British Gas, house prices, savings and petrol

British Gas is freezing its standard tariffs for millions of people over winter.

Britain’s biggest energy supplier says the decision – which applies to gas and electricity – will provide peace of mind for more than six million customers, the BBC reports. The move follows similar action from SSE which has said it will cap standard household energy tariffs until April 2017. House prices The BBC reports that annual house price growth has slowed to its lowest rate since January. Nationwide, the UK’s biggest building society and second largest mortgage lender, said that prices in November were 4.4 per cent higher than a year earlier, compared with a 4.6 per cent increase in October. It added that prices rose by 0.1 per cent from the month before, with the average cost of a home now £204,947. In other housing news, The Times reports that ‘the Government is making one of the largest investments in the private rented sector in the UK with the aim of building thousands of new homes in the Midlands and the north of England’. Funding of £45 million has been awarded to the private Dandara Group to build 2,000 homes across Manchester, Leeds and Birmingham for rent. Savings The Financial Conduct Authority has today published the third and final ‘sunlight remedy’ data set, showing the lowest interest rates available from 32 providers of cash savings accounts and easy access cash ISAs. From today, new rules come into force which means that firms will have to provide easy-to-understand key information in an upfront summary box to help consumers compare savings accounts. Firms will also have to clearly remind consumers about changes in interest rates or the end of an introductory rate. In addition, firms will be required to provide a quicker and easier switching process. Fuel prices Petrol prices in Britain will increase following a decision by the Saudi-led Opec cartel to cut production for the first time in eight years, according to The Guardian. The paper says that ‘this could add up to £5 to the cost of filling up an average family car, according to motoring organisations. Higher oil prices could also push up household energy bills as wholesale gas prices tend to track the price of crude.’ Parents

Parents in Britain are spending on average of £17,400 to help kick-start their children’s careers, new research from Scottish Widows’ think tank, the Centre for the Modern Family, has found. For the average UK family, this equates to an estimated £7,900 per child.

Against a backdrop of a challenging jobs market, where youth unemployment stands at 591,000, four in 10 parents of over 16-year-olds worry their children will struggle to find a secure job in the future.

Although the majority of parents feel it is their responsibility to support their children practically and financially as they take their first foray into the world of work, many are also looking to the Government and educators to provide a certain level of support. While a quarter of parents would like to see the Government offering financial support, almost a third also believe schools should play a role in offering young people practical support for their future.

Landlines

Ofcom has launched a review of landline rental prices, according to the BBC.

The telecoms regulator said landline prices have risen by up to 41 per cent in real terms since 2010, while wholesale prices have fallen by a quarter. There are concerns that people are not getting value for money. The rise in rental prices particularly affects those who rely on landlines, such the elderly, Ofcom said. Finally… If you’re already sick to death of sentimental Christmas adverts, then take a look at The Co-operative Group’s Christmas TV advert. Instead of CGI foxes and squirrels, it features people involved with the local community groups that have benefited from its revamped membership scheme. The Guardian reports that ‘the Manchester-based mutual, which now focuses on groceries and funeral homes with some remaining financial services operations, said it wanted to show how shoppers buying its champagne, smoked salmon and other foods for Christmas could help local charities by giving them financial support.’