Moneysupermarket reaps the rewards after rush to lock into new energy deals ahead of the April price hikes
The company, owned by Mony Group, said that this fuelled a 'modest' rise in revenue from January to the end of April.
The group was updating investors ahead of its annual meeting on Thursday.
The energy price cap was hiked again in April, with bills reaching an average of £1,849 a year.
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Leader Live
2 minutes ago
- Leader Live
Starmer hails ‘historic day' as Modi visits for signing of UK-India trade deal
At the Prime Minister's country residence Chequers, Sir Keir said the deal marked a 'step change' in relations. Mr Modi said they were 'writing a new chapter' in the UK and India's shared history. The deal is set to be worth £6 billion in investment from Indian and UK companies into the British economy, and is expected to have a £4.8 billion impact on the UK's gross domestic product (GDP). The two leaders have also agreed to increase efforts to tackle illegal migration and organised crime. Sir Keir said: 'I'm really pleased and privileged to welcome you here today on what I consider to be a historic day for both of our countries, and the delivery of the commitment that we made to each other.' Mr Modi, speaking via a translator, described the UK and India as 'natural partners'. Business Secretary Jonathan Reynolds and his Indian counterpart Piyush Goyal then formally signed the trade agreement in the great hall of Chequers. At a joint press conference in the hall, Sir Keir was invited by Mr Modi to visit India in the near future. The Indian prime minister also paid tribute to the British victims of the June plane crash outside of Ahmedabad airport, and described Britons of Indian origin as a 'living bridge' between the two countries. The ongoing England-India Test cricket clash is a 'great metaphor for our partnership', Mr Modi said, adding: 'There may be a swing and a miss at times, but we always play with a straight bat.' A brief translation error resulted in Sir Keir asking if he needed to repeat a section of his speech. But Mr Modi indicated he understood, with Sir Keir replying: 'I think we understand each other well.' As their statements drew to a close and the two leaders began to leave the room, Mr Modi jokingly asked if Sir Keir would play the grand piano next to them in the room. Sir Keir, who is known to have played several musical instruments including the piano, laughed at the suggestion. The UK-India trade deal is understood to be the largest of its kind for its economic impact on Britain. It will see tariffs on an array of British goods reduced from an average of 15% to 3%, with the aim of boosting the £11 billion of imports into the south Asian nation. Whisky tariffs will be slashed in half and will fall further over successive years, while other industries including soft drinks, cars and cosmetics are also expected to see cheaper duties. The deal is expected to result in 2,200 jobs across the country and £6 billion investment by British and Indian businesses. The UK and India are also bolstering co-operation on tackling corruption, fraud, organised crime and illegal migration, by sharing criminal records and other intelligence. But the deal has not given the UK as much access as it would have liked to India's financial and legal services industries. The agreement promises some benefits for the UK's financial services, with Chancellor Rachel Reeves understood to have pushed on behalf of the sector in discussions with her Indian counterpart. But more wide-ranging access was not agreed, and talks continue on a bilateral investment treaty aimed at protecting British investments in India and vice versa. The two nations also continue to discuss UK plans for a tax on high-carbon industries, which India believes could hit its imports unfairly. Negotiations on the deal began when Boris Johnson was prime minister in 2022, and were concluded in May this year. Shadow business secretary Andrew Griffith said it had only been made possible 'because of Brexit delivered by the Conservatives'. The Confederation of British Industry (CBI) has said that the signing 'sends a powerful signal that the UK is open for business and remains resolute in its commitment to free and fair trade'. Chief executive Rain Newton-Smith added: 'A trade agreement with India – one of the world's fastest-growing economies – is a springboard for long-term partnership and prosperity. UK firms can take advantage of this new platform to scale, diversify and compete on the global stage.'
The Independent
2 minutes ago
- The Independent
How does Britain's pension predicament compare with other countries?
Liz Kendall announced this week that she is reviving the pension commission as the government tries to tackle what she described as a looming 'tsunami of pensioner poverty'. The work and pensions secretary said the government is setting out to 'tackle the barriers that stop too many saving in the first place' after her department found that people retiring in 2050 are on track to be poorer than those retiring today, expecting to get £800 less in private pension income. Currently, just 55 per cent of working age adults in the UK are contributing to a pension pot, and MPs have said that a UK-wide strategy is needed to address pensioner poverty. But the UK's pension dilemma is not unique. Countries across the world are grappling with similar looming crises, driven by a combination of factors including demographic shifts, low interest rates and economic instability. Here, the Independent takes a look at what action other governments are taking to stave off the impending crisis. United States In the United States, half of all private-sector workers are unable to get a retirement plan through their jobs, according to a survey published in June by Pew Charitable Trusts. The US's most common workplace retirement plan is a 401(k), which allows employees to voluntarily put money aside for retirement which is typically matched by their employers. The total employee and employer contributions to a 401(k) cannot exceed $70,000 per year. Around 27 per cent of Americans over the age of 59 have no savings to rely on in their retirement, according to a survey by financial services firm Credit Karma in 2023. Last week, the Wall Street Journal reported that the Trump administration was expected to sign an order that would open up 401(k)s to the private markets. It would order the US Labor Department and Securities and Exchange Commission to create guidance for employers on including private assets in 401(k) plans, which could, in turn, create more investment opportunities for them. Canada Currently, the key challenge for many countries remains the low rate of pension saving. More than half (59 per cent) of working Canadians do not believe they will have enough money to retire, according to a survey conducted this year by Canadian pension fund HOOPP, Healthcare of Ontario Pension Plan. However, Canada is tackling this through rate increases within their savings system. The government has expanded the Canada Pension Plan (CPP), a monthly benefit that replaces a percentage of a person's income after they retire. Between 2019 to 2025, it has increased the percentage of how much of a worker's earnings are replaced from 25 per cent to 33.33 per cent. It has also increased the maximum level of earnings protected by the CPP by 14 per cent over 2024 and 2025. Australia Australia is recognised as having one of the world's top pension schemes where employers are required to pay a percentage of their employees earnings into an account which that employee can then access once they have retired. As of this month, employers are now required to contribute 12 per cent to employees' retirement savings accounts, up from 11.5 per cent. They are also taking steps to close the gender pension pay gap with the Labor Government introducing a superannuation top up for parents taking time off to care for a newborn. The CityUK CEO Miles Celic said: 'total contributions will have to rise if we are to emulate the successes of, for example, Australia and Canada. 'This will involve difficult political choices alongside technical changes to policy and regulation.' France In 2023, French President Emmanuel Macron raised the age of retirement from 62 to 64, which sparked massive public backlash and protests. Macron's administration argued that the reform was essential to prevent long-term deficits in the pension system. At the time, Macron said he did not enjoy passing the reform but called it a necessity, saying 'the longer we wait, the more (the deficit) will deteriorate.' As well as increasing the age of retirement, France has also hiked the minimum contributory requirements by 2 per cent this year across all bands. The minimum contribution applies to retirement pensions under its Pension Insurance scheme. Germany In Germany, the retirement age is gradually being raised from 65 to 67. Like many governments across Europe, it is trying to reduce pressure on the pension system created by aging populations. Last year, it approved pension reform and its new government has set out a series of policies that include maintaining the amount paid to retirees each month - which is 48 per cent of the average monthly salary.
The Independent
2 minutes ago
- The Independent
Lloyds boss warns Reeves against raising bank taxes amid growth mission
The boss of Lloyds has warned Rachel Reeves against raising bank taxes in her autumn Budget, saying it would be at odds with the Government's plans to drive economic growth. It comes as the banking giant revealed its earnings beat expectations for the first half of 2025, with both customer lending and savings balances growing. Charlie Nunn, the group's chief executive, said raising taxes on banks is a 'political decision' and the group has had 'no engagement' with the Government about it. But he highlighted the Chancellor's Mansion House speech last week where she told of 'the need for a stronger economy and needing a strong financial services sector'. Mr Nunn said: 'We therefore believe that's the important thing to focus on and obviously, therefore, wouldn't be consistent with tax rises.' Ms Reeves is facing pressure over the UK's public finances following higher-than-expected Government borrowing figures last month, raising some expectations that she could hike taxes in her autumn Budget. Mr Nunn added: 'We already have the highest tax regime on the financial services sector of any major economy… we're completely comfortable with that. 'But it is important when you look at the competitiveness of the City of London and the financial services sector that we remain a competitive tax regime.' The bank boss also welcomed Ms Reeves's plans to loosen regulation in the sector, which she described as a 'boot on the neck of businesses' in many areas. Referring to rules around retail investment, Mr Nunn said: 'We really believe that regulation over the last 15 years has constrained our ability to provide advice to those that most need it.' He also said 'now is the right time' to look at potentially scrapping the bank ring-fencing regime, which requires banks to separate their retail from their investment banking activities. Ms Reeves announced plans to reform the system as part of wider measures. Meanwhile, the banking group – which incorporates Lloyds Bank, Halifax and Bank of Scotland – reported a pre-tax profit of £3.5 billion for the first six months of the year. This was 5% higher than a year ago, and ahead of the £3.2 billion that analysts had been expecting. Lloyds said total lending to customers increased by £11.9 billion over the period, or 3%, driven by UK mortgages with some 33,000 first-time buyers borrowing on a home. Customer deposits also grew by £11.2 billion, or 2%, following a strong season for ISAs, while more people moved money out of current accounts and into savings. Higher levels of saving partly reflected consumers trying to lock in higher savings rates before they come down, Mr Nunn said. But it also comes off the back of wage growth, and many people choosing to save surplus cash rather than spending more on nonessential items. 'There's still obviously customers who are really actively managing their finances and who are struggling to make ends meet,' he said. 'But year-on-year, all of those stats are looking slightly healthier, less people are worried a little bit about what's going on, and less people are looking to shop around.' He said those factors could lead to a 'more positive outlook than we're currently forecasting'. Economic forecasts from the bank show a 'modest deterioration' in the outlook, with gross domestic product (GDP) growing more slowly than previously thought. It also predicts the UK's unemployment rate rising to peak at 5% next year.
