Business

Plans to build new gas fired power stations to keep the lights on will add more than £170 to household bills, it is claimed.The government has announced the new plants will be required to provide back-up as the UK moves to a reliance on wind and solar energy.Britain’s ability to generate electricity has become increasingly reliant on the weather as net zero targets spur a shift to renewable power.However, periods of low wind and less sunlight, a phenomenon known as “dunkelflaute”, create problems for energy supplies.Industry analysts calculate that the total cost of constructing the gas fired power plants that would be switched on in these circumstances to prevent blackouts would be around £5 billion.They estimate this will add around £178 to bills which would be recouped over a number ...

Cash ISAs are gaining significant popularity as savers take advantage of rising fixed-rate product pricing and tax benefits, new data shows.According to research by Paragon Bank, the amount of cash held in adult ISA accounts rose by nearly a fifth last year.CACI data shows overall adult ISA balances grew by 17 percent, reaching £309.3billion by the end of 2023 and outpacing the growth of non-ISA balances.The popularity of fixed-rate ISAs primarily fueled the surge in adult cash ISA balances.In a notable shift, the amount of cash held in fixed-rate variants surpassed that of instant access ISA accounts for the first time in available CACI data (since January 2018), particularly evident in the final three months of the year.Overall, fixed-rate ISA balances increased by a staggering 76 per...

High energy bills have disastrous consequences for struggling households beyond simply being able to afford heat and light, according to a new study.British experts say there are serious consequences in terms of stress, health, disability and wellbeing, which need to be addressed.As a result, they have developed a new way to define and measure which households are vulnerable to prolonged energy price hikes.Employment status, housing tenure, inability to save, energy prepayment methods, and household composition are indicators of households that may struggle, according to research by the University of Sheffield, the UK Energy Research Centre, and Universities of Nottingham, East Anglia and Macedonia in Greece.They warned that low energy price resilience (LENRES) is associated with worse ...

Check out what's clicking on FoxBusiness.com American Airlines purchased 260 planes – including a significant number of Boeing's largest 737 Max airplane – in an effort to boost its domestic and short-haul international network and expand its first-class seating.  The Texas-based carrier placed orders for 85 Airbus A321neo, 85 Boeing 737 Max 10 and 90 Embraer E175 aircraft with the option to purchase an additional 193 aircraft.American is also converting its 30 existing 737 Max 8 orders to 737 Max 10 aircraft. American Airlines CEO Robert Isom said these orders "will continue to fuel our fleet with newer, more efficient aircraft so we can continue to deliver the best network and record-setting operational reliability for our customers." FAA GIVES BOEING 90 DAYS TO DEVELOP PLAN TO A...

High interest rates and frozen allowances are set to land millions more people with an unexpected tax bill on their savings.Up to 5.5 million accounts earned more than £1,000 in savings interest in November 2023, compared to 1.6 million accounts the year before - surpassing the Personal Savings Allowance threshold.The research by Paragon, based on the latest available CACI data, found this reflected a staggering 246 percent rise in accounts that will need to pay tax.Andy Wood, tax expert at Tax Natives said: “As rates go up, savers need to be mindful of their Personal Savings Allowance (PSA).“More people are at risk of surpassing their PSA limits of £12,570 and unintentionally facing unnecessary taxes on their savings interest.“This is generally the basic income tax rate of 20 percent, ...

Chef Robbie Felice joins Fox News' Stuart Varney with the latest on how he is expanding his businesses as profits thrive despite record high inflation on 'Varney & Co.' Rising star chef and New Jersey-based restaurateur Robbie Felice told Fox Business on Tuesday that while he is unsure how Wendy's plan to introduce fluctuating prices will turn out, he ultimately welcomes such experimentation for the industry. The Wendy’s fast food burger chain recently announced it expects to roll out a dynamic pricing model similar to Uber's surge pricing, where the cost of items fluctuate up or down based on demand or other factors."Beginning as early as 2025, we will begin testing a variety of enhanced features on these digital menu boards like dynamic pricing, different offerings in certain...

Check out what's clicking on FoxBusiness.com A major manufacturer of ghost guns agreed, as part of a settlement with the city of Baltimore, to stop selling its untraceable firearms to residents of Maryland. Baltimore Mayor Brandon M. Scott announced on Wednesday that the city had reached a settlement in a lawsuit brought against Nevada-based Polymer80, which makes so-called "ghost gun" kits in the U.S.According to the company’s website, it specializes in parts kits containing firearm parts, which includes unfinished receivers used to make privately made firearms. TOP HOUSE DEM FACES RENEWED ETHICS COMPLAINT OVER WIFE'S $1.5M STOCK PAYDAY "Ghost guns" on display at the headquarters of the San Francisco Police Department. (AP Photo / Haven Daley / File / AP Newsroom)Baltimore of...

Nearly half of Brits have financial regrets – with not saving more when they were younger topping the list, research has found. A study, of 4,000 adults, also found one in three wish they had started saving for a comfortable retirement earlier in life – with this rising to more than half among over-55s.And 28 percent regret not educating themselves more about money over the years, while 27 percent bemoan not planning their future finances more – and focusing so much on their short-term needs and wants.A quarter admitted not investing money was an error of judgment, while 23 percent would like a redo on periods of their lives when they lived beyond their means.In fact, 41 percent believe they are not yet financially comfortable as a result of these money missteps – and 37 percent feel th...

 Realtor.com chief economist Danielle Hale breaks down housing affordability on 'Maria Bartiromo's Wall Street.' Americans are choosing to remain in a living situation with their exes amidst the ongoing housing crisis, a move that experts say may prove emotionally taxing despite the potential financial benefits. "High housing costs are causing more couples to cohabitate despite the fact the romantic flames of their marriage have been extinguished," real estate broker Chuck Vander Stelt told Fox News Digital."I have had conversations with several divorcing couples who have been weighing options and looking to time the market. In the meantime, they are continuing to live together." Stelt believes the trend of cohabitation after divorce or breakups is growing as he has experienced an ...

High street bank Virgin Money is set to buy Abrdn's stake in their joint investment business for a cool £20m. This comes less than a year after it was introduced to customers.In 2019, Virgin Money teamed up with Abrdn to launch Virgin Money Investments. This service expanded its offerings beyond the usual savings and loans.They launched an online platform with a mobile app last April. This platform allows people to choose from a variety of investments.Later, they even added a new pension product which lets people start saving from just £25 a month. You can also move your existing pensions onto this platform.By the end of last year, Virgin Money Investments had managed assets worth about £3.7 billion. They also had more than 150,000 customer accounts.With around 6.6 million UK customers,...