Key Quotes - Money

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Last update: Wednesday 25th March




Lloyds Banking Group has been fined a record £28 million over incentive schemes that rewarded staff with “champagne bonuses” and put advisors under pressure to hit sales targets or face demotion. The Financial Conduct Authority (FCA) said it was the highest penalty ever imposed against a UK retail banking operation and came after it uncovered “serious failings” in bonus schemes within Lloyds TSB, Halifax and Bank of Scotland (BoS) that saw frontline staff pick up windfalls even when the products were mis-sold to customers. The investigation focused on sales of investment products, such as stocks and shares, individual savings accounts (Isas), and insurance protection products between January 2010 and March 2012. More than one million of the products were sold to over 690,000 customers.
Money	The Sentinel, December 12, 2013



Some energy companies have been accused of “getting away with green murder” for failing to pass on savings from a Government shake-up of levies. Just two of the “big six” providers – British Gas and Scottish and Southern Energy – have announced that they will pass on the savings, worth around £50 to all customers, including those on fixed-price contracts….EDF Energy and E.On both said they took the Government’s cuts to green levies into account when announcing smaller-than-expected price rises. But both said that existing customers on fixed-price contracts will not benefit from the saving, claiming that they already benefit from a discounted rate.
Money	The Sentinel, December 11, 2013



The World Council of Churches (WCC) has invited its member churches to join a global call to action against corruption – which impacts poor people the most. Studies have shown that every year over a trillion US dollars go missing from the global economy through bribes, dishonest deals and tax evasion.
Money	Life and Work, October 2013



There are more working families living in poverty in the UK than non-working ones, a charity reported – the first time such a balance has been recorded. Some 6.7 million working families live below the poverty line compared with a combined 6.3 million of retired families and the out-of-work, the Joseph Rowntree Foundation said. There has been a sustained and “unprecedented” fall in the living standards, a report for the organisation found. Half of working families in poverty have an adult paid below the living wage.
Money	The Sentinel, December 9, 2013



Households are to be spared the full force of recent bill hikes after power firms pledged to pass on savings from a Government shake-up of energy levies. British Gas will cut duel-fuel bills by an average of £53 from January 1, but this is still less than half the increase imposed on customers. Other energy firms made similar announcements, with SSE expecting dual-fuel saving of around 4% before the end of March, equivalent to around £50. Npower does not plan to increase energy prices before spring 2015, unless there are increases in wholesale costs or network charges. The moves come after Chancellor George Osborne confirmed that the cost of some energy-efficiency and social schemes will be rolled back. Electricity companies will take voluntary action to reduce network costs in 2014/15 funding a one-off reduction of around £5 on electricity bills.
Money	The Sentinel, December 3, 2013



Ed Miliband has launched an attack on Britain’s ‘Wonga economy’, saying the rise of payday lenders symbolised the squeeze on living standards facing millions of ordinary families. The labour leader accused the firms of preying on the vulnerable, creating a ‘quiet crisis’ for thousands of households left with debts they were unable to pay off. His intervention came as representatives of the three of the biggest payday lenders – including Wonga – were being questioned by MPs on the Commons Business, Innovation and Skills Committee.
Money	The Sentinel, November 6, 2013



The Archbishop of Canterbury has waded into the row over energy prices, warning that the latest wave of hikes looks “inexplicable”. Justin Welby insisted the Big Six companies had an obligation to behave morally, rather than just maximising profit. The intervention, in an interview with the Mail on Sunday, came after British Gas followed in the footsteps of SSE by announcing a 9.2 per cent increase in prices. The head of the Church of England, himself a former oil executive, said he understood the anger the rises were generating. “The impact on people, particularly on low incomes, is going to be really severe in this, and the companies have to justify fully what they are doing,”
Money	The Sentinel, 21st October 2013



Britain’s basic state pension is to rise by less than £3 a week – offering little to help to households facing steep rises in energy bills – as the Treasury pockets £1.5 billion in savings from a benefits squeeze. The anticipated pensions rise from £110.15 to £113.10 is linked to September’s official CPI inflation figure of 2.7%, which was published by the Office for National Statistics. But it comes just a week after electricity and gas supplier SSE became the first of the Big Six energy companies to hike tariffs this year, announcing an 8.2% rise which is three times the Consumer Prices Index rate. Campaigners say the Government should restore a link between pensions and a different inflation measure, the Retail Price Index (RPI) – which they say would have resulted in a £3.50 rise. Dot Gibson, general secretary of the National Pensioners’ Convention, said the decision to abandon the link after the 2010 election had robbed older people of a proper increase in their pensions.
Money	The Sentinel, 16th October 2013



Angry rail passengers yesterday slammed planned New Year fare rises of 4.1 per cent – the 11th year on the trot they have soared above inflation. Labour claimed some fares will rise by nearly 9.1 per cent or nearly three times the inflation rate. And the TUC said that since 2008 fares have risen by 40 per cent – nearly three times faster than wages. The planned 4.1 per cent rise will see the cost of an annual season ticket from Canterbury to London break £5000 – and £4000 for commuters from Basingstoke.
Money	Daily Express, August 14, 2013



Governor Mark Carney defended the Bank of England’s radical new forward guidance policy, insisting it has ‘reinforced the recovery’. Mr Carney told the Treasury Select Committee the Bank remains ‘vigilant’ over a house price bubble, as prices and demand are pumped up by Government stimulus schemes. It could recommend banks set limits on how much households can borrow, he said.
Money	The Sentinel, September 13th, 2013



Labour has criticised a hike of up to 10% in gas and electric bills for millions of households, accusing David Cameron of failing to get a grip on profiteering suppliers. Energy giant SSE sparked fury by announcing rises that will add £106 to its typical duel-fuel customer bill – pushing it up to £1,380 a year. The move is expected to trigger a series of increases by the other big six energy suppliers – Centrica, EDF, Scottish Power, E.ON and npower. The company said wholesale energy prices were up 4%, paying to use newly-upgraded networks by 10% and Government-imposed levies up 13%. But Labour Leader Ed Miliband insisted the suppliers were ‘ripping people off’.
Money	The Sentinel, 10 October 2013



The value of UK workers’ wages has suffered one of the sharpest falls in the European Union, House of Commons library figures have shown. The 5.5 per cent reduction in average hourly wages since mid-2010, adjusted for inflation, means British workers have felt the squeeze more than those in countries which have been rocked by the eurozone crisis, including Spain, which saw a 3.3 per cent drop over the same period, and Cyprus, where salaries fell by three per cent in real terms.
Money	The Sentinel, 12th August 2013



Almost £400,000 is set to be spent refurbishing four police stations across North Staffordshire this year – despite the lack of overall strategy for the force’s buildings.
Money	The Sentinel, 29th July 2013



Britain’s beleaguered economy is finally ‘on the mend’, Chancellor George Osborne said as official figures showed a second successive quarter of growth. All four main sectors showed improvement, according to the Office for National Statistics. The estimate of a 0.6% rise in gross domestic product was the first time since 2011 that the UK has seen back-to-back quarterly growth.
Money	The Sentinel, 26th July 2013



A further £1 million of investment is being rolled out by Staffordshire County Council this year to help ensure roads are fit for purpose and safer for years to come.
Money	The Sentinel - July 10, 2013

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