Money blog: Big supermarket wants to rival Aldi and Lidl with 400 new convenience stores (2024)

Drivers are being warned this week's heatwave brings risks of an unexpected £180 bill.

Car mechanics from Prestone said the hot weather could cause significant damage to windscreens - meaning you'll have to shell out for a replacement.

"Slightly counterintuitively, it isn't the heat directly that causes damage, it is the fluctuation in temperature that could cause damage," they said.

"When this happens to brittle materials such as glass, it can cause them to explode or crack; this is called thermal shock. To stop your windscreen from accumulating a lot of heat, avoid parking in direct sunlight. Consider parking under a tree, in a garage or other forms of shade."

Deliveroo shares have risen following reports US rival Doordash held takeover talks with the business.

Doordash flagged an interest in taking over the UK's Deliveroo last month, but talks ended as the two sides couldn't agree on the value of the deal, according to Reuters news agency.

The London-listed company's share price jumped by 6% to 136p this morning, although later eased to 3.7% higher.

Deliveroo has seen its value fall by more than 50% since debuting on the stock market in March 2021.

New details have been unveiled for Universal's first UK theme park - including plans for the attraction to be open 365 days a year.

Universal Destinations & Experiences - which is owned by Sky's parent company Comcast - has bought land near Bedford as itplans to buildEurope's largesttheme parkwith millions of visitors per year, as well as a 500-room hotel and dining area.

Read the full story here...

The building society is the latest to slash rates, after HSBC yesterday and Barclays on Monday.

It will be lowering two, three and five-year rates by up to 0.21% tomorrow.

It follows a reduction in swap rates - which dictate how much it costs lenders to lend.

So what does this mean for the market more broadly?

Here's what the experts told Newspage...

Emma Jones, managing director at Whenthebanksaysno.co.uk:

"They're falling like dominoes now. Things are suddenly looking considerably brighter for the property market as we enter the second half of the year. Enquiries are up sharply this week, which suggests the improved weather may also have lifted spirits and confidence."

David Stirling, independent financial advisor at Mint Mortgages and Protection:

"We've not exactly hit the bargain basem*nt for borrowers just yet but the competition for new business from the banks has definitely heated up this week. For some the Bank of England decision in August is very hotly anticipated and could hopefully lead to an incredibly busy autumn."

Dariusz Karpowicz, director at Albion Financial Advice:

"While these minor decreases are certainly a step in the right direction, the average rate for a two or five-year fix remains high. It's good to see rates moving down, but let's not get carried away. There are still too many unknowns on the horizon. The upcoming election, fluctuating house prices and geopolitical uncertainties all add layers of complexity to the market."

No one could have failed to notice the rocketing price of olive oil over the last couple of years - and it's been just as bad in Spain, where it is an integral part of the Mediterranean diet.

The Spanish government has now said it will temporarily ditch the sales tax on olive oil to help consumers cope.

Spain is the world's leading producer and exporter of olive oil, and last year Spanish households consumed an average of six litres per person.

However, the country's agriculture ministry says prices have surged by 272% since September 2020.

The Money team wrote this piece in March about why that's happening...

The Spanish government had already cut the sales tax on olive oil from 10% to 5% as part of an anti-inflation package.

Now they've said no sales tax will be applied from July until September, when it will be taxed at 2% until the end of the year.

From then on, it will be taxed at 4%.

Spanish treasury minister Maria Jesus Montero said the decision reflects "the importance of olive oil in the Mediterranean diet and a healthy lifestyle".

The "Oscars of the aviation industry" has taken place and Qatar Airways has come out on top.

Qatar Airways was named the overall winner, as well as first in the business class, business class lounge and Middle East categories, at Skytrax's World Airline Awards last night.

It's the eighth time it has been awarded the best in class.

Last year's winner, Singapore Airlines, came second, followed by Emirates, ANA All Nippon Airways and Cathay Pacific.

British Airways was the highest-ranking UK airline in 13th place.

Europe's best airline was named as Turkish Airlines, while the continent's top low-cost airline was Spanish company Volotea.

The rankings are based on airline passenger satisfaction surveys across more than 100 countries between September 2023 and May 2024.

Other notable names to make the top 100 were: Ryanair (63), easyJet (66), Jet2.com (68) and Tui Airways (83).

These are the airlines that made the top 20:

1. Qatar Airways
2. Singapore Airlines
3. Emirates
4. ANA All Nippon Airways
5. Cathay Pacific Airways
6. Japan Airlines
7. Turkish Airlines
8. EVA Air
9. Air France
10. Swiss International Air Lines
11. Korean Air
12. Hainan Airlines
13. British Airways
14. Fiji Airways
15. Iberia
16. Vistara
17. Virgin Atlantic
18. Lufthansa
19. Etihad Airways
20. Saudi Arabian Airlines.

By James Sillars, business reporter

Two issues are dominating the behaviour of investors at the moment: US inflation and the snap parliamentary election in France.

Uncertainty over the two has been driving a topsy-turvy performance on stock markets as any scrap of evidence over the potential timing of a US interest rate cut is seized upon.

A sticky inflation picture across the pond – as we have witnessed here – has pushed back Federal Reserve and therefore market expectations for a reduction in borrowing costs.

The next big number awaited is the latest personal consumption expenditures price index, a closely watched inflation indicator at the US central bank.

A weaker than expected number could see a boost for shares globally after a volatile few weeks.

Following a 0.4% decline yesterday, the FTSE 100 opened 0.4% up at 8,285.

Among the wider shares doing well were those of AO World, up more than 3%.

The online electricals retailer raised growth targets for its current financial year after profits over the 12 months to the end of March beat market expectations.

The pound and dollar have benefitted amid struggles for the euro over the past couple of weeks.

Much of that has been down to election speculation in France where Marine Le Pen's National Rally (RN) is leading first-round polling.

The election was called by President Emmanuel Macron after RN's strong gains in the recent European elections, sparking a renewed market focus on the French economy and the potential knock-on effects for the euro area.

France has a debt to GDP ratio of 110%, meaning its debt is more than the value of its annual output.

There is a budget deficit of 5%. EU rules allow for just 3%.

The market's worry, according to analysts, is that if the far-right RN were to win big in the first round, then voters may take a tactical turn to the left in the second.

It is a concern for France and the wider euro, they said, because a left-wing alliance influence in government would seek even greater public spending commitments than RN has made.

French government borrowing costs have soared since the election announcement.

Earlier this month, the risk premium France pays for its debt on top of Germany's neared levels last seen in 2012.

Quorn has been known for decades as a producer of meat-free alternatives - but in a new venture, it will be blending actual pork sausages with fake meat.

The company has said it wants to reach consumers who are cutting down on their meat consumption but who are not going entirely vegetarian or vegan, according to a report in The Grocer.

The new products include burgers and sausages, and will contain Quorn's mycoprotein blended with meat.

They will be available by the end of the year within the NHS and from some food service operators.

Marco Bertacca, Quorn's chief executive, told the publication that appealing to meat eaters "represents the majority of people, and so it is a massive opportunity to decarbonise part of the food system and improve public health".

"Once upon a time we were effectively competing with the meat industry – only making products that were alternatives to theirs, and encouraging people to switch," he said.

"There have been attempts in the past to make products like burgers and sausages with a blend of meat and plant-based ingredients like soya and pea protein, but the products have not delivered for consumers."

It told Sky News that it is still in the development stages of its catering partnerships but it has had "fantastic" feedback on the quality of the products and impact on sustainability targets so far.

Livestock farming accounts for about 15% of global greenhouse emissions, according to FAO data.

Every Wednesday we ask Michelin chefs to pick their favourite Cheap Eats where they live and when they cook at home.This week we speak to the highly celebrated Shaun Rankin from Michelin-starred Shaun Rankin at Grantley Hall - who won the Great British Menu dessert course in 2009.

Hi Shaun, can you tell us your favourite places in North Yorkshirewhere you can get a meal for two for less than £40?

North Yorkshire is bountiful in its selection of brilliant places to dine and we're incredibly lucky to have so many eateries on our doorstep.

My first recommendation would be the Blue Lion, a traditional country pub nestled within the picture-perfect village of East Witton in the Yorkshire Dales. Enjoy a scenic walk through the surrounding countryside before stopping off for lunch – their light lunch menu includes personal favourites such as croque madame with a rocket salad and Black Sheep-battered fish and chips.

If you're heading in to explore the characterful charm of Ripon, a trip to Oliver's Pantry is a must. They do great coffee alongside a delicious all-day brunch, an array of sweet treats and their seasonal lunch menu packed with fresh homemade dishes.

What's your go-to cheap meal at home?

Chicken pesto pasta with mushrooms and broccoli - a delicious, easy dish to prepare and packed with nutrients.

My tip for this dish is to buy a whole chicken and roast it whole – it's so much more cost-effective than buying chicken breast or thigh, and you can enjoy several meals from just the one bird. With the leftovers I'll prepare a simple soup by making a chicken stock from the carcass, or perhaps a comforting bowl of chicken egg fried rice with the meat, so nothing is wasted.

We've spoken to lots of top chefs and bloggers - check out their cheap eats from around the country here...

Those looking to drive to polling stations can park for free this general election.

JustPark are offering drivers 30 minutes of free parking near polling stations on 4 July.

They will need to pre-book online or via the JustPark app, however.

"We believe that everyone should have the opportunity to vote, but know that on the day it isn't always that straightforward," Mary Corrie, managing director of Just Park UK, said.

"By offering free parking on election day, we hope to make it easier for all voters, especially those with mobility issues or who are short on time, to find a place to park near their polling station.

"This is the second time we have offered this service, following its great success in the 2019 election, and we are confident it will help to get people to the polls once again."

EDF and Utilita have been ranked the worst suppliers for customer service, as ratings across the industry reached their lowest point, according to Citizens Advice.

One of the highest-scoring suppliers this time last year, EDF fell to the very bottom of the table after its average call waiting times jumped from just under a minute to more than five minutes.

Average customer ratings between January and March for all firms fell by 10.5% compared with the same period in 2021.

"Citizens Advice has long called for Ofgem to be given stronger powers to hold suppliers to account on customer service. That must include tackling the complaints backlog before next winter," said Citizens Advice chief executive Dame Clare Moriarty.

At the bottom of the table, both Utilita and EDF scored 2.1 out of five stars, followed closely by British Gas on 2.4.

Dale Vince's Ecotricity topped the rankings with 3.8, followed by Outfox the Market and Ovo Energy, both scoring 3.3.

Among the other big suppliers, E.ON Next scored 3.0, Scottish Power 2.9 and Octopus 2.5.

An EDF spokeswoman said: "We recognise our call answer times haven't been up to the high standards we set ourselves and we're committed to doing better."

The company has recruited and trained more people at its Sunderland, Brighton and Exeter offices, she said.

She added EDF were nearing the end of a "complex transfer of our residential customers to a new IT system, resulting in more customers getting in touch as we navigate this process".

Utilita said: "We must not underestimate how savvy consumers are today. They will realise the star rating contradicts other market-wide supplier assessments – including those of Ofgem, Trustpilot and Which? – where Utilita performs consistently well.

"As such, we look forward to ongoing dialogue to close the gap between the perception the Citizens Advice star rating gives, and the reality other rankings provide."