THE boss of Next says the retailer has been in its best position for seven years – and the omens are good for British shoppers too.

As well as profits rising, CEO Lord Wolfson said wages are now rising above inflation, which would be good news for the economy and the high street.

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He also assured customers that prices would not rise, that there were no plans for store closures and indicated that inflation was falling across the board.

“It’s been a long time since we started a year in a more positive frame of mind,” said Lord Wolfson.

“This year is not without risks, but it is nothing like the guaranteed headwinds of the past seven years.”

The number of Next customers who default on credit purchases has also remained the same over the past four years.

Lord Wolfson said this suggested the British had been better at managing debt than any city bank had predicted.

The company saw a bigger-than-expected rise in pre-tax profits of 5 percent to £918 million, while revenues rose 9.1 percent to £5.9 billion.

Shares rose 568p, or 6.6 per cent, to a record high of £90.78 yesterday.

The company’s valuation of £11.54 billion means it is now worth more than double that of rival Marks & Spencer – despite the latter’s recent revival.

And its success is at odds with the work of failed retailers including BHS, Topshop, Debenhams, Dorothy Perkins of Oasis and Warehouse – who failed to keep pace with changing consumer tastes.

Next has used its advantage as a catalog retailer – with warehouses and websites – to boost online sales, and the company is targeting further growth, with £216 million in technology investment this year alone.

It is also building a new warehouse that could add a third of additional online capacity.

Brands bought by Next, including Fatface, Cath Kidston and Reiss, have expanded their portfolio choices to consumers.

It also plans to expand further internationally.

Next now makes 25 percent of its online revenue from sales of other brands – prompting Lord Wolfson to admit it has been operating ‘like a department store online’ for years.

NO BAN BEN & JERRY

UNILEVER’s plans to spin off its ice cream division may face a brain freeze as the Ben & Jerry’s board has defiantly pledged to continue its political activism.

Ben & Jerry’s – founded by Ben Cohen and Jerry Greenfield – is known for its progressive message, with its ‘Save Our Swirled Now’ flavor tubs promoting action on climate change.

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However, the country has been criticized for wading into global politics, demanding a ceasefire in Gaza, refusing to sell ice cream in the West Bank and accusing President Biden of “fanning the flames of war” in Ukraine .

Ben & Jerry’s has an independent board of directors as part of its 2000 takeover of Unilever, but Unilever now wants to take Ben & Jerry’s as well as its Walls, Magnum and Cornetto brands public.

The board said yesterday that it has “ensured that Ben & Jerry’s continues to be at the forefront of a variety of social issues… Unilever’s intention to create a standalone ice cream company does not change the terms of the merger agreement.”

NO VIRGIN VOICE

NATIONWIDE has said it will not give members a vote on its £2.9 billion takeover of Virgin Money.

Instead, the partnership to create Britain’s second-largest mortgage and savings provider will go ahead if three-quarters of Virgin Money’s investors vote in favor.

Former Pensions Minister Baroness Altmann has joined calls for Nationwide to give members voting rights.

She said: “The whole beauty of a mutual society is that it is run in the interests of its members, who also have the right to vote.”

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GAMES WORKSHOP, the maker of fantasy figures and table games, has increased its dividend to 105p per share after reassuring investors that trading exceeded expectations.

The £3.39 billion company is to turn its Warhammer 40k franchise into a TV series.

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£100 million LINE CUTTING

DIRECT LINE’s new boss has unveiled a £100m cost-cutting plan as he defends the insurer’s independence.

The company earlier this month turned down a £3.1 billion takeover attempt from Belgian rival Ageas.

Now Adam Winslow, who took over a few weeks ago, insists the company, which also owns Churchill, has “turned a corner”.

He did not rule out job cuts, but said the savings would come from tight marketing budgets and the use of technology.

The company made a profit of £277 million, after a loss of £302 million.

WAITROSE JOBS AX threatens

WAITROSE is putting more than 500 jobs at risk – just a week after the retailer warned more cuts were on the way.

The upscale grocer is to close a delivery warehouse in Enfield, north London, which opened just four years ago.

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A spokesperson said: “With rental costs at Enfield increasing, we are considering closing the site.”

During lockdown, supermarkets rushed to open more warehouses amid an online shopping boom.

But as shoppers return to stores in droves, grocers are cutting costs.

Amid reports that the John Lewis Partnership could cut 11,000 jobs over the next five years, chairman Dame Sharon White has refused to impose a target on the workforce.

Last week she said there will be “less need for some roles in some areas in the coming years”.

The employee-owned retailer has denied its staff another bonus this year.

BIG APPLE lawsuit

APPLE has been hit with a US lawsuit accusing it of undermining competition by making third-party products work worse on its devices.

The US Department of Justice says Apple “suppresses innovation, harms producers and workers, and increases costs for consumers.”

Apple has said the lawsuit is “false on the facts and the law” – but shares in the iPhone maker still fell more than 3.5 percent yesterday.

BP’s new boss has pocketed an £8million pay package after the oil giant’s profits soared.

The huge award for Murray Auchincloss shows “the sickening reality of our broken energy system”, say angry campaigners.

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Alice Harrison, campaign director at Global Witness, said his huge reward “stands in contrast to the millions of Britons living in energy poverty”.

Mr Auchincloss received the record sum after BP posted its second biggest profit in a decade – at a whopping £11 billion.

It comes as energy prices still remain high after Russia’s invasion of Ukraine.

He was confirmed as BP CEO in January after being dropped on a temporary basis last September.

He has now received a 20 percent pay increase and a 283 percent increase in benefits, which also includes safety protection.

BP’s annual report shows that pay is 103 times greater than what the average employee earns.

Mr Auchincloss replaced disgraced chief Bernard Looney, who was shown the door of BP after misleading the board about the extent of his personal relationships with colleagues.

The oil giant said the former chief executive has forfeited shares worth around £29m.

And it has already recovered £2.8m in salaries and bonuses.

It’s fresh every day

HELLOFRESH says consumers with little money are moving away from meal boxes.

The business, which boomed during lockdowns, reported a six percent drop in customer numbers.

Shares fell 48 percent on the Frankfurt stock exchange yesterday after it cut its full-year forecast.

A bad match

MIKE Ashley’s Frasers Group has been pushing luxury online retailer Matches Fashion is going into administration – just three months after buying it for £52m.

Frasers said it is too expensive to turn around the loss-making business.

Luxury retailers are suffering as even wealthy shoppers cut back.

THOUSANDS of Greggs employees will receive a bonus of more than £700 after the baker made record profits last year.

The high-flying chain will split £17.6 million between 25,000 employees who have worked there for at least six months.

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The baking giant has shared ten percent of its profits with staff since the 1970s – and saw those profits rise by a quarter last year to £188.3 million.

Turnover at the value-driven company, which aims to increase its store count from 2,473 to 3,000 over the next five years, rose by a fifth to £1.8 billion.

The company has three 24-hour drive-thrus and 24-hour airport stores.

It plans to open a factory in Derby, creating around 1,000 jobs.

Nineteen in twenty Brits can recognize the blue and yellow square logo and Ed Sheeran, Stormzy and Olly Murs are fans.

Boss Roisin Currie said the staff bonus, which varies depending on length of service and hours, would be included in this month’s wages.

She explained that the success that led to this was partly down to Greggs’ awards.

Ms Currie added: “The cost of living crisis has affected more people than previously thought.

“People were looking for value for money and that’s what Greggs offers.

“I think the snobbery (about Greggs) has decreased.”

She said the company, which started in Newcastle in 1939, focused on making “at least 30 percent of its range. . . healthy food”.

She promised “more explosive flavours”, with spicier additions to the menu, after food researchers concluded Britons’ tastes were changing.

EVERYTHING is black or white for Newcastle United’s managers: you’re either a messiah or you’re a bum.

Kevin Keegan, Sir Bobby Robson and Rafa Benitez were able to walk across the Tyne without crossing a bridge.

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Most other bosses of the past thirty years were doomed from the start.

Eddie Howe clearly falls into the first category: deified by the Toon Army, praised by the local media and very much the acceptable face of the Geordie Arabia revolution.

He is the man who coached a number of existing Newcastle players to much higher levels than seemed possible and built a team that terrified the Premier League’s elite.

Howe had the faithful claiming that last season’s breakthrough campaign was a sporting fairytale and not all about Saudi blood money.

At a club addicted to its own romance, that mattered. But this was a campaign of significant decline.

Saturday’s upset at Arsenal – a club they had distracted from in recent meetings – threatens to leave Newcastle in the bottom half of the Premier League.

The self-proclaimed ‘most loyal football supporters the world has ever had’ sang Howe’s name during that cathartic 4-1 defeat at Emirates.

But his team lacked the acuity and rancor that had driven Mikel Arteta to delirium in recent meetings.

HOW TO GET FREE BETTS ON FOOTBALL

Newcastle are no longer a nightmarish opponent on the pitch. And for now, their owners don’t look like the filthy rich disruptors so feared by the Big Six.

Howe’s team have the sixth-worst defensive record in the Premier League.

And St James’ Park is no longer a roaring, flag-cracking fortress – with one win in six home games, three defeats and two lucky home draws against Luton and Bournemouth.

Howe can blame Newcastle’s shortcomings as much as he likes, but Liverpool and Aston Villa – managed by Unai Emery, who rejected the Toon – have done well despite serious problems on that front.

Meanwhile, Newcastle are in the process of losing their sporting director to Manchester United, one of the clubs they should have usurped.

Frustrations over Financial Fair Play may have hampered Newcastle this season, but the Saudis have still managed to spend the better part of £400m in the transfer market.

And paying out £55m on Sandro Tonali without due diligence was a serious blunder exposed by the Italian midfielder’s gambling ban.

Still, it’s a mistake that didn’t result in Ashworth being poached.

While Ashworth takes leave to tend his garden – and haven’t the daffodils come out early this year? — Tonali, one of his biggest ‘coups’, is still six months away from returning to action.

Old Trafford’s knights in shining armour, Sir Jim Ratcliffe and Sir Dave Brailsford, are all about ‘marginal gain’, but apparently less bothered by whopping big howlers.

Howe was unusually candid about his fears that Ashworth would bring Newcastle’s state secrets to Old Trafford.

It was a blatant admission that St James’ Park is not an entirely happy ship.

This week’s fifth round of the FA Cup now feels crucial for the managers of three of England’s richest clubs – for Erik ten Hag, for Chelsea’s Mauricio Pochettino and, above all, for Howe.

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Howe heads to Blackburn tonight knowing that victory is essential and a draw against opposition in the Championship should provide a change of mood.

Newcastle have enjoyed their Cup run so far – gloating over bitter rivals Sunderland, before Alan Shearer joined the topless fat boys at Craven Cottage’s Putney End for another away win in round four.

A first trophy in 55 years would cement Howe’s legend and make him bulletproof this summer.

But Manchester City and Liverpool remain in the hat, as do United and Chelsea, so something special will be needed.

For a year and a half, Newcastle’s rise seemed inexorable.

Last season’s Wembley appearance in the Carabao Cup final would certainly be the first of many.

And qualifying for the Champions League, with the subsequent 4-1 humiliation of Paris Saint-Germain, felt like a first important step towards European domination.

Instead, Newcastle finished bottom of the group and will struggle to play at all in Europe next season unless they can win the FA Cup.

So can the Saudis really tolerate a mid-table finish and no trophy, leaving Howe in charge even as their fanbase demands he stays?

Only if you believe that the Saudi stooge Amanda Staveley is really the nice figurehead of the neighbors.

Howe’s team need to rediscover their ruthlessness quite quickly or their manager may soon realize the ruthlessness of his paymasters.

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If there’s one trait most self-made billionaires have in common, it’s that they can smell the scent of bulls from a mile away.

So you have to wonder what Sir Jim Ratcliffe thought of Erik ten Hag praising the ‘character’ of his Manchester United players after they were deservedly beaten at home by Fulham.

And that’s Fulham without their two best players, Joao Palhinha and Willian, and Fulham, who hadn’t won in the Premier League for six months.

Ratcliffe made some sharp statements about United’s future last week.

And it was striking that he refused to offer Ten Hag any long-term support.

Saturday’s 2-1 defeat, and the Dutchman’s reaction to it, largely explains why.

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AFTER the Carabao Cup final, the narrative is that Liverpool is doing everything right and Chelsea is doing everything wrong.

And while that’s largely true, let’s remember that the Anfield club made a £110 million bid for Moises Caicedo last summer, which was accepted by Brighton, leaving the Blues to look at them.

Caicedo should have seen red for a challenge on Ryan Gravenberch and was outplayed by a trio of teenagers later in Sunday’s match.

Sometimes you’re lucky. Sometimes you dodge a bullet.

And what about the other midfielder for whom Chelsea outbid Liverpool last year?

Romeo Lavia, why are you?

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REMEMBER all those classic matches where Tony Pulis’ Stoke bullied Arsenal and Arsene Wenger whined about ‘rugby’ tactics?

Well, fast forward to the present, Arsenal have four big centre-backs at the back, while they score more set-piece goals and more headed goals than any other Premier League team.

Pulis ball basics help fuel Arsenal’s title bid.

Discover a Rory Delap style long throw specialist and the crown will surely be theirs.

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AFTER Roy Hodgson was replaced by Oliver Glasner at Crystal Palace, just four English managers remain in the top flight.

Chris Wilder is heading for relegation with Sheffield United, Sean Dyche is in danger of the same fate if more points are deducted from Everton and Eddie Howe’s reign at Newcastle is in danger of falling apart.

Given that none of the Championship’s top four clubs are managed by Englishmen, Wolves’ Gary O’Neil could well be the last native boss in the Premier League next season.

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FOR a club that has campaigned heavily against violent crime, it is depressing that QPR allowed Ilias Chair to play against Rotherham on Saturday.

That’s just one day after he was given a two-year prison sentence for cracking a man’s skull with a rock.

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AFTER a first defeat of the Bazball era – following a fourth Test loss to India, in which England played less Bazball than usual – only one thing is certain. . .

Ben Stokes’ team will now become even more attacking.

MAN UTD NEWS LIVE: All the latest news from Old Trafford

THE owner of British Gas is under fire after profits rose tenfold in one year to £750m.

The supplier said the huge jump of £72m in 2022 was due to regulator Ofgem raising the price cap.

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In total, Centrica's retail arm – which is largely made up of British Gas – earned £799m, up from £94m a year earlier.

Centrica said it, along with other energy companies, was allowed to recoup some of the costs incurred during the energy crisis.

That added £500m to British Gas's profits.

Meanwhile, official figures show that more than three million households are in fuel poverty – and this would have been 500,000 more without government support for some struggling families.

Fiona Waters, from campaign group Warm This Winter, slammed British Gas's “obscene” profits as they “epitomize the rip-off of Britain”.

She said: “Millions are living in cold, damp homes because they can't pay their energy bills.”

Ofgem said 'reasonable' profits are essential for sustainability, service and innovation.

Centrica boss Chris O'Shea said: “The poorest in society are struggling, but it's not just about the energy, it's about the rent, the mortgages and the food.”

BOOM times are back at Harry Potter book publisher Bloomsbury – thanks to fantasy fiction writer Sarah J Maas.

The company said profits and revenues will be higher than expected if readers pick up its latest novel, House of Flame and Shadow.

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It was a hit in the UK, US, Australia and elsewhere, boosting sales of the author's previous 15 books.

The company's shares rose 7 percent yesterday.

Bloomsbury has six more titles in the pipeline as part of the contract with Maas, who has been with them for more than a decade.

According to Nielsen Bookscan, the fantasy and sci-fi genre in Britain has grown by more than 50 percent in the past five years.

Harry Potter remains one of Bloomsbury's best-selling series.

Top sellers recently included The Harry Potter Wizarding Almanac gift book.

Other recent bestsellers include Ghosts, the companion book to the BBC series, and Pub Kitchen by Tom Kerridge.

Thin good

THOUSANDS of price cuts helped home furnishing store Dunelm's half-year profits rise by almost five percent to £123 million.

It warned that “the outlook for consumers remains uncertain” but said it can appeal to customers because it has “a firm grip on operating costs”.

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Boss Nick Wilkinson told The Sun: “We actually cut prices by a few thousand this time last year and over the summer.”

Sales rose 4.5 per cent in the six months to the end of December, while the average price for an item fell slightly to just £14.

On a volume basis (number of items), sales increased by six percent.

Mr Wilkinson said he was pleased with the “wide variety” of new customers, while existing customers were returning “more often”.

The chain employs more than 11,000 employees and four new stores will be opened in six months, bringing the total to 183.

It hopes to open another four this year and the same again next year, with a focus on London and Scotland, where there are gaps in coverage.

It pleased shareholders by announcing a £71m special dividend of 35p per share, to be paid in April.

It says it is on track for full-year profit guidance of £202 million in 2023-2024.

Russ Mold analyst AJ Bell said: “The steady performance is impressive given the pressure on household budgets in Britain. It suggests that the company is finding the right balance in terms of price, quality and product.”

A Lyft of blooper

SHARES in a taxi company Lyft rose more than 60 percent on Tuesday after making a crucial mistake in its results.

Lyft said margins would grow by “500 basis points,” or 5 percent, when it should have said 50 basis points, or 0.5 percent.

Shares fell as bosses confessed.

But shares still finished 16 percent higher on news that cost cuts had been successful.

Lyft cut 1,200 employees last year and cut costs by 12 percent.

A fall in house prices of £4,000

According to figures from the Office for National Statistics, the average UK house price fell by £4,000 last year.

It's a drop of almost £11 a day.

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The typical house price in December 2023 was £285,000, 1.4 percent lower than in 2022.

It was also the sixth month in a row with price falls.

Property values ​​fell by 2.1 percent annually in England and 2.5 percent in Wales, but rose by 3.3 percent in Scotland and 1.4 percent in Northern Ireland.

Meanwhile, London was hardest hit in Britain, with house prices falling 4.8 percent.

Propertymark's Nathan Emerson said the housing market has gone through a period of disruption.

He said: “It means people cannot afford houses in the same way they could during a period of economic growth.”

Private rents paid by tenants also rose by 6.2 percent in the year to January.

Virgo in buyout

FIVE years after teaming up with Abrdn to launch an investment business, major bank Virgin Money is investing £20m to buy out the fund manager.

Virgin Money Investments manages approximately £3.7 billion of client assets and has more than 150,000 client accounts.

Virgin Money, which has around 6.6 million UK customers, said the deal would help it achieve its growth ambitions.

Stocks are buzzing

COCA-COLA'S European bottling company saw its shares rise by almost 8 percent yesterday after posting a record profit of £815 million.

Coca-Cola HBC said sales rose 17 percent last year as there was strong demand for its energy drinks and coffee products.

It increased its dividend by a fifth after initially forecasting earnings would rise 7 percent this year.

It said future growth will be boosted by the purchase of Finlandia Vodka in November for £153m.

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HMRC has told taxpayers to be wary of false tax refund offers.

In the year to January it received 207,800 referrals from the public about suspicious emails, text messages or phone calls.

The number of reports increased by 14 percent compared to the previous year.

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£25m rainy discount

Last year's series of storms will leave North West water supplier United Utilities £25 million worse off, the report says.

High rainfall has negatively affected its performance, meaning it will receive a smaller service payment from water regulator Ofwat.

The company said: “There have been fourteen named storms since the start of 2023, nine of which have occurred since the end of September.”

But the water company will still receive a £40 million Ofwat payment that rewards companies for providing good service to customers.

SINGER Miley Cyrus seems to be enjoying the cream of the crop.

Consumer goods giant Unilever, which makes Magnum ice creams, saw profits rise last year by selling slightly more products, despite the introduction of higher prices.

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It increased prices across its range by an average of 6.8 percent.

The number of items sold increased by 0.2 percent, helping profits grow by 2.6 percent over the year to £8.45 billion.

However, food and ice cream brands such as Magnum (promoted by Miley), Carte D'Or, Knorr and Marmite, which saw the biggest price increases, suffered a decline in sales.

In 2023, it focused on its 30 most profitable brands, such as Ben & Jerry's, Hellmann's and Dove, which make up three-quarters of sales, to drive growth.

But it was hit as consumers switched to cheap alternatives.

Boss Hein Schumacher said: “Overall performance must improve.”

His comments helped shares rise 5 percent yesterday.

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Yodel's buying stalls

PACKAGE delivery company Yodel is “exploring options” after reports suggested it may want to call in administrators after failing to find a buyer.

It employs 10,000 people and supplies to high-profile chains such as John Lewis, Argos and AO World.

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Last year the company delivered 191 million packages.

Yodel said: “Discussions are ongoing, constructive and in their final stages.

“While ongoing, operations continue without any disruption.”

The courier company is part of the Logistics Group Holdings, owned by Barclay.

One of its biggest customers is online retailer the Very Group, which is also owned by Barclays.

The company said record service levels had been achieved over the Christmas period.

Friendliest cut

HAIR and beauty workers are pleading with the government to cut VAT to save their jobs.

The Salon Employers Association warned that 5,500 businesses could close unless immediate action is taken.

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It wants VAT on hair and beauty services to be reduced to ten percent.

The hospitality sector, which has benefited from a temporary five percent VAT rate during the pandemic, has also called for a similar cut.

Toby Dicker, from the Salon Employers Association, said: “The Government granted a discount to hospitality during Covid but ignored our calls for this.

“They simply cannot expect a sector so badly hit by labor costs, VAT and other taxes to continue absorbing costs.”

The sector has shrunk alarmingly.

While there were still 122,000 people working in the sector in 2018, this had fallen to 88,000 by 2022.

Mr Dicker, who runs salon group The Chapel in Kent, said: “The Government and HMRC are forcing honest businesses into bankruptcy.”

Research by the association among salon owners shows that more than half are considering closing their doors unless the government takes immediate action.

Mr Dicker added: “With rising costs, falling client spend and an ongoing recruitment crisis, many salons are struggling to survive.”

A spokesperson for HM Treasury said: “We have recently expanded measures to support hairdressers, including a 75 per cent cut on their business rates – worth £2.4 billion – and energy bill protection following Putin's invasion of Ukraine. ”

Sales of electric used cars are increasing

Sales of used battery electric cars nearly doubled last year, according to the Society of Motor Manufacturers and Traders.

A record 119,000 vehicles changed hands in Britain in 2023, a 91 percent increase on the previous 12 months.

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SMMT said it is showing “strong demand for zero-emissions driving”.

Ian Plummer of Auto Trader said: “With many second-hand models now priced the same as their fuel counterparts, the switch to electric has never been more attractive.”

The overall used car market grew by 5 percent in 2023 with 7.2 million transactions, up from 6.9 million in 2022.

The market share for the sale of used electric cars was 1.6 percent, compared to 0.9 percent in 2022.

The Ford Fiesta was the most popular used car in 2023, with 308,000 sales.

SMMT's Mike Hawes said: “A healthy new car market is key to greater choice in the second-hand sector.”

Bat smoked out

CIGARETTE and vape group British American Tobacco posted an annual loss of £17.1 billion in 2023 after its US brands took a £27.3 billion write-down.

The maker of Lucky Strike and Dunhill had made a profit of £9.3 billion in 2022.

Boss Tadeu Marroco said the upcoming ban on disposable vapes would not have a major impact on the group.

He said: “Because we have a modest share of disposable vapes, we would be in a stronger position because we are leaders in refillable vapes”

Drug windfall

PROFIT at drug giant Astrazeneca more than tripled last year thanks to strong sales of cancer treatments.

But less impressive fourth-quarter figures sent shares down seven percent yesterday.

Profit for the year was £5.5bn, up from £1.8bn in 2022, compared to just £710m in relative terms over the last three months.

Sales of its oncology drugs rose by a fifth and now account for two-fifths of global sales.

Boss Pascal Soriot added: “We expect another year of strong growth in 2024.”

OIL giant BP followed rival Shell in seeing profits halve last year – but they still totaled a huge £11 billion, it emerged yesterday.

Lower prices meant the figure was well below 2022's record £22.1 billion, but it was higher than in any of the previous ten years.

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Shell reported a similar slump last week, but is still suffering more than ever before in its history.

BP also surprised the market with better-than-expected figures for the final quarter of last year, with shares rising 5.46 percent.

Boss Murray Auchincloss, who replaced Bernard Looney last year, called 2023 a strong year and BP increased its dividend by 10 percent to 7.27 cents.

But critics struck.

Campaign group Global Witness said BP's “reckless shareholder payouts” of £10 billion last year could cover the expected costs of natural disasters in Britain over the next seven years.

Think tank the Institute for Public Policy Research accused BP of prioritizing shareholders “over investments in the green transition”.

Mr Auchincloss responded: “We are very happy with the direction we are heading, and the shareholders at the highest level are happy too.”

Russ Mould, investment director at AJ Bell, said the latest profits exceeded expectations, giving the new boss “a solid start”.

Mr Mold added: “A large share buyback also helps get investors on side as it demonstrates his commitment to returning cash to shareholders.”

Home coverage bills are rising

The cost of home insurance has risen by a fifth (£59) by the end of 2023.

The average price paid for combined home and buildings insurance was £364 in the last three months of the year.

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That was up from £305 in 2022, the Association of British Insurers (ABI) said.

It says £352 million will be paid to people whose homes were damaged by storms Babet, Ciaran and Debi.

At the beginning of this year there was also a sharp increase in the number of claims for burst pipes.

Insurers attributed the higher premiums to rising costs of raw materials, building materials and labor.

The ABI said: “Insurers are committed to offering competitively priced home insurance.”

Women in 19 years of slog

WOMEN will have to work an extra 19 years to save for the same pension as men, shocking new figures have revealed.

According to a report, on average, women retire with pension savings of £69,000, compared to £205,000 for men.

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This leaves women with £136,000 less, even though they are likely to need more because they are likely to live longer.

Women are affected by career differences, care responsibilities, childcare costs and lower incomes.

The report, produced by the Pensions Policy Institute and Now: Pensions, calls for changes to enable women in multiple jobs or who work part-time to be offered a workplace pension.

It also requires that women who take time to care for children or other family members have the opportunity to supplement their pensions when they can.

Jackie Leiper of Scottish Widows said: “Much more needs to be done to tackle the gender pension gap.”

Virgo no more

HIGH street bank Virgin Money UK has closed 39 branches in the past three months as it seeks £200 million in savings.

Provisions for bad debts were also increased to almost £640 million as more and more customers fell behind on their credit card payments.

Further problems saw mortgage lending fall 2.2 per cent to £57.1 billion in the three months to December.

But boss David Duffy remained positive, saying: “We are encouraged by the resilience of customers and the improving sentiment in the mortgage market as interest rates have peaked.”

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THE sale of NatWest to the public could happen as early as June.

Chancellor Jeremy Hunt announced the offer as his fall statement.

The Treasury now owns less than 35% of the bank, worth around £7 billion, after a 2008 bailout.

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UBS wields an axe

SWISS banking giant UBS plans to increase its cost cuts by at least 25 percent after mounting losses.

An £8bn savings target has been increased to £10.4bn after problems caused by last year's mega-merger with crisis-hit rival Credit Suisse.

Three thousand jobs are being cut and in the quarter to December losses amounted to £598m, compared with profits of £1.5bn the year before.

Boss Sergio Ermotti said: “We will focus on restructuring and optimizing the combined businesses.”

Big deals aren't that big of a deal

The number of major corporate deals fell dramatically last year, with the number of mergers and acquisitions down almost a fifth compared to 12 months earlier.

A PwC analysis shows that 3,628 deals were completed in 2023, compared to 4,362 the year before.

Activity volume in the second half was the second lowest in the past five years, with only the first half of 2020 lower, when dealmaking was hit hard by the pandemic.

One of the biggest deals of last year was the acquisition of Hotel Chocolat by confectionery giant Mars, which was announced in November.

The total value of deals closed last year was £88 billion, down 41 percent from almost £150 billion in 2022.

But cautious optimism is starting to grow as economic conditions stabilize.

Lucy Stapleton, head of deals at PwC UK, said: “There is still an appetite for deals.”

The pain of the Red Sea

Britain's construction sector remains under pressure as shipping prices rise due to Red Sea disruption.

Higher fees on imported items have contributed to a rise in companies' overall cost burden, according to the latest S&P Global/CIPS Construction Purchase Managers' Index.

“Housing is the weakest performing category,” said Tim Moore of S&P.

But business optimism is at its highest level in two years, amid hopes that the worst is over for them.