National Grid pledges £60bn investment after profits rise 20%
National Grid said pre-tax profits in the year to the end of March were £3.65 billion, up 20 per cent on the £3.05 billion in the previous year. Shares in the company closed up 3 per cent, or 30½p, at £10.46, outperforming the wider market.
The FTSE 100 group recognised an exceptional charge of £303 million due to a pause in development activity in its Community Offshore Wind joint venture in the US, 'in line with the broader slowdown of the US offshore wind
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Reuters
8 minutes ago
- Reuters
Wall Street brokerages pull September BoE rate cut calls as inflation proves sticky
July 18 (Reuters) - Major Wall Street brokerages have withdrawn their expectations for a September interest rate cut by the Bank of England, as inflation remains sticky and the labour market resilient. Britain's annual rate of consumer price inflation unexpectedly rose to its highest in over a year at 3.6% in June, data showed on Wednesday. A Reuters poll of economists had expected inflation to remain unchanged at May's reading of 3.4%. Pay growth slowed and employee numbers dropped further in May, but the cooling in the labour market which had alarmed some policymakers appeared less acute than previous data had suggested, official figures showed this week. This led to BofA Global Research, Citigroup, Morgan Stanley and Goldman Sachs pulling back their expectations for a September rate cut on Thursday. "The data is not weakening enough for the BoE to accelerate cuts," BofA said. Morgan Stanley said that the BoE's "path beyond remains cautious and data-dependent." Both BofA and Morgan Stanley forecast the central bank to reduce policy rates twice each in August and November this year, while Goldman Sachs expects sequential cuts from November through March 2026 to a 3% level. The UK's benchmark bank rate currently stands at 4.25%. Citigroup expects BoE to cut rates thrice this year, in August, November and December. Money markets are pricing in a total of 48.6 basis points of BoE rate cuts by the year-end, with a 77.3% probability of a 25 basis point move in August, according to LSEG data. BoE is set to meet next on August 7.
The Independent
8 minutes ago
- The Independent
Single? Expert tips on how to save money when you're flying solo
Navigating the cost-of-living crisis as a single individual can feel like an uphill battle, with the odds seemingly stacked against you. While the burden of a 'single tax' and a challenging housing market often feels insurmountable, practical strategies exist to ease the financial strain. A crucial first step involves gaining a clear understanding of your personal spending habits. From managing household bills to socialising and daily cooking, simple adjustments across various aspects of life can significantly reduce outgoings. By implementing a few smart changes, you can enjoy the independence of single life without compromising your financial well-being. 1. Be open and honest about your financial situation with loved ones 'Be honest with your friends about where your finances are,' advises Zoe Brett, financial planner at EQ Investors. 'There's all this pressure from social media to be going on a ski season or to that trendy new bar, and if you can't afford it, or if you've just got other goals where your money is better spent, just be honest with your friends about it. 'If they're real friends, they're not going to care if you can't go to that fancy restaurant – they'll find something cheaper to do.' 2. Shop around for the best deals 'Always look for a better deal when bills are coming up for renewal,' recommends Johanna Mason, CEO of Cherry Dating. 'For example, let's say my car insurance is up for renewal, I won't sit there and just accept that offer. I'll go and have a look and see what else is out there to try and reduce the cost. If you go on comparison sites, you can get some massive savings.' 3. Don't splash the cash on a first date 'For first dates, I always suggest a coffee because that takes the pressure off both parties,' says Mason. 'I think it's a good way to break the ice to start with, without the awkwardness of who's picking up the bill.' A simple picnic can also be a thoughtful, budget-friendly date. 'A picnic is not going to cost a fortune and I think it's quite a nice romantic gesture,' says Mason. 'It's not always about the money, it's about the thought that goes into planning that date, because it means they are making an effort. If they're making the effort there, then hopefully they will make the effort in other areas of a relationship as well.' Brett agrees and says: 'I think we get too caught up in the idea that dates need to be a big show of extravagance to show what you can offer, but actually the purpose of a date is to get to know someone and see whether or not you have a good vibe between you.' 4. Put aside money in an emergency fund 'When you are single, there's no second income to pick up the slack if you lose your job or if the boiler breaks,' recognises Brett. 'It's all on your shoulders, so it's important to have a back-up plan like an emergency fund. 'Putting aside money every month into an emergency fund gives you some financial security and I just treat my emergency fund payments like any other bill. Just start small and soon it will add up to something more substantial.' 5. Prioritise getting rid of debt 'A lot of people get into debt when they don't manage the fact that living a single life is far more expensive than life as a couple,' highlights Brett. 'They often try to 'keep up with the Joneses' and end up getting into debt, and that's a surefire way to make yourself absolutely miserable.'If you have got any debt, then prioritise getting rid of that first because debt can cripple someone's financial position. You shouldn't really be saving anything beyond an emergency fund if you've still got debt to pay.' 6. Seek out free or low-cost activities and events in your local area 'Staying connected with your friends is massively important when you're single and doesn't have to cost you the earth,' says Mason. 'If you're into fitness, you could join a local walking or yoga group.'Brett agrees and adds: 'Even just going around to your mate's house with a bottle of wine is great fun. Fun doesn't have to be expensive.' 7. Batch cook meals instead of relying on takeaways 'It's too easy to rely on takeaways when you're cooking for one person, because cooking can seem like a lot of effort for one person. But that's a really slippery slope, so try to avoid falling into that trap,' advises Brett. 'It's good to cook your own meals from scratch and it doesn't have to be anything extravagant. I'm a big fan of batch cooking and freezing meals.' 8. Offer to drive 'If I've not got a huge amount in my bank account, I'll always opt for driving,' says Mason. 'Driving means I can still go out and see my friends and have a really good time, but I don't need to pay for expensive drinks at the bar. Instead, I will opt for soda water and fresh lime and that doesn't cost much – some bars don't even charge you for it.'
Auto Express
8 minutes ago
- Auto Express
Car Deal Alert! Leapmotor T03 jumps the EV grant gun at under £14,500
The Electric Car Grant (ECG) is here but while other manufacturers scramble to register their vehicles and finalise pricing, Leapmotor is taking matters into its own hands. From July 18, the firm is applying discounts across its entire electric car range that match the predicted value of the ECG. Better still, all models are also available on 0% APR finance. Advertisement - Article continues below The so-called 'Leap-Grant' discounts mean that the electric Leapmotor T03 city car gets £1,500 off its On the Road (OTR) price and is now available from £14,495. That's less than the Dacia Spring by OTR price, making it now the UK's cheapest electric car. The Leapmotor C10 mid-size electric SUV, meanwhile, gets the full £3,750 ECG saving and is now available from only £32,750. The 0% finance offer means that the C10 could be bought on a Personal Contract Purchase (PCP) deal with a tiny £319 deposit followed by 48 monthly payments of the same amount. The Leapmotor T03 is offered on PCP for a £169 deposit and 48 monthly payments of that same amount. The new Electric Car Grant is being applied in two levels with manufacturers required to register their vehicles that meet the eligibility criteria to secure the correct level of discount. Tier one cars will get the full £3,750 grant while tier two cars will get £1,500 off. Leapmotor has sidestepped the uncertainty around which cars will qualify at which level, as well as questions over whether Chinese cars will meet the sustainability criteria, by launching its own grant. Damien Dally, Managing Director of Leapmotor UK, said: 'We've decided to act now because we want to give customers clarity, confidence, and immediate savings – and make the switch to electric a simple choice.' The Chinese Leapmotor brand is a joint venture with the Stellantis group, which is also home to more familiar names like Citroen, Peugeot, Vauxhall, Fiat and Jeep. The T03 is manufactured in Poland while the C10 is built in China. You can get the Leapmotor Leap-Grant deals now through the Auto Express Find a Car service. Spec your ideal T03 or C10 using our tool and get the best current offers from UK Leapmotor dealers. See our new Leapmotor deals Did you know you can also sell your car with Auto Express? Get the highest bid from our network of over 5,500 dealers and we'll do the rest. Click here to try Auto Express Sell My Car now ...
