Business

Katie Elliott says there are steps you can take to protect your money once contactless card changes kick in (Image: Daily Express)We’re just two weeks away from a major contactless payment card shake-up. The £100 spending cap is set to be scrapped.From March 19, the Financial Conduct Authority (FCA) will remove the current per-transaction limit, giving banks and customers the power to set their own maximum, or no cap at all. In practice, it means you could soon pay for a £200 supermarket shop or a £300 appliance with a single tap of your card or phone. The change is designed to offer greater flexibility, with the financial watchdog citing contactless payments as Brits’ favourite way to pay.Barclays' research found that almost 95% of eligible in-store card transactions were contactless i...

Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs Luke Lindberg says the U.S. agricultural trade deficit fell from $50 billion to $29 billion in one year. The U.S. Department of Agriculture (USDA) recently released a trade forecast showing the farm trade gap narrowing significantly during fiscal year (FY) 2026. The forecast shows the agricultural trade deficit falling from $43.7 billion in FY2025 to a projected $29 billion in FY2026, an improvement from last year’s level and the $37 billion that was projected in December 2025. Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs Luke Lindberg told Fox News Digital that while the gap tightening was a step in the right direction, the USDA is still working to get back to a surplus."American...

HMRC will bill one million more pensioners in the next five years (Image: Getty)As many as one million more state pensioners will pay income tax due to HMRC’s Personal Allowance rules in the next five years, new figures have revealed.The Office for Budget Responsibility issued new forecasts following Chancellor Rachel Reeves’ Spring Statement at which she gave an update on the country’s finances.The OBR, which is the official budget watchdog for the government, has warned that 600,000 more state pensioners will pay tax from April 2026, rising to one million by 2030-31 tax year.This has been put down to frozen tax-free Personal Allowance rules, a decision taken by the Chancellor at the last Budget.Under the rules, most people have a tax-free Personal Allowance threshold of £12,570. This ...

U.S. Representative to the United Nations Ambassador Mike Waltz discusses President Donald Trump's mission in Iran on 'Mornings with Maria.' A heated exchange between the United States and Iran unfolded at the United Nations Security Council this week, drawing attention inside the chamber. U.S. Ambassador to the United Nations Mike Waltz joined FOX Business' Maria Bartiromo on "Mornings with Maria" to discuss the escalating situation, including a tense exchange with Iran's U.N. ambassador that drew attention inside the Security Council chamber. Sen. Ron Johnson, R-Wis., discusses the response to Operation Epic Fury on 'The Bottom Line.' The exchange unfolded as global scrutiny intensifies over Iran's regional actions and its long-standing support for militant groups across the Mi...

This morning we learned that a million more of the poorest pensioners will have to pay income tax thanks to the income tax threshold freeze. The Chancellor hugely underestimated how many would be hit by her decision in the last Budget to extend the £12,570 personal allowance freeze all the way to 2031. Finally, the real figure has slipped out.New forecasts from the Office for Budget Responsibility, released alongside yesterday’s Spring Statement, show that by 2030/31 an additional one million state pensioners will be dragged into paying tax for the first time. This represents a massive increase in on previous numbers.Older pensioners who believed they'd dropped out of the tax system may find themselves dragged back in. Handling today’s complicated digital tax processes could be horrendo...

FOX Business' Edward Lawrence travels with U.S. Interior Secretary Doug Burgum to Venezuela as he looks to create rare earth mineral mining business partnerships. Interior Secretary Doug Burgum landed in Venezuela on Wednesday to begin talks about a potential rare earth minerals partnership, just weeks after the U.S. arrested former Venezuelan President Nicolás Maduro. FOX Business exclusively joined Burgum on the trip. President Donald Trump's administration views Venezuela's untapped resources as a potential alternative to relying on China for critical minerals, FOX Business has learned.While in Venezuela, Burgum will also help expand the relationship between U.S. oil companies and the Venezuelan government. The secretary will meet with the current Venezuelan President Delcy Rodr...

Brits have been warned of another rise in energy bills if the conflict in Iran continues. Wholesale gas prices have risen 32%, reaching their highest level since early 2023.The conflict started after the US and Israel launched a wave of strikes, killing Iran's Supreme Leader Ali Khamenei. Iran retaliated, with blasts reported in Israel, the UAE, Qatar and Bahrain. Around 300,000 Britons are believed to be in countries targeted by Iran, with the Foreign Office officials working on contingency plans, including a mass evacuation. Sir Keir said the Government is "looking at all options to support our people". Because of Iranian strikes, Qatar’s state-owned gas company was forced to halt production. Iran has also blockaded the Strait of Hormuz, which is where a fifth of the world’s gas suppl...

Household energy bills are forecast to rise by 10% from July following sharp increases in wholesale gas prices driven by the escalating conflict in the Middle East, experts have warned.Analyst Cornwall Insight said forecasts for Ofgem's price cap for July to September had surged to £1,801 a year for a typical dual fuel household with average use - an increase of £160 or 10% on April's cap announced last week. Cornwall said the rise was a "cause for concern" and warned any increase would also feed through to electricity prices. However, it said the final price cap would be based on average wholesale prices over a three-month period, meaning it would depend on how long gas prices remained elevated and how long the volatility persisted.Wholesale markets have climbed amid heightened regiona...

Bank customers are being offered up to £175 to switch current accounts – with the added incentive that their move could help fund a safe night in a refuge for a woman and her children escaping abuse.In a fresh push timed to mark International Women’s Day, The Co-operative Bank has teamed up with long-standing charity partner Refuge to relaunch its switching deal. New and existing customers can receive £100 once a full switch is completed, followed by £25 a month for three months – taking the total payout to £175.Switchers will also gain access to a Regular Saver paying 7.00% AER, one of the most competitive rates on the market. Customers can save up to £250 a month, earning up to £113 in interest over a year.The small printTo qualify for the £100 upfront payment, customers must within 3...

Wolfe Research chief economist Stephanie Roth assesses the state of the economy, the AI feedback loop and jobless prosperity on 'Making Money.'   Companies in the private sector added 63,000 jobs in February, payroll processing firm ADP said Wednesday. The figure is above economists’ estimates of a gain of 50,000 jobs. The prior month's payrolls number was revised lower to a gain of just 11,000 from an initially reported gain of 22,000."We've seen an increase in hiring and pay gains remain solid, especially for job-stayers," said Nela Richardson, ADP chief economist. "But with hiring concentrated in only a few sectors, our data shows no widespread pay benefit from changing jobs. In fact, the pay premium for switching employers hit a record low in February." A construction work...