Money blog: Nando's and Five Guys drinks policy could be banned in part of UK (2024)

By James Sillars, business reporter

A strong US stock market rally today is being described as a "Trump bounce".

Market commentators credited the prospect of a big sympathy vote for the former president-turned presidential hopeful after the failed assassination attempt at the weekend.

As such, investors were pricing in a greater chance of him winning a second term in November.

The S&P 500 and the Dow Jones Industrial Average both hit new record highs as hopes grew for investor-friendly policies ahead, such as extended tax cuts and looser regulation.

Trump Media & Technology Group was one of the most actively traded shares.

They were up 34%.

On this side of the Atlantic, the FTSE 100 was on course to close about 0.8% down.

Burberry was the biggest faller, down 16%, following a weak trading update that prompted the luxury brand to cancel is dividend.

The Welsh government is considering restricting free refills of sugary soft drinks in restaurants - potentially impacting fans of Nando's, Five Guys, Pizza Hut and Popeyes.

It has launched a consultation in an attempt to encourage people to make "healthier choices".

Eluned Morgan, Labour cabinet secretary for health and social care, said more than 60% of the population is "living with obesity or overweight".

She is proposing a "package of measures to improve the health of our food environments across Wales".

It is proposed that retailers be prohibited from placing HFSS products (high in fat, salt and sugar), in areas such as aisle ends and checkout/queueing areas.

There could also be restrictions on promotions.

Restaurants would be exempt from price and location promotions, "except in the case of free refills of sugar-sweetened beverages".

It is being proposed that "failure to comply with an improvement notice" could result in the "option of issuing a fixed monetary penalty of £2,500".

Grandparents in Sweden are eligible for paid parental leave under a new law aimed at extending childcare benefits beyond children's immediate family.

The programme, launched at the start of this month, allows parents to transfer a portion of their parental leave days to other caretakers, including grandparents.

The law enables single parents to transfer up to 90 days of paid leave to other caregivers and a parental couple to transfer up to 45 days, according to the Swedish government's Social Insurance Agency.

This comes 50 years after the country became the first ever nation to introduce paid parental leave that could be split between both parents - and many countries, including the UK, copied.

Dozens of tonnes of fake olive oil worth more than €900,000 (£757,000) have been seized in Italy.

Authorities confiscated a total of 71 tonnes of the "oily substance", with 42 tonnes of it boxed and ready to be sold as Italian extra virgin olive oil, one of Italy's biggest national police forces said.

Seven people were allegedly behind the counterfeit goods, with the Carabinieri accusing them ofcriminal conspiracy, adulteration of food substances intended for marketing, fraud in public military supplies and adulteration of food for export.

"During the operations, several boxes and warehouses used by the suspects were searched, seizing 71 tonnes of oily substance, contained in plastic tubs and cans of various sizes," it said.

Equipment used for packaging and distribution, including 1,145 customs excise duty stamps and labels claiming the oil was "extra virgin", have also been taken by officers.

The investigation comes as the price of olive oil continues to soar in the UK - the cost of a 500ml bottle has risen from £6.16 in May 2023 to £8.60, according to the latest data.

The Money team has previously found a bacterial disease, criminal gangs, changing weather patterns and Brexit have all played a part in the increases.

You can read more about our olive oil investigation from earlier this year below...

ByBrad YoungandKatie Williams, from the Money team

As we reported in our markets update below, the pound has held its recent gains against the dollar, with one pound buying $1.2982. It's also at a near two-year high against the euro - £1 equals €1.1912.

So, this could be the perfect time to buy your holiday money.

Recently, we spoke with three travel experts to find out when, where and how to pay abroad in order to make the most of your pound.

CREDIT CARD

"Thecheapest way to spend overseas is often on plastic, if you've got the right plastic," said James Jones, head of consumer affairs at Experian.

"Using credit and debit cards can be a great way to get the very best exchange rates."

He said rates offered by currency exchange shops are usually "much less attractive" than those offered on some cards, which were much closer to the rates the banks use themselves.

Fees could wipe out any gains

But it's essential to be aware of things like non-sterling transaction fees, cash withdrawal fees and credit card interest.

So shop around for a card with travel rewards, Mr Jones said - and do this before your trip.

"You probably need to give yourself, ideally, six weeks."

Extra protection

When you book a trip between £100 and £30,000, try and pay for some of it on a credit card to get "extra protection" under section 75 of the Consumer Credit Act, said Mr Jones.

That means the card provider is jointly responsible with the retailer if something goes wrong, such as arriving at a hotel only to find it has closed down.

If you are using a credit card, make sure you are can pay it off in full to avoid interest charges, said Sean Tipton from the Association of British Travel Agents (ABTA).

One trap you must not falling into

An increasingly common trap when paying with card (credit or debit) is being presented with the option to pay in the local currency or in pounds, said Mr Jones and Mr Tipton.

While paying in sterling might "seem like a wonderful convenience" you will ultimately be paying "quite a bit more for the purchase", Mr Jones said.

If you pay in pounds, the local retailer's bank sets the exchange rate, but if you pay in the local currency, your UK bank sets the rate.

DEBIT CARDS

"Some service providers don't apply fees for overseas use on their regular UK debit cards," says Moneyfacts - but you must always check as some incur big fees.

Alternatively, "some service providers offer specialist travel debit cards that don't impose non-sterling transaction fees and cash withdrawal fees".

PREPAID TRAVEL CARDS

If you're looking to avoid a credit check, prepaid cards can be loaded with multiple currencies and work like a debit card, without being connected to your bank.

"Typically, prepaid travel cards will offer competitive or even no charges for foreign usage, which can make them a cheaper alternative to using a normal credit or debit card while on holiday," says MoneyFacts.

One of the most popular prepaid cards, Revolut, uses its own exchange rates, which might not always be the best you can find - and while it is fee free on weekdays, there are charges at weekends, so do your research.

Also be aware - prepaid cards do not offer purchase protection like a credit card and aren't regulated by theFinancial Conduct Authority.

CASH

"Don't rely solely on a card - it can backfire on you if you do," said Mr Tipton.

Some taxis only take cash, leaving you to face hefty charges withdrawing from an ATM.

In some countries, like Argentina, it can be difficult to get money out of ATMs without a local bank account, Mr Tipton said.

Mr Jones added: "If you're in a very remote part of the world that actually doesn’t have many ATMs and maybe where cash is king, then that might dictate what you need to do."

Where and when to get cash

"I'd strongly recommend [to] get some cash out in the UK," said Mr Tipton.

It can be difficult to find a bureau de change in some developing nations, and ATMs have "started introducing quite hefty charges" across the board, he said.

The exceptions are countries with really high inflation rates, where it may make more sense to get cash out when you arrive, he added.

When to exchange currency really depends on the destination, saidLaura Plunkett, head of travel money at the Post Office.

"Exchange rates change frequently, so if you have time, do your homework and lock in a rate when it is good."

What is a good exchange rate for Europe?

Some 80% of British holidays abroad take place in the Eurozone, said Mr Tipton.

The rate has remained "fairly stable", but if you see the pound increasing in value that may be the time to buy a larger amount of Euros for a couple of years in advance, he added.

Mr Tipton said 1.2 to the pound is a "pretty healthy" time to buy, but "it is a bit of a lottery".

Every year the pound gets stronger against the South African rand, and the same in Argentina, where the peso is "unbelievably weak", Mr Tipton suggested.

In store or online?

"Most online suppliers will insist on a minimum order value that might be too high for some people, and you'll have to make sure that you're home for when it's delivered," said Ms Plunkett.

"But typically, rates are better online if that's an option for you."

By Sarah Taaffe-Maguire, business reporter

Burberry has ousted its chief executive and announced the appointment of a new CEO this morning.

The move came as the luxury British fashion brand scrapped shareholder payments and reported a "disappointing" financial performance and a "more challenging than expected" business transition.

The company said it expected to make a loss in the first half of the year if current trends persist, as previously identified weakness had "deepened".

Taking up the reigns is former Michael Kors boss Joshua Schulman.

Following the update, Burberry's share price was down 12.5%.

The index Burberry is a constituent of, the FTSE 100, was down 0.4%, as was the larger FTSE 250 which comprises more UK companies listed on the London Stock Exchange.

The price of oil, as measured by a barrel of Brent crude, is slightly lower than it has been for most of the past four weeks at $84.79 a barrel, but it is still above May and June prices.

The pound has held its gains against the dollar, with one pound buying $1.2982. It's also at a near two-year high against the euro - £1 equals €1.1912.

After the assassination attempt on former president Donald Trump, the cryptocurrency Bitcoin enjoyed another steep rise, though is still below the all-time high reached in March.

A box of Celebrations has been quietly shrunk.

It doesn't quite mean Christmas is cancelled - but there may be even more bickering than usual as there'll be on average five fewer sweets to choose from.

We mentioned that the shrinkage had been implemented quietly - firms don't usually advertise these things and instead we got wind of the 600g box becoming 550g via a warehouse worker who posted this on X...

The Money team contacted Mars Wrigley for comment - we haven't heard back but when approached by The Grocer,a spokeswoman said the business had "been actively trying to find ways to absorb the rising costs of raw materials and operations".

"Unfortunately, the growing pressures mean more needs to be done.

"Reducing the size of our products is not a decision we have taken lightly but it is necessary for shoppers to still be able to enjoy their favourite Celebrations treats without compromising on quality or taste," she added.

Mars Wrigley has also shrunk the tub itself, she said, "to reduce the plastic used in the packaging by 17%."

On whether the cost of a box would come down, the spokeswoman said: "Pricing is at the sole discretion of the retailer."

It would seem fairly pointless to shrink the product because of rising costs and then also reduce the price - but let's see.

The Grocer has pointed out that Mars Wrigley has shrinkflation form in recent years - impacting Twix, Maltesers, Galaxy bars and Starburst.

Barclays has launched a £175 incentive for new customers to bank with them.

The cash can be claimed by switching to a Barclays Bank Account or Premier Current Account by 30 August.

But the majority of switchers will have to pay a £5 monthly fee to be eligible.

In order to qualify for the free cash with a Barclays Bank Account, customers must pay for a Blue Rewards subscription in the Barclays app.

The recently revamped Blue Rewards comes withApple TV+, a Major League Soccer season pass and cashback incentives.

Still interested? Then you need to use the current account switch service, pay in at least £800 and move over at least two direct debits.

The alternative is to open a Premier Current Account, which is only available to those with an income of £75,000 or at least £100,000 in savings or investments with Barclays.

Every Monday we get an expert to answer your money problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...

iD Mobile has placed a default on my credit record for a £16 debt that I didn't know I had. I cancelled the direct debit for my £3.99 per month SIM but they accumulated £16 without me knowing because I had stopped using the phone, their emails went in my spam folder and I didn't get a letter.As soon as I learned about the debt I paid it off but the default is stopping me from getting a mortgage. Are they allowed to do that? Can I get the default removed?

Caitlin

In a bid to help Caitlin resolve this issue, we first went to iD Mobile for their version of events.

They gave us a timeline of the action taken:

25 August 2023 - text sent confirming direct debit was cancelled and warning this can lead to missed payments and extra charges

31 August 2023 - text sent asking for immediate payment of £3.99 and saying account was suspended due to missed payment

2 September 2023- Final demand letter sent

26 September, October and November 2023 - texts sent reminding customer their payment was due

17 December 2023 - Account was disconnected and default was reported to the credit reference agencies

20 February 2024 - The balance was paid

21 February 2024 - Credit reference agencies told default can now be marked as settled

7 May 2024 - Subject Access Request for all data relating to the debt received and completed on 28 May

We asked the Complaints Resolver, Scott Dixon, to take a look at this case to outline what Caitlin could do. He said the timeline above put her question in a "completely different light" - and "firms have rights as well as consumers".

"Cancelling a direct debit does not terminate the contract. It merely stops the payment. You should always put a cancellation request in writing and adhere to the T&Cs you have signed and agreed to," he said.

ID Mobile terms and conditions state: With 30-day SIM only contracts, you have the flexibility to change or cancel your plan at any time, after your first month with us.

Scott said: "You should have cancelled the contract and plan via the iD Mobile app, online account or by live chat."

Data Subject Access Request

Scott went on: "A Subject Access Request (SAR), which you now seem to have done, would reveal all communications made by SMS, email and post and if any errors were made before recording the default.

"This would prove whether iD Mobile has followed due process and adhered to their timeline of events.

"Reading the timeline of events and presuming it's correct, iD Mobile are allowed to record a default, which has since been marked as settled.

"You can only get a default removed if you can prove it was an error and the provider gives permission for it to be removed.

"iD Mobile has set out its final position and says it was not a mistake."

What to do next?

As the issue relates to just £16 and has been marked as settled, but in the absence of proof that it was an error, there's one more avenue, Scott said.

"She can contact credit agencies like Experian and get a 'notice of correction' put on her credit file to explain it in more detail to help lenders understand the background to it if it's incorrect," he explained.

"You need to stress that the debt has been settled and it was an honest mistake which was remedied at the earliest opportunity.

"Obtain a copy of your credit record afterwards to see that the appropriate action has been taken.

"I would have an open conversation with any lender in advance once this has been remedied to pre-empt any future issues on loan and mortgage applications. As time moves on, it becomes less important to lenders."

Any other options?

You can also refer your case to the Communications Ombudsman.

"The ombudsman will review your dispute based on the information submitted by both parties before making a fair and impartial decision. They look at the supporting information, the law, any relevant regulation and what is accepted as good industry practice," Scott said.

"When you receive their decision, both you and the provider will have the opportunity to review it. If you decline their decision, you are free to pursue the dispute with your provider in court.

"It may not be worthwhile or viable in this case over such a trivial amount.

"If the decision goes in your favour and you accept it, the provider has up to 28 days to implement the proposed remedy."

What did iD Mobile say?

Providing a statement to the Money team, iD Mobile said our reader's complaint had not been upheld

"Although we can understand the impact this has had on our customer, we have assured that all processes were followed correctly and the default on our customer's credit file is accurate," it added.

This featureis not intended as financial advice - the aim is to give an overview of the things you should think about.Submit your dilemma or consumer dispute via:

• The form above - you need to leave a phone number or email address so we can contact you for further details
• Email news@skynews.com with the subject line "Money blog"
• WhatsApp ushere

The Money blog is back for another week of consumer news, personal finance tipsand all the latest on the economy.

This is how the week is shaping up...

Monday: This week's Money Problemfocuses on a credit default affecting a mortgage application - due to a £16 unpaid mobile phone debt.

Tuesday: We're concluding our eight-partWomen in Businessfeature - interviewing women who are bossing their industry. And this week'sBasically...explains everything you need to know about bankruptcy.

Wednesday: Inflation data for June is released, with predictions it could fall below the 2% target. The numbers could impact the timing of a base rate cut. And we are in Liverpool for this week'sCheap Eats, where Michelin chefs reveal their favourite spots to get a meal for two for less than £40.

Thursday: Savings Championfounder Anna Bowes will be back with her weekly insight into the savings market.

Friday: We'll have everything you need to know about the mortgage market this week with the guys from Moneyfacts.

Running every weekday, Money features a morning markets round-up from theSky News business teamand regular updates and analysis from our business, City and economic correspondents, editors and presenters -Ed Conway,Mark Kleinman,Ian King,Paul KelsoandAdele Robinson.

You'll also be able to streamBusiness Live with Ian King onweekdays at 11.30am and 4.30pm.

Bookmarknews.sky.com/moneyand check back from 8am, and through the day, each weekday.

The Money team is Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young, Ollie Cooper and Mark Wyatt, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.