Vulcan Energy gets 104 mln euros in German grants for clean lithium production
The grants, which have been issued by the federal government and the states of Rhineland-Palatinate and Hesse, will go towards a project "designed to assist with building Germany's and Europe's critical raw materials supply chain resilience."
The funding will be disbursed from October 1 over the course of 36 months, the company said.
($1 = 0.8548 euros)
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Daily Mirror
40 minutes ago
- Daily Mirror
State pension age review moves forward after discussion of increase to 69
The state pension age is already set to increase again from next year The possibility of the state pension age rising to 69 has edged closer as Labour announces another review of the state pension age. Legislation is already in place for the access age to gradually increase from the current 66 up to 67, between 2026 and 2028. Labour has now declared that there will be another review of where the state pension age should be set. The last review was conducted by Baroness Neville-Rolfe in 2022. Mark Pemberthy, benefits consulting leader at consultancy group Gallagher, highlighted that this past review made reference to the potential for further increases to the state pension age. He said: "The previous review of the state pension age in 2022 recommended that, on average, people should expect to receive the state pension for 31% of their adult life, and that the total cost of state pension related expenditure should be limited to 6% of GDP. "This review also anticipated a need to increase state pension age to 69 from 2046, although this has not yet been legislated for." The Government has outlined the key factors that the review will consider, which will include the idea of linking the state pension age to life expectancy and the role of the state pension age in keeping the state pension affordable and sustainable. However, Mr Pemberthy expressed doubt that there will be significant changes announced around these issues. He explained: "Life expectancy is a complex issue. For decades, life expectancy rose consistently. "This trend was halted by the COVID-19 pandemic and has stayed lower since – with 2024 life expectancy still lower than in 2019. But the average masks some wide variances based on occupation, gender, geography, and socioeconomics. "There is significant concern that further increases in state pension age could mean that some population groups do not get much opportunity to enjoy their state pension." He pointed out some of the issues around attempting to restrict spending on the state pension relative to GDP. The expert said: "Limiting the cost of state pension as a percentage of GDP is complex and will be dependent on a number of variables including how successful our economy is in the future and also how fast the state pension is increased each year. Currently this is the higher of inflation, earnings or 2.5% [under the triple lock policy] - all of which are significantly higher than our forecast GDP growth over the next few years. ""The triple lock will not be part of the state pension age review, but must be a consideration in the wider pension review if pensions are going to be sustainable for future generations." The full new state pension is now worth £230.25 a week, after payment rates rose 4.1 percent in April in line with the triple lock.
The Sun
2 hours ago
- The Sun
Nine money changes happening in August including benefit that could be stopped worth £1,354.60 if you don't act NOW
AS we head into August and the last month of summer, there are several important financial changes that will affect your money, from student loans and benefits to bank accounts and interest rates. Whether you're managing your household budget, planning ahead for childcare, or keeping an eye on mortgage costs, knowing what's coming can help you stay in control and avoid any surprises. 1 We've gathered all the key dates and explained what you need to know and do, so you can prepare your finances for the weeks ahead. Aug 1: Tuition fee rise takes effect in England From August 1, 2025, undergraduate tuition fees in England will rise from £9,250 to £9,535 a year. Students will also be able to borrow more to help with living costs, with the maximum maintenance loan for those living away from home outside London increasing from £10,227 to £10,544. All students will get an uplift in support for the 2025 to 2026 academic year, with the government predicting that the most help will go to those from households earning £25,000 or less. Student loan repayment rules changed in England in 2023, meaning graduates are likely to pay back more over a longer period than before. Graduates who started repayments in April 2025 had an average debt of £53,000, according to the Student Loans Company. Aug 6: eBay faster payments come in From August 6, eBay is speeding up payments to some sellers. Those who have completed at least 10 sales totalling £150 or more over the past five years, and have no more than two unresolved cases in the last 12 months, will receive their funds within 24 hours of sale. This replaces the previous system where sellers had to wait two days after delivery confirmation before payment. An unresolved case means any buyer dispute that wasn't resolved or where eBay ruled in favour of the buyer. This change should help sellers manage their cash flow more easily. Aug 7: Bank of England base rate decision On August 7, the Bank of England (BoE) is expected to announce its next base rate decision. At its last meeting, policymakers kept the rate steady at 4.25%, with six voting to hold and three in favour of a cut. The BoE is closely watching signs of a cooling labour market alongside inflation, which rose to 3.6% in the 12 months to June, according to the Office for National Statistics (ONS). The base rate affects borrowing costs and savings returns. Most mortgage holders are on fixed deals, so payments won't change immediately. However, UK Finance estimated in January that around 1.8 million fixed-rate deals will end this year, meaning lots of homeowners could soon face higher rates. What is the base rate and how does it affect the economy? NINE members of the Bank of England's Monetary Policy Committee meet eight times each year to set the base rate. Any change to the Bank's rate can have wide-reaching consequences as it directly influences both: The cost that lenders charge people to borrow money The amount of savings interest banks pay out to customers. When the Bank of England lowers interest rates, consumers tend to increase spending. This can directly affect the country's GDP and help steer the economy into growth and out of a recession. In this scenario, the cost of borrowing is usually cheap, and the biggest winners here are first-time buyers and homeowners with mortgages. But those with savings tend to lose out. However, when more credit is available to consumers, demand can increase, and prices tend to rise. And if the inflation rate rises substantially - the Bank of England might increase interest rates to bring prices back down. When the cost of borrowing rises - consumers and businesses have less money to spend, and in theory, as demand for goods and services falls, so should prices. The Bank of England is tasked with keeping inflation at 2%, and hiking interest rates is a way of trying to reach this target. In this scenario, the losers are those with debt. First-time buyers will lose out to cheaper mortgage rates, and those on tracker or standard variable rate mortgages are usually impacted by hikes to the base rate immediately. Those on a fixed-rate deal tend to be safe if they fixed when interest rates were lower - but their bills could drastically increase when it's time to remortgage. The cost of borrowing through loans, credit cards and overdrafts also increases when the base rate rises. However, the winners in this scenario are those with money to save. Banks tend to battle it out by offering market-leading saving rates when the base rate is high. Markets generally expect two rate cuts this year, potentially lowering the base rate to 3.75% by December. But rising food prices and global uncertainties mean the outlook remains uncertain. If your mortgage deal is ending soon, now's a good time to review your options. For savings, shop around to find the best rates. Credit card and loan rates are unlikely to change immediately but remain higher than in recent years. Aug 20: July inflation figures and rail fare rises The Office for National Statistics (ONS) will release the July inflation figures on August 20. Inflation, measured by the Consumer Prices Index (CPI), shows how much the cost of everyday goods and services is rising. In June, CPI inflation was 3.6%, up from 3.4% the previous month and still well above the Bank of England's 2% target. Inflation influences many parts of daily life, including rail fares. In England, annual increases to regulated rail fares such as season tickets and off-peak travel are usually linked to the July Retail Prices Index (RPI) measure of inflation. The cost of unregulated tickets, such as first class, advance and anytime fares, is set by train companies. Aug 21: Santander axing popular current account Santander is closing its 123 Lite current account on August 21. Hundreds of thousands of customers will lose the account's popular 3% cashback on household bills, which is capped at £15 a month and comes with a £2 monthly fee. Affected customers will be automatically switched to Santander's Everyday Current Account, which has no monthly fee but offers no cashback. If you want to keep earning cashback with Santander, consider switching to the Edge or Edge Up accounts. Edge offers 1% cashback on some household bills, supermarket shopping, petrol, and travel, with a £3 monthly fee capped at £10 cashback. Edge Up costs £5 a month and offers up to £15 cashback, but requires a higher monthly deposit. Note that from September 9, cashback on supermarket, fuel, and travel spending will be removed from both accounts, leaving cashback only on household bills. If you're looking for better cashback deals elsewhere, some credit cards offer higher rewards. For example, the American Express Cashback Everyday Credit Card gives up to 5% cashback on spending for the first five months. Aug 25: Bank holidays affecting benefit payment dates If your benefit payment usually falls on a bank holiday, it will be paid early. For example, payments due on Monday August 25 (the bank holiday) will arrive on Friday August 22 instead. You'll get your money sooner, but since the next payment won't move, you'll need to budget carefully as the gap between payments will be longer. It's also standard for payments due on weekends to be paid on the preceding working day. So, payments normally scheduled for Saturday 23 or Sunday 24 August will also arrive on Friday August 22. This early payment applies to a range of benefits, including: Attendance allowance Carer's allowance Child Benefit Disability Living Allowance Employment Support Allowance (ESA) Income Support Jobseeker's Allowance (JSA) Pension Credit Personal Independence Payment (PIP) State Pension Universal Credit If you receive the basic state pension, your payments come every four weeks on a weekday linked to the last two digits of your National Insurance number: 00 to 19: Monday 20 to 39: Tuesday 40 to 59: Wednesday 60 to 79: Thursday 80 to 99: Friday The next bank holidays affecting payments after August will be in December. Payments due on Christmas Day and Boxing Day will be paid early on 24 December, this year. Aug 31: Deadline to extend Child Benefit claims for 16- to 19-year-olds Parents of teenagers aged 16 to 19 must extend their Child Benefit claim by August 31 to keep payments coming in September. If a claim isn't extended, Child Benefit will automatically stop from August 31 after a child's 16th birthday. HM Revenue & Customs (HMRC) sends reminders to parents to confirm online if their teenager is staying in full-time education or approved training after GCSEs. Parents can extend claims easily via the HMRC app or with letters including a QR code for quick access. Child Benefit currently pays £26.05 per week for the eldest or only child, and £17.25 per week for each additional child. Last year, over 870,000 parents extended their claims online or through the app in minutes. Aug 31: Deadline to resubscribe for free childcare codes If you want to keep or start receiving up to 30 hours of free childcare a week for children aged 9 months to 4 years, you must apply or renew your childcare code by August 31. This applies to working parents in England who use registered childcare providers such as nurseries, playschemes, or wrap-around care. You'll need to set up a childcare account online and apply via or the HMRC app. Once approved, you'll get an 11-digit code to give your childcare provider as proof of eligibility. If your child turns 9 months old between April 1 and August 31, you must apply by August 31 to get free childcare starting in September. If you already receive 15 hours for your child under two, you'll automatically get 30 hours from September, but you still need to confirm your details and provide the code to your provider. Remember to apply early, ideally at least six weeks before the deadline. Some childcare providers ask for codes before the official deadline. Once you have your code, you'll need to reconfirm your details every three months to keep your place, although some providers may offer a short grace period. If you're starting a new job, returning from parental leave, or changing circumstances, deadlines vary - but August 31 is the key date for many parents wanting free childcare starting this autumn. You can apply or check eligibility here. Are you missing out on benefits? YOU can use a benefits calculator to help check that you are not missing out on money you are entitled to Charity Turn2Us' benefits calculator works out what you could get. Entitledto's free calculator determines whether you qualify for various benefits, tax credit and Universal Credit. and charity StepChange both have benefits tools powered by Entitledto's data. You can use Policy in Practice's calculator to determine which benefits you could receive and how much cash you'll have left over each month after paying for housing costs. Your exact entitlement will only be clear when you make a claim, but calculators can indicate what you might be eligible for.
Daily Mirror
2 hours ago
- Daily Mirror
Man Utd chief was convinced transfer would 'send shiver down the spine of rivals'
Ed Woodward signed his fair share of flops during his ill-fated reign as Manchester United executive vice-chairman, but was left red-faced by one in particular after his failed spell Ed Woodward believed that Manchester United's 2015 acquisition of Bastian Schweinsteiger would "send shivers down the spines of rivals," only for the player to turn out to be a sensational flop. Woodward joined the board of directors of Old Trafford as an executive vice-chairman in 2012, before assuming David Gill's role of CEO the following year. And while the now 53-year-old aimed to hit the ground running with regards to welcoming fresh faces to the Red Devils squad, many of his transfers completely missed the mark. For instance, Woodward was at the helm when Paul Pogba' returned to United from Juventus in August 2016 in a mammoth deal. O f course, Pogba came through the youth system at United in 2011 before joining the Serie A stalwarts for a reported £1.5million the following year. But four years later, realising the error of their ways, the Red Devils board opted to bring him back to Old Trafford for a then-world-record fee of £89m. However, Pogba then returned to Juventus once more in 2022 on a free transfer, failing to recuperate even a fraction of the fee that they had spent bringing their academy graduate back to the northwest of England six years earlier. Pogba was just one of many expensive signings during Woodward's time at the club that failed to live up to expectations. Woodward was also at the helm when Schweinsteiger arrived from Bayern Munich in a £6.5m deal back in 2015, a move which on paper looked like a steal for the 13-time Premier League winners. After progressing through the Bavarian youth system in 2002, Schweinsteiger spent 13 years with Bayern, lifting eight Bundesliga titles, nine domestic cups and a Champions League. He also managed 121 caps for Germany and lifted the 2014 World Cup, before being named team captain following Philipp Lahm's retirement from international football. Given his wealth of experience at the highest levels, Woodward went as far as claiming that Schweinsteiger would leave rivals quaking in their boots when coming up against the midfield maestro shortly after his arrival in England. He was quoted as saying at the time: "It's fantastic to see a player like that come to Manchester United. "He's our first ever German, and what a German – he's won absolutely everything and comes here with fantastic experience. When people see Bastian on the team sheet, that's going to send some shivers down the spine." However, the reality is that Woodward may have set unreasonable expectations on the star, given how his tenure with the Premier League giants actually played out. During his maiden season with United, Schweinsteiger spent more than 130 days sidelined through injury. And when Jose Mourinho took the reins of the club from Louis van Gaal in the spring of 2016, he made it clear that Schweinsteiger was not part of his plans going forward, demoting the player to training with the U23 set-up in a move he faced heavy criticism for and that he has since admitted was a big mistake. Schweinsteiger played for United just 35 times over the course of his two-year stint with the club before he moved on to MLS outfit Chicago Fire in 2017. There, he scored eight goals and created 11 assists in 92 outings before retiring in 2019. Woodward, meanwhile, announced in 2021 that he would be resigning from his position at Manchester United. He parted ways with the club on February 1, 2022, but has since returned to work, having been appointed to the board of trustees for Bloomsbury Football Foundation last year.
