting today’s show from Westfield shopping centre in Stratford, where he has been speaking to its general manager Chris Betts about the business’s experience this Christmas.
Earlier today, Office for National Statistics data showed retail sales rose by a weaker-than-expected 0.2% in November.
Mr Betts said there been nine million customers have come through the two Westfield centres in London over the last six weeks.
“There’s certainly a buzz around the centre at the moment in terms of footfall,” he said, explaining that beauty and tech have been two popular sectors.
While he doesn’t have official figures confirmed about footfall growth yet, he said that Black Friday weekend saw it grow by 4%.
“We are more than a destination for shopping and I think that’s important to note. I think driving people to the centre has been great.”
Asked about his thoughts on the tax changes announced in the autumn budget, Mr Betts said 2024 has been “challenging”.
“The pressures in 2024 have been challenging and I think as we go into 2025 the inflation increase is going to impact consumer behaviours as well,” he said.
“Ultimately, there are efficiencies that we will always look through but from a people’s perspective, we are maintaining our employment.”