Business

More than two million workers could lose nearly £18,000 if the Government increases the state pension age sooner, wealth management experts have warned. If Liz Kendall, the Work and Pensions Secretary, decides to accelerate the state pension age increase to 68, people aged 51 to 53 would be the worst hit, according to Rathbones, which manages older people's savings.The current state pension age is set to increase to 68 by 2044, but Kendall is considering whether to bring this forward to 2039 as part of the pension review. If this happened, those aged 51 would lose an entire year of payments, which would be worth £17,774 if the triple-lock goes ahead.Workers aged 52 would lose £17,340 in payments, while those aged 53 would miss out on £16,918. With around 800,000 people in each age brack...

Santander UK revealed more than 2,000 roles have been cut amid a cost-saving overhaul as it reported a drop in half-year profits. The high street lender – whose Spanish parent recently announced a £2.65 billion deal to buy UK rival TSB – said the year-on-year decrease in its workforce comes as part of an ongoing “simplification and automation” drive.Santander, which is one of the biggest banks in the UK, said the plan was “expected to continue to drive cost efficiencies over 2025”. It reported a 5% fall in pre-tax profits to to £764 million for the first six months of 2025. Last October, the group announced it was cutting more than 1,400 jobs across the UK bank in 2024 and went on to warn that a further 750 jobs were at risk after it announced in March that another 95 branches were bein...

A savvy travel expert has revealed the 'cheapest method' to obtain foreign holiday currency - and the findings may shock you. Chelsea, dubbed the 'Holiday Expert' on social media, put three different approaches to the test to see how exchange rates for 2,000 Thai baht - roughly £46.19 - varied across different locations.Her experiment led her to a London currency exchange bureau, followed by a UK airport terminal, and finally an ATM in Thailand itself. While the content creator was surprised by her discoveries, she stressed the need to examine potential hidden fees, whatever your preferred withdrawal approach."Where is the cheapest place to get your foreign currency from?" she asked her followers on Instagram. "Well, I’m going to test out three places, and the first place is a currency ...

O'Leary Ventures chairman Kevin O'Leary discusses the bid to buy TikTok on 'The Claman Countdown.' With the clock tik-tocking down on the ban of Chinese social media platform TikTok, one of the leading bidders for the wildly popular app bluntly called the platform ‘spyware’ and says lawmakers who voted to pass the "divest or ban" bill more than a year ago are ready to push the issue.  In a FOX Business exclusive interview, O’Leary Ventures Chairman Kevin O’Leary – who together with billionaire Frank McCourt Jr. has officially presented a bid to take control of TikTok – said Republican senators’ patience with President Donald Trump’s multiple extensions of the deadline is running thin. "If you'd asked me two weeks ago was a fourth extension likely, I would have said yes, because it ...

Travellers heading to Portugal this year may face significant flight delays. A staggering 2.3 million Brits head to Portugal annually, with the Algarve being a top pick for over half of these travellers. However, SPdH/Menziez workers have announced plans for weekend strikes that could severely disrupt airport services, including check-ins, baggage handling, and aircraft maintenance.The anticipated industrial action is set to cause considerable delays, not just to flights but also throughout the arrival and boarding procedures. The strike action is scheduled to span five weeks from July 1 to September 1, leaving many holiday plans in at risk.What if my holiday is affected by the strikes?While significant delays or cancellations could entitle you to some form of redress, don't bank on fin...

President Donald Trump said following a meeting with Fed Chair Jerome Powell that the Fed chair said the U.S. economy is doing "really well" and that may lead to lower interest rates. The Federal Reserve is set to announce its latest decision on interest rates this week amid President Donald Trump's efforts to lobby the central bank into lowering rates. The Federal Open Market Committee (FOMC), the central bank's monetary policy-setting panel, kicks off a two-day meeting on Tuesday and will announce its interest rate decision on Wednesday, when Fed Chair Jerome Powell will also hold a press conference.Trump has repeatedly criticized Powell for not cutting rates, which he says is costing the federal government billions of dollars in interest expenses incurred through servicing the n...

Millions of benefit claimants face having their bank accounts monitored by the Government under controversial new “snooping” powers being ushered in by Labour.The Department for Work and Pensions (DWP) will soon be able to compel banks to hand over private financial details as part of what ministers call the “biggest fraud crackdown in a generation”.The sweeping measures are contained in the Fraud, Error and Debt Bill, now making its way through Parliament. Ministers insist the changes will help identify those wrongly claiming benefits, such as people with more than £16,000 in savings who are not entitled to Universal Credit.But critics have accused the Government of creating a “system of mass financial surveillance” that could see innocent people caught in the net.Baroness Maeve Sherlo...

Check out what's clicking on FoxBusiness.com. Spirit Airlines is preparing to furlough 270 pilots this fall.  The furloughs will go into effect on November 1, the budget-friendly airline said on Monday. An additional 140 pilots will be demoted on October 1, as the cash-strapped carrier looks to scale down its workforce to match a downsized schedule."We are taking necessary steps to ensure we operate as efficiently as possible as part of our efforts to return to profitability," the airline said in a statement to FOX Business.  The announcement regarding the Florida-based company was first reported by Bloomberg News. Spirit Airlines filed for bankruptcy protection last November, following years of losses, heavy debt and failed merger attempts. It emerged from bankruptcy in March. BOM...

Millions of households, including those on a low income, could be in line for a £150 discount on their energy bills this year. The government has previously confirmed that it would expand the Warm Home Discount scheme after tight restrictions were implemented last year. It is now anticipated that around six million households will benefit from the discount, with an additional 2.7 million included from the expansion this year.Despite the expansion, many people will need to meet certain criteria to be eligible for the discount. Fortunately, many individuals on low income who are also claiming benefits could receive the discount on their bills.Who is eligible for the discount?In the past, the criteria for the Warm Home Discount in England and Wales were limited to those receiving the Guara...

Check out what's clicking on FoxBusiness.com. Financial firm Blackstone said it has lost "one of our most beloved colleagues" in Monday's shooting at an office building in New York City. Blackstone announced the death in a memo to staff, and later identified the victim as Wesley LePatner in a subsequent statement. Three other people were killed during the attack, including a New York Police Department officer. LePatner served as Global Head of Core+ Real Estate and the Chief Executive Officer of Blackstone Real Estate Income Trust (BREIT), according to Blackstone's website."We are heartbroken to share that our colleague, Wesley LePatner, was among those who lost their lives in the tragic incident at 345 Park Avenue. Words cannot express the devastation we feel. Wesley was a beloved...