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Martin Lewis new warning over HSBC, Lloyds, Santander Nationwide debit cards

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Martin Lewis explained that using debit instead of credit cards could, in fact, hit you in the pocket more -Credit:ITV Martin Lewis has issued an alert to anyone with a debit card with major banks including HSBC, Barclays, Lloyds, NatWest, Santander UK and Nationwide - and said they are ‘more dangerous’. The personal finance expert explained that people often use debit cards ahead of credit cards because of the interest rates. However, on Facebook Mr Lewis, who regularly appears on ITV and the BBC, said this could be a mistake - and people can be hit in the pocket badly. He said: “Is your debit card really a secret debt card? Many people say credit cards are bad, debit cards are good, but actually the typical high street interest rate of a credit card is 25%. “Typical high street interest rate of an overdraft 40%. So of the two, it’s your debit card spending if you’re overdrawn that is more dangerous than a credit card, though neither of course are good. Now we have to take that hones...
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VAT to be cut from household electricity bills in October

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Image source,Getty Images By Kevin Peachey VAT will be cut from household electricity bills, the government has announced, as part of new Prime Minister Andy Burnham's pledge to help with the cost of living. The reduction from 5% VAT to zero will come into effect on 1 October, saving a typical household about £45 a year. Ministers said it would be funded by savings from the cancellation of the digital ID programme, which was going to cost £1.8bn over the next three years. The government estimated it will cost £850m this financial year. But Labour's Darren Jones, who was sacked as chief secretary to the prime minister on Monday, accused the government of announcing an unfunded tax cut. Jonathan Reynolds, the new business secretary, said the cut would give people some "breathing space". He said it was funded until "the end of the financial year" in March 2027 and any changes beyond that would have to be announced in the next Budget. Suppliers have been told th...
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Became self-employed from 2015 to 2024? You may have incorrect gaps in your National Insurance record that could reduce your State Pension by £1,000s

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Started working for yourself between 2015 and 2024? If you didn't tell HMRC using the specific CWF1 form – even if you registered for self-assessment – you may have incorrect gaps in your National Insurance (NI) record. And if that means you're not on track for the full State Pension, you're at risk of being underpaid £1,000s. But you don't need to do anything right now, as HMRC will contact you directly if you're affected. Hannah McEwen  &  Abby Wilson 14 July 2026 Save HMRC estimates that 800,000 people have been hit by this latest State Pension issue, with 160,000 of those already at (or within two years of) the State Pension age. Below we explain what went wrong and what HMRC is now doing. We also plan to publish more detailed, step-by-step guidance soon – sign up to our weekly email and we'll let you know when this is ready. How State Pension entitlement works when you're self-employed To get the full new State Pension – currently £241.30 a week –...
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Irish adults think they'll need an average of €40,860 per year in retirement

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Adults in Ireland who have yet to retire think they'll need an average of €40,860 per year to get by in retirement, equivalent to about three-quarters of the average Irish wage. In a nationwide survey of 900 non-retirees, Royal London Ireland found that men believe they'll need significantly more than women, expecting to require €44,000 on average, compared to €38,000 for women. The vast majority (97%) of people who have yet to retire in Ireland believe that the state pension alone is not enough to get by on in retirement. “People often underestimate the amount of savings required for a comfortable retirement – as well as the expenses they will face during this phase of life," said Mary Reilly , pension proposition lead at Royal London Ireland. "Our research found that, on average, people believe they will need €40,860 a year in retirement. "Given that a report published in 2024 found that a single person would need a pension of €33,600 a year, and that a coupl...
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UK HMRC adopts 'no gain, no loss' tax treatment for crypto lending, liquidity pools

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HM Revenue & Customs will treat certain disposals involving cryptoasset loans and liquidity pools as "no gain, no loss," deferring Capital Gains Tax until a user makes an economic disposal of the underlying cryptocurrency . The measure, published Monday, takes effect 6 April 2027 and applies to individuals and trustees entering cryptoasset loan and liquidity pool arrangements, according to the policy paper from the UK government . The rules cover three scenarios. An acquisition or disposal of an interest in a single cryptoasset lending arrangement in exchange for cryptoassets of the same type as those invested will be treated on a no-gain-no-loss basis. Borrowing arrangements will treat borrowed cryptoassets as acquired at market value at the time of borrowing, with any collateral disregarded for CGT purposes. For automated market-making arrangements , liquidity pools operated through smart contracts , a user acquiring an interest in exchange for the same type of cryp...
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Savers to see if their pension scheme is top of the league or in the relegation zone, as Government lays out timeline for biggest pension reforms in a generation

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A timetable to implement the biggest pension reforms in a generation has been published today, showing how millions of savers will benefit over the coming years. A new Value for Money framework will for the first time require pension schemes to measure and publish how they perform against the best in the market Transparency will help tackle a performance gap that is currently leaving an average member £5,000 worse off over 5 years. A timetable to deliver the landmark Pensions Act gives industry certainty for the next stage of reforms. Default pensions will help millions convert their savings into a decent retirement income. Developed with the Pensions Regulator (TPR), the Financial Conduct Authority (FCA), HMT and key industry partners, the plan will boost the retirement pots of pension savers and give industry clarity over the delivery timetable for these landmark reforms. The centrepiece is a new Value for Money framework designed to drive up standards and ensure savers get th...
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New era for Gibraltar with removal of 118-year-old border controls with Spain

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Every weekday morning, Shilpi Chotrani rides her bicycle from her home in the Spanish town of La Línea de la Concepción to Gibraltar. It's a short journey, but it means crossing an international border. A British Overseas Territory of around 40,000 inhabitants, Gibraltar has border control for those entering and leaving. That means that during the morning and afternoon rush hours, when around 15,000 Spaniards who work in the territory cross the frontier, there can be long, time-consuming queues. "The fact that there is a border between us is ridiculous," says Chotrani, who has a job in human resources in a Gibraltarian shipping and tourism company. "I don't think a fence should separate people from one place and another." Behind her, the 1,400-foot-tall Rock of Gibraltar is shrouded in early-morning cloud. Perched at the southern tip of mainland western Europe, it is just nine miles from Morocco, at a point where the Atlantic Ocean and the Mediterranean Sea ...
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