Connect with us

Published

on

More than half of parents with children in primary school are likely to use buy-now-pay-later (BNPL) schemes to afford Christmas, according to research from Citizens Advice.

Roughly 15.1 million people – more than one in four UK adults – also reported they’re likely to buy goods on credit using BNPL services to help with festive spending, a survey said.

The research showed just over one in five people who have taken credit using BNPL have missed a payment or paid late.

It comes as the independent, state-funded advice service recorded a 67% rise in people seeking help with BNPL debt in the 12 months to 31 October this year, compared to a year earlier.

The finding emerged from two surveys by Opinium, one of which polled 2,156 UK adults on the use of BNPL products and Christmas spending in the period 1-3 November and another of 2,132 UK adults who had purchased anything using a BNPL product in the last 12 months between 6 and 15 November.

Some 10% of surveyed BNPL users missed or made a late payment in the last year and were visited by an enforcement agency or bailiff as a result.

Nearly a third (29%) of users due to make a payment in the last month borrowed further to repay instalments, adding to a cycle of debt.

More on Cost Of Living

Read more
Cost of living: Shoppers ‘overcharged’ for branded goods

Citizens Advice, MoneySavingExpert and Which? jointly urged the government recently to protect BNPL users

Citizens Advice has now called on ministers to enact BNPL regulation after legislation was shelved amid Whitehall concerns that it could curb the availability of low-interest products.

“Consumers are being failed and as a result could see a 2024 plagued with unmanageable debt, poor credit, and bailiffs knocking at their door,” said the Citizens Advice chief executive, Dame Clare Moriarty.

“The government must act on its almost three-year-old pledge and bring the BNPL market into line urgently.”

It follows research with similar findings from the Financial Conduct Authority (FCA).

Those frequently using BNPL were more likely to be in financial difficulty, the finance regulator said.

FCA figures showed roughly 14 million people used (BNPL) to purchase something in the six months to January 2023.

An HM Treasury spokesman said in response: “When used appropriately, buy-now-pay-later can be a useful, interest-free way for consumers to manage their finances.

“We must ensure that regulation of these products is proportionate to ensure borrowers are protected without unduly restricting access.

“We will publish a response to our recent consultation once it is finalised.”

Continue Reading

Business

Ryanair urges EU chief to ‘quit’ over air traffic strike disruption

Published

on

By

Ryanair urges EU chief to 'quit' over air traffic strike disruption

The boss of Ryanair has told Sky News the president of the European Commission should “quit” if she can’t stop disruption caused by repeated French air traffic control strikes.

Michael O’Leary, the group chief executive of Europe’s largest airline by passenger numbers, said in an interview with Business Live that Ursula von der Leyen had failed to get to grips, at an EU level, with interruption to overflights following several recent disputes in France.

The latest action began on Thursday and is due to conclude later today, forcing thousands of flights to be delayed and cancelled through French airspace closures.

Money latest: ‘Lifeblood of mortgage market’ enjoying lower rates

Mr O’Leary told presenter Darren McCaffrey that French domestic flights were given priority during ATC strikes and other nations, including Italy and Greece, had solved the problem through minimum service legislation.

He claimed that the vast majority of flights, cancelled over two days of action that began on Thursday, would have been able to operate under similar rules.

Mr O’Leary said of the EU’s role: “We continue to call on Ursula von der Leyen – why are you not protecting these overflights, why is the single market for air travel being disrupted by a tiny number of French air traffic controllers?

More from Money

File photo dated 02/09/22 of a Ryanair Boeing 737-8AS passenger airliner comes in to land at Stansted Airport in Essex. Ryanair has revealed around 63,000 of its passengers saw their flights cancelled during last week's air traffic control failure which caused widespread disruption across the industry and left thousands of passengers stranded overseas. In its August traffic update, the Irish carrier said more than 350 of its flights were cancelled on August 28 and 29 due to the air traffic contr
Image:
Ryanair has cancelled more than 400 flights over two days due to the action in France. File pic: PA

“All we get is a shrug of their shoulders and ‘there’s nothing we can do’. We point out, there is.”

He added: “We are calling on Ursula von der Leyen, who preaches about competitiveness and reforming Europe, if you’re not willing to protect or fix overflights then quit and let somebody more effective do the job.”

The strike is estimated, by the Airlines for Europe lobby group to have led to at least 1,500 cancelled flights, leaving 300,000 travellers unable to make their journeys.

Ryanair chief executive Michael O'Leary speaks to journalists during a press conference at The Alex Hotel in Dublin. Picture date: Thursday October 3, 2024.
Image:
Michael O’Leary believes the EU can take action on competition grounds. Pic: PA

Ryanair itself had axed more than 400 flights so far, Mr O’Leary said. Rival easyJet said on Thursday that it had cancelled 274 services over the two days.

The beginning of July marks the start of the European summer holiday season.

The French civil aviation agency DGAC had already told airlines to cancel 40% of flights covering the three main Paris airports on Friday ahead of the walkout – a dispute over staffing levels and equipment quality.

Mr O’Leary described those safety issues as “nonsense” and said twhile the controllers had a right to strike, they did not have the right to close the sky.

DGAC has warned of delays and further severe disruption heading into the weekend.

Many planes and crews will be out of position.

Mr O’Leary is not alone in expressing his frustration.

The French transport minister Philippe Tabarot has denounced the action and the reasons for it.

“The idea is to disturb as many people as possible,” he said in an interview with CNews.

Passengers are being advised that if your flight is cancelled, the airline must either give you a refund or book you on an alternative flight.

If you have booked a return flight and the outbound leg is cancelled, you can claim the full cost of the return ticket back from your airline.

Continue Reading

Business

CBI kicks off search for successor to ‘saviour’ Soames

Published

on

By

CBI kicks off search for successor to 'saviour' Soames

The CBI has begun a search for a successor to Rupert Soames, its chairman, as it continues its recovery from the crisis which brought it to the brink of collapse in 2023.

Sky News has learnt that the business lobbying group’s nominations committee has engaged headhunters to assist with a hunt for its next corporate figurehead.

Mr Soames, the grandson of Sir Winston Churchill, was recruited by the CBI in late 2023 with the organisation lurching towards insolvency after an exodus of members.

Money latest: Has bond market calmed after chancellor’s tears?

The group’s handling of a sexual misconduct scandal saw it forced to secure emergency funding from a group of banks, even as it was frozen out of meetings with government ministers.

One prominent CBI member described Mr Soames on Thursday as the group’s “saviour”.

“Without his ability to bring members back, the organisation wouldn’t exist today,” they claimed.

More from Money

Rupert Soames
Image:
Rupert Soames. Pic: Reuters

Read more:
Starmer could be ousted as PM ‘within months’
Reeves’s tears a hard watch but reminder of her challenges

Mr Soames and Rain Newton-Smith, the CBI chief executive, have partly restored its influence in Whitehall, although many doubt that it will ever be able to credibly reclaim its former status as ‘the voice of British business’.

Its next chair, who is also likely to be drawn from a leading listed company boardroom, will take over from Mr Soames early next year.

Egon Zehnder International is handling the search for the CBI.

“The CBI chair’s term typically runs for two years and Rupert Soames will end his term in early 2026,” a CBI spokesperson said.

“In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition.”

Continue Reading

Business

Ryanair and easyJet cancel hundreds of flights over air traffic control strike

Published

on

By

Ryanair and easyJet cancel hundreds of flights over air traffic control strike

Ryanair and easyJet have cancelled hundreds of flights as a French air traffic controllers strike looms.

Ryanair, Europe’s largest airline by passenger numbers, said it had axed 170 services amid a plea by French authorities for airlines to reduce flights at Paris airports by 40% on Friday.

EasyJet said it was cancelling 274 flights during the action, which is due to begin later as part of a row over staffing numbers and ageing equipment.

Money latest: Bond market fires warning shot at Downing St

The owner of British Airways, IAG, said it was planning to use larger aircraft to minimise disruption for its own passengers.

The industrial action is set to affect all flights using French airspace, leading to wider cancellations and delays across Europe and the wider world.

Ryanair said its cancellations, covering both days, would hit services to and from France, and also flights over the country to destinations such as the UK, Greece, Spain and Ireland.

More from Money

Group chief executive Michael O’Leary has campaigned for a European Union-led shake-up of air traffic control services in a bid to prevent such disruptive strikes, which have proved common in recent years.

He described the latest action as “recreational”.

Michael O'Leary. Pic: Reuters
Image:
Michael O’Leary. Pic: Reuters

“Once again, European families are held to ransom by French air traffic controllers going on strike,” he said.

“It is not acceptable that overflights over French airspace en route to their destination are being cancelled/delayed as a result of yet another French ATC strike.

“It makes no sense and is abundantly unfair on EU passengers and families going on holidays.”

Ryanair is demanding the EU ensure that air traffic services are fully staffed for the first wave of daily departures, as well as to protect overflights during national strikes.

“These two splendid reforms would eliminate 90% of all ATC delays and cancellations, and protect EU passengers from these repeated and avoidable ATC disruptions due to yet another French ATC strike,” Mr O’Leary added.

Continue Reading

Trending