Top news
- Energy bills to be cheaper from July as price cap falls to £1,568
- But predictions say cap will rise again
- What now for mortgages after inflation and election announcements?
- TSB and Nationwide are paying new customers to join
- June cut in interest rates 'ruled out by inflation figures'
- 'Absolutely disgraceful': Darts fans left in shock over price of pint
Essential reads
- Which biscuits have the least sugar? Your guide to elevenses
- Savings Guide:Britons urged to act quickly to grab above-inflation savings rates while they last
- Top Northern Ireland chef picks his Cheap Eats - in Belfast and at home
- Money Problem: 'My second-hand Ford is being written off with a known issue - but no one is taking responsibility'
- Best of the Money blog - an archive
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Cara Delevingne's childhood home is up for sale - but it'll cost you £23.5m
Cara Delevingne's childhood home is up for sale - but it's come to market with a huge £23.5m price tag.
The 5,456 sq ft property in London's Belgravia was also home to controversial casino and zoo owner John Aspinall in the 1960s.
Mr Aspinall and the mansion werealso linked to the disappearance ofLord Lucan in 1974 - a mystery that still hasn't been solved.
After he died in 2000, the five-bedroom house was bought by Charles and Pandora Delevingne - the parents of supermodel Cara and her older sisters Chloe and Poppy.
The Grade II-listed building on Lyall Street comes with two reception rooms, a study, a home cinema and a professional chef's kitchen.
A gym, sauna, steam room and rooftop cocktail bar are also included.
In around 2014, with their daughters grown up, the Delevingnes moved from the Lyall Street mansion and downsized.
The current owners bought the house a couple of years later and have given the mansion an extensive renovation and modernisation.
"It is one of the best houses currently available for sale in Belgravia and is immaculately presented and beautifully interior designed," said Charles Lloyd, head of Beauchamp Estates.
Analysis: Here's why the price cap is still £300 more than before the Ukraine war energy crisis
The reason for the fall in the household energy price cap is pretty straightforward - wholesale electricity and gas prices have fallen since the price cap was last set in February this year.
Wholesale gas and electricity prices make up by far the biggest proportion of the energy bills - £720 of the current £1,690 - and Ofgem is assuming, for July, August and September, a wholesale electricity price of 22.36 pence per kilowatt hour (kWh), down from 24.50 pence per kWh during the current quarter.
It is also assuming a wholesale gas price of 5.48 pence per kWh from July to September, down from 6.04 pence per kWh during the current quarter.
That brings down the wholesale energy component of the typical bill (which is based on an assumption that a household will use 12,000 kWh per year of gas and 2,900 kWh of electricity) from £720 to £619.
The question some people may have, though, is why the energy price cap that Ofgem has set for the three months from July remains higher, at £1,568, than the level at which it was set - £1,277 - at the time the energy crisis was sparked by Russia's invasion of Ukraine.
At first blush, this seems a reasonable enough question, given that a barrel of Brent Crude - a reasonable enough proxy for wholesale energy prices - stands today at $80.78 (£63.50) per barrel, down from the heights it hit after the invasion.
But bear in mind that, in those days, the price cap was only set by Ofgem every six months, rather than quarterly as at present.
The price cap in place immediately before the crisis came into effect on 1 October 2021 having been set on 6 August that year.
Prior to that, wholesale energy prices had been lower than they are now. The wholesale energy component for the price cap for the winter of 2021/22 was, accordingly, £528 - lower than the £619 it will be from July.
Other costs taken into account by Ofgem are also higher now than they were before Russia invaded Ukraine.
We need a long-term answer on energy prices, Labour leader says
The UK needs "longer term solutions" on energy prices because they are still "record high almost", Sir Keir Starmer has said.
The Labour leader was commenting on a fall in the energy price cap.
From 1 July it will be £1,568 a year - a drop of £122 from the previous quarter.
But Sir Keir said many people were still struggling to make ends meet.
"Everywhere I go, so many people tell me the cost of living is still bearing down on them," he told Sky News.
"People on a mortgage, [those] coming off a fixed mortgage, know their mortgages are going up by hundreds of pounds.
"Everybody knows prices are still going up - energy prices are still record high almost."
He added: "We need longer term solutions."
Labour's proposed Great British Energy (GBE) would help energy prices "come down for good", Sir Keir claimed.
Asked when energy prices would drop under GBE, and how quickly it could be established, he said: "Certainly by the end of the parliament, and a lot sooner than that.
"We can set up Great British Energy pretty quickly."
Discussions are already under way with potential partners, he added.
Claire Coutinho, the energy secretary, told Sky News that Great British Energy is a "complete gimmick" and a "drop in the ocean".
She also accused Labour of having "no plan" on energy security.
Are you wasting thousands by putting off 'life admin'?
Putting off "life admin" could be costing you thousands of pounds a year, research has suggested.
It is estimated that adults in the UK could save £300 a year by cancelling unused subscriptions, £420 by reviewing their day-to-day finances, and £372 by re-evaluating a gym membership.
"On average, Brits admit to putting off simple tasks by four to six months," Lloyds Bank said.
When asked why they had been delaying, almost a fifth (18%) said there was no deadline, one in seven (16%) said it was easier to take no action, while for 13% the memory of previous difficulties was off-putting.
Turning to the future, a fifth (20%) admitted not having a pension, while only two fifths (42%) knew how to add more money to their pension if they had one.
New energy price cap: The good, the bad and the ugly
If you are looking for a detailed analysis of today's cut in the energy price cap (see our breaking news post from 7am) then the following from Martin Lewis is worth digesting.
The founder of Money Saving Expert has split his reaction into three sections.
The good
Lewis says the cap will drop on 1 July by an average of 7.2% for Direct Debit customers, 6.9% for prepay customers, and 7.1% for those who pay when they get a bill.
The cap will fall to £1,568 a year - a drop of £122 from the previous quarter.
The bad
Standing charges (what you pay regardless of how much energy you use) "remain high" and are "virtually unchanged", Lewis says.
"All the cut" is via unit rates, he adds.
That means those who use more energy will be seeing bigger savings.
The electricity unit rate for Direct Debit customers from July will be 22.36p/kwH - down 9% from 24.5p, Lewis says.
The electricity standing charge will be 60.12p a day - up from 60.1p.
The gas unit rate will be 5.48p/kwH - down 9% from 6.04p.
And the gas standing charge will be 31.41p - slightly down from 31.43p.
Lewis says the results of a consultation on standing charges are likely to be published sometime in the "summer", adding: "Whenever that is."
The ugly
As we reported in our post at 7.34am, respected market researcher Cornwall Insight is predicting that bills are likely to rise once more in the run-up to winter.
Lewis comments: "If they're right this is the last fall, and the coming rises are big.
"On 1 July it's confirmed [the cap] drops 7%, so for every £100 paid today you pay £93.
"Then on 1 Oct it's predicted to rise 12%, so you'll go back up and be paying £104.
"Then on 1 Jan the crystal ball is saying it'll stay flat (at £104).
"All this makes the cheapest fixes, which are currently 9% cheaper than now (so £91 per £100 on the price cap), look a decent bet."
'Absolutely disgraceful': Darts fans left in shock over price of a pint
Thousands of darts fans packed out the O2 last night as Luke Littler was crowned champion in the Premier League Darts final.
While his victory was met with big celebrations, the price of a pint left many upset.
Tom Park shared a photo of the menu on X which showed a pint of Camden Hells Lager cost £9.50.
A Budweiser came in at £8.95 - and it was the same for a Stella Artois.
Other social media uses responded to his post in shock.
Here are some of the replies we saw:
- "That's absolutely disgraceful."
- "Bloody hell! That's a joke."
- "We get so ripped off in this country."
- "£9.50 for a pint of Camden Hells in f****** robbery."
Two pint offers didn't seem to be any better, with the menu showing the deal just worked out the same as buying two normal pints.
The Money team has contacted the O2 for comment.
Watch: 'Shoplifting' dogs caught on camera
We've spoken a lot about shoplifting, with offences rising to their highest level in 20 years across England and Wales earlier this year.
But here are two culprits we didn't expect to see...
A pair of Labradors stealing a loaf of bread from a petrol station in Herefordshire.
They were captured on CCTV walking down an aisle and picking goods off the shelves before wandering out.
After the dogs were caught in the act, workers put out an appeal online and reunited them with their owner.
Don't worry, the petrol station hasn't pursued charges.
Nearly time for elevenses... Read this before you decide which biscuits to pick
It can be hard to balance the demands of eating well without spending a lot.
In this series, we try to find the healthiest options in the supermarket for the best value - and have enlisted the help ofSunna Van Kampen, founder of Tonic Health, who went viral on social media for reviewing food in the search of healthier choices.
In this series we don't try to find the outright healthiest option, but help you get better nutritional value for as little money as possible.
Today we're looking at biscuits.
"When some brands are up to two teaspoons of sugar per biscuit (and we all know you aren't having just one), then we need to look or substitutes or find ways to biscuit smarter for your health," Sunna says.
The typical biscuit breakdown on average for market leading brands by type:
Freshly baked cookies: 40% sugar or 27g per 66g cookie
"That's over six teaspoons of sugar - they're also generally the biggest biscuit on the shelf by some distance, so potentially a good choice to avoid," Sunna says.
Chocolate chip cookies: 34% sugar or 8.6g per 25g cookie
"That's the equivalent of over two teaspoons of sugar - delicious but there are better options."
Chocolate digestives: 28% sugar or 4.8g per 16.7g biscuit
"That's a teaspoon per biscuit and I'm definitely not just eating one."
Shortbread: 17% sugar or 2.6g per shortbread
"Almost half the sugar of a chocolate digestive."
Digestive biscuits: 15% sugar or 2.2g per 15g biscuit
"These are starting to look a lot healthier as we are only talking half a teaspoon per biscuit."
Rich tea biscuits: 18% sugar or 1.5g per 8.3g biscuit.
"This one's a bit healthier due to the size, but the best choice is Rich Tea's own 30% less sugar variety.
"That sits at 12% sugar (or just 1.1g per biscuit) - only a quarter of a teaspoon of sugar per biscuit."
The verdict
The Rich Tea Light biscuit is hard to beat in Sunna's mind.
"Its low sugar content make it a winner for health-conscious tea drinkers," he says.
"If you eat just four biscuits a week, swapping from chocolate chip cookies to Rich Tea Light could save you over 1.5kg of sugar per year from your diet.
"Small changes make a big impact," Sunna says.
Digestive biscuits are also a solid choice, especially if you prefer a bit more substance with your tea.
"For those moments when only chocolate will do, chocolate digestives are the best option, although they have a higher sugar content," he adds.
Naturally, he urges biscuit-lovers to stay away from fresh-baked cookies and chocolate chip due to the high sugar levels.
The money
If you're looking to save money, own-brand biscuits from major supermarkets often offer comparable taste at 30-50% discount on average.
"For example, Tesco's Rich Tea biscuits are just £0.65 per pack or £0.22 per 100g compared with McVities Rich Tea at £0.47 per 100g.
Here's a handy comparison;
- Supermarket Baked Cookies - £0.68 per 100g
- Fox’s Milk Chocolate Chip Cookies - £1.14 per 100g
- McVities Chocolate Digestives - £0.50 per 100g
- Patterson’s Shortbread - £0.45 per 100g
- McVities Digestives - £0.42 per 100g
- McVities Rich Tea - £0.47 per 100g
- McVities Rich Tea Light - £0.60 per 100g
The nutritionist's view - by Dr Emily Prpa, nutritionist and science manager at Yakult.
"It's no secret that Brits love biscuits, with a staggering 27 million UK households buying them every year.
"A little of what you love is not a bad thing, but really it's all about moderation and making some positive swaps.
"For example, consider opting for biscuits that are made with wholemeal flour or whole grains such as oats.
"Those which contain dried fruits and nuts can provide more fibre than other biscuits to help you meet the NHS-recommended 30g of fibre per day for adults.
"The majority of your fibre needs to be obtained through other wholegrain sources of pasta and bread, as well as vegetables, fruits, legumes, nuts and seeds.
"Fibre aids digestion, helps to regulate bowel movements and is a food source for one's gut bacteria, contributing to a healthy and diverse gut microbiome."
Read more from this series...
Big week of economic announcements - even before election called
By Sarah Taaffe-Maguire, business reporter
It was already going to be a big week of economic announcements before Rishi Sunak called a general election: April inflation came down - though less than expected - as did retail sales and, from July, so too will the energy price cap.
At the same time, we learned government borrowing in April was the fourth-highest on record and consumer confidence was that bit better than a month earlier.
Sterling has come down from the highs reached after inflation data came out - £1 buys £1.27, pretty much back where we started the week. Against the euro, sterling held gains, with a pound equal to €1.1731, up from a €1.1671 low on the Monday open.
The oil price ticked down throughout the week and is now at $81.04 a barrel - down from $84 on Monday, which was already lower than all of April and most of March. It's good news for motorists and should impact prices at the pumps in about 10 days.
On the stock market front, the FTSE 100 index of the most valuable companies on the London Stock Exchange is down 1.5747% since the week.
June cut in interest rates 'ruled out by inflation figures'
There is almost zero chance of a cut in interest rates next month, a senior economist has said.
Michael Saunders, an adviser at Oxford Economics and a former member of the Bank of England's Monetary Policy Committee (MPC), said Wednesday's higher than expected inflation figures made it very unlikely.
The rate of price rises dropped to 2.3% in April - but economists had been predicting 2.1%.
The general election, called for 4 July, also makes an interest rate cut unlikely, Mr Saunders said.
"They themselves [the MPC] wouldn't want to be a cause of volatility," he told Bloomberg.
"The MPC would be especially reluctant to do a surprise rate change during an election campaign.
"But, in practice, a June rate cut is already ruled out by inflation figures."
The first rate cut is likely to come in August, Mr Saunders said.
He added: "I do think over the course of the year, markets may now be slightly under-pricing the extent to which interest rates come down.
"I would still say [there will be] three rate cuts - the first one not until August, and then a couple more later in the year."