Business

Plans are afoot to significantly boost the number of banking hubs across the UK, responding to the decline in traditional bank branches.Link, the nation's ATM network, has indicated that around 215 bank branches are slated to shut their doors by August 2015 as part of the banking industry's shift towards online services. However, this digital push does not accommodate everyone, with certain customer groups, like the elderly, still relying on in-person services.Fortunately, the emergence of banking hubs offers a compromise. These facilities, managed through the Post Office, allow individuals to transact with various banks - from check deposits and cash withdrawals to balance enquiries and bill payments.In an ambitious initiative backed by the Treasury, some of the UK's major banks have p...

Calls to bring forward a rise in the state pension age to 68 will leave millions struggling to achieve a decent standard of living, according to finance experts.The state pension age in the UK is currently 66, but it is scheduled to rise to 67 between 2026 and 2028 and then to 68 between 2044 and 2046. However, there is increasing speculation that his will now happen sooner.Recently, the London School of Economics’ (LSE) Centre for Economic Performance recommended that the state pension age be increased to 68 "as soon as possible", while other analysts have suggested the figure will need to rise again to 70 if it is to be affordable for the country.However, any increase means many old people will die before ever receiving their state pension, while others might be forced to stay on in j...

Galaxy Digital CEO Michael Novogratz discusses the presidential candidates' takes on cryptocurrency after it was not mentioned during the Trump-Harris debate on 'The Claman Countdown.' Exclusive: House Majority Whip Tom Emmer and Rep. Patrick McHenry are seeking clarity on the Securities and Exchange Commission’s regulatory approach to a method of distributing crypto tokens known as "airdropping," FOX Business has learned. In a letter sent Tuesday to SEC Chair Gary Gensler and viewed by FOX Business, Emmer, R-Minn., and McHenry, R-N.C., raise concerns that the proclaimed cop on the crypto beat is engaging in a regulatory power grab by classifying certain "airdrops" as unregistered securities."Under Chairman Gensler’s tenure, the SEC has put its thumb on the scale and prevented Ame...

FOX Business’ Kelly Saberi reports from ‘Moon’s Sandwich Shop’ in Chicago, Illinois to discuss how small businesses are grappling with inflation.  It’s true that inflation has plunged from its post-pandemic highs, but American workers’ "real wages" haven’t kept up with those pricey pressures, according to new data. Bankrate’s second annual Wage to Inflation Index report found that, since the beginning of 2021, U.S. prices have risen 20% compared to wages at 17.4% in the same time period.Additionally, the data indicates that the past 16 months of real wage growth has not been enough to offset the 25 months when prices rose disproportionately quicker than wages. "The Federal Reserve is on the precipice of cutting interest rates to ensure they aren’t slamming the brakes on economic gr...

There are so many rules when it comes to driving - and rightly so. From speed limits and stop signs, to overtaking restrictions - these regulations help keep us safe on the roads.But now, experts at Vape Globe claim that one especially devastating driving mistake may land you a '£5,000 fine' - and you probably have no idea. Believe it or not, this is centred around vaping or smoking while inside a vehicle.Crucially, Rule 148 of the Highway Code insists that 'safe driving and riding needs concentration', which requires the avoidance of distractions like loud music, food and smoke. If clouds of smoke affect your ability to drive safely, officers may deal you a hefty charge."Contrary to belief, vaping is technically illegal in the car," the experts said. "While the rules don’t explicitly m...

Four in 10 Brits have missed out on ‘free money’ from loyalty rewards, discount cards or cashback points because they have expired before they can use them.A study of 2,000 adults also found 20% only ‘sometimes’ use cashback schemes or other money-saving tricks when making purchases.The main reasons shoppers miss out savings included schemes being too complicated, time consuming or they simply can’t be bothered.The survey found over a quarter are unsure if it’s just a scam, and 61% think you have to spend ‘a lot’ of money on a credit card before getting decent rewards.Mark Plowright, director of Virgin Trains Ticketing, which lets customers purchase railcards on the app and website, says: “We all wish our money could go a bit further."Railcards are one of the most efficient cash-savers ...

OVO Energy has announced a £50M support fund to help state pensioners losing their £300 Winter Fuel Payment this winter.The gas and electricity supplier becomes the latest to offer a new support scheme to the millions of state pensioners who will no longer be automatically paid the £300 Winter Fuel Payment this year.OVO is giving customers ‘direct financial support’ if they are struggling to pay energy bills, including ‘free or subsidised upgrades’, new boilers and even heat pumps as well as reductions in direct debit payments.Chief executive David Buttress said it is “on us” to help customers through the winter.The package of help opens on October 1 but Ovo’s website is live from today for customers to check if they’re eligible.However, Mr Buttress also called for a longer-term solutio...

Martin Lewis has warned that there are just months left to add tens of thousands of pounds to your state pension pot.The money expert has been pushing hard on the issue of missing National Insurance contributions as the deadline to fill inmissing years in your record is rapidly approaching.The money saving expert says that spending as little as £824 on 'buying out' a missing year in your National Insurance record with HMRC can be extremely lucrative, turning into up to £6,100 per year in state pension value paid out when you retire.If you live to an average lifespan, that could be as much as £79,000 extra in your pension pot.And how worthwhile it is will increase as you get closer to retirement age. Martin Lewis says everyone aged between 40 and 73, so born between 1951 and 1974 should ...

Six legacy benefits for working-age Britons are due to be phased out in the coming months as they're absorbed into the Universal Credit (UC) system. However, this changeover won't happen automatically and immediate action will be needed to prevent any interruption in payments from the Department of Work and Pensions (DWP).The six means-tested benefits include Child Tax Credit, Working Tax Credit, Housing Benefit, Income Support, Income-based Jobseeker's Allowance (JSA) and Income-related Employment and Support Allowance (ESA). It's currently not possible to make a new claim for these benefits under most circumstances and claimants will receive Migration Notices to assist them in transitioning to UC if they're eligible.There have been two types of migration; voluntary, where those on leg...

Dolly Parton says she’s proud of the Imagination Library, the charity she founded that sends free books to children worldwide. Starting a nonprofit organization is a commendable mission to pursue. Before getting started, it’s important to grasp the work that goes into launching and maintaining a nonprofit. Additionally, it's valuable to know what other ways you can provide support to the causes you care about without necessarily being the leader of a nonprofit organization.  Before starting a nonprofit yourself, conduct research to determine if there is already an established organization doing similar work you’d like to do. "There is a lot of competition for funding, whether you're talking about from foundations, for government contracts or for individual donors. And when you have...