Money

One initially overlooked aspect of Liz Truss and Kwasi Kwarteng’s ill-fated mini-Budget was the plan to restore VAT-free shopping for tourists. The scheme, which allowed non-EU visitors to claim back 20 per cent on their purchases, was scrapped in 2020 by then chancellor Rishi Sunak but looked set for a comeback. This was excellent news where I live – Japan – and throughout Asia, where holidays are short and shopping plays a big part in overseas trips. But just as tourists were writing up their lists and planning their itineraries, Jeremy Hunt pulled the rug from under their feet by cancelling the uncancelling before it had even reached Kwarteng’s promised

Are you suffering from SMS? Smart meter stress, that is. When we decided recently to accept our energy provider’s offer to install a smart meter, I had no clue how anxiety-inducing the digital display on the little black monitor could be. Smart meters tell us (and our suppliers) how much energy we’re using, minute by minute. In theory they make life easier, helping us identify where we can reduce consumption and sending automatic readings so that we’re less likely to underpay or overpay on our bills. There are already 29.5 million smart meters installed across the UK, and by the end of 2025 every home and office in Britain will have been offered one. But there’s a

Imagine dividing up your holiday time between your farmhouse in Tuscany, your villa on the French Riviera, your Mallorcan townhouse, your cottage in the Cotswolds and your apartment in Chamonix. Instead of dealing with the hassle of renting such properties, or the upkeep of owning each one of them, you just turn up and everything is ready and familiar.  Belgians Hilde and Henrik love the concept of co-owning five holiday homes, enjoying two or three weeks in each a year. ‘Everyone treats the house as if it’s their own, and we even found the fridge half full of beer when we arrived at Soller [in Mallorca],’ says Henrik, in his

Not so long ago buyers were treating house-hunting as a blood sport – price ceiling-shattering bids and gazumping were commonplace everywhere from the Cornish coast to the London suburbs to the Lake District. But six months is a long time in property. Following the debacle of the mini-Budget and amid rising interest rates and soaring living costs, not to mention looming recession, the power balance in the market has firmly shifted. Vendors can no longer sit back and wait for the offers to pour in.  Buyers who don’t have to move are increasingly taking a wait-and-see approach. Those still up for a move are determined not to overpay, often hoping

Even though being a right-centre comedian accords me default outsider status, I am not in any way an edgy bloke. Consequently, I find myself surprised at just how unnerved I’ve become by the drift towards a cashless society. I’m not yet at the stage where I’ve started using phrases like ‘the great reset’ or renaming my first son ‘Crypto’, but I have become a bit twitchy about yet another huge change concerning the fundamentals of how we live (and the way we all ignored it when we realised we could go to a restaurant with a built-in reason to not tip). The perils around the exclusive use of contactless payments

With the Chancellor confirming that the energy price cap will rise in April, it seems we won’t be taking our eye off our electricity usage any time soon. But while energy saving tips have become a staple of breakfast television shows and small talk, how many of them really add up in practice? The Spectator’s data team has crunched the numbers to see what typical household devices actually cost to run. And the answers are quite surprising. Perhaps you’ve heard the warnings over the past weeks of so-called ‘vampire devices’ – those pesky contraptions which carry on costing you money when you’re not actually using them. You may even be

It has been almost a decade since the first apartments at Battersea Power Station went on sale. Such was the excitement about its redevelopment that buyers queued in the chilly dawn for the chance to pick up a £343,000 studio flat or a £6 million penthouse. Most were from overseas, and in four days in January 2013 they collectively spent £600 million. These kinds of scenes are something London’s housebuilders and estate agents can today only dream of. Although we have moved on from worst ravages of the pandemic, and traveller numbers are very much in recovery, many foreign property buyers – for years the mainstay of prime London’s property

Having written recently about how Prime Central London is enjoying a time in the sun after almost a decade in the doldrums, buying a property there just got even more tempting – if, that is, you’re spending dollars. And 66 countries worldwide are linked to the currency and affected by fluctuations in its value. A property in Kensington and Chelsea will now cost dollar-based buyers two-thirds of what it would have cost them in 2014 Over more than four decades it’s been clear that the fortunes of PCL are affected more by geopolitical events and exchange rates than by domestic interest rates. Any global ‘black swan’ event – such as

If you’re looking for a bellwether for the world economy, you could do worse than consider what’s happening at the very highest end of London’s property market. Over several decades, Prime Central London – or PCL – had become a repository for cash from wealthy foreigners, whether they actually wanted to live there or not. This had several side effects – namely that PCL became mostly lined with empty properties and prices went into ‘trophy’ mode. This is a world controlled by a cabal of high-end agents operating completely off the grid Then Brexit appeared on the horizon, and for some time rich international buyers avoided London out of fear