Money Box

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Money Box Live: Escaping Economic Abuse Jan 01, 2025

Show notes

Almost a million women are trapped in dangerous relationships because of economic abuse, figures from a dedicated charity suggest.

Economic abuse is now a legally recognised form of domestic abuse. It could include not allowing access to cash or bank accounts or the things money buys like food and clothing.

The charity Surviving Economic Abuse reports that 1 in 7 women in the UK have experienced this kind of control and coercion at the hands of a partner and we know that men can face it too.

Felicity Hannah is joined by Sam Smethers the CEO of Charity Surviving Economic Abuse and also solicitor Gary Rycroft.

Presenter: Felicity Hannah Producer: Sarah Rogers Researcher: Emma Smith Editor: Jess Quayle

If you've been affected by any of the issues in this programme then details of help are available at bbc.co.uk/actionline, or you can call for free, at any time to hear recorded information on 08000 155 947.

(This episode was first broadcast at 3pm on Wednesday the 4th of December 2024)

FCA Seen as 'Incompetent' and Rare Coins Dec 28, 2024

Show notes

A new report about the UK’s main financial regulator was published this week, concluding the Financial Conduct Authority is "seen as incompetent at best, dishonest at worst." The report was put together by the All Party Parliamentary Group for Investment Fraud and Fairer Financial Services, which is made up of cross-party MPs and members of the House of Lords. They spoke to victims of financial scandals who lost money in frauds and heard testimony from people who worked, and some who still do work, for the organisation. The FCA has said it sympathises with those who have lost out as a result of wrongdoing in financial services, however it strongly rejects the characterisation of the organisation. We'll hear from the co-author of the report and, in his first interview since its publication, we'll speak to Nikhil Rathi, the Chief Executive of the Financial Conduct Authority.

What deals can people expect if they’re re-mortgaging their homes over the next 6 months? We'll hear from listeners affected and get some advice from a mortgage broker.

And, the 9 year old coin collector who has found a special £2 coin and wants to know whether to spend it or save it.

Presenter: Felicity Hannah Reporter: Dan Whitworth Researcher: Emma Smith Editor: Jess Quayle

(First broadcast 12pm Saturday 30th November 2024)

Reporting Scams and Lifetime ISAs Dec 21, 2024

Show notes

More than 800,000 people have called a dedicated fraud line, which connects them with their bank if they think they’re being scammed, since it started 3 years ago. Stop Scams UK, which set up 159, says 20 banks are now part of the service. We'll hear from a woman who called the number after losing £4,000 in a scam and find out more about how it works.

Complaints about the wealth manager St James Place have risen sharply amid a major historical review of the ongoing fees it charged its customers. Fifteen thousand clients complained to the company directly in the first half of this year, and complaints to the Financial Ombudsman Service quadrupled in that time compared to the year before. St James Place says beginning last year, it saw an increase in the number of complaints received. While these have since reduced, it continues to do everything it can to work through them as quickly as possible. It has put in place processes including training and recruitment to maximise the number it can complete without jeopardising the quality of the investigation, and says that it apologises for any delays clients may experience during that time.

Some first-time buyers are finding that Lifetime ISAs, a government scheme that adds a 25% bonus to everything you put in towards your deposit, aren't working for them when they come to buy a home. It is because there's a £450,000 cap on the price of the property you can buy, which some find prices them out of buying where they live. The Treasury says that across the vast majority of the country and in most London boroughs, the average price for a first-time home remains below the cap.

Presenter: Felicity Hannah Reporter: Dan Whitworth Researcher: Emma Smith Editor: Jess Quayle

(First broadcast 12pm November 23th 2024)

Water Bills and Inheritance Tax for Farmers Dec 14, 2024

Show notes

A record number of people in England and Wales are getting help with the cost of their water bills. The number of people on low incomes who have been given a reduction in their bill grew last year by 250,000 to 1.6 million. They are called 'social tariffs' but newly released data from the Consumer Council for Water shows the amount people get varies widely depending on where they live. Water UK, which represents the water industry, says these are average figures with eligible customers able to receive a much higher deduction. Dan Whitworth will have the full details of this story.

In a week where changes to Inheritance Tax for farmers have dominated the headlines, we’ll discuss how the changes will work and who will be affected.

There's a new inflation measure developed specifically for Northern Ireland. The Northern Ireland Consumer Prices Index allows statisticians to compare how fast prices are rising against the UK rate. We'll find out more about how it's calculated.

Plus, the listener who got a £1,500 refund on his student loan after listening to Money Box.

Presenter: Paul Lewis Reporters: Dan Whitworth, Emma Smith and Eimear Devlin Researcher: Catherine Lund Editor: Jess Quayle

(First broadcast 12pm Saturday 16th November 2024)

Lost Pensions and Student Loans Dec 07, 2024

Show notes

New research estimates that there are more than 3 million lost pension pots in the UK. These are pensions that have been paid into by an employer but the scheme can no longer find the person who owns it. The Pensions Policy Institute research also found number of lost pots has risen more than 17% since 2022. The Department for Work and Pensions told us millions of people will be saved from losing track of their pension pots thanks to its plans to consolidate deferred small pots in its forthcoming Pension Schemes Bill. The Pensions and Lifetime Savings Association says the industry has funded campaigns to raise awareness. Go to gov.uk and search 'pension tracing' to find contact details for your old pensions.

Hundreds of thousands of former university students are being urged to check if they have paid too much towards their student loan and if so to claim a refund. The campaign group Save the Student made the call in response to new figures from the Student Loans Company, published for the first time, which show former students are eligible for refunds worth £184m.

And in last week's Budget the Chancellor, Rachel Reeves, announced a reduction in the level of debt repayments that can be taken from a household’s Universal Credit payment each month. The new "Fair Repayment Rate" will reduce Universal Credit deductions from 25% to 15% per month. The government says that means that 1.2 million households will keep more of their award each month and those who benefit will gain an average of £420 a year.

Presenter: Paul Lewis Reporters: Dan Whitworth Researchers: Emma Smith and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday November 9th 2024)

Inheritance Tax Changes and Car Finance Nov 30, 2024

Show notes

Wednesday saw the first Budget from a Labour government for nearly 15 years and the first ever delivered by a female Chancellor. Rachel Reeves wasn't the first to stand up in the Commons and announce tax rises, but the scale of them was large by historical standards - about £40bn a year by 2029/30.

The bulk of that will come from raising National Insurance contributions paid by employers. There will also be higher rates of Capital Gains Tax, VAT on private school fees, changes to Inheritance Tax and a rise in stamp duty in England and Northern Ireland.

As promised, there was no rise in the rates of Income Tax, VAT or National Insurance in what the government called the payslips of working people. There was some welcome news as the freeze on Income Tax thresholds will end in April 2028, minimum wages will rise, and the tax on petrol and diesel will not. Paul Lewis discusses the details with a panel of experts.

And, could a landmark ruling by the Court of Appeal pave the way for millions of pounds of compensation for people who bought their cars on finance?

Presenter: Paul Lewis Reporter: Sarah Rogers and Neil Morrow Researchers: Emma Smith and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday November 2nd 2024)

Money Box Live: Budget Breakdown Nov 27, 2024

Show notes

The Chancellor, Rachel Reeves, has announced her Budget but what does it mean for yours?

Money Box Live is breaking down what the Budget mean for your finances, from pensions and Inheritance Tax to the cost of a pint. We hear from the experts who are on hand to answer your questions and comments.

Felicity Hannah is joined by Dr Arun Advani, Professor of Economics at the University of Warwick and Kirsty Stone a partner at the independent financial advisers, The Private Office.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle

(This episode was first broadcast at 3pm on Wednesday the 30th of October 2024)

Budget Countdown and 'Finfluencers' Nov 23, 2024

Show notes

There are just a few days to go until Rachel Reeves stands up in Parliament to deliver her first Budget as Chancellor. Since the Labour Party won the election in July, there's been a huge amount of speculation about what she might do to plug what she calls a 22 billion pound black hole left by the previous government. The Treasury says it does not comment on speculation around tax changes outside of fiscal events. But what tax changes might she make and how are people already preparing?

Figures seen by this programme suggest 2.5mn households will face tough decisions this winter about choosing whether to heat their homes or put food on their table. That's an increase of 400,000 in just a few months. The numbers come from official data modelled by the consultancy firm Baringa and indicate many of those who will be affected this winter are middle aged people struggling to get by.

What do changes to Premium Bond rates mean for savers and where are the best deals at the moment?

And, as the Financial Conduct Authority cracks down on some so-called “finfluencers” – for potentially giving money advice illegally – how can you spot the good from the bad?

Presenter: Paul Lewis Reporters: Dan Whitworth, Jo Krasner and Emma Smith Editor: Jess Quayle

(First broadcast 12pm Saturday 26th October 2024)

Money Box Live: Children's Finances Nov 20, 2024

Show notes

More than half a million young people are yet to claim their Child Trust Fund which could be worth up to £2,200 according to the government, but how do you know if your child has one or even how to get it?

Plus with the Chancellor's budget on the way, we know parents are topping up Junior ISAs and giving away monetary gifts ahead of any changes she might make.

So, today we're looking at how to build a solid financial future for the children in your life and how to help get them get engaged when it comes to their finances.

Felicity Hannah is joined by Stephanie Fitzgerald, Head of Young People at the Money Charity and Sarah Coles, personal finance analyst at Hargreaves Lansdown.

Presenter: Felicity Hannah Producers: Sarah Rogers and Craig Henderson Editor: Jess Quayle

(This programme was first broadcast at 3pm on Wednesday the 23rd of October 2024)

Carer's Allowance and Child Trust Funds Nov 16, 2024

Show notes

It was a big week for carers as the Government announced an independent review into Carer's Allowance overpayments after families were told to pay back thousands of pounds, often pushing them into debt.

The review will look at what happened, but in the meantime the Department for Work and Pensions has told Money Box it will continue to collect almost quarter of a billion pounds it says it's owed from more than a hundred thousand carers. We hear from Karina who cares for her 22-year-old daughter and ended up in £11,000 worth of debt. The DWP said it is committed to working with anyone struggling with repayment terms.

A major investment firm has said it will review its Child Trust Fund accounts after Money Box revealed one young man's £250 investment had all but disappeared when he claimed it at 18 due to high administration charges.

In the run up to the Chancellor's budget we look at fuel duty and whether the 5p cut could be scrapped. And beware the thieves pretending to offer a solution to lost Winter Fuel Payments.

Presenter: Paul Lewis Reporters: Dan Whitworth and Emma Smith Researcher: Jo Krasner Editor: Sarah Rogers

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