Month: February 2024

Leeds Building Society, a prominent UK lender, has embarked on a trial initiative to suspend new holiday-let mortgages in select popular tourist destinations, aiming to address concerns raised by campaigners regarding housing availability in affected areas.
The move comes in response to mounting pressure regarding the proliferation of short-term holiday lets, which critics argue have contributed to local residents being priced out of their communities. The surge in properties converted into holiday rentals, facilitated by platforms like Airbnb, has exacerbated housing affordability challenges, particularly in regions such as Norfolk and Yorkshire.
This development coincides with the recent unveiling of new government regulations targeting short-term holiday lets in England, signaling a broader effort to regulate a sector perceived by some as “out of control.” Under the proposed rules, future short-term lets will require planning permission, and a mandatory national register will be established to provide local authorities with comprehensive data on short-term rental properties.
Leeds Building Society, in collaboration with North Norfolk District Council and North Yorkshire Council, will implement a 12-month trial starting from the end of March. This trial will entail a temporary cessation of new holiday let mortgage lending in designated areas, aimed at curbing further expansion of the holiday rental market.
The affected regions include popular coastal towns such as Cromer, Wells-next-the-Sea, and Sheringham in North Norfolk, as well as Scarborough, Whitby, Filey, Saltburn, Leyburn, and Richmond in North Yorkshire. Postcodes corresponding to these areas will be flagged within the building society’s systems to prevent the approval of any new holiday let mortgage applications during the trial period, while existing borrowers remain unaffected.
Holiday let mortgages, distinct from traditional buy-to-let arrangements, cater to properties intended for short-term rental purposes rather than long-term occupancy. While Leeds Building Society estimates its position among the top 10 lenders offering such mortgages, it is noteworthy that some lenders include holiday let mortgages within their buy-to-let loan portfolios.
Ben Twomey, Chief Executive of Generation Rent, lauded Leeds Building Society’s initiative, emphasizing the prioritisation of housing needs over leisure pursuits. The move underscores a growing recognition of the imperative to balance the demands of the holiday rental market with the preservation of local housing affordability and community integrity.
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Leeds Building Society Trials Ban on New Holiday Let Mortgages in Tourist Hotspots

Nationwide Building Society, a stalwart of the UK financial landscape, has unveiled plans for a significant restructuring effort, putting over 300 jobs at risk in its latest round of cuts within the past year.
This move underscores the lender’s ongoing commitment to align its operations with evolving customer needs while streamlining internal processes.
According to a letter obtained by The Guardian, the impending redundancies will impact various divisions including retail service, customer resolutions, support, and retail-risk. Approximately 125 positions are slated for elimination, with 305 employees facing the prospect of redundancy.
This announcement marks the culmination of a series of workforce reductions, with nearly 800 positions lost in the past year alone. These cuts, preceded by similar actions announced prior to the Christmas holidays and last spring, reflect Nationwide’s broader efforts to adapt to changing market dynamics and ensure its long-term viability.
Debbie Crosbie, Nationwide’s Chief Executive, has embarked on a strategic reassessment, rescinding the “work anywhere” policy introduced during the Covid-19 pandemic. The revised policy, implemented last December, mandates employees to spend at least 40% of their contract time in the office, signalling a shift in the organisation’s approach to remote work.
A spokesperson for Nationwide reiterated the company’s commitment to supporting affected employees, offering suitable alternative roles wherever possible. The ongoing consultations with staff, initiated in early February, aim to provide transparency throughout the process, with final notices expected to be issued in early May.
Nationwide’s decision to streamline operations comes amidst a broader company-wide overhaul, aimed at positioning the lender as a “modern mutual” capable of meeting evolving customer expectations. The organisation remains steadfast in its commitment to providing value-driven products, maintaining its expansive network of over 600 branches until at least 2026.
Founded in 1884 as the Southern Co-operative Permanent building society, Nationwide has evolved into a cornerstone of the UK financial sector. Despite the challenges posed by market uncertainties, the building society remains dedicated to its core mission of delivering exceptional service while ensuring long-term sustainability in an ever-changing landscape.
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Nationwide Building Society Announces Third Round of Job Cuts Amid Restructuring Plan

Great news for households in Great Britain as the energy price cap is set to decrease to £1,690 starting from April, marking its lowest level in two years.
This reduction of £238 comes as a relief for millions of households, attributed to a combination of factors including a mild winter and decreased gas prices, according to the energy regulator Ofgem.
The energy price cap, which is determined by Ofgem, serves as a benchmark reflecting the average annual bill for 29 million households in England. This reduction represents a significant 12.3% decrease from the current quarter’s cap of £1,928.
In a move aimed at supporting the most vulnerable households, Ofgem has announced the equalization of standing charges, ensuring that customers with prepayment meters are no longer charged more for their connection compared to those on credit or direct debit.
The decrease in wholesale gas prices, attributed to a mild winter in Europe and ample supplies of liquified natural gas in Europe and Asia, has contributed to the decline in household bills. However, despite this reduction, the average household’s energy costs remain substantially higher than pre-crisis levels.
Despite the positive news of the price cap reduction, concerns remain regarding the persistence of fuel poverty, with an estimated 6 million households still impacted. The energy price cap will be subject to adjustment again in July, with expectations of further reductions before a subsequent rise in October.
Ofgem has also introduced measures to ensure adequate support for customers struggling with energy costs, including a temporary additional payment of £28 per year to suppliers. Additionally, the regulator has emphasized the need for a fairer and more resilient energy system, addressing issues of inequity and supporting vulnerable consumers.
Government officials have welcomed the decrease in the energy price cap, viewing it as a milestone. Plans are underway to examine standard energy deals to ensure the passing on of the cheapest electricity costs to consumers. However, concerns persist regarding the delayed implementation of a new plan for energy bill support, with advocacy groups urging action to alleviate the financial burden on households.
Overall, the decrease in the energy price cap offers a much-needed reprieve for households, with potential implications for inflation and monetary policy decisions in the coming months.
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Energy Price Cap in Great Britain to Hit Two-Year Low at £1,690 in April

Being restricted to a low advertising budget might make you think you can’t get very far. Some people will even tell you always need to spend more to get ahead.
But a low budget doesn’t have to prevent you from creating successful ad campaigns. You can still make the most of your money when building a Google Ads campaign. PPC ads are a good choice for businesses with smaller budgets. With the right strategy, you can get impressive results from your campaigns.
If you have a budget on the lower end, look at these tips to maximise your budget and get more from your Google Ads campaigns.
Structure Your Campaigns Correctly
One common mistake people often make when setting up Google Ads campaigns is failing to structure them properly. You need to be organised if you want to get more from your campaigns and give them a good chance of helping you reach your goals. When you start setting up campaigns, organise them based on your goals or specific themes. You can then manage your budget for each objective, giving you more control over your spending. For example, you might create different campaigns for specific geographic locations or products.
Within each campaign, group keywords together to give yourself even more control. Grouping similar keywords together allows you to write very specific ads that are more likely to convert.
Connect Google Ads and Analytics
It might seem obvious to some, but you don’t want to forget to connect your Google Ads and Google Analytics accounts. Google Ads will tell you information about how your ads are performing, but Analytics will give you more in-depth information about what happens when someone is on your website. Analytics will give you important metrics such as bounce rate and conversions. You’ll also be able to see the path visitors take through your website after they’ve clicked on an ad. This will allow you to see the real impact of your ads and what’s working.
Use Targeting Tools
One benefit of online advertising is that you can reach a wide audience. However, sometimes, your audience can be much too large. It’s only possible to show your ads to people if they’re relevant to them. Instead of casting your net out as far as possible, it’s important to make use of targeting tools and target only the people your ads are intended for. Google Ads allows you to target by location, language, interests, and habits. You can also use remarketing to target people who have already interacted with your ads.
Target Long-Tail Keywords
When you have a small advertising budget, you’re going to struggle with targeting any keywords with high competition. These are likely more expensive, and larger brands with much bigger budgets will outbid you. If you want to choose more effective keywords that you have a better chance with, choose long-tail keywords instead. These longer keywords are more specific and usually have less competition. They often help target customers who are further along in their buying journey, too.
Get Professional Help
Hiring professional help for your Google Ads might seem like another expense that will stretch your budget. But it could mean you save a lot of money and make the most of your small budget. If you try to run PPC campaigns with little knowledge of what you should be doing, you could make a lot of mistakes before you figure it all out. When you use a PPC advertising agency in London, you immediately benefit from their expertise. They can use their knowledge of Google Ads and your industry to create the most effective ad campaigns to reach your goals.
Keep Monitoring and Adjusting
It would be great if you could take a “set it and forget it” approach to Google Ads. But the truth is that you need to continually monitor and adjust your PPC campaigns if you want them to perform well. It’s important to determine what’s working and what isn’t and make changes when necessary. As you monitor what’s happening with your campaign and what results you’re getting, you can continue to refine it. The longer your campaign runs for, the more you will be able to see what works and what doesn’t.
A low budget can continue you from making the most of Google Ads. You can still create successful campaigns that get real results.
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How To Maximise Google Ads Results With A Low Budget

Serco, a prominent outsourcing company, has been directed to halt the use of facial recognition technology in monitoring its employees after the Information Commissioner’s Office (ICO) found the practice to violate privacy rights.
The ICO’s investigation revealed that Serco Leisure, along with community leisure trusts under its purview, had been unlawfully processing biometric data from over 2,000 staff members across 38 leisure facilities throughout the UK. Facial recognition and fingerprint scanning were utilized as routine methods to track employee attendance and facilitate payment for their time.
However, the ICO concluded that Serco failed to adequately justify the necessity of these intrusive methods over less invasive alternatives like ID cards. Moreover, employees were not provided with a clear alternative, exacerbating the imbalance of power in the workplace and compelling them to surrender their biometric data.
John Edwards, the UK Information Commissioner, emphasized the unique sensitivity of biometric data, stressing the heightened risks of harm in cases of inaccuracies or security breaches. He criticized Serco for prioritizing business interests over employee privacy and highlighted the absence of a transparent opt-out mechanism for staff.
In response, a spokesperson for Serco Leisure defended the technology’s implementation, citing its introduction nearly five years ago to streamline clocking-in and out procedures. They asserted that the decision was made in consultation with team members and based on external legal advice validating its use.
Despite the company’s assertion of compliance with legal guidance, the ICO issued an enforcement notice this week, coinciding with the publication of new guidance on biometric data processing. Serco pledged to fully adhere to the enforcement notice and expressed readiness to engage with the updated regulatory framework.
The clash between Serco and the ICO underscores growing concerns surrounding the use of biometric technologies in the workplace and the necessity for robust privacy safeguards. As organizations navigate the evolving regulatory landscape, ensuring the protection of employee privacy rights remains paramount.
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Serco Ordered to Cease Facial Recognition Surveillance of Staff

In a clash of titans within the chocolate industry, Tony’s Chocolonely finds itself embroiled in a legal dispute with Milka, one of Europe’s leading chocolate manufacturers.
The contention arises from Tony’s recent marketing campaign, which Milka alleges infringes upon its intellectual property rights.
Tony’s Chocolonely, renowned for its ethical stance and commitment to combating child labor in the cocoa industry, recently unveiled a bold initiative in Germany and Austria. The Dutch chocolate company introduced four temporary wrappers, each bearing a striking resemblance to iconic bars produced by major industry players including Milka, Nestle, Mars, and Ferrero.
The move, according to Tony’s Chocolonely, was a deliberate attempt to shed light on the pervasive issue of child labor within cocoa supply chains. By mimicking the packaging of well-known brands, the company aimed to draw attention to the exploitation prevalent in cocoa farming, particularly in regions like Ghana and Côte d’Ivoire.
However, Milka’s parent company, Mondelez, swiftly responded with legal action, asserting that Tony’s campaign amounted to trademark infringement. Mondelez cited its ownership of a color trademark in Europe, which formed the basis of the injunction imposed against Tony’s Chocolonely.
Tony’s Chocolonely, while acknowledging the injunction, remains resolute in its commitment to its cause. The company has since altered the branding on its bars, replacing the contentious purple color – a parody of Milka’s iconic packaging – with a neutral grey tone. Despite this concession, Tony’s expressed its intention to appeal the injunction, emphasizing its dedication to supporting fair wages for cocoa farmers rather than funding legal battles.
In a statement shared on LinkedIn, Tony’s Chocolonely reiterated its mission to address systemic issues within the cocoa industry, emphasizing the plight of millions of children trapped in labor on cocoa farms. The company’s bold approach to advocacy has garnered both praise and controversy in the past, exemplified by its 2021 advent calendar campaign, which sparked heated debate over its unconventional messaging.
Milka’s response to the current legal dispute underscores its commitment to safeguarding its brand identity and intellectual property. While refraining from commenting on the specifics of ongoing litigation, Mondelez emphasized its duty to protect the integrity of its brands, cultivated over centuries of operation.
This clash between Tony’s Chocolonely and Milka encapsulates broader tensions within the chocolate industry, where ethical concerns intersect with commercial imperatives. As the legal battle unfolds, it remains to be seen how both companies will navigate the delicate balance between corporate interests and social responsibility in an increasingly conscientious consumer landscape.

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Tony’s Chocolonely Faces Legal Battle with Milka Over Copycat Campaign

Vauxhall’s parent company, Stellantis, has announced plans to commence electric vehicle production at its Luton factory, securing the long-term future of the plant and 1,500 jobs.
The decision follows concerns about Brexit-related challenges faced by the factory in the previous year.
Production of the medium-sized Vivaro Electric van is set to begin before the summer of 2025, marking a significant milestone for the facility as it celebrates its 120th anniversary. Additionally, electric models from other Stellantis brands, such as Citroën, Peugeot, and Fiat, will also be manufactured at the Luton plant.
Mark Noble, Director of Luton Vauxhall, described the move as a fitting tribute to the plant’s long-standing history and contribution to the automotive industry.
Last year, Stellantis initiated electric vehicle production at its Ellesmere Port factory in Cheshire, where the Vauxhall Combo Electric is currently being produced. The decision to expand electric vehicle manufacturing to the Luton facility underscores the company’s confidence in its UK operations.
Maria Grazia Davino, Group Managing Director of Stellantis UK, emphasized the importance of government support in stimulating demand for electric vehicles and backing manufacturers investing in sustainable initiatives in the UK.
The Luton factory, established in 1905, has a rich history of producing commercial vehicles, with the first panel vans, “VYC” and “VXC,” rolling off the production line in 1932.
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Vauxhall to build electric vans at Luton plant from 2025

Banking giant Lloyds has allocated £450 million to cover potential costs related to an investigation into car finance deals conducted by the UK’s financial regulator, the Financial Conduct Authority (FCA).
The FCA initiated an investigation last month to examine whether consumers were overcharged for car loans. The probe focuses on commission arrangements between brokers arranging car financing and lenders, where brokers earned commission based on the interest rates set for customers.
Lloyds disclosed this provision as it reported a significant increase in annual profits, with pre-tax profits rising to £7.5 billion last year, a 57% increase from the previous year.
The investigation concerns discretionary commission arrangements that allowed car dealers to adjust interest rates on loans, potentially inflating costs for consumers to boost broker commissions. These arrangements were banned by the FCA in 2021, estimated to save drivers £165 million annually.
As Lloyds owns Black Horse, one of the UK’s largest motor finance providers, it is considered highly exposed to potential compensation claims arising from the investigation.
While Lloyds has set aside £450 million for potential compensation, the final amount could vary. Analysts speculate that the total compensation bill for the industry could be substantial, potentially running into billions of pounds.
Lloyds’ Chief Executive Charlie Nunn emphasized the need for clarity regarding any misconduct or losses on behalf of customers, welcoming the FCA’s investigation for providing such clarity.
Matt Britzman, an equity analyst at Hargreaves Lansdown, noted that while Lloyds’ provision is lower than some expectations, uncertainty remains about the final outcome of the review and its impact on the bank.
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Lloyds sets aside £450m for car finance regulator probe

Nearly two in three self-employed people do not believe any of the main political parties represent their best interests.
As the end of this government’s parliamentary term approaches, the major political parties are preparing for a general election, due no later than January 2025.
But while politicians get on the war footing, the independent workforce is unsure that any of the mainstream parties represent their best interests.
This is according to Qdos, a business and tax insurance provider for the self-employed. Its annual survey explores the key issues facing flexible workers, and the findings offer food for thought for politicians across the spectrum.
The key finding is that almost two-thirds of the nearly 900 self-employed workers surveyed feel none of the major political parties represent their best interests.
Just 11.1% believe the Conservative party does, and 9.4% believe Labour does. Also surveyed on voting intention, 23.9% of self-employed plan to vote for Labour, compared to just 14.8% for the Conservatives. 18.7% plan to abstain from voting altogether.
Following years of tax hikes – and frozen tax bands that have forced these workers to pay more tax through fiscal drag – it is easy to understand why this crucial group of voters feels politically homeless, say Qdos.
The survey findings also offer insight into what politicians could do to restore faith and win support from the self-employed.
Two-thirds want IR35 reform reversed, and a fifth would like to see Corporation Tax reduced to its previous rate. Others want to see the umbrella sector regulated.
Understanding the needs of these workers, and delivering policies to meet them, will be crucial for politicians ahead of the looming general election. Commenting on the news, Qdos CEO, Seb Maley, said: “Over the past decade, government policies and tax changes have hit self-employed workers incredibly hard. Relentless tax freezes and hikes are suffocating the UK’s flexible workforce.
“The result is that a huge number of the self-employed don’t see that any of the mainstream political parties represent their best interests. Many feel politically homeless – and really, who can blame them?
“But actually, it’s pretty clear what an incoming government needs to do to get the self-employed on-side. Give these workers the incentive to continue providing the flexibility the country and the economy need – don’t treat them as a cash cow.
“This is an open goal for politicians, and a massive opportunity to win millions of votes – provided they take these concerns seriously.”
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Self-employed workers ‘politically homeless’, as 6 in 10 do not have faith in any party