Latest news with #CompareTheMarket
The Independent
2 days ago
- Business
- The Independent
Calls to legally require supermarkets to reveal ‘shrinkflation' to customers
Supermarkets would be forced to tell their customers if they want them to 'pay more for less' under proposals designed to tackle 'shrinkflation'. The Liberal Democrats want government legislation amended to legally require large supermarkets to inform shoppers when the quantity of goods within a pre-packaged product has decreased thereby increasing the price per unit of measurement. Details of the changes would need to be attached or placed alongside the product for a 60-day period, according to the amendment tabled to the Product Regulation and Metrology Bill. Digestive biscuits, butter, crisps and chocolate bars were among the items found to have decreased in size while their unit cost increased, according to 2024 research by Compare the Market. MPs could be asked to vote on the Lib Dem proposal on Wednesday when the Bill returns to the Commons for its report stage. Lib Dem trade spokesman Clive Jones said: 'The scourge of shrinkflation needs to be exposed. 'Shoppers have been hammered during a cost-of-living crisis all while massive companies and big supermarket chains are forcing them to pay more for less to protect their bottom lines. 'They need to be called out on it and for shoppers to know when they are at risk of being ripped off. 'The Government should accept this Liberal Democrat amendment so that we can help protect shoppers and their already stretched household budgets from another round of shrinkflation.' The Bill as a whole gives powers to ministers to regulate the marketing and use of goods in the UK after Brexit. It was previously amended in the House of Lords to provide protections to the imperial pint measure to ease fears over its future. The changes accepted by the Government would bar ministers from preventing or restricting the use of the pint in relation to draught beer, cider or milk in returnable containers. It also provides a definition of a pint as 0.56826125 cubic decimetres. A Department for Business and Trade spokesman said: 'We're committed to protecting consumers from unfair commercial practices and making sure they have all the information they need to make informed decisions on purchases. 'That's why we're bringing in strict new laws next year to make sure businesses use clearer labelling for prices on supermarket shelves, and retailers show all unit prices in either kilograms or litres to improve clarity for shoppers.'
Yahoo
2 days ago
- Business
- Yahoo
Calls to legally require supermarkets to reveal ‘shrinkflation' to customers
Supermarkets would be forced to tell their customers if they want them to 'pay more for less' under proposals designed to tackle 'shrinkflation'. The Liberal Democrats want government legislation amended to legally require large supermarkets to inform shoppers when the quantity of goods within a pre-packaged product has decreased thereby increasing the price per unit of measurement. Details of the changes would need to be attached or placed alongside the product for a 60-day period, according to the amendment tabled to the Product Regulation and Metrology Bill. Digestive biscuits, butter, crisps and chocolate bars were among the items found to have decreased in size while their unit cost increased, according to 2024 research by Compare the Market. MPs could be asked to vote on the Lib Dem proposal on Wednesday when the Bill returns to the Commons for its report stage. Lib Dem trade spokesman Clive Jones said: 'The scourge of shrinkflation needs to be exposed. 'Shoppers have been hammered during a cost-of-living crisis all while massive companies and big supermarket chains are forcing them to pay more for less to protect their bottom lines. 'They need to be called out on it and for shoppers to know when they are at risk of being ripped off. 'The Government should accept this Liberal Democrat amendment so that we can help protect shoppers and their already stretched household budgets from another round of shrinkflation.' The Bill as a whole gives powers to ministers to regulate the marketing and use of goods in the UK after Brexit. It was previously amended in the House of Lords to provide protections to the imperial pint measure to ease fears over its future. The changes accepted by the Government would bar ministers from preventing or restricting the use of the pint in relation to draught beer, cider or milk in returnable containers. It also provides a definition of a pint as 0.56826125 cubic decimetres. A Department for Business and Trade spokesman said: 'We're committed to protecting consumers from unfair commercial practices and making sure they have all the information they need to make informed decisions on purchases. 'That's why we're bringing in strict new laws next year to make sure businesses use clearer labelling for prices on supermarket shelves, and retailers show all unit prices in either kilograms or litres to improve clarity for shoppers.'
The Independent
2 days ago
- Business
- The Independent
Shrinkflation: Supermarkets could be forced to tell customers if they are paying more for less
Supermarkets could soon be required to inform customers when they are effectively being asked to "pay more for less", under new proposals aimed at tackling " shrinkflation". The Liberal Democrats are pushing for an amendment to government legislation that would legally oblige large supermarkets to notify shoppers when the quantity of goods in a pre-packaged product has been reduced, leading to an increase in the price per unit. Under the proposed amendment to the Product Regulation and Metrology Bill, details of these changes would need to be displayed on or next to the product for a 60-day period. Research conducted by Compare the Market in 2024 revealed that items such as digestive biscuits, butter, crisps, and chocolate bars have seen a decrease in size while their unit cost has increased. MPs may vote on the Lib Dem proposal on Wednesday, when the Bill is scheduled to return to the Commons for its report stage. Lib Dem trade spokesman Clive Jones said: 'The scourge of shrinkflation needs to be exposed. 'Shoppers have been hammered during a cost-of-living crisis all while massive companies and big supermarket chains are forcing them to pay more for less to protect their bottom lines. 'They need to be called out on it and for shoppers to know when they are at risk of being ripped off. 'The Government should accept this Liberal Democrat amendment so that we can help protect shoppers and their already stretched household budgets from another round of shrinkflation.' The Bill as a whole gives powers to ministers to regulate the marketing and use of goods in the UK after Brexit. It was previously amended in the House of Lords to provide protections to the imperial pint measure to ease fears over its future. The changes accepted by the Government would bar ministers from preventing or restricting the use of the pint in relation to draught beer, cider or milk in returnable containers. It also provides a definition of a pint as 0.56826125 cubic decimetres. A Department for Business and Trade spokesman said: 'We're committed to protecting consumers from unfair commercial practices and making sure they have all the information they need to make informed decisions on purchases. 'That's why we're bringing in strict new laws next year to make sure businesses use clearer labelling for prices on supermarket shelves, and retailers show all unit prices in either kilograms or litres to improve clarity for shoppers.'
The Sun
7 days ago
- Business
- The Sun
Mortgage bill warning for half a million homeowners facing shock £500 monthly rise this year
HUNDREDS of thousands of homeowners could be facing huge £500 rises in their monthly mortgage payments. Almost 500,000 people who took out mortgages while rates were at rock bottom in 2020 are set to come off their five-year fixed deals this year. 1 They can now expect to see a substantial increase in their monthly payments as mortgage rates are higher than five years ago. Compare the Market is now warning these homeowners to shop around for a new mortgage deal before it's too late. Those who fail to move onto a new mortgage deal could end up paying even more as they'll be automatically moved onto their lender's standard variable rate (SVR) mortgage. These typically have much higher interest rates than fixed or tracker deals. Homeowners who took out five-year deals in 2020 will end up paying an average of £510 more per month if they're moved onto an SVR, according to new analysis by Compare the Market. On average their monthly payments would jump to a huge £1,227, based on an average mortgage debt of £178,523. Over a year they'd end up paying £6,120 more. However those who switch from an SVR to a new five-year fix could reduce their monthly payments by up to £301. This means they'll still be paying roughly £200 more per month than they were previously, but they'll save thousands over the course of a year compared with staying on their lender's SVR. The average SVR rate was 7.13% at the end of March, Bank of England figures show. Mortgage Rates Evergreen Meanwhile the average rate for a two-year fixed mortgage is currently 4.6%. It's even lower for a five-year fix at 4.33%. Rates were significantly lower in 2020, when they reached as low as 2.3%. Those switching from an SVR to a five-year fix would save on average more than £3,600 over the course of a year. A two-year fix would save you up to £3,290. Different types of mortgages We break down all you need to know about mortgages and what categories they fall into. A fixed rate mortgage provides an interest rate that remains the same for an agreed period such as two, five or even 10 years. Your monthly repayments would remain the same for the whole deal period. There are a few different types of variable mortgages and, as the name suggests, the rates can change. A tracker mortgage sets your rate a certain percentage above or below an external benchmark. This is usually the Bank of England base rate or a bank may have its figure. If the base rate rises, so will your mortgage but if it drops then your monthly repayments will be reduced. A standard variable rate (SVR) is a default rate offered by banks. You usually revert to this at the end of a fixed deal term, unless you get a new one. SVRs are generally higher than other types of mortgage, so if you're on one then you're likely to be paying more than you need to. Variable rate mortgages often don't have exit fees while a fixed rate could do. What should you do if your fix is coming to an end? Brokers recommend you start looking for a new deal three to six months before your current term ends. As we've mentioned, it's vital to avoid rolling on to your lender's standard variable rate. It's worth noting that if rates improve then you'll still be able to review your deal before you complete your home purchase. You may want to talk to a broker to help you find the best deal. They usually have access to rates not available to borrowers who apply directly, and they'll keep you updated if rates improve. You could ask family or friends to recommend a broker or use and read the reviews. If you want to go it alone, you could use prime comparison websites. What's happening with rates currently? Experts have been warning buyers and those remortgaging to act quickly as the cheapest mortgage rates could soon disappear. In the last couple of months home buyers have been in an ideal position as lenders have been slashing rates and engaging in a price war. All the major lenders have been offering rates below the golden number of 4%. But after the UK's inflation rate soared higher than expected last week, that's expected to have a knock-on effect on mortgage rates. Brokers are now warning some of the cheapest deals could be gone by the end of the week. Still, they're not expecting mortgage rates to spike dramatically so it's worth considering whether the timing is right for you.
The Sun
22-05-2025
- Health
- The Sun
Holiday warning for ANYONE going abroad that could cost you £466 extra
HOLIDAYMAKERS with pre-existing medical conditions could see their travel insurance premiums skyrocket, according to a new investigation. Consumer watchdog Which? found that declaring a medical condition can significantly increase premiums, with some travellers seeing costs go up by hundreds - or even thousands - of pounds. 1 Which?'s survey of over 9,000 members found that nearly three-quarters declared a medical condition when purchasing travel insurance. Of those, 82% said it raised the price, and a quarter believed the increase was substantial. Many described finding affordable premiums as "difficult" or even "almost impossible". Data from comparison sites backs this up. Compare the Market found that single-trip policies cost twice as much for those declaring a condition (£33 on average) compared to those without (£16). Similarly, GoCompare revealed that annual policies cost around £50 more when pre-existing medical conditions are disclosed. To illustrate the issue, Which? gathered quotes for three individuals with type 2 diabetes, epilepsy, and bipolar and personality disorder. In each case, the watchdog selected the cheapest European annual policy available with £5million medical cover, £2,000 cancellation cover, and £1,500 cover for baggage with gadget protection. In the case of the traveller with bipolar and personality disorder, all five specialist insurers were willing to provide cover, but only two of the regular insurers did - leaving just seven viable policies. In the most extreme example, a traveller with bipolar and personality disorder saw their premium jump by a staggering 1,159%, rising from £38.48 to £484.52 after declaring their condition. Which? also found a £531 difference between the cheapest and most expensive quotes for this individual, proving how vital it is to shop around. SPENDING ABROAD: Tips to Avoid High Fees While a specialist insurer was the cheapest option for the individual with bipolar and personality disorder, Which? found regular insurers were the more competitive options for the case studies with diabetes and epilepsy. Declaring epilepsy led to an average increase in travel insurance premiums of 23%, with prices rising from £67 to £77. However, quotes varied widely, ranging from as low as £52 to more than double that at £110. For the individual with diabetes, the price increase was smaller, averaging just 6%, with premiums rising from £129 to £136. Despite the smaller average rise, there were big differences in the quotes offered. Non-specialist insurers provided premiums ranging from £76 at the lowest to £169 at the highest. But, specialist insurers had a much higher starting price of £118, with quotes going up to £168. What is travel insurance? TRAVEL insurance is there to help you when something goes wrong with your holiday. It can help cover your bills if your flights are cancelled, your luggage is lost, or you need medical help when travelling abroad. The two main types of travel insurance are single and multi-trip cover. There are also often separate packages available depending on where you're travelling to - for example if you're remaining in Europe compared to further afield. In some circumstances you may need a specialist product for example if you'll be backpacking around multiple destinations, skiing, hiking, diving or going on a cruise. If you're travelling on business, you'll also need to ensure your policy covers your trip. A word of warning Sam Richardson, deputy editor of Which? Money, said: "Travel insurance is an essential when going on holiday, but finding the best policy at the right price isn't always straightforward - especially if you have a pre-existing condition. "Our research found significant disparities in price depending on the insurer, so it's vital that consumers shop around and compare as many policies as possible before making a decision. "While comparison sites are a great starting point, these won't always include specialist providers - so it's essential to obtain these quotes separately before making a purchase. "Though it may be tempting to omit a condition in order to get the price down, it's never worth the risk. "Failing to declare something in advance could see your policy invalidated and in the worst cases, leave you with a bill in the thousands of pounds." What should you look for in a good travel insurance policy? TRAVEL insurance policies can vary a great deal, but here are some "must have Medical expenses - A good policy will give cover of £1million or more for travel in Europe and £2million or more for the USA Repatriation service - The costs of getting you back to the UK for medical reasons should be covered automatically by your policy Cancellation and curtailment - A good policy will cover you for £2,000 or more if you have to cancel or shorten your holiday Missed departure - Covers additional accommodation costs and travel expenses up to £500 or more if you miss your flight due to circumstances out of your control Delay - You'll usually be covered for £250 or more if your travel plans are delayed due to circumstances out of your control Baggage cover - Covers you if your baggage is lost, damaged or stolen. Look for policies that have cover of £1,500 or more. How to get the best deal on travel insurance Sorting your insurance as soon as you book your trip ensures you have comprehensive protection and peace of mind well in advance. There's no obligation to purchase travel insurance from your travel agent or holiday company, though they often offer it as part of your booking. Banks, supermarkets, and insurance providers also offer travel cover, and using a comparison website can help you find the best deal tailored to your needs. To get started, you'll need to provide details such as the names and ages of all travellers, your destination, and any pre-existing medical conditions. Once you input this information, you can filter results based on the level of cover, the excess you're willing to pay, and the price. While it's tempting to choose the cheapest option, make sure to check the policy details carefully - lower-cost deals might not offer the protection you need. You'll also need to decide whether to opt for single-trip cover or annual multi-trip cover, depending on how often you travel. If your requirements are more complex, consider working with a regulated insurance broker, which you can find via the British Insurance Brokers' Association. Finally, don't forget to check your current account, as some banks offer complimentary travel insurance to their customers. However, always review the details of what's included to ensure the cover meets your needs.
