The wettest February on record did not dampen Britons’ appetite for new spring outfits as retail sales boosted the UK economy.

Analysts predicted a 0.3 percent fall in high street spending in February, but official figures show this remained the same.

It gives experts confidence that Britain has been lifted out of recession. Official GDP figures show that the economy has been driven by retail sales so far this year.

Rob Wood of Pantheon Macroeconomics predicted that retail sales would continue to grow strongly in the first three months of the year, “helping the economy emerge from last year’s recession.”

It comes at a time when data from GfK shows that consumer confidence has turned positive for the first time in more than two years. Household disposable incomes are finally rising as wages rise in tandem with food price inflation energy accounts fall.

Deloitte’s Oliver Vernon-Harcourt said: “Better days are ahead as the short-lived and shallow recession is behind us and inflation is at its lowest level in two years.

“The high street can be hopeful that lower prices will support higher spending and footfall.”

The office Good performance by clothing stores and department stores has offset declining food and fuel sales, according to National Statistics.

Heather Bovill of the ONS said clothing growth was “recovering after recent declines as people invested in new season collections”.

Much of the spending was done online, with a 2.1 percent increase in internet spending in February.

Voda investigated

Vodafone and Three’s £15bn merger threatens to drive up prices for users, competition and competition Markets Authority watchdog has warned.

The regulator is preparing a six-month investigation into the deal, which involves 27 million customers. The companies say it will help them compete with BT and Virgin Media O2.

Aston in Raid

Aston Martin has poached the boss of rival Bentley as its fourth CEO in four years.

An hour after Bentley announced it Adrian Hallmark’s departure “by mutual consent”, Aston Martin welcomed him as its new leader.

Bentley had increased its profits tenfold under Mr. Hallmark.

Good week

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Next boss Lord Simon Wolfson after announcing huge profits and the best prospects for the retailer in seven years.

Bad week

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DFS boss Tim Stacey warned of lower profits as people were reluctant to buy banks.

WHEN Dot Russell met with a financial advisor, she thought her money was in safe hands.

In reality, she made a mistake that would cost her £277,000 upon retirement.

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Dot, from Whitburn, West Lothian, had originally looked for a mortgage broker online.

She needed help converting her interest-only mortgage to a repayment mortgage and found a man online who offered to visit her at her home.

During their conversation he asked her what pensions she had. He told her that he was also a certified pension advisor.

Dot, 55, had a defined benefit pension, which provides a guaranteed income for life, through her job at the council, where she had worked for 34 years.

The adviser immediately told her to transfer this pension and take out a lump sum of £272,000 in cash.

Ten years later, Dot has discovered she was one of thousands of savers who suffered losses after being given bad advice to give up their guaranteed pensions.

The company that advised her, Capital & Income Solutions, has more than a thousand victims alone.

The man she spoke to turned out not to be qualified to give pension advice.

He acted as an ‘introducer’ to the company, which has now gone bankrupt and left behind a £44m damages bill.

“He played on my financial naivety and my confidence that he was qualified, and made me feel like I would be foolish not to take advantage of this opportunity,” Dot says.

“The whole thing is very disturbing and I deeply regret it.”

Here we take a closer look at pensions and what to do if you think you have been poorly advised. . .

WHY YOU SHOULD NOT LEAVE THE DEFINED BENEFIT SCHEME

Pension schemes with defined benefits or final salaries offer savers a fixed income for life.

These gold-plated pensions tend to be more generous than modern workplace pensions, where employees build up a fund.

Thanks to the guaranteed income, they offer protection against rising inflation and are protected against fluctuations in the stock market.

Watchdog, the Financial Conduct Authority, has repeatedly warned that giving up these pensions is not in the interests of most savers.

By giving up these pensions and taking the money, many savers will suffer losses because the guaranteed income they would have received over time would have been higher.

In Dot’s case, the Financial Services Compensation Scheme, which intervenes when financial firms fail, estimates she is £277,000 worse off after being advised to shift her savings.

She received £85,000 in compensation from the FSCS, which is the most the FSCS can pay out.

Many savers have also lost huge amounts of money after being convinced to put money into bogus investments.

BIG BILL

To date, 1,082 victims have claimed compensation from the FSCS for advice from Capital & Income Solutions.

The FSCS says almost all of the claims against the Leeds-based company were related to poor advice on pension transfers.

The company advised savers to transfer their pensions because, by signing off on these transfers, it could charge them a hefty five percent fee.

This usually amounted to thousands of euros per customer.

In some cases, victims have been advised to then transfer their pension to another provider for a five percent fee – this is known as ‘churning’.

The FSCS added that a large number of the companies’ victims were former employees of the British Steel Pension Scheme.

The BSPS was the subject of a scandal in which around 4,000 steelworkers were wrongly advised to transfer their pensions.

Capital & Income Solutions also targeted employees of other large organizations that had generous pension benefits, such as local government and Land Rover.

The FSCS told Sun Money that 314 victims of Capital & Income Solutions have received the maximum compensation amount so far, but their actual losses are much higher.

RENEWAL LOSSES

ENGINEER Brian Wells, from the West Midlands, has worked for Land Rover for 39 years.

At age 59, he started thinking ahead to retirement at age 65, when he unexpectedly received a high rating for his guaranteed pension.

This is the amount the company would pay him in one lump sum to give up his retirement benefits.

Not knowing which option was best, he went online and found Capital & Income Solutions, which said it could help him make the right choice for his money.

After just one conversation, Capital & Income Solutions encouraged Brian to leave the scheme and receive a cash payment.

The adviser claimed to be a “government recognized pension transfer specialist” and said the value of pension transfers was at a “record high”, suggesting Brian could lose if he did not transfer.

Brian paid the adviser £12,817 in fees to transfer his pension – a mistake that is estimated to have cost him £385,000.

“I didn’t understand what I was doing. I completely trusted the advice I received,” says Brian.

“The magnitude of what I have lost is devastating.”

Brian only recovered 22 percent of his total losses through the FSCS.

REQUEST COMPENSATION

CAPITAL & Income Solutions is just one of dozens of companies that have given poor pension transfer advice and gone bankrupt.

If you think you have received bad advice about transferring your guaranteed pension, you can file a complaint with the Financial Ombudsman.

To make a complaint, visit financial-ombudsman.org.uk/make-complaints or call 0800 023 4567.

You’ll need information about the company, such as its name and address, and when your problem occurred.

Before you can take your case to the FOS, you must first file a complaint with the company.

If the company you have been doing business with is no longer trading, you can make a claim with the FSCS instead.

Check the FSCS website to see if your company has gone bankrupt.

To make a claim, visit fscs.org.uk/making-a-claim.

Claims are free and you do not need to use a claims management agency.

WHEN TO MOVE

TRANSFERRING from a defined benefit pension is not the best option for most savers.

However, there are some circumstances where this may be the right thing to do, such as if you have a serious health condition that could shorten your life expectancy.

It is unlikely that you will benefit from a guaranteed income for as long as other people.

Even if your pension is very small and you only pay out a meager amount each year, it can be advantageous to take the lump sum amount.

You are required to seek financial advice if you wish to transfer your defined benefit pension where the total value exceeds £30,000.

Helen Morrissey, head of pension analysis at Hargreaves Lansdown, says: “The benefits you receive from a defined benefit pension are hugely valuable and it rarely makes sense to transfer them.

“You get a guaranteed income for life that increases every year and this brings enormous peace of mind.”

A mother has taken the internet by storm with her controversial decision to charge his children rent.

Samantha Bird, 30, found herself spiraling into debt and is on a mission to ensure her children don’t suffer the same fate.

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Hoping to give her children a head start when they grow up, Samantha has Simon, Jonah and Asher, nine, eight and six respectively, pay “sham bills.”

Each week the children are given an allowance of $6 (£4.76), of which $1 (79p) is expected to go towards their expenses, a further $1 for groceries and a final $1 for utilities.

The children receive their money by doing chores during the week and can keep track of everything through workbooks that their mother has created.

The insurance representative of HollandMichigan, USA said: “Once a week we sit down with the boys to check our financial records, take out their workbooks and wallets and then talk about a financial literacy.

“We charge our kids rent for a few reasons. I want them to have self-control when it comes to their money and to be able to control their spending.

After years of trying to get her financial life in order, Samantha is steadfast in trying to ensure that her children are better prepared for adulthood than she is.

The 30-year-old realizes her kids are still young, so she makes sure they know they’re saving for a treat and makes it as fun as possible.

The workbook created for them is divided into six sections: earning, saving, spending, giving, investing and spending.

She uploaded a video on TikTok she showed off her parenting technique and it was viewed more than seven million times, with many parents taking the advice and doing similar things.

However, not everyone was so positive about their feedback.

Some parents have taken the comments, and sometimes her private messages, to heart to let her know that what she is doing is wrong and that she should just let her kids be kids.

One TikTok user said: “Just let kids be kids!”

While a second added: “They are way too you to do stuff like this, just leave them alone!”

Samantha did joke that her children won’t be evicted if they don’t pay rent for a month.

The negative feedback hasn’t stopped her from helping families around the world.

She said: ‘My husband and I found ourselves seriously in debt and not in good financial health.

We charge our kids rent for a few reasons. I want them to have self-control when it comes to their money and to be able to manage their expenses

Samantha Vogel

“It took us years to get our financial lives in order and get ourselves out of the hole we were in.

“Because of this experience, I really wanted to make sure my kids could avoid this as much as possible.

“Once a week we sit down with the boys to have our money date.

“Then we take out their workbooks and wallets, discuss a financial skill for the week and hand out their pocket money.

“They receive this for doing chores during the week, and then budget it depending on the goals they are working on.

“So many parents have told me they’re going to try it with their kids, or that they wish their own parents would teach them similar things.

“A lot of people really don’t like it and want to let my children be children. It’s been a heated debate in the comments of my videos for weeks.

“It was great to see so many parents investing in their children’s finances future.”

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A NEW starter scheme offers mortgages with an interest rate below 1%.

The Own New’s Rate Reducer mortgage offers buyers of new construction a reduction in mortgage interest when they purchase a home from several major home builders.

These include Barratt Homes, Barratt London, David Wilson Homes, Persimmon, Taylor Wimpey, Bellway and Berkeley Homes

The scheme, which started in February 2024, gives home buyers access to a very low mortgage interest rate during the initial term of their mortgage.

Own New Rate Reducer works by using incentive budgets that home builders offer to their customers to reduce their monthly mortgage payments over a fixed term.

For example, if the homebuilder offers a 5% incentive on a home, Own New Rate Reducer takes this amount and applies it directly to the mortgage interest to reduce monthly payments.

Depending on their lender’s criteria, buyers can choose to spread the benefit over the first two or five years.

For example, Virgin Money, one of the first lenders to join Own New’s Rate Reducer, says that for a new home worth £300,000 the introductory 2 year mortgage rate of 4.79% with a £995 fee at an LTV will be 65%. reduced to 0.99% at 60% LTV with a £495 fee.

But remember: to get this rate, you need a 40% deposit.

Halifax, Lenders Gen H, Furness Building Society and Perenna also offer discounted introductory mortgages through the scheme.

In addition to saving on monthly costs during that period, the customer also pays more on the capital value of his mortgage, because the interest charged on the loan is lower.

Lenders will still carry out their usual affordability assessment to check whether the buyer can afford repayments if interest rates rise once the fixed term benefit expires.

To access this scheme, independent financial advice must be obtained from a regulated mortgage broker who has completed additional training.

Commenting on its own new Rate Reducer product, David Hollingworth, Associate Director at L&C Mortgages, said: “Buyers will no doubt have put their plans on hold due to higher mortgage rates, which has pushed up their monthly payments.

“This product aims to address these concerns by taking advantage of the developer’s incentive to lower mortgage rates.

This will help address one of the key barriers for many and give buyers more breathing room on their monthly payments.

‘Borrowers will need to meet lenders’ affordability tests as normal, but it will also be important for them to plan ahead.

“Once the deal ends, it’s likely that rates will still be higher and payments will increase.

However, buyers will know this along the way and can therefore work to make provisions for an increase in payments in the future.”

How does the scheme work in practice?

With the Own New Rate Reduced scheme, you buy a new-build home with a mortgage and pay a lower mortgage interest than when you buy on the open market with a traditional mortgage.

When you choose your property, the developer agrees to contribute 3% or 5% of the purchase price.

The mortgage lender will then offset the 3% or 5% developer contribution against the mortgage interest to reduce your monthly payments for the first two or five years, depending on the length of your initial term.

Barratts Homes says mortgage rates below 1.89% will be available through the Own New Rate Reducer program in spring 2024, assuming a 5% incentive for housebuilders, with an initial period of two years and an LTV of 75%.

For comparison, on the open market in spring 2024 the best two-year fix at an LTV of 75% is 4.42%.

So if you take out a $180,000 mortgage over 25 years at 1.89% through the Rate Reducer program, your mortgage payments for the first two years will be $754 per month.

This is €238 per month less than if you took out the best two-year fixed rate with an interest rate of 4.42%, leaving you with an annual saving of €2,856.

Who is eligible and how do I apply?

The scheme is open to those who buy a new-build home and who:

• Are a first time buyer
• Are a house mover
• Have owned real estate in the past

To purchase a home through the Own New scheme, visit www.ownnew.co.uk.

Here you can find an eligible property from a developer who has signed up for the scheme.

You should then discuss your mortgage options with a recognized Eigen Nieuw mortgage broker, such as our partner free mortgage broker L&C.

Once you have agreed, you will continue with the purchasing process of the new construction as normal.

What are the advantages and disadvantages of the scheme?

The main advantage of this mortgage arrangement is that it results in significantly lower monthly mortgage costs for a fixed period.

As a knock-on effect of paying lower rates, the homeowner will also pay off more of their property’s capital.

But once your introductory period ends, you should be prepared for mortgage rates to rise.

You also get a more limited choice of properties eligible for the scheme, and you may not get the nominal 0.99% rate if you can’t afford a 40% deposit.

Other starter schemes where you need a small or no down payment

Several major banks and building societies allow first-time buyers to borrow the full amount needed to purchase their home.

These deals are often called 100% loan-to-value mortgages because you don’t need a down payment to purchase.

Last year Skipton Building Society launched its Track Record 100% mortgage available to tenants buying their first ever property.

The only catch is that the amount you can borrow has a limit, because your monthly repayment cannot be more than what you currently pay in rent.

Real estate developer Fairview recently launched its Save to Buy program.

This allows starters to save for their final deposit after their move.

Buyers pay a fixed amount monthly into a Fairview piggy bank instead of rent.

You only need a 1% deposit to get started and when you’ve built up enough equity, you can apply for a mortgage to buy your home.

Thanks to the Right to Buy scheme, tenants of social housing can buy the home they rent with a discount of up to 70%.

You get a 35% discount on your social housing if you have been a tenant in the public sector for three to five years.

The right to purchase is similar to the right to purchase, but offers people who rent from a housing association or another public sector landlord the opportunity to buy their home.

It is open to anyone renting in the public sector for three years or more and offers a discount of £9,000 to £16,000 on the purchase price.

How much you get depends on the location of the home.

NATIONWIDE customers are furious after the bank was hit by a major outage on Friday.

Customers are currently facing problems in transferring money between accounts.

Customers nationwide have taken to X (formerly Twitter) to express their frustration following the outage.

One user said: “I can’t make payments or transfers this morning, but your website says there are no service issues.”

A second wrote: “#nationwide banking is down! No payments in or out”

Nationwide is aware of the ongoing issues and is working to resolve the issue.

Speaking to X, a spokesperson said: “Hi, we are aware that some customers are experiencing difficulties transferring money between Nationwide accounts.

“We are working to resolve this as quickly as possible, and we apologize for any inconvenience caused.”

What happened?

Customers are currently unable to transfer money between their national accounts or to someone else’s national account.

According to DownDetector, more than 990 users have reported problems with the construction company.

Payments to and from other mortgage banks and banks are also delayed as a result of the disruption.

Customers have been advised not to resend the money as it is in the queue and will arrive as soon as possible.

Direct debits and standing orders work normally according to the construction company.

Can I claim compensation for the malfunction?

Banks do not have to pay compensation to customers if services have declined, unlike how telecom companies must do that.

Struggling households could get free cash subsidies to help cover living costs through a little-known tool.

It contains a database of around 1,400 grants and support schemes and simplifies the process of checking your eligibility.

There are around 8,000 charities and organizations in Britain offering cash to help struggling families. These can be searched using the Turn2us Grants Search tool.

Not all subsidies have to be repaid. The tool searches the subsidies and lets you know if you qualify.

Each grant is different, but they can provide support for a range of different necessities, such as groceries and even kitchen appliances.

Other grants have specific requirements for spending. For example, a business grant must be spent on business expenses.

Similarly, an education grant may need to be spent on education or training costs.

One grant user who used the tool said after finding out he was eligible for a £1,000 grocery grant, he used it to cover the costs of a move.

They said: “It was a huge help at a difficult time for me.”

Christelle Tambi, product owner of the Grants Search tool at Turn2us, said: “Anyone can qualify for a grant from a charity that could provide some vital extra cash.

“The amount can range from £100 to £2,000 depending on what you need it for.

“Our free online Grants Search tool makes it easy to find out.”

“Answer a few quick questions about your situation and discover grants from UK charities in minutes. “

How to use the grant search function

First go to the Turn2us website (grants-search.turn2us.org.uk).

Then simply search for what is available specifically in your area by entering your zip code.

You will then be asked to provide details about yourself, such as your name and gender.

You can also go deeper by telling Turn2Us about your current health and work situation.

Once you have found a grant you think you qualify for, you can apply through Turn2Us.

You must be logged into your Turn2Us account to register. If you don’t have one, you can sign up for free.

Each fund has a different time frame. This can vary from five days to three months.

If you are successful, you are usually allowed to spend the money on whatever you want, but cash is usually provided for essentials and bills.

Meanwhile, others are provided to help pay for white goods, which can come in handy if your fridge or freezer breaks down.

Who can submit an application?

Anyone can apply for a grant and many charities help people who cannot claim benefits due to their status in Britain.

Although it is not guaranteed that you will receive a subsidy.

Claiming benefits does not affect your right to apply.

What other grant tools can I use?

There are some other search tools you can use to find grants you may qualify for.

The government website has a grant search function with more than 100 government grant funds.

You can find the tool by searching the government website for ‘find a subsidy’.

Get Grants Funding Finder is a free resource for grant fundraisers with information about hundreds of grant funders, including what they fund, how much they give, and how to apply.

The grants are divided into twelve groups: arts and heritage, capital, children and young people, community, disability, education and employability, environment and animals, faith, health and wellbeing, school, sport and honorable groups.

What other support is available?

Councils in England are still providing support through the Household Support Fund, which is worth £842 million.

Chancellor Jeremy Hunt also expanded the Household Support Fund (HSF) for the fifth time, adding a further £500m to the pot.

What you are entitled to depends on where you live. Each local authority sets its own participation criteria.

If you have a disability and are working, you may be eligible for a grant worth up to €66,000.

The grants are available through the government’s Access to Work programme, which is administered by the Department for Work and Pensions (DWP).

It may seem obvious, but you should check to see if you can qualify for benefits if you haven’t already done so.

The latest research from analytics firm Policy in Practice shows billions in benefits are going unclaimed, including £7.5 billion in Universal Credit.

The Sure Start Maternity Grant is available to new or expectant mothers and is worth up to £1,000.

The money is intended to cover the costs of having a child and for those receiving certain benefits, including Universal Credit and Pension Credit.

A total of three million people are eligible for the Warm Home Discount this winter, with most receiving the £150 payment automatically.

But there are those who need to apply before the March 31 deadline.

Do you have a money problem that needs to be solved? Get in touch by emailing money-sm@news.co.uk.

You can also become a member of our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.

The nation’s largest energy providers are ranked from best to worst for customer satisfaction.

Consumer Champion Which one? energy companies are rated on customer service and whether they provide quick and effective solutions to customer problems.

New analysis from the Consumer Champion shows that Scottish Power, Ovo Energy and British Gas were the worst offenders.

Afterwards of this. Which? calls on the three suppliers to urgently improve their customer service.

Over the past six months, thousands of consumers have contacted Which? to share their experiences of poor customer service in sectors such as energy, financial services, telecoms and travel since the end of the pandemic.

According to Which?’s customer service survey from 2023, energy is currently the worst performing sector in terms of customer service.

In Which?’s customer service survey of 2023, a quarter (25%) said they were dissatisfied with their most recent customer service experience with their energy supplier, the highest score in the energy, financial services, retail and telecoms sectors.

Where is your energy company located?

Scottish Power finished bottom, receiving a satisfaction score of -13 out of a possible +100 for how long it took to get in touch with a person who could help, and three for how long it took to get a response to a problem or question.

One customer said that after being put on hold when he tried to call his supplier about a billing issue and then speaking to an agent who couldn’t help, he had sleepless nights and anxiety about his unresolved billing issue.

Another said he feared a visit from bailiffs after Scottish Power passed him from agent to agent and failed to resolve an incorrect bill.

Ovo Energy followed closely behind with a satisfaction score of -7 for how long it took to get in touch with a person who could help and seven for how long it took to get an answer to a problem or question.

One customer told how he decided to switch providers after Ovo staff were “rude” and unhelpful after waiting more than 20 minutes to speak to them about a billing issue.

Another customer who was incorrectly billed for gas delivery said: “Customer service is absolutely useless.

“It takes forever to get through on the phone, and then you can spend up to an hour talking to a customer service advisor.

“They work according to a script. If the issue is complicated, it will never fit into the script.”

British Gas fared better with a satisfaction score of 16 for how long it took to get in touch with a person who could help and 23 for how long it took to get an answer to a problem or question.

But a British Gas customer told how she spent 43 hours on the phone and sent 24 emails for more than a year to resolve a billing problem.

However, the scores were still well below Octopus Energy, which performed best in fast and effective customer service – with a satisfaction score of 46 for how long it took to get in touch with a person who could help and 55 for how long it took to get an answer to a problem or question.

E.ON Next also performed relatively well, with a score of 35 for how long it took to get in touch and 25 for how long it took to get a question answered.

Which? says the findings highlight how dramatically customer service quality can vary between individual companies.

What have the energy suppliers said?

ScottishPower said it “did not acknowledge the results of this small sample survey” and said it conflicted with a larger survey previously carried out by Citizens Advice.

OVO said the findings are “not representative of the typical service levels that our teams work very hard to achieve”.

British Gas said: “We are investing more than £50 million in customer service – this includes hiring an additional 700 UK contact center agents at the end of last year and introducing longer call center opening hours.

“We are also helping our most vulnerable customers through our sector-leading £140 million customer support package.”

How can I complain about my energy supplier?

Like financial service providers, energy companies must have a complaints procedure that customers can follow.

When you file a complaint, make sure you follow up so they have the information they need to resolve the issue.

Simply explain what the problem is and what you want your supplier to do about it.

Check your energy supplier’s website for an explanation of how you can file a complaint.

Energy suppliers have eight weeks to respond and reach a decision.

If this is not the case or you are not satisfied with the answer, you can take the company to the Energy Ombudsman.

The Energy Ombudsman may be able to help you if you have a complaint about an energy or communications provider.

Before you can file your complaint with them, you must have filed a formal complaint with your provider and worked with the company to resolve it.

In addition, you must have received a so-called impasse letter, in which the provider forwards your complaint to the Energy Ombudsman.

Even if you have not received a satisfactory solution to your problem within eight weeks, you can file a complaint.

The Energy Ombudsman then bases his decision on the evidence that you and the company provide.

If you decide to accept the decision, your supplier has 28 days to comply.

The Ombudsman’s rulings are binding on the energy company.

If your supplier refuses to follow the instructions, the Ombudsman can contact Ofgem to resolve the situation. However, there is no set time frame for escalating issues to the regulator and it is not up to the customer.

If an individual chooses not to accept the Ombudsman’s final decision, he or she loses the right to the solution offer.

Customers still have the right to submit their complaint to the judge.

But remember that this can be a costly and lengthy exercise, so it’s worth thinking carefully before taking this step.

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.

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.”

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.

£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.

OUR interactive map reveals the exact rate YOUR council tax will increase next month.

Britons have been warned they could face steep increases of up to 10 percent – ​​more than the usual five percent – ​​as struggling councils continue to cut services for taxpayers.

The Sun Online has used the latest data to produce an interactive map so you can easily discover the rises in your area.

For some grayed out areas the information is not available.

The national limit for the amount of municipal tax is determined annually by the government and will come into effect from April.

Each local government then decides whether to increase the maximum or not.

Bills will differ depending on which council band your property falls under, with more expensive properties paying more council tax.

Annual council tax increases remained below one percent between 2010 and 2015, but rose to five percent for the first time in 2018/2019.

Last month, the government reaffirmed that most local authorities could increase essential bills by five percent.

This equates to an additional £103 per year for the typical Band D property, which currently stands at £2,065.

However, four councils were given special permission to increase the bills by as much as 10 per cent: Thurrock, Woking, Slough and Birmingham.

This could increase the same annual bill by £206.50.

Those in Birmingham will now face a staggering 9.3 per cent bill as their ‘bankrupt’ local authority struggles to cope.

The average household will spend an extra £177.94 a year to meet the council’s cash-strapped needs.

Communities Secretary Michael Gove has even allowed Birmingham City Council to increase tax by as much as 21 percent over the next two years.

Elsewhere in the country, Slough residents will be hit by a 7.9 per cent jump from next month.

It follows that council officers declared themselves in debt to the tune of £430m.

Meanwhile, Thurrock residents are expected to face a 7.5 per cent increase after the council admitted they owe £1.5 billion.

Both Slough and Thurrock have been given special permission to double their rates by up to 10 per cent.

And in Croydon, London, the authority has been allowed to increase the annual council tax to 15 percent.

‘Necessary decision’

The average capital increase for Band D households will be five per cent, or £1,422 more per financial year.

Metropolitan districts outside London will see an average annual increase of 5.4 per cent to £1,837, while bills in unitary counties without districts will rise by five per cent to £1,886.

Meanwhile, the average bill in other county areas will rise by five per cent to £1,643, with districts in these areas adding a further £266.

Sam Corcoran, leader of Cheshire East Council and deputy leader of the CCN, said: “County authorities face a budget deficit of £1.1 billion over the next two years.

“With council tax accounting for two-thirds of the average provincial government’s funding, we have little choice but to make the difficult but necessary decision to increase council tax by 4.99 per cent to continue to protect services and avert the threat of financial insolvency. in the future.”

MONEY BINDING

And Roger Gough, Conservative leader of Kent County Council and CCN spokesperson for children’s services, said: “This month’s budget confirmed that public finances remain extremely tight.

“That is why, as we head into the general election, we must have an honest discussion with all major political parties about what councils can reasonably expect to deliver, in a climate where substantial additional funding is unlikely and both demand and costs will rise. “

Shaun Davies, Labor leader of the Local Government Association, explained how councils have made the “difficult choice” to increase bills because they “desperately need funding”.

He added that it would be “unsustainable” not to increase prices as the cost of living and pressure on services continues to rise.

Meanwhile, a spokesperson for the Department for Leveling Up, Housing and Communities added that they have announced £600 million in support packages for councils across England.

They also stated that they will increase the annual fund by 7.5 percent – ​​£64.7 billion.

“Councils are responsible for their own finances and set the level of council tax, but it has become clear to us that they need to consider cost-of-living pressures,” she added.

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