Money blog: UK passport one of worst value in Europe after price hike (2024)

Home insurance prices have surged by a record amount in the past year, driven by extreme weather events and rising material and labour costs.

According to an index by data provider Consumer Intelligence, the average quoted price of home insurance rose by 41.6% in the year to April - the biggest increase since its records began in 2014.

The firm used quotes from price comparison sites to compile its data. It said premiums were most commonly quoted at between £150 and £199.

London and the South East saw the biggest rises, at 49.9% and 45.8% respectively. Meanwhile, the North West and North East had the lowest increases at 37.6% and 37.8%.

These are the rises in quoted premiums in the 12 months to April for all regions, according to the research:

• London - 49.9%
• South East- 45.8%
• Eastern England - 41.9%
• Yorkshire and the Humber - 41.9%
• Scotland - 41.3%
• South West - 40.6%
• Wales - 40.6%
• East Midlands - 38.9%
• West Midlands - 37.9%
• North East - 37.8%
• North West - 37.6%

Louise Clark, policy adviser at the Association of British Insurers, said providers appreciated "the strain many household budgets are currently facing" - and added that they were "committed" to offering competitive prices "despite the rising cost of raw building materials and labour".

According to ABI data, which is based on prices paid as opposed to quotes, the average home and buildings insurance premium rose 19% in the first quarter of this year compared to the same period in 2023.

"In the last year we've seen a succession of storms sweep across the UK, and insurers paid out £352 million to support customers whose homes were damaged by Storms Babet, Ciaran and Debi alone," Ms Clark said.

"As such events become more common, it's vital more is done to protect people and their property from the impact of these storms."

Staff at the shipyard that built the Titantic are expected to strike over plans to extend their working hours.

GMB union members at the Harland and Wolff shipyard in Belfast reportedly voted to strike on Monday after proposals suggested they would have to come in on Fridays

Sky News understands further talks are taking place today, with a revised pay offer on the table.

There have been suggestions that bosses want to implement a five-day week to cope with an increasing work load as the shipyard prepares to take on a major £1.6bn contract to build a Royal Navy supply ship.

The industrial action could mean 100 workers could walk out with just two weeks' notice.

It comes after years of concern over the shipyard, which appeared to be facing an uncertain future in 2019 when it was placed into administration.

Its future was secured when InfraStrata, now Harland and Wolff, acquired it for £6m.

It may not feel like it in the UK right now, but summer is under way and many will be dusting off their passports ahead of jetting away to warmer climes.

They're one of the most important documents we have - but how do passports rate when it comes to value?

According to the Passport Value Index by digital PR agency Tank, the UK passport has lost value for money since its 7% price increase in April.

Tank's research used the Henley Passport Index to find out the number of visa-free access each country's passport grants, and combined this with the passport price, number of years valid and average salaries to create an overall score.

It revealed that the UK has dropped four places from 31st to 35th out of 131 countries after its cost increased from £82.50 to £88.50.

The British passport is valid for 10 years and provides access to 192 countries at a cost of £8.85 a year.

But despite this, it falls down when compared to Spain, which charges £25.80 for a 10-year passport with access to 194 countries, and Germany, which gives access to the same number of countries for £60.21. A French passport sets citizens back £73.97, also letting them travel to 194 countries, while for an Irish passport it's £64.51 for 193.

Of the 131 countries compared, the United Arab Emirates offers the best value for its passport, according to Tank. Its 10-year-passport costs just £10.82 and means citizens can holiday in 184 countries.

Maxine McCreadie, personal finance expert at UK Debt Expert, said many going to renew their passports this year "may be left surprised at the price".

"Households are already battling the rising cost of living and the cost of passports - plus the 10% increase in holiday prices could put a stop to travel plans."

Heinz has confirmed it is discontinuing its vegan salad cream after fans complained that they couldn't find it in shops.

The food company replied to social media users saying the salad cream had "recently been discontinued".

One X user said they were "majorly disappointed" at the decision to stop producing the vegan version of the condiment staple which had been their "favourite since a child".

"Why use eggs if you don't need to?" they asked.

Heinz launched the vegan salad cream in January 2021 alongside flavoured mayonnaises and "Beanz Burgers".

A spokeswoman for the firm told The Grocer that it was "constantly looking" at how it could "improve and innovate to meet changing culinary trends and tastes".

Data seen by the online magazine showed value sales of Heinz's vegan salad cream had fallen by 23.6% in the year to 18 May.

After a very strong start to 2024, during which the UK economy achieved its strongest growth for two years, things stalled again in April.

That the economy flatlined during April was no surprise, though, given a couple of factors.

One was the early timing of Easter, which will have led some consumer spending that would normally have taken place in April to be brought forward to March.

The other, more pertinent factor, was the weather.

The Office for National Statistics notes in its release that rainfall during April was 155% higher than the long-term average - making this the wettest April in more than a decade.

The arrival of Storm Kathleen at the end of the first week of April brought heavy rain to Scotland, Wales, parts of Northern Ireland and the West Country.

In some parts of the country, things were even worse, with Edinburgh experiencing its second wettest April in 188 years. The last couple of weeks of April were also notably cooler than usual.

That all appears to have had a bearing on a wide range of sectors in the economy, including retail, construction - which was particularly afflicted by high winds - and pubs, restaurants and cafes.

The good news for the prime minister, such as it is, is that during the three months to the end of April, the economy grew by 0.7%.

That represents a modest degree of momentum being carried forward from the first three months of the year and is still a pretty reasonable clip given the recent past.

The better news is that things will probably have picked up in May.

Survey data for May, most notably the forward-looking purchasing managers index (PMI) survey, suggests that the services sector - which makes up just over three quarters of UK economic activity - continued to expand during the month while manufacturing looks set to have returned to growth as well.

Taylor Swift's Eras tour officially arrived in the UK last week, with tens of thousands of fans packing into Murrayfield Stadium in Edinburgh to see the star perform.

For three nights, fans enjoyed a three-hour show, 45 songs, several costume changes and stunning set changes.

Tickets ranged in price from around £86 to more than £660.

While the reviews were glowing, some fans were left disappointed after spending more than £600 on VIP tickets to have their view blocked by a tent.

TikTok user @hollyheatherevans showed off her "£600 VIP view", which was blocked by a tower, a tent and what looked like a Portaloo.

"Was a great show Taylor, couldn't see you though. #obstructedview #errorstour," she wrote.

Another Swiftie, Pat Herb, told her TikTok followers she spent £680 for a "lovely view of a tent".

She said she "didn't see anything" on the stage.

"I did have fun and I am grateful to be there but this was not worth £680... so heartbroken," she added.

In the comments on her video, other fans shared their frustrations.

"Same thing over in E14. Couldn't see anything in the centre diamond due to the sound tower," one said.

"I was W15 Row K and in the same boat, I did ask to be moved though," another said.

By James Sillars, business reporter

The news dominating financial markets this morning is coming out of Brussels.

Shares in top European carmakers are taking a plunge on expectations the EU is about to impose tariffs on China-produced electric cars - after a similar move by the US.

Analysts expect additional duties of between 10% and 25% to be slapped on makers such as BYD and Geely due to anticompetitive Chinese state subsidies that keep prices down.

The penalties would also cover Western producers such as Tesla that export cars from China to Europe.

EU brands including big beasts such as Mercedes and BMW oppose the idea of tariffs as they fear retaliation from Beijing, which would hurt their own sales.

As such, their shares took a hit at the market open, with Porsche leading the way down almost 6%.

In London, the FTSE 100 opened 0.6% higher, with industrial and financial stocks on the charge.

Consumer-facing shares such as B&M, Ocado, Next and Frasers weighed, however, after the latest figures showed the UK economy flatlined as shoppers were put off by the rain in April.

The UK economy has flatlined, according to early official data that has been seized on by the government's critics as evidence the Tories' plan is not working.

The Office for National Statistics said there was zero growth in April, after the economy recorded its fastest growth in two years from January to March.

Experts have blamed a negative impact from wet weather, knocking both retail sales and construction output.

Despite the emphasis on the hit from rain, the numbers are still a setback for Rishi Sunak's key election argument that the economy is improving after successive hits from the COVID pandemic followed by the cost of living crisis.

Ourbusiness presenter Ian King said professional scientific and technical activity contributed positively to the economy, but the retail sector did "pretty badly".

He explained that growth was not expected by economists, and some had predicted a contraction.

"There will be certain parts of the country doing better than others," he added.

Every Wednesday we ask Michelin chefs to pick their favourite Cheap Eats where they live and when they cook at home.This week we speak to Vivek Singh from the Cinnamon Collection (home to popular restaurants including the Cinnamon Club and Cinnamon Bazaar).

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

Everest Curry Kingis a Sri Lankan place in Lewisham - I will pretty much eat anything there. It is homemade in house and everything is fresh on the day then reheated to order. The dosa is made to order every time. You can definitely get a filling meal for two here for less than £40.

Babur is a southeast London institution to me. Some of the most-loved local restaurant's prices have crept up in the past 35 years, but Babur is still a great place to have a really decent meal for under £40 for two people.

It is especially great for lunch. You could get aloo gobi, mushroom corn saag, a side of pears and kadai paneer, a couple of breads (for example, a cheese and chilli naan), as well as rice and tomatoes all for under £40 for two people.

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

My cheap eat to cook at home would be a chicken tikka and cheese toastie.

One tip that non-chefs might not know is everything tastes better between two slices of bread (haha).

If I have some leftover chicken tikka or have some from the deli, I'll get some chopped cheese, onion and ginger then I will pop it in a toastie and a little goes a long way.

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

The start of Euro 2024 this week is predicted to drive an increase in shoppers splashing the cash on new tech and food supplies.

According to a survey by the British Retail Consortium, 6% of shoppers say they expect to buy a new TV or device to watch the matches, and 4% are planning on buying official merchandise.

Meanwhile, some 13% of people said they're going to spend more on groceries, alcohol and takeaways for the month-long football fest.

The research reveals that younger people are most likely to fuel the spending boost, with nearly a quarter of 18 to 24-year-olds saying they'll spend more on their food shop, compared to just 4% of people aged 55 and over.

Kris Hamer, BRC director of insight, said the survey of 2,000 adults shows retailers "could score a hat-trick".

"After sluggish spring sales, shoppers are expected to kick off their summer spending at the Euros," he said.

"Here's hoping England and Scotland can make it all the way to the final."

Different figures from Adobe show there's been a 14% rise in spending on TVs, while online sales of England shirts and other team merchandised soared by 115% in May.

Argos predicts it will sell 180,000 televisions during the tournament - the equivalent of four every minute.

The retailer said demand appeared to be driven by people wanting to watch sports on larger TVs.

And while football fans in the UK are preparing to watch this weekend's games from their sofas, anyone lucky enough to have tickets to the tournament in Germany will benefit from the pound hitting its highest level in nearly two years against the euro.

The currency fell when Emmanuel Macron, the French president, called a snap election after his party suffered calamitous results in EU elections.

The euro dropped to as low as 84.53p yesterday morning - its lowest sinceAugust 2022 - so it's a good time to snap up that holiday cash if you're heading over there!