Synopsis
The This is Money show is an entertaining and informative weekly look at the big money stories and investigations from the UK's best and most trusted source of independent financial news, information and advice.
Episodes
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Could you save enough to get financial independence?
24/07/2022 Duration: 01h01minFinancial independence and retiring early sounds great, but could you sacrifice enough of your spending to get there? The so-called Fire movement involves living a frugal live, saving as much of your income as possible – 50 per cent or more – and investing to build a pot to retire early on. Ideally, this needs to be 25 times your annual spending requirements, so that you can follow the 4 per cent rule on how much of your pot you spend each year. Advocates of financial independence will tell you that this requires giving up much of our modern-day consumer lifestyle but that it’s worth it in the end, as they can then live their lives on their own terms. Could you do this and would the This is Money podcast’s Georgie Frost, Lee Boyce and Simon Lambert be able to stomach the hardcore budgeting and saving it requires? On this podcast, the team discuss financial independence, its attractions and the drawbacks of getting there. And don't miss our second special bonus podcast this week, where Simon sp
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What will Boris's downfall, a new Prime Minister and Chancellor mean for the economy and our finances?
08/07/2022 Duration: 59minBoris Johnson finally came unstuck this week and resigned as Prime Minister after one scandal too many caught up with him. Whatever you thought of the PM - and he certainly has the ability to divide a room almost as well as he can entertain it - there is no doubt that this ushers in another bout of 'what next?' instability for Britain. The economy is struggling, an inflation crisis is in full swing and the Bank of England is raising rates into a recession, yet at the end of a tumultuous week we are not just down one Prime Minister but a Chancellor and aren't quite sure if the new man in the job will be sticking around very long. The new Chancellor, Nadim Zahawi, reportedly has designs of his own on the job next door at Number 10 and even if he makes an unsuccessful leadership bid, will a rival want him sticking around. On this week's podcast, Georgie Frost, Tanya Jefferies and Simon Lambert look at what the change in Prime Minister could mean for the UK's economy, businesses and households - and what a ne
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How to battle unfair charges from private parking firms… and win: The This is Money podcast
01/07/2022 Duration: 01h04minIn recent times, private parking firms have come under scrutiny from motoring organisations, the Government… and This is Money. Many motorists will have received a dreaded charge in the post and in some cases, unjustifiably so. If that’s you, it’s time to fight back. This week Georgie Frost, Simon Lambert and Lee Boyce take a look at whether private parking firms are playing fair. It comes as Lee received a third private parking charge in the post in four years, and for the third time appealed and had it magically cancelled. He explains his case and questions how he was issued the charge despite paying the correct amount and displaying the paid-for ticket in the windscreen. Also, is it fair to remove parking machines and replace them with apps? Halifax has been embroiled in a Twitter storm this week when it comes to pronouns and its bank branches – but what about the move to reduce new build deposits from 10 per cent to 5 per cent? Is it good news for first-time buyers? The energy price cap
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Is scrapping a mortgage stress test a wise move right now?
24/06/2022 Duration: 55minA mortgage stress test designed to stop borrowers overstretching themselves will be scrapped, it was revealed this week. The mortgage industry has long bemoaned this supposedly unrealistic test that makes lenders check if borrowers can afford their repayments at a level higher than the fix or tracker deal they may be taking, their lender's standard variable rate plus 3 per cent. Yet, isn't a bit of an odd time to finally get rid of this, just as interest rates are finally rising and the base rate has jumped from 0.1 per cent to 1.25 per cent in six months? What's more, it's forecast by some to keep rising and go as high as 3 per cent by the end of the year - meaning almost that entire 3 percentage point rise the stress test uses. On this podcast, Georgie Frost, Simon Lambert and Lee Boyce discuss why the Bank of England is doing this and whether it is the right move, or could lead to risky lending and even higher house prices? Also, on this episode the team discuss inflation and how to at least try to do
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How will rapidly rising interest rates affect you?
20/06/2022 Duration: 59minBase rate has gone from 0.1 per cent to 1.25 per cent in the space of six months, in a flurry of rate rising that would have been considered unthinkable a year ago. Yet, as the Bank of England delivered another 0.25 percentage point raise, voices were raised in some corners to demand why it hadn't gone further. Why not a 0.5 per cent jump or even a 0.75 per cent one, as the Fed had delivered in the US? With inflation running at 9 per cent and expected to head north into double digits, the onus is on the Bank of England to show it has a grip and we aren't heading back to the 1970s. But is rapidly raising rates the right thing to do and how will it affect savers, borrowers and investors? On this podcast, Georgie Frost, Lee Boyce and Simon Lambert discuss the case for and against rate rises and what the impact is for the economy and people. Mortgage rates have risen even faster than the base rate, so what can those who need to remortgage do - and will this sink house prices? The team assess the prospects f
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Are you saving enough for retirement? (And another state pension blunder)
12/06/2022 Duration: 52minWomen have already been hit by a huge state pension blunder in recent years, but now it seems the DWP is messing up again. After This is Money's Steve Webb and Tanya Jefferies exposed a £1billion women's state pension scandal, which emerged from a reader question sent in to his column, you'd think the Government would be keeping on top of payments. But it has turned out that more women appear to being told they aren't due the right amount, or in one case that we reported on this week anything at all. On this week's podcast, Tanya joins Georgie Frost and Simon Lambert to talk through the problems. Also, are we saving enough for retirement? Steve sounded a warning this week that auto-enrolment was lulling people into a false sense of security and said that employers need to do more. The team discuss what you can do to make sure you are putting enough into your pension and why the self-employed need to pay particular attention. Also on this episode, the investment themes that could run for years and make y
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How can you protect against holiday chaos this summer?
04/06/2022 Duration: 56minJust when you thought it was safe to go back on holiday... Britain descended into holiday chaos this week, as airlines cancelled hundreds of flights, airports struggled to cope and even Eurostar ended up with a day of disruption. For those who suffered at the hands of airline chaos, it was a harsh and unfair experience - with many of those travellers taking their first post-Covid trip abroad and others heading off for what were meant to be celebratory family events. Both airlines and airports let their passengers down - after all, they knew how many would be travelling, as they'd all booked tickets - and then got involved in a finger-pointing blame game with the Government. On this week's podcast, Georgie Frost, Helen Crane and Simon Lambert discuss where the blame lies for the disruption, what people's rights are if their flights are cancelled and what we can all do to protect ourselves if we hope to go away over the summer. Also on the podcast, the team talk about why some of the best mortgages are cur
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What would you do if you suddenly became super-rich?
27/05/2022 Duration: 44minSudden Wealth Syndrome. It's a thing apparently and something that many of us probably wouldn't mind suffering from. That's the term used to describe those who suddenly - and perhaps unexpectedly - come into a very large sum of money. And doing so brings plenty of benefits but also its own problems. Over the past week, we have heard about the couple who won £184million on the Euromillions, but what are the challenges they will face and how do you deal with that sum of money. We spoke to a number of experts about this and on this week's podcast Georgie Frost, Helen Crane and Simon Lambert discuss that they said - and why apparently going public is the right thing to do. The team also conjure up dreams of how they might use so much money, from the long-term, to the first thing they would do. Also on the agenda are the boost to the Premium Bonds prize fund and rate and whether this makes them a good option for savers and why buying a fixer-upper could end up costing you far more than a house that's already
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Is a recession inevitable as inflation hammers the UK?
20/05/2022 Duration: 45minInflation continues to surge, the Bank of England says there is little it can do to stall it but is raising rates any way, and at the same time is warning of a potential recession looming. It seems safe to say this isn’t the Covid recovery year that many people were hoping for: the longed-for bout of calm and optimism has turned out to be a cost of living crisis instead. So, with inflation now at 9 per cent and set to rise further and central banks swiftly changing their tune on low interest rates, is a recession inevitable? On this week’s podcast, Georgie Frost, Helen Crane and Simon Lambert take a look at what is driving inflation, whether there is anything the Bank of England can do, if it should have acted sooner and whether we can hope for a nice surprise with inflationary pressure subsiding quicker than expected. The new proposal for a four times a year energy price cap change rather than one every six months is also on the agenda, along with the sting in the tail that some say means energy
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Will rising rates stop the house price boom?
14/05/2022 Duration: 43minThe pandemic house price boom caught almost everyone by surprise and has continued to run for longer that most expected, but is it now about to end. Rising interest rates and the cost of living crunch are putting a serious squeeze on how much buyers can borrow - and that means they can't keep paying ever higher prices for homes. Meanwhile, stories are emerging of banks and building societies getting cold feet on some of the offers that ambitious buyers have had accepted and the lenders are down-valuing properties. What's a down valuation? When the bank or building says, 'we're sorry but that property isn't worth what you have agreed to pay'. Combine that with the best mortgage rates having more than doubled and you might finally have the recipe for the property market running out of steam. On this week's podcast, Georgie Frost and Simon Lambert discuss whether house prices can defy gravity once more. Also on the show, should you sign up to a savings platform to manage your cash in one place and hopefull
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Right to buy home revival: How could a revamped scheme work and is it a good idea?
06/05/2022 Duration: 51minMore than 40 years after Margaret Thatcher introduced Right to Buy, the current Prime Minister is considering plans to revamp the scheme. Could it unleash a home buying revolution and help give a much needed boost to the Government, or is it a bad idea rehashing an old scheme? This week, Simon Lambert, Lee Boyce and Georgie Frost discuss the plans, how it could work and why it may be unleashed in the near future. Would it be unfair to private renters? With ever increasing property prices, would people be able to purchase them? And what are the current Right to Buy rules? It's safe to say that green bonds, launched by National Savings and Investments last year, have been a damp squib. Rates on them are low, and a three-year fix is a relatively niche product. Just how far have they missed the mark and could the rate head higher again to make them more attractive? On the other hand, Premium Bonds continue to be an incredibly popular way to save. The two jackpot winners this month had huge sums
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What's the point in saving when inflation is so high?
29/04/2022 Duration: 51minIs there any point trying to save when inflation is so high? Interest rates are rising and savers can now get a far better return than a year ago, but compare those rates to inflation and they are losing even more money. So why bother? That's the question that Georgie Frost and Simon Lambert tackle on this week's podcast. From what the best rates are and where you can get them, to why you should avoid what Simon calls your bank or building society's 'insult account' – with a special mention for Nationwide - and how to turn a savings habit into an investing one that should hopefully get you a better return, the podcast team talk all things saving. Also on the agenda is the best places to start investing a small amount and why that has got so much easier in recent years. Simon shares a bit of behind the scenes knowledge on investing platforms and why they are pushing so hard for new investors – and gives some tips on getting started the easy way. But not everyone will be feeling like they have m
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What can we do to tackle soaring energy bills - and are providers playing fair?
23/04/2022 Duration: 01h06minMuch bigger energy bills are on their way to households for and a warning was sounded this week that there is much worse to come. Energy bosses told MPs that 40 per cent of households could end up in fuel poverty and raised the prospect of a ‘truly horrific’ winter, with the price cap tipped to rise another 30 per cent or more in October just as the heating goes back on. Energy firms are not responsible for the surge in gas and electricity prices but watchdog Ofgem warned that some may not be treating customers fairly on monthly direct debit payments. Meanwhile, This is Money has been contacted by reams of customers struggling to get incorrect bills fixed but being threatened with debt collectors by bullying energy firms. What can be done to help customers struggling with soaring bills? Will Rishi Sunak have to step in with more meaningful help than his £200 off now, pay it back later deal? Should wealthier customers subsidise the bills of the poorer? And how do we make energy firms get their act
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What to do in the mortgage crunch and will rates keep rising?
15/04/2022 Duration: 37minFor many homeowners it's been the case for some years that each time they remortgage, their rate comes down. But with the Bank of England liftng base rate three times in a matter of months, inflation soaring to 7 per cent, and banks and building societies hiking mortgage rates, that is no longer the case. It must be said that mortgage rates are still low by historic standards, but whereas borrowers with the biggest deposits or equity could fix for under 1 per cent last year, now they will be paying 2 per cent. Not much compared to the sky high rates of the past, but many homeowners can't bag these super cheap deals and will pay rates above 3 per cent. Again, these are low but rising and people may find the same mortgage now sets them back £100 a month more. What can borrowers do, will rates keep rising and how does inflation fit into all of this? On this podcast Georgie Frost and Simon Lambert look at the mortgage market and what's going on. Also on the podcast, is buy-to-let having a mini resurgence? Co
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Key April changes to your personal finances including NI hike and 'no fault' divorces
08/04/2022 Duration: 50minThis week has seen a number of changes to our personal finances in the wake of energy bill and council tax rises, along with a number of key utilities such as broadband and mobile contracts. It also marks the start of a new tax year and with it a National Insurance rise, a meagre state pension hike and the start of new 'no fault' divorce system. Georgie Frost, Lee Boyce and Helen Crane run through what these changes potentially mean for you and why they're important. Renting is set to become cheaper than mortgage repayments for the first time in 14 years according to a study. This could signal 'trouble ahead,' as the data shows that when this happens, often a recession follows shortly afterwards. We discuss why. The pandemic boom could also leave high-earning homeowners trapped and unable to move, if they've overstretched themselves to buy. They may be unable to remortgage as lenders consider their squeezed incomes during the cost of living crisis. And finally, with the energy price cap s
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Pension, Isa or Lifetime Isa: What's the best tax-friendly investment for you?
31/03/2022 Duration: 50minIt's the time of year when we are urged to put our money into an Isa or pension, but faced with the choice which should you pick? After all, most of us don't have the £52,000 needed to max out both (£20,000 into an Isa and £32,000 into a pension plus the £8,000 tax relief added). So, we must make a decision: take the upfront tax relief of a pension and that lovely boost to the money you pay in, but not be able to get the cash until at least age 55, or opt for the tax-free gains of an Isa and its flexibility, but no contribution booster. On this podcast, Georgie Frost and Simon Lambert look at the perks of each, where the drawbacks are and how you can make an informed decision. Plus, is the Lifetime Isa a better option for your hard-earned cash? Also, on the show, they discuss the child benefit mess and how many mums are missing our on vital state pension credits, whether Chase's bank account is now Britain's best, and how to work out if buying an expensive electric car might save you money.
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How to invest in an Isa - and become a smarter investor
29/03/2022 Duration: 36minInvesting in the stock market has been proven over time to be the best way to grow your wealth and doing so in an Isa can turbo-charge those returns. There’s no tax to pay on investment profits or dividends and that means the magic of compounding can work that bit harder – and when you draw on your investment Isa in future the money is tax-free. But what are the essential things you need to know about a stocks and shares Isa and investing in general, whether you are just getting started or an existing investor looking to spruce up their portfolio? On this special Isa investing podcast, Rob Morgan, chief analyst at Charles Stanley, joins This is Money editor Simon Lambert to discuss how to be a smarter investor. One thing investors must know is that this year’s £20,000 Isa allowance runs out in a week, on Tuesday 5 April, when the tax year ends. A fresh year’s allowance arrives on 6 April, but to make the most of the tax shelter it pays to make the most of each year’s allowance. Thinking about how yo
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Why would you cut tax and raise tax at the same time? The Spring Statement and what it means for you
25/03/2022 Duration: 49minWhy would you cut tax and raise the same tax at the same time? That’s been the slightly baffled response from many people to Rishi Sunak’s Spring Statement. Effectively, the Chancellor both cut and raised National Insurance – lifting the threshold it is paid at but ignoring calls to 'spike the hike' and ploughing ahead with the 1.25 per cent being added to rates. Bizarrely, the tax rate goes up in April, only for the threshold to rise and reduce bills shortly afterwards in July. And we wonder why people find tax taxing? On this week’s podcast, Georgie Frost, Lee Boyce and Simon Lambert dive into the detail of the Spring Budget to explain what the NI hike / cut means for you. Depending on their earnings some will be in the group paying more than now and some will pay less? The team also look at the other measures in the Spring Statement and whether a 5p petrol duty cut and some money off solar panels really cuts the mustard in the face of a cost of living crisis. The Office of Budget Responsi
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Is raising interest rates the right move and will it slow inflation?
18/03/2022 Duration: 38minIt's a hat trick. After all those years of waiting in vain for a rate rise after the financial crisis, now the Bank of England has the wind in its sails and has raised rates three times since December. The shift up in the base rate to 0.75 per cent hardly takes rates into the stratosphere but moving from 0.1 per cent to here in four months stands at serious odds with the lower for longer mantra that dominated the past decade and a bit of central bank thinking. It's being done to combat inflation that's now forecast to hit 8 per cent (or maybe higher admits the Bank). The irony is that interest rate rises will do little to tackle imported inflation. So is the Bank making the right moves? Is it right to try to crack down on inflation now, or is it putting the Covid recovery at risk? And what does this mean for savers, borrowers and investors? On this week's podcast, Tanya Jefferies, Georgie Frost and Simon Lambert discuss the rate hike - if you can call a quarter point rise a hike - and how much more of thi