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Even the tooth fairy is feeling the pain of high inflation.

The average amount of cash left under the pillow by the tooth fairy (spoiler alert: parents) dropped to $5.84 in 2023, 6% lower than the $6.23 the previous year — the first time decline since 2018, according to a survey conducted by insurer Delta Dental.

Even the loss of a first tooth, which usually elicits a more lucrative award, wasn’t as profitable as it once was, the survey found.

Last year, losing a first tooth resulted in an average gift of $7.09 — down from $7.29 in 2022, according to the survey, which polled 1,000 parents of children between the ages of 6 and 12.

Kids living in the western part of the United States scored the biggest bonanza.

The average value of a lost tooth in the West was $8.54 — a 37% increase compared to 2022, when the value was $6.23.

In the Northeastern US, the average value rose 12% from $6.14 to $6.87.

The tooth fairy was more miserly in the South and Midwest.

In the Midwest, the worth of a lost tooth fell 36%, dropping from $5.63 to $3.63. In the South, the value dropped to $5.51 per tooth from its 2022 mark of $6.59 — a 16% decrease.

The poll noted that the tooth fairy’s gift has traditionally tracked with the S&P 500, but that trend has been bucked the last two years.

In 2022, the tooth fairy’s dropped off a record high of $6.23 — up 16% from the year before. Meanwhile, the S&P 500 underwhelmed that same year — dropping 18% in value.

Last year, the tooth fairy was a bit more stingy, but the S&P 500 roared back with 24% gains — a sign of the resilience of an economy that has been hampered by high interest rates and soaring levels of inflation.

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Politics

UK no longer in recession, official figures show, as ‘confident’ Sunak insists economy has ‘real momentum’

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UK no longer in recession, official figures show, as 'confident' Sunak insists economy has 'real momentum'

The UK economy is no longer in recession, according to official figures.

Gross domestic product (GDP) grew by a better-than-expected 0.6% between January and March, the Office for National Statistics (ONS) said.

Economists had predicted the figure would be 0.4%.

Prime Minister Rishi Sunak said it showed the economy had “turned a corner”.

He told Sky News’s Ed Conway: “I am pleased that while there’s more work to do, today’s figures show that the economy now has real momentum, and I’m confident that with time, people will start to feel the benefits of that.

“We’ve had multiple months now where wages are rising, energy bills have fallen, mortgage rates are down and taxes are being cut… I’m pleased with the progress that we’re making.”

Mr Sunak added: “I am confident the economy is getting healthier every week.”

Pic: Jacob King/PA
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Pic: Jacob King/PA

A recession, which is defined as two consecutive three-month periods where the economy contracts, was declared in February.

It came after the ONS said GDP, a major measure of economic growth, shrank 0.3% between October and December. It followed a contraction of 0.1% in the three months from July to September.

The slump was blamed on reduced consumer spending power amid high inflation and energy bills. Months of wet weather also contributed to keeping shoppers at home, commentators said.

The latest figures also revealed better-than-expected growth for March. GDP was up 0.4% during the month, which was higher than the 0.1% forecast by economists.

GDP growth figures for February were also revised upwards by the ONS, from 0.1% to 0.2%.

While previous recessions have been long-lasting – such as during the global financial crash of 2008 and 2009 – the latest one had been expected to be short-lived.

Recession over with a bang – but will voters forgive government?



Ed Conway

Economics and data editor

@EdConwaySky

Britain is not just out of recession. It is out of recession with a bang.

The economic growth we saw reported this morning by the Office for National Statistics is not just faster than most economists expected, it is the fastest growth we’ve seen since the tail-end of the pandemic when the UK was bouncing back from lockdown.

But, more than that, there are three other facts that the prime minister and chancellor will be gleeful about (and you can expect them to be talking about this number for a long time).

First, it’s not just that the economy is now growing again after two-quarters of contraction (that was the recession).

An economic growth rate of 0.6% is near enough to what economists used to call “trend growth”, back before the crisis – in other words, it’s the kind of number which signifies the economy growing at more or less “normal” rates.

And normality is precisely the thing the government wants us to believe we’ve returned to.

Second, that 0.6% means the UK is, alongside Canada, the fastest-growing economy in the G7 (we’ve yet to hear from Japan, but economists expect its economy to contract in the first quarter).

Third, it’s not just gross domestic product (GDP) that’s up. So too is gross domestic product per head – the number you get when you divide our national income by every person in the country.

Read the full analysis here

Economy ‘returning to full health’

Chancellor Jeremy Hunt described the figures as “encouraging” and said it showed that the economy was “returning to full health”.

He told Sky News: “I think that for families who’ve been having a really tough time, this is an indication that difficult decisions that we’ve taken over recent years are beginning to pay off and we need to stick with them.

“We’re seeing that inflation is falling faster and I think people recognise it’s been a very, very challenging period, but they don’t vote for Conservative governments for us to do popular things.

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PM: ‘UK economy has real momentum’

“They trust us to do the right thing for the long-term benefit of the economy and that is what we’ve been doing.”

However, opposition parties said there was little cause for celebration.

Labour’s shadow chancellor Rachel Reeves said: “This is no time for Conservative ministers to be doing a victory lap and telling the British people that they have never had it so good.

“The economy is still £300 smaller per person than when Rishi Sunak became prime minister.”

Sarah Olney MP, Treasury spokesperson for the Liberal Democrats, added: “This Conservative government crashed the economy and sent mortgages spiralling.

“If Rishi Sunak thinks hard-hit households will be celebrating today, he is even more out of touch than we thought.”

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Liz McKeown, the ONS’s director of economic statistics, said: “There was broad-based strength across the service industries with retail, public transport and haulage, and health all performing well.

“Car manufacturers also had a good quarter. These were only a little offset by another weak quarter for construction.

“In the month of March, the economy grew robustly led, again, by services with wholesalers, the health sector and hospitality all doing well.”

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‘Path is downwards’ on interest rates

Ruth Gregory, from research firm Capital Economics, said the figures suggested the UK’s economic recovery would be stronger than previously anticipated.

She added: “All the early indicators suggest that GDP growth rose robustly in April as well.

“At the margin, this may mean the Bank of England doesn’t need to rush to cut interest rates. But the timing of the first interest rate cut will ultimately be determined by the next inflation and labour market releases.”

The latest figures come after the Bank of England held interest rates at 5.25% on Thursday and issued new forecasts for the UK economy.

The Bank projected that growth would be stronger this year, with unemployment and inflation rates lower than previously expected.

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Politics

Scotland’s new leader John Swinney: Gender recognition reforms ‘cannot be implemented’

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Scotland's new leader John Swinney: Gender recognition reforms 'cannot be implemented'

Scotland’s new first minister has told Sky News that the controversial gender recognition reforms “cannot be implemented.”

John Swinney, who became first minister this week, has faced questions over his stance on gender recognition after MSPs voted in 2022 to pass a bill to make it simpler for people to change their gender without having to obtain a medical diagnosis.

The UK government blocked the bill from being made into law and the Supreme Court rejected a request by the Scottish government for a judicial review.

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Asked if he would be fighting to push the bill through, Mr Swinney told Sky News: “The reality of the situation we face is that the Supreme Court has said that we can’t legislate in that area. We can’t take forward that legislation.”

His predecessor Humza Yousaf had previously suggested he wanted to work with the UK Labour Party to amend the laws ahead of the general election.

Scottish ministers said the scheme, dubbed self-ID, was aimed at making life easier for the trans community but women’s campaigners said it threatened their rights.

Mr Swinney made former leadership contestant Kate Forbes his deputy this week, which has caused some consternation within the party as she previously said she would have voted against gay marriage but would not seek to overturn the law if she became first minister.

But Mr Swinney sought to reassure the LGBT community, saying he had voted for gay marriage and introduced inclusive education into schools when he was education secretary.

Kate Forbes arrives at Bute House, Edinburgh, after newly appointed First Minister of Scotland John Swinney was sworn in at the Court of Session. Picture date: Wednesday May 8, 2024.
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Kate Forbes said she would have voted against gay marriage

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Mr Swinney said: “I think what’s the most important thing that I can see is that to LGBT people in our society, the Scottish government is on their side.

“We have been on their side and we will be on their side in the years to come.”

A Scottish government spokeswoman said: “The Gender Recognition Reform Bill was passed by the Scottish Parliament.

“If the UK government lifted its legal block – the section 35 order – it would become law.

“The problem is that the current UK government has said they will not.

“The Scottish government’s position is simple – UK government should lift their section 35 order.

“They have made clear however that they will not, and until they do, it is simply not legal to implement the legislation.”

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Independence ‘can be achieved in five years’

Mr Swinney also said he believes Scotland could split from the rest of the UK in five years thanks to Brexit and the cost of living crisis.

He told Sky News: “I think independence can be delivered in that timescale because the arguments for it are compelling.

“If we look at two of the biggest issues we face as a country in Scotland; the effect of the cost of living and the implications of Brexit.

“Both of those are major strategic factors that are doing severe economic and social damage to Scotland because of bad decisions taken in Westminster.

“And independence is the answer to that.”

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‘Independence can be delivered in five years’

He said Scotland was “forced out of the European Union against our will” as a majority in the country voted to remain.

“If we’d been an independent country, we will be able to take part in Europe and not have all the damaging disruption that we faced,” he added.

Mr Swinney was deputy first minister under Nicola Sturgeon, who was leader of the SNP and first minister from 2014 to 2023 when she stepped down.

Ms Sturgeon wanted to use the next general election as a de facto second referendum on independence after the Supreme Court ruled a vote cannot be held without the UK government’s consent – but it is yet to be seen what Mr Swinney favours.

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Save $1,695 on Super73 RX Electric Motorbike at $2,000, Best Buy 3-day EV sale, Broil King pellet grill, and more deals

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Save ,695 on Super73 RX Electric Motorbike at ,000, Best Buy 3-day EV sale, Broil King pellet grill, and more deals

Its another day of Green Deals tailored for summer fun, headlined by the Super73 RX Electric Motorbike hitting a new $2,000 low. It is joined by Best Buy’s 3-day Mother’s Day sale that runs through the weekend and is taking up to $400 off a collection of EVs, like the Segway Max G2 Electric Kick Scooter for $900. Then there’s the Broil King Crown Pellet 500 Pellet Grill that just dropped to $632, the lowest price since 2022. Plus, more hangover Green Deals still alive and well.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Super73 RX Electric Motorbike hits new $2,000 low

Best Buy is offering the Super73 RX Electric Motorbike for $1,999.99 shipped. Normally fetching $3,695, we’ve only seen one previous discount since the new year began – a repeat of 2023’s biggest price cut to $3,000 back in February. Today’s deal is a first that we haven’t seen in a while for this particular model – a brand new all-time low. It comes in as a massive 46% markdown that gives you a whopping $1,695 in savings and beats out our Black Friday and Christmas sale mentions. You’ll also find a more affordable option in the standard R model at $1,700, down from $3,295 for another new all-time low. You can learn more about it by heading below or reading through our feature.

Having basically originated the current moped-style/e-minibike craze that is becoming more and more popular throughout the US for the last handful of years, Super73’s RX motorbike combines the iconic stylings of the ’70s and ’80s with nice plump fat tires and a fully-electric heartbeat. Coming in a Carmine Red colorway, it is equipped with a 750W rear-hub motor paired alongside a 48V battery in order to reach 28 MPH top speeds for up to 40 miles when only using the throttle and up to 75 miles when using its pedal assistance. It fully recharges in just five to seven hours via a standard outlet, depending on conditions, and comes with a few exclusive features like fenders for both tires, and an LED headlight as well as an LED taillight. The big difference between it and its predecessor, the standard R model, is the lack of these extra features/add-ons.

Segway Max G2 Electric Kick Scooter being ridden on pavement within post for Super73 RX Electric Motorbike

Best Buy Mother’s Day sale takes up to $400 off EVs

Best Buy is having a 3-day Mother’s Day sale through the weekend, with several varying EVs benefitting from the discounts as well – up to $400 off, in fact. A standout amongst the bunch is the Segway Max G2 Electric Kick Scooter for $899.99 shipped. Normally fetching $1,300, it launched just last year at $800, which has remained the lowest price we’ve seen since, with very few minor discounts dropping up until today. This is a solid $400 off the going rate that lands it at the second-lowest price we have tracked, making this the best deal since its pre-order discount.

The Max G2 is the successor to the original Max scooter, with some notable upgrades that make it stand out from its predecessor – especially at this price. Equipped with a 450W motor (with 1,000W peak power that can handle up to 22% inclines) and a 551Wh battery, its speed has been increased to 22 MPH (over the Max’s 18 MPH speed), plus it has an extended mileage of 43 miles on a single charge – nearly twice the distance of the previous model. It sports Segway’s standard folding design for easier storage and transport, as well as four riding modes to choose from through the onboard LED display, with some saving power to extend travel ranges and others shrinking that range for the sake of speed and power. It’s also been given some notable features – including smart features – like self-sealing tires and Apple Find My for added peace of mind. Head below for more.

More Best Buy Mother’s Day EV discounts:

Broil King Crown Pellet 500 Pellet Grill hits lowest price of last 2 years at $632

Amazon is offering the Broil King Crown Pellet 500 Pellet Grill for $631.91 shipped. Regularly $1,199, but having spent the last three months keeping between $1,100 and $900, we’ve seen it go for much less in the past, though the $522 all-time low was last seen in 2022, with 2023 never seeing any price drop below $759. Today’s deal comes in as the lowest price we have tracked in the last two years, giving you a solid $567 markdown off the list price that beats our previous mention by $85 just in time for BBQ season. It even beats out Broil King’s website where it is discounted at a higher $1,099 rate.

You won’t need to worry about hooking up a gas line or running down to the nearest store to refill on your propane with this grill, which utilizes wood pellets that produce lower emissions than even charcoal. To start, you’ll have a temperature range of 200 degrees to 600 degrees Fahrenheit, which can be customized as you like through the LED digital control board or use its three quick-set temperature keys that let you smoke (225 degrees), roast (350 degrees), or grill (600 degrees). You’ll even get remote control settings through the companion app via your smartphone using Wi-Fi or Bluetooth, and it comes with temperature probes to make hitting your food’s ideal internal temperature far less stressful than just eyeing it. You’ll have plenty of room to work with too, as its 560 square-inches of cooking space can hold approximately 30 burgers at once – enough for everyone on your block and more than enough for family gatherings. Head below to learn more.

More wood pellet grill and smoker discounts:

Spring e-bike deals!

Greenworks 80V 730 CFM cordless electric leaf blower being used in yard to move leaves within post for Super73 RX electric motorbike

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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