Money blog: New timeline for €7 charge to visit Europe (2024)

By Sarah Taaffe-Maguire, business reporter

BT's share price has fallen, wiping off an estimated £1bn from the company's value.

One share now costs £134.45, a low last seen 10 days ago.

It comes after an internet network rival CityFibre struck a deal with broadband supplier Sky.

This means that Sky will now use CityFibre's network to offer its services starting next year.

It's a hit to BT as Sky customers are hosted on BT's Openreach network. Under the plan, Sky aims to connect so-called "hard-to-reach areas".

CityFibre reaches 3.8 million homes and aims to expand and reach "at least" 8 million premises in the coming years, it said.

"This partnership with Sky is a huge vote of confidence in our business and has cemented CityFibre's position as the UK's third digital infrastructure platform," said company chief executive Greg Mesch.

Formerly British Telecoms, BT is worth roughly £14.44bn, based on the number of shares issued and the share price.

The head of financial analysis at investment platform AJ Bell Danni Hewson said the CityFibre detail may not be that significant.

"BT shares came under pressure on fears of an enhanced competitive threat for its Openreach broadband operation amid chatter Sky might start partnering with CityFibre in 2025.

"However, CityFibre's modest scale and focus on rural areas suggest it shouldn't be a huge issue."

Sky is the owner of Sky News.

UK citizens will need to pay a €7 visa-waiver charge to travel to Europe from next year after the EU revealed its timeline for the introduction of new entry requirements for some visitors.

The additional charge, which is similar to the US ESTA, is part of a series of new border checks and entry requirements the EU is bringing in.

They'll apply when entering the Schengen area, which includes 27 EU member states, plus Iceland, Liechtenstein, Norway and Switzerland.

The waiver will last for three years or until your passport expires.

Its official title is the European Travel Information and Authorisation System (ETIAS), and its implementation will follow the introduction of the EU Entry/Exit System (EES). The latter will require people to have their fingerprints registered and their pictures taken on arrival to airports.

Addressing the rollout, EU home affairs commissioner Ylva Johansson said the EES will enter into operations on ­10 November while the ETIAS will follow shortly after that in 2025 - likely May.

By Daniel Binns, business reporter

The price of gold has soared to a record high of more than $2,522 (£1,938) per ounce today.

It comes after months of the precious metal steadily rising in value.

Many factors are thought to have played a part, but analysts believe the latest leap is largely down to the weaker US dollar and growing expectations that the US Federal Reserve will cut interest rates next month.

Lower rates tend to make a country - and its currency - less attractive to investors, because they end up getting lower returns on bonds, shares and other investments.

There are also general worries about the status of the US economy, amid rumblings it could enter a recession this year or next - although some commentators have downplayed the likelihood of this.

But it is not just the US that is on the cusp of reducing the cost of borrowing.

The European Central Bank and the Bank of England both recently cut interest rates - and are expected to do so again this autumn - which may also be off-putting to some investors.

What has all this got to do with gold?

It's largely because of its perceived status as a "safe haven" investment.

Gold is seen as solid and dependable - both literally and in its value as a commodity.

It has been prized and sought after since ancient times - and its valuable status seems certain to continue long into the future.

So when things seem uncertain - and when interest rates are being seemingly cut everywhere - putting your money in gold may seem like a good bet (or so the thinking goes - of course, many would argue there is no such thing as a sure bet in the financial markets).

This "safe haven" status also helps explain why the price of gold may have been steadily rising in recent months, as fears have grown over an escalation of the wars in the Middle East and between Russia and Ukraine.

Tesco is hiking the price of its meal deal from Thursday.

Those using a Clubcard, which Tesco says is 80% of customers, will now pay £3.60.

This is up from £3.40, which had been the cheapest meal deal available at one of the traditional supermarkets.

Those without a Clubcard will now pay £4 - up 10p.

A Tesco spokesperson told the Money blog: "Clubcard members will pay just £3.60 for a main, snack and drink, meaning our meal deal remains great value and the ideal way to grab lunch on-the-go.

"With millions of possible combinations across our stores, our recent improvements to ingredients and more than 20 new mains introduced this summer, the Tesco meal deal has got something for every taste."

The cost of the premium meal deal is unchanged at £5.

How does this compare?

Waitrose has the most expensive meal deal at £5 for the main, snack and drink combo.

In July, Sainsbury increased the cost of its lunchtime meal deal by 25p from £3.50 to £3.75.

AMorrisonsmeal deal costs £3.50, which is the same asCo-op members - though non-members pay £4.

Asdadoesn't offer a fixed price for its meal deal. Instead, it operates a 3 for 2 system, which gives customers the cheapest item for free.

If you read the Money blog on Friday you'll remember Gail's bakery chain came under fire for repurposing unsold pastries into croissants and selling them for almost £4 the next day.

We reported how the retailer lists the "twice baked" chocolate almond croissants as part of its "Waste Not" range, which means it is made using leftover croissants that are then "topped with almond frangipane and flaked almonds".

The scheme was criticised online, with many pointing out the £3.90 price tag is 95p more than the original croissant.

It's worth reiterating that the practice was not invented by Gail's - almond croissants were originally created by French boulangeries to reuse day-old croissants and stop them going stale.

We asked Gail's for comment and didn't hear back until late yesterday - this is what they said...

"We created our Waste Not range at Gail's to make good food go further.

"Our almond croissants and chocolate and almond croissants are strong favourites in our bakeries. Thecroissants are soaked in demerara syrup and topped with our house-made frangipane spread, alongside crunchy almonds.

"The day-oldcroissants are sturdier than fresh ones, making them the perfect bake to be used.

"We are big supporters of improving food systems, working with companies such as Too Good To Go and Neighbourly to reduce our impact on food waste and uplift communities.

"Any bakes leftover at the end of the day are shared with charitable organisations in our neighbourhoods. Through our partnership with Neighbourly, we have donated the equivalent of 81,000 meals, reaching 239 good causes."

It comes as locals in a trendy London neighbourhood signed a petition against a Gail's bakery setting up shop in their area.

After (unconfirmed) rumours began circulating that the chain was looking to open a site in Walthamstow village, more than 600 have signed a petition opposing the plans.

The petition says the village "faces a threat to its uniqueness" should Gail's move into the area.

Read more...

Basically, Section 75 is a way to get your money back if a retailer hasn't provided the goods or services you paid for - so long as you used a credit card or point of sale loan.

The price of the purchase must bebetween£100.01 and £30,000, but you only have to spend one penny of it using a credit card for your rights to kick in.

Section 75 is enshrined in law - the Consumer Credit Act 1974 - and allows you to raise a claim with your bank for a breach of contract or misrepresentation by the retailer.

The protection was put in place to make sure customers are not forced to pay off debt for faulty goods and services - or those that never arrive - by making the lender just as liable as the retailer.

When does Section 75 apply?

• Goods or services were not as described
• They were poor quality, defective, or not fit for purpose
• An item never arrived - including if the seller went bust
• A service wasn't carried out with reasonable care

How does it work?

You should contact your bank, who will investigate how you made your purchase and who was involved.

There needs to be a clear agreement between the customer, the supplier and your bank.

"They will ask for more details – explain how your consumer rights have been breached, you have exhausted all options with the retailer and cannot resolve your dispute," consumer champion Scott Dixon, fromthe Complaints Resolver, told the Money blog.

"You need to push hard on S75 claims, as claims are often rejected on the first attempt."

It is useful to have supporting information to hand, like proof of payment, contracts, terms and conditions, screenshots of product descriptions, correspondence, photo evidence or - in some cases - independent assessments.

Scott added: "If you reach a stalemate with the credit card provider or finance company, ask for a deadlock letter setting out their final position so you can submit a formal complaint (with the final response/deadlock letter) to the Financial Ombudsman Service (FOS).

"They do not like cases being referred to the FOS as it costs them money."

When doesn't Section 75 apply?

• You paid with a debit card, charge card, cash, credit card cheque, or bank transfer;
• You paid with your PayPal balance (but you are protected if you used PayPal Credit);
• The credit was given under an overdraft or general-purpose bank loan;
• You purchased multiple items that only cost between £100.01 and £30,000 when added together;
• You bought the item from a third-party seller, like Amazon Marketplace or a travel agent;
• You used a buy now, pay later service or a hire purchase.

And read more from our Basically series here...

By Daniel Binns, business reporter

Rising optimism about the prospects of a ceasefire in the war in Gaza has sent the price of oil - and shares in energy giants – tumbling.

The cost of a barrel of benchmark Brent Crude has dropped to just over $76 (£58), the lowest price since the beginning of the month.

Shares in Shell and BP have also both slipped by around 2% in early trading.

Hopes of cooling tensions in the Middle East have helped ease fears of risks to supplies in the region.

Other factors said to be having an impact on oil prices include an increase in production at Libya's Sharara oilfield and concerns over China's slowing economy, including slower industrial output.

Another big faller this morning is BT Group. Its shares are down more than 5% after it was announced that Sky will launch full fibre broadband services next year on the network of BT's rival Cityfibre.

The falls have contributed to the FTSE 100 dipping by more than 0.5% on Tuesday, with the FTSE 250 also down 0.13%.

Gainers include easyJet Plc, which is up more than 1.2% amid optimism over the tourism industry this summer.

Similarly, Intercontinental Hotels Group is up by a similar level, while British Airways owner IAG is up nearly 0.8%.

Meanwhile, on the currency markets, this morning £1 buys $1.30 US or €1.17.

Pensioners are being urged to check if they are eligible for the winter fuel allowance after universal payments were scrapped by new Chancellor Rachel Reeves last month.

Previously, the money was available to everyone above state pension age, but now it will be limited to people over state pension age who are receiving pension credit or other means-tested support.

It means the number of people entitled to the money will drop from 11.4 million to just 1.5 million.

The payment is £200 for households where the recipients are all under 80, and £300 where they are over 80.

While around 1.4 million pensioners are already receiving pension credit, there are up to an estimated 880,000 households eligible for the support who are yet to claim, the Department for Work and Pensions says.

The government's awareness drive will help identify households not claiming the benefit, and encourage pensioners to apply by 21 December - the last date for making a backdated claim for pension credit in order to receive the Winter Fuel Payment.

It will focus on "myths" that may stop people applying, such as how having savings, a pension or owning a home are not necessarily barriers to receiving pension credit.

More information on applying for pension credit can be found on thegovernment's How to Claim page.

Yesterday we brought you the unwelcome news that winter energy bills are projected to rise by 9%, according to the latest forecast from Cornwall Insight.

Its newest prediction says the price cap from October to December will go up to £1,714 a year for the average user - a £146 hike from current levels.

We'll find out for sure on Friday.

Comparison service Uswitch says the forecast "compounds the worry" about rising bills for residents across the country "just as we reach the season to switch the heating back on".

"The price cap is expected to rise again in January, but bill payers can take action now to lock in certainty on how much they pay," says Uswitchdirector of regulationRichard Neudegg.

It is worth pointing out that it's in Uswitch's favour for people to move - but there are definitely savings to be made based on current forecasts.

Here are the top 10 fixed energy-only tariffs that could help you beat the price rise as temperatures drop, according to Uswitch:

By Mark Wyatt, Money reporter

The Premier League returned over the weekend, with supporters across the country back in stadiums for another season of drama.

Many of those fans will want to show their support by donning the latest kits in the terraces, but this particular purchase can cost an arm and a leg.

Shirt prices have rocketed in recent years, with some clubs now charging 50% more for their home kits than they did five years ago - Nottingham Forest among them.

Money blog research shows the most expensive adult's home jersey in the Premier League this season belongs to Tottenham Hotspur, with the Lilywhites charging £85.

That's only one penny more than London rivals Chelsea, who are asking fans to fork out £84.99 for an adult home kit.

At the other end of the scale, newly promoted Ipswich Town are charging "just" £59 for their home kit, £1 less than Brentford, Crystal Palace and Southampton.

Here's what we found...

Wolves have recently released a cheaper home shirt offering at £58, significantly less than their £80 'Pro' kit, which is the same shirt the players wear on matchday.

According to separate research carried out byThe Sun, Forest have raised their prices more than any other team since 2019. A replica kit was priced at £48 in 2019 but now costs £75, a 56% hike.

Southampton's price rise of 9% (£55 in 2019 compared with £60 now) represents the smallest increase.

For a child's replica home kit, the most expensive shirt in the Premier League is once again Spurs at £65. They come in one penny more than Chelsea.

Fulham, Liverpool, Manchester City and West Ham all charge £60 for a children's replica home kit, while Ipswich Town, again, come in cheapest at £43.