The Weekly Consumer Report Podcast
Welcome to Parfitt Cresswell’s Weekly Consumer Report brought to you by broadcast journalist Glen Thompsett and award-winning journalist, author, podcaster, and broadcaster, Lindsay Cook.
Each week, we break down the stories that matter most to your money, your rights, and your everyday life - helping you make smarter decisions in a fast-changing world. Every episode is packed with clear explanations, actionable tips, and the latest news - so you can feel confident and in control.
Tune in to our latest episode and join the conversation!
Episode 37: 28th July - in this episode:
Oil and gas
The price of oil fell after President Trump announced that attacks on Iran were being halted after 13 straight nights of attacks and Brent crude oil prices topping $100 at $102 on Thursday for the first time since May. It fell to $90 at the beginning of this week. Pakistan, with support from China, was seeking to revive negotiations between the US and Iran, raising hopes for a diplomatic path to ease tensions. Chinese officials are increasingly concerned that attacks on Gulf states and disruptions in the Strait of Hormuz are hurting its economic interests.
Interest rates
The Bank of England meets on Thursday to decide if interest rates need to rise. On Wednesday the Federal Bank in America will have to make the same decision. Neither are expected to raise rates in July as inflation has reduced to 2.6% in the UK and 3.5% in America. The jobs market in both countries is also flat. But analysts are expecting the Federal Reserve to increase interest rates on September 16 unless oil prices reduce.
Mortgages
UK average mortgage rates have risen back to the level of early June as renewed bombings in the Middle East increase the cost of borrowing. Lenders' funding costs have increased as markets expect a prolonged conflict cut the possibility of interest rate cuts by central banks. The five biggest High Street banks increased their interest rates on new fixed deals last week and others followed. The Bank of England estimates around five million homeowners should expect their monthly mortgage repayments to increase by the end of 2028.
Business rates
Pubs, clubs and live music venues in England will be given a 20% cut to business rates from April, which the government estimates will save firms around £1,100 next year. The cut will cost £100m and will be funded by a review of tax relief on firms such as vape shops which "do not make a positive contribution to local communities", the government said.
Tariffs
The US government imposed new tariffs on 60 trading partners last week. The countries targeted, include the UK, China and the European Union. They will face a tariff of 10% to 12.5% on all goods, accounting for almost all American imports. The tariffs, which replace an identical levy which expired on Friday, are based on President Trump’s belief that key economic partners have failed to properly tackle forced labour.
Online sales
Online sales accounted for the highest proportion of retail sales in five years last month. The volume of retail sales was increased by 1%. The Office for National Statistics (ONS) said the volume of retail sales in Great Britain grew 1% month on month in June, as the hot weather and a World Cup retail rush defied analyst expectations of a 0.3% decline. The heatwave conditions led to year-on-year sales climbing 4.2% in June, almost double analyst consensus expectations of 2.3%.
Savings bonus
Good news for savers in the UK as the number of savings accounts paying more than the Bank of England base rate. There are 1,385 accounts paying more than 3.75%. This is the highest figure for more than six years, according to Moneyfacts. The rates are also more than the current inflation rate of 2.6%. This means that more than half of the total number of savings accounts so it is time that savers who are getting low interest rates should look for a better paying one and shield their savings from income tax in an individual savings account.
Episode 36: 22nd July - in this episode:
New government
It has been all change in the government with a new prime minister and cabinet. The first big announcement was that VAT will not be charged on domestic electricity from October. This coincides with the expected increase the energy price cap.
Strait of Hormuz
The price of oil has increased to a one month high of $91.30 as the ceasefire in the Strait of Hormuz has collapsed. Petrol prices are increasing here and in the US. Meanwhile there is a squeeze on the supply of diesel.
Mortgages
More than a dozen mortgage lenders have increased the fixed rate charges as traders expect the Bank of England to increase rates in the coming months.
Buy Now Pay Later
New rules were implemented last week to give protection to people who use these instalment payment schemes to pay for goods. Customers will be able to get refunds more easily and will have access to the Financial Ombudsman Service.
Digital tax payments
More than 400,000 small businesses have two weeks to register for the HMRC Making Tax Digital Scheme. Those sole traders and landlords with a turnover of more than £50,000 should register online.
Hand baggage
European Union lawmakers have agreed to ban airlines from charging for basic hand baggage up 7 kg.
Leasehold properties
A survey has found that almost all leaseholders regret buying their homes. Propertymark found that 90 per cent of the 1,200 it surveyed said they regretted buying their home. Some 93 per cent said they would not buy a leasehold home again. Those who said they might buy leasehold again, said they would only do so if there was no alternative. Leasehold homes have been plagued with a number of issues in recent years, from unsafe cladding to increasing service charge and insurance costs. It means leaseholders now find their properties difficult to sell, especially in areas where the market for flats is limited.
State pensions
The retirement age is set to rise to 68, seven years earlier than expected as early as 2037.
Meet Your Hosts
The show is hosted by Glen Thompsett, an experienced broadcast journalist, and an award-winning journalist, author, podcaster, and broadcaster Lindsay Cook, whose expertise is widely recognised; she’s a regular contributor to BBC Radio 4 and other outlets and has written extensively for the Financial Times. Together, Glen and Lindsay bring decades of expertise, a passion for consumer advocacy, and a knack for making complex topics easy to understand.
Legal Chat with Parfitt Cresswell
Hear from our legal experts as they discuss various legal topics in Legal Chat with Parfitt Cresswell. Answering the commonly asked questions we receive on a regular basis, Legal Chat removes all of the legal jargon and makes the complex world of law that little bit easier to understand.
