Business

A warning has been issued to anyone who uses electricity instead of gas to heat their home this winter, following a 5% price rise from today, Thursday, January 1. For households struggling with the cost of energy bills, the new year brings an unwelcome price hike. Ofgem has increased its price cap again, for those on a standard variable tariff, by another 0.2% from January 1, 2026, to March 31.While a 0.2% increase doesn’t seem substantial, this is the average price increase combining both electricity and gas. For households which only have electricity, and not gas, price hikes are actually a much more substantial 5.1% today.That’s because the price cap has changed prices around, with a 6% drop in gas prices coupled with a 5.1% rise in electricity prices.It means that for households who...

HM Revenue and Customs (HMRC) is urging working parents earning less than £100,000 per year to “unlock" a cash boost worth up to £2,000 annually.Working parents can apply for the Government’s Tax-Free Childcare scheme to help cover childcare costs, such as nurseries, childminders, nannies, and after-school clubs. Through the scheme, HMRC will provide parents up to £500 every three months for each child under the age of 11, amounting to a maximum of £2,000 per year. This amount goes up to £1,000 every three months if a child is disabled, giving parents up to £4,000 per year towards approved childcare.Parents with disabled children can use the cash to pay for extra hours of childcare, as well as childcare providers, so they can get specialist equipment that may be needed, such as mobility...

2026 is set to bring a host of crucial deadlines and dates that households need to be aware of to prevent unexpected financial shocks. The new tax year commencing in April will see many changes announced in Rachel Reeves' latest Budget come into effect for the first time.In addition, those using vapes, tobacco, fuel, and even cryptocurrencies will see significant changes throughout 2026, impacting how they are taxed and the cost of these products. Failing to budget appropriately for these key dates could lead to financial upheaval for some households and businesses.JanuaryFrom January 1, a new energy price cap will be introduced, adding an extra 28p per month to the average household energy bill.Also on January 1, new regulations for cryptocurrency users will require them to provide ide...

Santander has outlined which customers will receive £200 for free in 2026.The high street banking institution has said that account holders who complete specific requirements will receive the payment within 90 days.The international banking giant has emailed individuals who bank with Santander but don't hold their main current account there.Messages read: "It's never been easier to move your income, Direct Debits, and standing orders from your old bank to us. Plus, when you get a current account with us, you can make use of our award-winning Mobile Banking app."Santander confirmed it will "transfer £200 into your eligible account within 90 days of your request to switch when you use the Current Account Switch Service [CASS]."To qualify for the payment, individuals must make a switch req...

Millions of UK workers could be in danger of missing a crucial deadline and incurring penalties from HM Revenue and Customs (HMRC). The majority of people required to complete a Self Assessment must pay the tax they owe by 11.59pm on 31 January 2026.Those who need to submit an online tax return must also adhere to this deadline or face a late submission penalty. Many people unfamiliar with the Self Assessment system will require their Unique Taxpayer Reference to correctly file for the 2024/25 tax year.Remember, this deadline only applies to those submitting an online tax return. If you were required to submit a paper tax return, it should have been submitted by 11.59pm on 31 October 2025 - if not, you would already be facing a penalty for late filing.Fines for missing the tax deadlineH...

White House National Economic Council Director Kevin Hassett discusses President Donald Trump’s economic policy, inflation and more on ‘The Claman Countdown.’ FIRST ON FOX: An analysis from the White House Council of Economic Advisers finds inflation has been lower in conservative-led states than in liberal-led states over the past year, with the largest gaps in energy and transportation costs. Reviewed by FOX Business, the analysis draws on year-over-year consumer price index data from the Bureau of Labor Statistics through November 2025 and finds inflation averaging 2.5% in conservative-led states versus 3% in liberal-led states.Because there is no official state-level CPI, the CEA used regional inflation data and adjusted it based on each state’s population. TRUMP'S ENERGY AGEND...

White House National Economic Council Director Kevin Hassett joins 'Varney & Co.' to discuss the November CPI report, tax refunds, an anticipated White House announcement on housing reform and more. White House National Economic Council Director Kevin Hassett praised Thursday’s consumer price index (CPI) report, which showed inflation rose less than expected. "It was just an absolute blockbuster report," Hassett told "Varney & Co.""Before the numbers come out, we look at the forecast from everybody we can find on Bloomberg. We've looked at 61 forecasts, and this number came in better than every single one of them," he added. TRUMP TOUTS BRINGING COUNTRY BACK FROM 'BRINK OF RUIN' Kevin Hassett, director of the National Economic Council, outside the White House in Washin...

The UK Government has turned down a request from Conservative MP Andrew Rosindell to examine the "potential merits of widening the eligibility criteria for the Blue Badge scheme". Currently, approximately 3.2 million people across Great Britain use the Blue Badge scheme.In a written statement, Local Transport Minister Simon Lightwood said the UK Government "fully recognises the importance of ensuring that the Blue Badge scheme supports those who have their mobility impacted by substantial and enduring disabilities and other health conditions".He noted that the Department for Transport "works closely with local authorities" to ensure the Blue Badge scheme remains "fair, effective, and focused on those who need it most".Mr Lightwood also outlined how the Department for Transport had previ...

Check out what's clicking on FoxBusiness.com. iRobot, the maker of the Roomba vacuum cleaner, filed for bankruptcy protection on Sunday and is pursuing a buyout from its primary manufacturer in China after the company's acquisition by Amazon was blocked over a year ago on antitrust grounds. iRobot first raised concerns about its ability to remain in business in March and filed for Chapter 11 bankruptcy protection in a Delaware bankruptcy court on Sunday as it faces competition from lower-priced rivals and new U.S. tariffs. It now plans to go private after its purchase by Picea Robotics, a China-based firm that is its primary manufacturer.The bankruptcy filing follows the termination of iRobot's proposed $1.4 billion acquisition by Amazon, which was abandoned in January 2024 amid a ...

Octopus Energy customers can now get refunds in as little as one day using the popular supplier's app. Octopus announced today that its refunds will now be processed by UK fintech company GoCardless, which aims to speed up the payment process.Customers can claim energy refunds if they have been overcharged for their bills or to reduce their excess credit balance. This can be a frustrating process, and usually takes an average of five days to complete. Now, refunds should take between one to two days to complete after the GoCardless migration. Those requesting a refund on a Monday can expect to see the money in their account by lunchtime on Wednesday, according to Octopus. According to the energy giant, around 70% of refunds already happen this way, with roughly 30,000 processed every we...