Money

Updated: 12:54 EDT
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NS&I is increasing the number of Premium Bond prizes it pays out every month. It is increasing the prize fund rate from 1.4 to 2.2%. It means that from October, the monthly odds of winning for every £1 invested will improve to 24,000 to 1, adding an expected £76m to the prize fund.

We look at why sterling has fallen and its impact on households, businesses and the markets..

The mortgage market has been thrown into disarray by the fallout from the radical mini-Budget and the falling pound. Some mortgage lenders have responded by pulling up the drawbridge and taking an axe to their range of deals available, while they wait for the uncertainty to settle down. We explain what you need to know and what those who need to find a new mortgage because their fixed rate is due to end or they have agreed a house purchase should do.

Electifying.com has created an E-Rating for EVs similar to EPC ratings for houses and energy ratings for electronics and white goods. Here's the running cost differences for an A++ versus an E.

On another day of turbulence that saw the pound hit a record low against the dollar, bond yields soared in the UK, the US and across Europe.

The sharp rise in mortgage costs since the start of the year has driven up monthly payments, with the average two-year fix now £250 more a month on a £250,000 loan. 

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The FTSE 100 is up 0.3 per cent in afternoon trading. Among UK companies with reports and updates are AG Barr, Dominoes, Balfour Beatty, Card Factory, SSE, Saga and SSP. Balfour Beatty has been appointed as the sole contractor to the SCAPE Civil Engineering and SCAPE Scotland Civil Engineering frameworks, with the FTSE 100 infrastructure group set to net up to $4billion in total for the work.

The retailer said the surge in sales reflects the 'shift of customer spend back towards the high street and reversal of lockdown effects'.

Pre-tax profit rose 23 per cent to £25.3million in the first half to the end of July, with revenues 17 per cent higher at £158million.

Saga said the insurance market continued to be 'challenging', with claims inflation currently at around 13% and set to remain 'high' in the coming months.

Biffa said it would recommend investors to back ECP's 410p per share offer, which is lower than the 445p offer received in June and that valued it at around £1.4billion.

The HS2 and Hinkley Point C contractor said the contracts cover the next four years, with the first expected to be awarded from early next year.

A wave of major lenders have pulled mortgage deals from sale as the markets are rocked by the volatile pound and expectations the Bank of England may step in. Today, Halifax, the UK's largest mortgage lender, said it is temporarily withdrawing all of its mortgage products that come with fees

The average asking price for a UK home rose by 0.7% this month to £367,760, reversing a 1.3% fall witnessed in August. Rightmove said the market remained 'surprisingly resilient' and that the stamp duty cuts announced in the Mini-Budget could stimulate more demand - and push prices even higher - in the coming months.

The Pensions Pegulator said I would have to report my former employer for failing to register me and they would get fined. I don't want to get her in trouble.

We couldn't put it in joint names because I had to be a pensioner to be able to live there. How can I make sure they don't lose their investment if for some reason I do have to go into care.

The RAC said the average pay-as-you-go rates to use the nation's network of chargers with the fastest speeds has increased by 18.75p per kilowatt hour (kWh) since May, reaching 63.29p per kWh last week. This rise - caused by the soaring wholesale costs of gas and electricity - has made it nearly £10 more expensive to rapid charge a typical family-sized electric car to 80%.

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Homebuyers are celebrating after Kwarteng took an axe to stamp duty in his mini-Budget on Friday. Movers will save up to £2,500, and 200,000 more homebuyers every year will pay no stamp duty at all. As well as putting money back in the pockets of buyers, Kwarteng said he hoped the move would 'support growth, increase confidence and help families aspiring to own their own home'. Here's how it will work...

From next April, the basic rate of income tax will be cut from 20p to 19p while the top rate for high-earners has been abolished entirely.

A stamp duty cut was announced today by Chancellor Kwasi Kwarteng but home buyers hoping for a major overhaul will have been left disappointed.

Kwarteng portrayed his package as a tax-cutting mini-Budget - but pressed ahead with a bombshell tax raid sneaked in by his predecessor Rishi Sunak. The extra money raised through the freeze will dwarf cuts in the basic and higher tax rates. In a little-noticed measure in Sunak's Budget in March last year, the amount at which people begin paying tax was frozen at the 2021/22 level of £12,570.

The Bank of England will subject eight leading banks to a hypothetical scenario - the worst featuring inflation at 17% in 2023, GDP falling to 5%.

The Organisation for Economic Co-operation and Development expects the UK to grow by 3.4% this year - down from an earlier prediction of 3.6 %.

Analysts think rates must rise more than previously thought as the mini-Budget boosts the economy - and inflation. Rates have already risen from 0.1 per cent to 2.25 per cent since December. And investors are betting they will reach 5.25 per cent next year, their highest level since 2008. The move could even include a one percentage point rise at the next meeting of the Monetary Policy Committee in November.

Flotations have been in short supply this year. In the first nine months of 2021, 86 companies floated on the stock market, raising almost £14billion. This year, there have been just 34 deals raising less than £1.2billion. Now there are signs of change. Two new companies, Sustainable Farmland Trust and Independent Living Reit, are hoping to join the market in the next few weeks, both slightly unusual but offering generous dividends, a hedge against inflation and the chance of long-term growth as well.

Britain's new Chancellor Kwasi Kwarteng delivered a blistering mini-Budget this week that was anything that small. A wave of tax cuts were unleashed. Some had been heavily trailed, such as NI and stamp duty, but there were also two rabbits out of the hat on income tax. The team discuss what the going for growth mini-Budget means for people, how much they may save in tax, and whether it will work or cause the UK economy even more problems down the line.

As the rising cost of groceries hits a 14-year high of 13.1%, households are desperately seeking ways to cut their bills. The hike of the Bank of England base rate to 2.25% last week will pile even more pressure on household bills, by pushing up mortgage and loan payments. But reward schemes vary wildly in generosity and change frequently. For example, from November, Sainsbury's is slashing loyalty rewards for 1.8m of its credit card holders. We compare the top loyalty schemes and reveal the best strategies to maximise savings.

The Bank says the interest rate setting Monetary Policy Committee (MPC) 'will not hesitate to change interest rates as much as is needed to return inflation to the 2% target'. Since every fall in the pound adds to the price of imports, Bailey and his team seek to underline they are on the case.

The FTSE 100 group said Julie Brown, the luxury fashion brand's chief operating and financial officer, will succeed finance boss Iain Mackay.

Jamie Jackson, who set up MySale in 2007, and his brother Carl Jackson will sell their shares to Fraser, allowing it to gain control of 48% of the flash sale retailer.

Alan Jope will step down as chief executive at the end of 2023 following a period in which it has been criticised for 'woke' decision-making.

The firm's VX4 aircraft (pictured) took off for the first time over the weekend in what the company said was a 'significant milestone' in its effort to have the plane fully certified by 2025. In extensive testing in coming months the company hopes the VX4 will be able to carry four passengers and travel at speeds of up to 200 miles per hour.

LV has appointed David Hynam (pictured), the former head of UK and global markets at health insurance firm Bupa, to take over as head of the firm.

In a market leery of continuing Covid lockdowns in China, recession in the US, war in Ukraine and inflation the world over, you get the feeling that the momentum remains with Jubilee.

The incident comes three months after Australia's sex discrimination commissioner called for urgent changes in the country's mining industry.

The budget airline, which adopted a carbon offsetting programme in November 2019 , announced today it will scrap it from the end of the year.

It's not necessarily the best time to cut stamp duty: house price inflation is in double digits, we're still recovering from an ill-timed tax holiday that stoked the pandemic boom, and the Bank of England is busy hiking interest rates to try to dampen the economy. But stamp duty is a bad tax that deters people from moving home and inhibits economic movement, so we need a proper overhaul and not another distorting holiday.

Savers can now bag 4% from Atom Bank over two years and 4.1% from Market Harborough over three years. It comes after the Bank of England hikes base rate to 2.25% today - the highest level since the end of 2008.

The average total for taking lessons, passing a driving test and then buying, insuring and running a first car is now £6,574, according to GoCompare - that's the highest it has been since before the pandemic. To help motorists choose which models they should be considering for their first motor, it has revealed the top 10 cheapest cars to insure for a young driver between the ages of 17 and 21. They include (clockwise from top left) the Skoda CitiGo, Seat Mii, Hyundai i10 and VW Up!.

Which? has just published research into the breakdown service sector, awarding marks for value for money, speed and ability to fix a problem.

From switching provider to installing a black box or updating their job title, This is Money reveals ten ways motorists can save on their car insurance policy today.

In 2018 I discovered my then partner had taken out fraudulent loans in my name without my permission. Much of it was big high street banks and have been written off. However, he took out a £40k mortgage against the house I was gifted by my aunt which has snowballed to £51k. I live in it with my 9 year-old child and I'm worried it'll be repossessed. Can you help?

HSBC scrapped its fraud hotline in the pandemic as Co-op, Lloyds, First Direct, Metro and Santander, also fail to offer a specific number for scam victims.

Many NHS workers, teachers, firefighters and police officers face a poorer retirement after being rushed into giving up gold-plated pensions.

Can the Jogger really be considered as an alternative to a traditional people-carrying MPV? We decided to find out by putting the budget-friendly family motor through its paces in a comprehensive review.

It's the second rise in eight weeks, meaning charging an average-size electric family hatchback from 10 to 80% battery capacity will cost around £40.

Heaton got into debt during the Covid lockdowns and came close to needing to sell her home and downsize. She says she was unable to earn for almost two years, when the pandemic shut down the entertainment industry. But the 43-year-old has now turned her life around and set up a business, Mission Possible Wellness, to help people achieve healthy and active lifestyles through movement, nutrition, mindset, sleep and motivation.

As part of a package of tax-cutting measures the Chancellor abolished the highest rate of dividend tax to align with the existing upper rate of 32.5%.

The cap limits how much pension providers can charge people auto-enrolled into their employer's 'default' fund, which is where most keep their retirement savings.

Energy price worries, double-digit inflation, strikes, war and a new government - there's a lot going on right now and it's all beginning to sap the confidence of sellers and buyers. The market is still robust, with Halifax this month reporting that house prices are 11.5% higher than a year ago, and the typical home now costs a record £294,260.

Choosing the right DIY platform is crucial but a wealth of choice and a variety of charges can leave investors scratching their heads. We pick some of the best. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

Buy-to-let lost some of its spark in recent years but that might be about to change as new tax cuts and low mortgage rates have caused landlords to flock back to the market.

Since the base rate began rising in December 2021, the two-year rate has increased by 1.9 per cent and the five-year rate by 1.69 per cent.

If you are interested in buying shares or know more about unearthing good companies and valuing them, read our guide to share investing.

It can seem a little overwhelming keeping up to date on what is going on with our energy bills, but as prices soar, This is Money takes a look at all of the essential things you should know about.

Premium Bonds Winners

PrizeAreaValue of bond
££1,000,000Sefton£1,000
£1,000,000West Sussex£20,000
£100,000Plymouth£2,000
£100,000Manchester£50,000
£100,000Bromley£20,000
£100,000Inner London£30,000
£100,000Gloucestershire£40,000
£100,000Somerset£5,000
More September 2022 winners
View list of September 2022 winners
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Updated 27 Sep 2022.
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