Martin Lewis warns there’s just DAYS left to get free £1,000 from government... - The Sun

MARTIN Lewis has warned that there's just DAYS left to get a free £1,000 boost from the government.

He's urged any savers to transfer their money over into an ISA before the new tax year if they want to benefit from the tax-free allowances that come with it.

Martin Lewis has warned that you have just days to get the free £1,000 boostCredit: AFP

You should "use it or lose it" Martin explained in his latest installment of the weekly MoneySavingExpert newsletter.

And it's all because the current tax year is quickly coming to a close.

The new tax year begins on April 6, which is now just days away.

But if you haven't already, making use of the tax free allowances on cash ISAs before they're lost altogether for another year, means you won't miss out.

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Martin Lewis explains how to get £1,000 a year towards buying your own home

A cash ISA account is a savings product where you don’t pay tax up to a limit of £20,000.

But if you have a Lifetime ISA, you can save up to £4,000 each tax year and the government will then add a 25% bonus, effectively giving you free money.

And that can tot up to as much as £1,000 extra.

So if you save £1,000 a year, the government will add in £250, and if you save the full £4,000 you'll get an extra £1,000 on top.

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And you can get that £1,000 free each tax year - or £2,000 free if you’re in a couple and you both have a LISA account that you max out.

But that max £1,000 disappears with the end of the tax year, so Martin urged savers to act now if they really want to cash in - then when the new year begins you can start saving up for the next boost.

The warning only made up a small part of Martin's advice in the newsletter his week, but it was one not to miss if you want to redeem the extra spends.

The bonus is paid every year you save something in to your LISA, until you hit the age of 50.

You can put anything from £1, to the maximum amount into the account and get 25% of that added after 12 months.

It does take one year of having the account open though before you'll see the bonus start to appear.

Then, the bonus is paid monthly - if you've put money in that month - and takes between four and nine weeks to arrive.

But keep in mind that however much you put away into a LISA will count towards your overall yearly £20,000 ISA allowance too.

You can also only open a LISA if you are aged between 18 and 39.

If you did open it at 18 though you could get up to £33,000 in total from the bonus, by maxing it out until you hit 50.

Aand Martin explained that the £1,000 boost is particularly helpful for first time buyers.

That's because the LISA savings can be used to put a deposit toward your first home as well as for retirement.

If you take out your money for anything other than those two instances though, you’ll lose your bonus and pay a 25% penalty.

It's important then to only put in money that you can afford to stash away - and you shouldn't transfer money you don't have to spare into the savings account just because of the incentive.

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And like with other forms of ISAs the LISA comes in two forms, cash LISAs and stocks and shares LISAs.

But you'll have to keep in mind which you'd rather take out as stocks and shares can be risky and your invested money could go up or down, while a cash LISA will only keep what you put into it.

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2022-03-26 14:35:00Z
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Uber granted two-and-a-half year licence to operate in London - BBC

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Uber has been granted a two-and-a-half year licence to operate private hire vehicles in London.

The ride-hailing firm was previously denied a licence by Transport for London in November 2019.

But in September 2020, a judge upheld Uber's appeal against the decision and granted it an 18-month licence.

Uber said it was "delighted" to be able to continue operating in the city and that it was "pleased" to have met Transport for London's standards.

At the court hearing in 2020, deputy chief magistrate Tan Ikram said he had taken Uber's "track record of regulation breaches" into account but recognised the company had made efforts to address failings and had improved standards.

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A spokeswoman for Transport for London (TfL) said: "Uber has been granted a London private hire vehicle operator's licence for a period of two-and-a-half years."

On Twitter, Uber said: "We're delighted to announce TfL has granted Uber a new 30 month licence in London.

"TfL rightly holds our industry to the highest regulatory and safety standards and we are pleased to have met their high bar.

"As we continue to serve London, we remain focused on raising industry standards in all areas.

"These include offering drivers the benefits and protections they deserve, ensuring all Londoners can get around safely and becoming a fully electric platform by 2025."

In February 2021, the UK's Supreme Court ruled Uber drivers must be treated as workers rather than self-employed.

The decision meant drivers could be entitled to minimum wage and holiday pay.

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2022-03-26 11:45:14Z
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New laws ban use of mobile phones while driving - The Times

A legal loophole that allowed drivers to escape prosecution for using a mobile phone to film or take photos has been closed.

From today, any driver caught using a handheld phone behind the wheel can be prosecuted for texting, taking photos, browsing the internet or scrolling through a music playlist. Offenders could face fines of up to £1,000 as well as six points on their licence.

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Grant Shapps, the transport secretary, said: “I will do everything in my power to keep road users safe, which is why I am taking a zero-tolerance approach to those who decide to risk lives by using their phone behind the wheel.

“I’m ensuring anyone who chooses to break this vital law can face punishment for doing so, and

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2022-03-25 09:00:00Z
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Lloyd’s predicts Ukraine war will prove ‘major claim’ - Financial Times

Lloyd’s of London has warned that the war in Ukraine will represent a “major claim” this year, as it posted annual results showing a swing back to profit in 2021.

John Neal, chief executive of the City’s specialist market for insurance and reinsurance, told the Financial Times it expected “multibillion-dollar losses” from the conflict but stressed it was still very early days and the final bill could take years to establish

“We are used to dealing with these types of losses and accepting them,” said Neal. He did not expect the market’s gross claims from the conflict to reach double-digit billions, though, and referred to some of the external predictions for exposure as “too magnificent”.

He added: “I don’t think there is any suggestion, from the analysis that we do, that we are into losses of that scale.”

Lloyd’s highlighted aviation, marine, credit and political risk insurance as areas that would attract claims. It has set up an executive group that meets daily to monitor the situation and respond to sanctions and other government actions. Neal said he believed credit insurance policies, which cover non-payment by borrowers in everything from trade credit to bank finance, were likely to be the biggest source of claims.

Announcing its results, Lloyd’s said it was “in close dialogue with market partners” to get a sense of the likely level of losses. But it added that direct and indirect claims relating to the conflict were “expected to fall within manageable tolerances and will not create solvency challenges”.

Earlier this month, a person familiar with the details told the Financial Times that Lloyd’s was expecting a significant but manageable overall loss net of reinsurance of between $1bn and $4bn.

The group made an aggregate £2.3bn pre-tax profit last year, with higher premiums and much-reduced losses from the pandemic outweighing a costly year for natural catastrophes.

This compares with a £900mn loss in 2020, when Lloyd’s was hit with billions of pounds of pandemic-related claims including business interruption and event cancellation.

The market’s combined ratio for the year — claims and expenses as a proportion of premiums — came in at a profitable 93.5 per cent, after the lossmaking 110.3 per cent in 2020.

Lloyd’s puts its turnround down to a “keen focus on underwriting profitability” and rising premiums, which have gone up for 16 consecutive quarters and by almost 11 per cent during 2021.

Its overall capital levels also increased over the period. Its central solvency ratio of capital as a proportion of its regulatory requirement rose from 209 per cent in 2020 to 388 per cent at the end of 2021.

The Ukraine war comes as Lloyd’s is under pressure in several areas. Conduct in the market is back in the spotlight after an underwriting firm was hit with a record fine last week for behaviour that included harassment and bullying.

Lloyd’s is also striving to attract brokers and underwriters back to its underwriting room. Numbers have now reached about half of pre-pandemic levels.

Meanwhile, negotiations continue with owners Ping An on the future of the market’s 1 Lime St headquarters. Neal said he expected later this year to know whether Lloyd’s would stay there beyond the lease expiry in 2031, or whether it needed to find another home in the City.

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2022-03-24 07:05:33Z
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Ukraine war: Nestle pulls KitKat and Nesquik out of Russia after backlash - but continues selling essential foods - Sky News

Nestle has announced it is pulling popular brands including KitKat chocolate bars and Nesquik out of Russia due to its invasion of Ukraine, but will still sell essential foods in the country.

The Swiss food giant was criticised by Ukrainian president Volodymyr Zelenskyy for not following other Western companies in suspending operations in Russia.

Nestle had already stopped all advertising and investment in Russia following Vladimir Putin's military offensive.

However, the company faced a backlash for not going far enough and so has now suspended sales of brands such as KitKat and Nesquik.

Ukraine war: Putin adviser quits government 'and flees Russia' - follow live updates

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Ukraine on 'brink of survival'

The products affected, which also include pet food and coffee, make up the "vast majority of volume and sales" in Russia, which totalled 1.7 billion Swiss francs (£1.38bn) in 2021, a company spokesperson said.

Nestle said in a statement: "As the war rages in Ukraine, our activities in Russia will focus on providing essential food - not on making a profit.

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"We are fully complying with all international sanctions on Russia."

It comes after Mr Zelenskyy hit out at Nestle in a streamed speech to protesters in Switzerland on Saturday.

He said: "'Good food. Good life.' This is the slogan of Nestlé. Your company that refuses to leave Russia.

"Even now - when there are threats from Russia to other European countries. Not only to us. When there is even nuclear blackmail from Russia."

Image: Russia has carried out a month-long invasion of Ukraine

Key developments

• A US defence official has told Reuters that Russia's combat power in Ukraine has declined below 90% of its pre-invasion levels for the first time since the war began, suggesting heavy losses
• A ceasefire is in force in the Luhansk region in eastern Ukraine - where Russian-backed separatists are in control - to evacuate civilians trapped by fighting, the local governor says
• The United Nations says it has recorded 953 civilian deaths and 1,557 injuries among Ukrainians, while millions of people have fled their homes
• 'Most frightening thing is the world will forget Mariupol': Those fleeing tell their stories

Ukrainian Prime Minister Denys Shmyhal had said on Twitter that Nestle boss Mark Schneider was "showing no understanding" of the severity of continuing to conduct business in Russia.

He said: "Paying taxes to the budget of a terrorist country means killing defenceless children and mothers. Hope that Nestle will change its mind soon."

Talked to @Nestle CEO Mr. Mark Schneider about the side effect of staying in Russian market. Unfortunately, he shows no understanding. Paying taxes to the budget of a terrorist country means killing defenseless children&mothers. Hope that Nestle will change its mind soon.

— Denys Shmyhal (@Denys_Shmyhal) March 17, 2022

His words also resulted in #BoycottNestle trending on Twitter.

Earlier this month, Nestle said it had stopped stopped shipments of non-essential products such as Nespresso coffee capsules and San Pellegrino water.

However, it still sold many of its other products.

It said it would continue to pay its 7,000 workers in Russia, where it has six factories that make products including ready meals, beverages and pet food.

Nestle said: "We have a responsibility toward our more than 7,000 employees in Russia - most of whom are locals.

"While we do not expect to make a profit in the country or pay any related taxes for the foreseeable future in Russia, any profit will be donated to humanitarian relief organisations.

"We stand with the people of Ukraine and our 5,800 employees there."

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The latest move will mean Nestle will only be selling infant food, and medical and hospital nutrition.

Other international brands including McDonald's, L'Oreal, H&M and Apple have also suspended or limited their operations in Russia.

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2022-03-23 19:46:22Z
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Lloyds Banking Group to close 60 branches including Bank of Scotland and Halifax locations - Sky News

Lloyds Banking Group has announced that it will shut 60 of its branches this year.

The closures will include 24 Lloyds Bank sites, 19 Bank of Scotland locations and 17 Halifax branches.

Vim Maru, group retail director of Lloyds Banking Group said: "Just like many other high street businesses, fewer customers are choosing to visit our branches.

"Our branch network is an important way for us to support our customers, but we need to adapt to the significant growth in customers choosing to do most of their everyday banking online."

The Unite union said the announcement would result in 124 job losses, which a Lloyds spokesperson did not deny but said the company was making efforts to offer employees jobs in other locations.

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Caren Evans, Unite national officer, said: "Lloyds Banking Group must not be allowed to abandon 60 more local communities where bank branches play an essential role.

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"The 124 employees who work tirelessly in their communities are dedicated to serving the banking needs of the most vulnerable who depend on their skilled services.

"When a bank branch closes the heart of the local community is ripped out and the results are devastating.

"Unite is clear that simply leaving an ATM in place of a vibrant bank branch is wholly insufficient.

"The banking sector needs to answer some serious questions about its corporate social responsibilities and the government cannot stand back and allow the relentless closure of banks to continue until no more local banking services remain."

Which locations will be affected?

The Bank of Scotland locations that will close are: Aberdeen 201 Union St, Alness, Brechin, Broxburn, Carluke, Clarkston, Dunblane, Dyce, Edinburgh Barnton, Edinburgh Shandwick, Forres, Glasgow Riddrie, Innerleithen, Kirkcudbright, Lockerbie, Selkirk, Shotts, Stromness and Troon.

These Lloyds Bank branches will shut their doors: Aylesbury Gatehouse, Beaconsfield, Birmingham Temple Row, Bolton Westhoughton, Bradford Thornbury, Buckingham, Chandlers Ford, Chipping Campden, Colchester St Johns, Cottingham, Edgbaston, Knutsford, Liverpool Woolton, Lyndhurst, Marlow, Morriston Swansea, Oxford Summertown, Poulton-le-Fylde, Rushden, Shanklin, Shrewsbury Mount Pleasant, Smethwick, Swanwick and Tiptree.

The Halifax branches affected are: Abingdon, Beaconsfield, Beccles, Belfast Shaftesbury, Bideford, Devizes, Doncaster Mkt Pl, Dunstable, Finchley Central, Halifax Commercial St, Margate, Morriston, Penge, Totton, Wokingham, Worcester Park and Yeadon.

The closures will begin in June, with all locations shut by the end of September.

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2022-03-23 12:45:00Z
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Nestlé to halt sales of non-essential brands in Russia - Financial Times

Nestlé, the world’s largest food company, is to halt sales of KitKat, Nesquik and several dozen other brands in Russia after criticism from Ukraine’s leaders over its presence in the country.

The Swiss group said on Wednesday it would “suspend the vast majority of our prewar volume in Russia”, paring down its offering to products such as baby formula and medical nutrition. This adds to measures already announced such as a pause in capital investment.

The move comes almost a week after Ukraine’s prime minister Denys Shmyhal tweeted that he had spoken with Nestlé’s chief executive Mark Schneider about “the side effect of staying in the Russian market”.

“Unfortunately, he shows no understanding. Paying taxes to the budget of a terrorist country means killing defenceless children and mothers,” Shmyhal said at the time. Ukraine’s president Volodymyr Zelensky also attacked Nestlé in a speech at the weekend, as part of a broader campaign against multinationals operating in Russia.

Nestlé said on Wednesday that it did “not expect to make a profit in the country or pay any related taxes for the foreseeable future in Russia”, adding that “any profit will be donated to humanitarian relief organisations”.

While the company does not expect to pay corporate tax, which is levied on profits, it remains liable for other Russian levies such as value added tax and property tax.

It has more than 7,000 staff in Russia, but said on Wednesday it was “identifying solutions for our people and our factories in Russia”. “We will continue to pay our people,” it said, but did not specify a timeframe.

The suspensions include most products in categories such as coffee and pet food, said a person familiar with the situation, with exemptions for items such as specialist pet foods provided to veterinary clinics.

The company said its approach “upholds the principle of ensuring the basic right to food”. It has also suspended advertising and “non-essential” imports and exports.

Nestlé, which made just under 2 per cent of its total SFr87.1bn ($93.1bn) revenues from Russia in 2021, is not the only company being targeted by the Ukrainian campaign over its Russian presence.

Zelensky on Wednesday called out French retail group Auchan and carmaker Renault, which he called “sponsors of the Russian war machine”. He has previously criticised rival consumer goods groups Unilever and Mondelez, European banks Raiffeisen and Société Générale and pharmaceutical groups Bayer and Sanofi.

More than 400 companies have scaled back their operations in Russia since its February invasion of Ukraine, according to Yale School of Management professor Jeffrey Sonnenfeld. But consumer goods groups have been among the more reluctant to cease operations altogether, citing their large numbers of staff in the country and provision of essential goods.

Carlsberg, which owns Russia’s largest brewery Baltika and makes around 9 per cent of sales there, has suspended imports and exports from the country and said that “Baltika Breweries will be run as a separate business, with the purpose of sustaining our employees and their families”.

Nestlé and other companies have faced anger on social media following the Ukrainian campaign, with figures including Bill Browder, an investor and Kremlin critic, attacking the food company.

Nestlé continues partial operations in Ukraine, where it has 5,800 employees.

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2022-03-23 13:37:31Z
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