Category Archives: News Money

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Airlines blasted by ministers for hoodwinking passengers so they pay more to sit together

Category : Money , News Money

AIRLINES were blasted by ministers yesterday for “hoodwinking” families by using “cynical and exploitative” computer programmes to charge them more for booking seats together.
Digital Minister Margot James blasted their “temerity” for using online tools that ripped customers off.
Alamy Airlines have come under attack after it was revealed that they charge more for families who want to sit together[/caption]
She confirmed authorities were now looking at cracking down on the practice of using algorithms to recognise family names on booking sites.
The practice costs travellers around £400m extra per year.
Ms James said the new Institute for Data Ethics and Innovation would launch a probe into airlines who use the algorithms.
She told the Commons Communications Committee: “In the aviation sector, algorithms are employed in terms of allocating seats on aircraft and with some airlines they’ve set an algorithm to identify passengers with the same surname travelling together.
PA:Press Association Digital Minister Margot James branded computer algorithms used by some airlines ‘cynical and exploitative’[/caption]
“They’ve had the temerity to split the passengers up around the plane and when the family want to travel together they are then charged more.
“That is an example of a very cynical exploitative means of deploying algorithms to hoodwink the general public, which I trust the CMA and the new Centre for Data Ethics and Innovation are I trust going to get on top of.”
She also revealed some energy and telecoms firms were pushing up tariffs for people who they considered unlikely to switch.
She said the Government would be looking at curbs to tackle problem online gambling in an upcoming White Paper.
Getty – Contributor The Government are set to look into companies which use algorithms in hope of tackling the issue of hoodwinking[/caption]

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She added: “We are looking at online gambling indeed.
“We recognise that the online environment can exacerbate somebody’s gambling instincts and there are areas where gambling is introduced perhaps where perhaps it wouldn’t have occurred before.
“All of these things conspire to create a bigger problem which we are definitely addressing as part of the development of the white paper.”

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When will the new £50 note be released and who will feature on it?

THE £50 banknote was once described as the “currency of the corrupt elites”.
But in October 2018, government ministers opted against scrapping it, in hope of developing a more durable and secure note. Here’s what we know…
The new £50 note will be released after 2020Alamy
When will the new £50 be released?
There are currently 300million £50 notes in circulation, with a combined value of £16.5billion.
The Bank of England has said we won’t be seeing the new £50 note before 2020.
The new version will be made of plastic rather than paper, like the current £5 and £10.
The Sun revealed last month that Treasury bosses had decided to save the note after considering scrapping it due to money-laundering concerns.
Who will feature on the note?
Bank governor Mark Carney said the banknotes are a great way to celebrate the contributions of Britain’s “greatest citizens”.
The new £50 note will feature a renowned British scientist.
The scientist may specialise in any field of science, including astronomy, biology, bio-technology, chemistry, mathematics, technology and zoology.
And Bank of England has asked members of the public to offer their suggestions.

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Stephen Hawking is a crowd favourite, but there is also pressure to feature an eminent female scientist.
The committee will draw up a shortlist, and the final decision will be made by Mr Carney.
Speaking at London’s Science Museum, he said: “There is a wealth of individuals whose work has shaped how we think about the world and who continue to inspire people today.
“Our banknotes are an opportunity to celebrate the diversity of UK society and highlight the contributions of its greatest citizens.”
Members of the public can make their nominations here until December 14.


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How more than 200 shopping centres across UK could fall into administration

Category : Money , News Money

THE high street in Britain is facing further crisis with more than 200 shopping centres at risk of falling into administration, according to experts.
Analyst Nelson Blackley said the rise of online shopping is causing a “downward spiral”, adding that the closure of malls would be “catastrophic”.
A closed Toys R Us shop in a south London shopping mall as an expert warns of the risk to centres across the UKAlamy
The closure of stores such as BHS and Toys R Us means that hundreds of centres are at risk, according to Mr Blackley.
He told the BBC: “We have too many of them, doing exactly the same – the same range of stores and products – and basically that’s not attractive.
“If centres close, particularly in small towns, it will be catastrophic.”
Most of those at risk are said to be owned by US private equity firms under deals that will need refinancing.
Mr Blackley, who is based at Nottingham Trent University, added: “People are suggesting a number of leading national retailers are on the edge and may close and that would bring shopping centres down with them.”
He said when a “major anchor store” moves out it has a “downward spiral” affect.
Empty shops in a run down shopping arcade in Northwich, CheshireAlamy
One expert has said the closure of malls would be ‘catastrophic particularly in small towns’Alamy

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The retail expert added: “You can’t fill shopping centres with nail bars and vape shops.”
A number of high street retailers, including Debenhams, Mothercare, New Look and House of Fraser, have all announced financial struggles in recent months.
Up to 100,000 retail jobs have been axed over the past three years, according to figures released in September.

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These rare ‘new pence’ 2p coins from 1983 are now worth £500 – do you have one?

Category : Money , News Money , UK News

IT may look like a typo, but some dodgy coppers could now fetch you hundreds of pounds.
Sifting through your old jars of two pence coins could prove fruitful – but only if they’re of a very specific vintage.
A number of 2p coins dating back to 1983 could fetch £500 – but only if ‘new pence’ is written on themGetty – Contributor
All 2p coins before 1982 were required to say “new pence” – and all those from 1983 onwards should read “2 pence”.
But a small number released in 1983 retained the old lettering, and are now worth a whopping £500.
Royal Mint doesn’t know how many exist, but collectors will have to find the 1983 ones to be worth anything more than their measly face value.
Other coin collectors should keep their eyes on include two new Paddington Bear 50p coins being launched this month.
According to the MailOnline, experts believe they could be worth as much as £10 as collectors have snaffled them out of circulation, raising their value.
Meanwhile a Kew Gardens 50p minted in 2009 to mark its 250th anniversary can go for a cool £50.
Just 210,000 of these were minted, an unusually low run for a 50p in circulation.

Any “mules” – coins that go into circulation with mistakes – are in high demand, such as the 1983 “new pence” vintage.
The Bank of England this year announced it had ditched plans to scrap 1p and 2p coins after calls to get rid of the coppers.
Just six in ten copper coins are said to be used in any transaction before they are saved or thrown away as consumers increasingly turn towards a cashless society.

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Get £10 off fuel this weekend at any major Scottish petrol station

SCOTS can save cash on petrol this weekend – by signing up to TopCashback.
The cashback website is offering new customers £10 off fuel until October 14, when they spend £10 or more filling up their car.
New customers to TopCashback can get £10 off fuel this weekendGetty – Contributor
Once you’re registered on the website, you simply have to take a photo of your receipt and then upload it to TopCashback to receive the tenner.
You’ll need to make sure the name of the fuel station, date, time and the purchase of fuel is clearly visible on the photo of your receipt.

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The deal is valid between October 8 to 14 so you also need to make sure the date on your receipt is within that time frame.
Then after TopCashback have checked your receipt meets the criteria, you’ll receive the money back within 14 days of the deal ending.

The offer is only available until Sunday or until 4,000 have been claimed, so you’ll need to be quick if you want the discount.
You can fill up at a range of petrol stations to receive the cashback – these include Tesco, Morrisons, Sainsbury’s, Asda, the Co-operative, Esso, BP, Texaco, Gulf, Jet, Murco and Shell.

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Petrol prices are on the rise and there’s no sign of this stopping as the Chancellor suggested that an eight-year fuel duty freeze could come to an end. This could see prices soar by £160 a year.
There are also concerns the mega-merger between Sainsbury’s and Asda could send petrol prices even higher.
We’ve rounded up our top tips for cutting the cost of your fuel bills, including where to find the cheapest fuel and the changes you can make before you get into your car.

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The old 50p coin worth £50 do you have one lurking in your money box?

AN OLD 50p coin celebrating Britain’s Presidency of the European Council could be worth up to £50 and you could have one at home.
According to new figures published in collectors mag Spend It? Save It?, the coin could be worth up to 100 times face value.
The coin celebrating the UKs leadership on the European Council could be worth up to £50
The Royal Mint commemorated Britain’s year-long lead in the European Council with a 50p coin minted between 1992 and 1993, and featuring both dates.
The design features a birds-eye view of a conference table with 12 chairs around it for each of the ministers, with the UK at the top of the table.
Only 109,000 of them were released into circulation – making it one of the rarest 50p coins.
The chances of one turning up in your change is unlikely though because the design is stamped on one of the old 50p coins.
The coin is minted on one of the old 50ps and isnt currently in circulation

What are the most valuable 50p coins?

HAVE a rummage through the change in your pocket for a rare 50p coins becsause they could be worth a small fortune.

Kew Gardens, up to £160
This rare commemorative coin was created in 2009 to celebrate the 250th anniversary of London’s Kew Gardens. Only  210,000 od these coins were issued and a quick check online shows up that a circulated coin with this design sold for £160 on eBay after it got 25 bids.
Sir Isaac Newton, up to £77
At first, just 375 of the  Sir Isaac Newton coins were released into the tills at Woolsthorpe Manor in Lincolnshire, the birthplace and home of the famous scientist, but more of the coins were slowly released into circulation – adding up to a total of 1.8million. The majority of these coins are still boxed in protective packaging and they’re selling for around £76.99 online.
Jemima Puddle Duck, up to £13.50
There are only 2.1million of these coins in circulation and one of the coins recently sold for 27 times it’s value at £13.50 on eBay.
Suffragettes, up to £7.50
There are currently 3.1million of the coins in circulation. Recently, one coin that had been in circulation fetched £7.50 on eBay – that’s 15 times its face value.
WWF, up to £4.50
There are 3.4million coins in circulation and they are hugely popular amongst collectors. We found one that was recently sold for £4.50.
Britannia, up to £1.81
Britannia replaced by the new Royal Shield in 2008 as the standard 50p design, and none have been issued since, making the ones minted in that year valuable to collectors. Only 3.5million were issued into circulation and one recently sold on eBay for £1.81.

These coins were bigger and heavier than the ones you get today and were withdrawn from circulation in 1997.
But that doesn’t mean you don’t have one at home – now might be the time to check your money boxes.
On eBay, a circulated coin will fetch around the same amount as an uncirculated coin in mint condition.
In September, one of the coins sold for £52 online after receiving nine bids.
But even ones in mint condition don’t sell for as much as the Kew Gardens 50p which is actually the rarest design in circulation.
This coin can fetch up to a £400 online.

A rare 50p coin that was designed by a nine-year-old Blue Peter competition winner could now be worth £100, according to experts.
Have you got any other 2012 Olympic 50p coins at home? They could also be worth even more now, four years on from the games.
It’s not just Olympic coins that have increased in value – these are the ones that are actually worth a small fortune, even if they’re not the rarest.

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