Latest news with #US-style
Glasgow Times
13 hours ago
- Business
- Glasgow Times
Martin Lewis on the 'staggering' £70 Mastercard payout
Millions are set to receive up to £70 each following the Competition Appeal Tribunal final approval, following a landmark class action against Mastercard, which dates back to 2016. Taking to X, the Money Saving Expert founder said: "The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide." He added: "Check now if you're due up to £70 from Mastercard - even if you've NEVER had one. Millions are in line for compensation after the card firm settled a landmark legal case against it out of court..." The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide. — Martin Lewis (@MartinSLewis) June 2, 2025 What is the Mastercard compensation case, and why are people getting £70? Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. Why don't I need to be a customer? The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. How can people register for a share of the compensation? Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card. It was expected that payments would be made to consumers who register before the end of the year, he added. Recommended reading: Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that. 'The settlement that has today been finally approved represents a fair and just outcome for UK consumers. 'On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.'
Yahoo
14 hours ago
- Business
- Yahoo
Martin Lewis on 'staggering' £70 Mastercard payout and why millions are eligible
Martin Lewis has highlighted a "staggering" £70 Mastercard payout, following a £200 million settlement - and you don't need to have been a customer to be eligible. Millions are set to receive up to £70 each following the Competition Appeal Tribunal final approval, following a landmark class action against Mastercard, which dates back to 2016. Taking to X, the Money Saving Expert founder said: "The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide." He added: "Check now if you're due up to £70 from Mastercard - even if you've NEVER had one. Millions are in line for compensation after the card firm settled a landmark legal case against it out of court..." The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide. — Martin Lewis (@MartinSLewis) June 2, 2025 Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card. It was expected that payments would be made to consumers who register before the end of the year, he added. Recommended reading: Millions to receive up to £70 compensation from Mastercard Martin Lewis: How to stop a banking scam with just three digits Martin Lewis on the £20,000 cash rumoured ISA changes Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that. 'The settlement that has today been finally approved represents a fair and just outcome for UK consumers. 'On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.'
Yahoo
a day ago
- Business
- Yahoo
Why the US trade deal could come with a long-term health cost for the UK
British farmers and food safety campaigners have been sounding the alarm over the recent deal struck between the UK and US. The agreement offers unprecedented access to US agricultural exports such as beef and ethanol into the UK market. While some hailed this as a breakthrough after previous talks stagnated under Joe Biden's administration, critics argue it could undercut domestic producers, introduce lower standards for food and even compromise public health. With the cost of living remaining high, cheaper US imports may look appealing to British consumers. But many fear the products may come at a longer-term cost. The UK government has insisted it will not compromise on standards. Hormone-treated beef and chlorine-washed chicken remain banned. But critics are sceptical. At the White House, US trade officials suggested food rules should be based on science, hinting at renewed pressure to permit products currently excluded by UK law. But public opinion in the UK strongly supports high food standards. Surveys show most UK consumers reject hormone-fed beef and chlorinated chicken, valuing animal welfare and food safety. Given this, any shift toward US-style practices could trigger a backlash. The deal's language – promising to 'enhance agricultural market access' – raises concerns that this may be only the first step. Food safety advocates fear a slow erosion of standards under commercial pressure. Under the terms of the deal, the UK will allow in 13,000 tonnes of US beef tariff-free — a huge change from the 1,000-tonne cap (with a 20% tariff) previously in place. In exchange, the US will grant a matching quota for UK beef. The National Farmers' Union (NFU) welcomed improved US market access. But domestically, many farmers feel exposed. They worry that cheap US beef, even if hormone-free, will undercut UK cattle raised under stricter welfare and environmental rules. Feedlot beef from the American Midwest is typically cheaper, prompting fears of price pressure. The NFU says this could be a 'disaster' for British farming. Supermarkets including Tesco and Sainsbury's say they will continue sourcing 100% British beef, but farmers fear US meat could enter the wholesale and catering sectors. There's also concern about ethanol – a biofuel typically sourced from crops such as corn or wheat and used primarily as a petrol additive to reduce greenhouse gas emissions. The UK has eliminated a 19% tariff and opened a quota of 1.4 billion litres of US corn ethanol. But this threatens domestic bioethanol plants, which purchase millions of tonnes of British wheat each year for ethanol production. It plays a crucial role in supporting UK arable farming and rural economies. The NFU has warned that this could destabilise farm incomes, reduce local feed supplies and endanger the production of CO², which is used widely in food packaging, refrigeration and the carbonation of drinks across the UK industry. The NFU said the deal overlooked the complex role these plants play in the UK's food system. But cheaper imports could ease grocery bills in the UK, a welcome prospect given food price inflation peaked at more than 19% in 2023. Cheaper beef might help households increase their protein intake. For lower-income families, for example, small savings on staples could really improve nutrition. However, not all cheap calories are healthy. Britons are already encouraged to eat less red meat on health grounds. Increased access to cheaper beef could nudge intakes beyond recommended levels. Restaurateur Henry Dimbleby, the UK government's former food strategy lead, has argued that undermining domestic standards for short-term savings risks health and environmental setbacks. Food safety is another issue. While the government says all imports will meet UK standards, future trade negotiations could challenge that. Country-of-origin labelling and enforcement will be essential for consumer confidence. There's also the risk of more ultra-processed food entering the UK. The deal may increase imports of US cereals, drinks and snack foods. While not inherently unsafe, many health advocates worry about worsening rates of obesity and diabetes if heavily processed products become cheaper and more common in the UK. Trade can bring benefits — but food isn't just another commodity. It intersects with health, environment and rural life. The NFU warns that Britain's high standards shouldn't be quietly traded away under pressure from US agribusiness. The UK government claims it has preserved food protections while expanding trade. What will be key is whether consumers see real savings, as well as whether supermarkets stick to British meat. If not, it remains to be seen whether UK farmers can compete or if they will be squeezed out. Crucially, UK regulators must hold the line if the US pushes harder. A prosperous deal should not just mean more trade — but safer, healthier and fairer food for all. Manoj Dora is a Professor in Sustainable Production and Consumption at Anglia Ruskin University. This article is republished from The Conversation under a Creative Commons license. Read the original article.
South Wales Argus
a day ago
- Business
- South Wales Argus
Martin Lewis on the 'staggering' £70 Mastercard payout
Millions are set to receive up to £70 each following the Competition Appeal Tribunal final approval, following a landmark class action against Mastercard, which dates back to 2016. Taking to X, the Money Saving Expert founder said: "The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide." He added: "Check now if you're due up to £70 from Mastercard - even if you've NEVER had one. Millions are in line for compensation after the card firm settled a landmark legal case against it out of court..." The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide. — Martin Lewis (@MartinSLewis) June 2, 2025 What is the Mastercard compensation case, and why are people getting £70? Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. Why don't I need to be a customer? The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. How can people register for a share of the compensation? Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card. It was expected that payments would be made to consumers who register before the end of the year, he added. Recommended reading: Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that. 'The settlement that has today been finally approved represents a fair and just outcome for UK consumers. 'On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.'
North Wales Chronicle
a day ago
- Business
- North Wales Chronicle
Martin Lewis on the 'staggering' £70 Mastercard payout
Millions are set to receive up to £70 each following the Competition Appeal Tribunal final approval, following a landmark class action against Mastercard, which dates back to 2016. Taking to X, the Money Saving Expert founder said: "The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide." He added: "Check now if you're due up to £70 from Mastercard - even if you've NEVER had one. Millions are in line for compensation after the card firm settled a landmark legal case against it out of court..." The staggering thing about this Mastercard compensation case is the 'even if you never had one' - the net is spread very far and wide. Walter Merricks, the former financial ombudsman, launched his claim after the European Commission ruled in 2007 that Mastercard's 'multilateral interchange fees' charged to businesses had since 1992 infringed competition law. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008. The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves. But Mr Merricks claimed shoppers had lost out as retailers passed on these fees in the form of higher prices. It followed the arrival of the Consumer Rights Act 2015, which allowed for US-style class actions in UK competition claims. A statement from Mr Merricks said millions of UK consumers who are part of the class action could now come forward and claim their share of the £200 million, with individuals potentially getting between £45 and £70 each. Mr Merricks said UK consumers would shortly be able to register to receive a payment by completing a simple online form, regardless of whether they ever held a Mastercard card. It was expected that payments would be made to consumers who register before the end of the year, he added. Recommended reading: Commenting on the outcome, Mr Merricks said: 'I started this case because I believed that Mastercard's fees paid by retailers for processing card transactions had been unlawfully high and virtually all UK consumers had lost out for long periods by paying higher prices than they should have done as retailers passed on those costs. 'As the evidence came to be known through the litigation process, this was the position only in a relatively small proportion of transactions and the settlement reflects that. 'The settlement that has today been finally approved represents a fair and just outcome for UK consumers. 'On any view, recovering £200 million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.'
