Personal Money · Tuesday, 3 November 2026

2.3 million UK households face higher mortgage payments as fixed deals end in 2027, as the Bank of England is expected to raise rates on Thursday

19 stories 35 sources

Signals on this beat

The bar and the word are our reading of how hard each one is pushing, and the arrow is where it is heading.

Borrowing costs climbing Building↑

Markets expect the Bank of England to raise its rate to 4% on Thursday. [1]
The average US 30-year fixed home loan rate is still 7.07%. [21]
US graduate students outside the 'professional' list can borrow only $100,000 in federal loans. [16]

Energy and fuel bills High→

British Gas says unpaid household energy bills in Britain are forecast to pass £7 billion. [12]
Electricity charges in Pakistan rose 8.5% in October alone. [19]
Surrey has opened warm spaces, saying keeping warm at home has become a challenge. [28]

Families short at Christmas Building↑

In a Family Action survey of 2,000 UK parents, 1 in 5 had considered cancelling Christmas. [27]
A Somerset present appeal is getting more requests and fewer donations. [26]
UK income after prices is forecast to fall 0.6% next year. [1]

Debts chased harder Building↑

Firms that bought old UK tax-scheme loans are sending letters that threaten court. [14]
British Gas, an energy supplier, may again force prepay meters into homes that owe it money. [12]
A prepay home that cannot top up gets £10 of emergency credit per fuel from British Gas. [13]

The stories

19 stories on this beat today.

Every story told the same way: what happened, who is involved, why it matters, how it works, the truth and the good news.

01
2.3 million UK households face higher mortgage payments as fixed deals end in 2027, as the Bank of England is expected to raise rates on Thursday

2.3 million

UK households whose fixed mortgage deals end in 2027

about 1.8 million deals were due to end in 2026 [10]

4%

the Bank of England rate markets expect on Thursday, up from 3.75%

it would be the first change since December last year [1]

6%

average five-year fixed mortgage in early October

the first time in three years [2]

8 in 10

UK mortgage customers on fixed-rate deals

each meets a new rate only when its deal ends [3][5]
What happened
- More than 2.3 million UK households reach the end of fixed-rate mortgage deals in 2027. [1] Many face a sharp rise in monthly payments. [1]
- Another 700,000 deals were forecast to end between July and December this year. [1]
- The Bank of England is widely expected to raise its rate from 3.75% to 4% on Thursday. [1]
- UK prices rose 3.5% in the year to September. [1] The Bank's target is 2%. [1]
- Markets expect Thursday's rise could be the first of 4 quarter-point rises in 12 months. [1]
20261.8 million deals
20272.3 million deals
UK fixed-rate deals due to end each year
Who is involved

UK Finance, a banking industry body, counted the 2.3 million. [1]
Andrew Bailey, the Bank's governor, is watching whether rising prices push up wages. [1] Economists call that a second-round effect. [1]
- UK Finance a banking industry body; it counted the deals that end in 2027
- Andrew Bailey governor of the Bank of England; watching whether rising prices push up wages
- The Bank of England's Monetary Policy Committee the nine people who set the UK's main interest rate; they decide on Thursday
- The Office for Budget Responsibility the UK's official forecaster; it expects income after prices to fall 0.6% next year
How it unfolded

The US Federal Reserve and the European Central Bank have already raised their rates this year. [1]
The Bank said in April that its rate takes time to work through the economy. [11] So acting then could not stop higher prices in the months ahead. [11]
Lenders price fixed deals from swap rates. [4] A swap rate moves with what markets expect the Bank of England to do. [4]
Swap rates rose as the war in the Middle East pushed up energy prices and fears about inflation. [1]
In early September, the five-year swap rate passed 4.52%, its highest since October 2023. [7]
The average five-year fixed mortgage reached 6% in early October, the first time in three years. [2]
The average rate on new UK mortgages rose to 4.60% in August, from 4.45% in July. [9] The figures come from the Bank of England. [9]
A typical two-year deal on £250,000 cost £120 a month more in September than in early March. [8]
1. Thursday 5 November the Bank decides
2. 2027 2.3 million fixed deals end [1]
3. Dec 2025 The Bank of England's rate last changed [1]
4. Early Sept Five-year swap rate passes 4.52% [7]
5. Early Oct Average five-year fix reaches 6% [2]
6. 5 Nov Bank of England decision; 4% expected [1]
Why it matters

UK mortgage approvals fell to a near 3-year low in September. [1] Buyers were put off by higher borrowing costs. [1]
The Office for Budget Responsibility, the UK's official forecaster, expects income after prices to fall 0.6% next year. [1]
Energy bills may rise too. [1] EDF, an energy supplier, forecasts the cap on household energy prices will rise by more than £400 in January. [1]
About 1.8 million fixed deals were due to end in 2026. [10] The 2.3 million ending in 2027 is a bigger wave. [1]

How it works

Economists call the path from a central bank's rate to people's spending monetary policy transmission. [6] Mortgages play a central role in it. [6]
More than 8 in 10 UK mortgage customers have fixed-rate deals. [3] Each one meets a new rate only when its deal ends. [5]
A Bank of England study says mortgages reset rarely, so rates reach spending with "long and variable lags". [5]
The study used 6 million UK deals that ended between 2015 and 2024. [5] A 1-point fall in mortgage rates raised spending by about £950 in 6 months. [5]

Seen it before

A phone contract keeps its price until the contract ends, and only then does a new price reach you.
The truth
- What is really going on Most of the rise in UK mortgage costs has not reached homeowners yet.More than 8 in 10 are on fixed deals, so 2.3 million households will meet today's higher rates only when their deals end in 2027. [1][3]
- The 2.3 million counts deals that end, as gathered by UK Finance, a banking industry body. [1]
- Who gains Households still inside long fixed deals — Their rate stays the same until the deal ends, so a rise on Thursday does not touch their payment yet. [5]
- Who pays UK households whose fixed deals end in 2027 — Each must take a new deal at the rates lenders charge on the day, not the rate they signed years ago. [1][5]
- Nobody knows yet
  Whether the Bank of England raises its rate to 4% on Thursday.
  
  Markets expect it, but the nine-member committee has not voted, and the Bank has not changed its rate since December last year. [1]
- Nobody knows yet
  How much more each of the 2.3 million households will pay.
  
  It depends on what lenders charge on the day each deal ends, and lenders set that from swap rates, which move with every new expectation. [1][4]
What comes next

The Bank's nine-member Monetary Policy Committee announces its decision on Thursday 5 November. [1]

02
British Gas restarts forced prepay meters
What happened
- Ofgem, Britain's energy regulator, has let British Gas force-fit prepay meters again in homes that owe it money. [12] The ban lasted almost 4 years. [12]
- About 4 million homes in England, Scotland and Wales already have pay-as-you-go meters. [13]
- Ofgem's rules require at least 10 attempts to contact a customer, and a welfare visit, before a fitting. [12]
- Meters must never be forced on homes with someone over 75, under 2, or using medical equipment. [12]
Who is involved

A prepay meter makes a home pay in advance for gas and electricity, by topping up credit. [13]
How it unfolded

In 2023, the Times found British Gas debt agents had fitted meters in the homes of vulnerable people. [12] British Gas later paid a settlement of more than £100 million. [12]
1. 2023 forced fittings exposed
2. Later settlement over £100 million
3. Now fittings allowed again
Why it matters

British Gas says unpaid household energy debt is forecast to pass £7 billion. [12] That adds more than £80 to the average bill. [12]

How it works

Suppliers can switch a home to prepay to manage long-running debts, Which? says. [13] The home then pays before it uses any energy. [13]
Suppliers must offer emergency credit to people who cannot top up. [13] British Gas gives £10 per fuel. [13]

Seen it before

A school canteen card works only once money is loaded, so a pupil with no credit gets no lunch.
The truth
- Campaigners say magistrates still approve forced-fitting applications in bulk batches. [12]
- Who gains British Gas — From this winter it can again collect unpaid bills by making homes pay before they use energy. [12][13]
- Who pays UK households behind on energy bills — They may have a meter fitted under a court warrant, and must then top up before using any gas or electricity. [12][13]
- Nobody knows yet
  How many homes British Gas will force-fit with prepay meters this winter.
  
  Neither British Gas nor Ofgem has given a number for the fittings it expects. [12]
03
FCA warns over old tax-scheme loan demands
What happened
- The FCA, the UK's financial regulator, says people are being sent demands to repay loans from disguised remuneration schemes. [14]
- Now firms that bought the loans from the original providers are sending legal letters. [14] Some threaten court and ask for immediate repayment. [14]
How it unfolded

In those schemes, contractors were paid through loans instead of a salary, as a way to avoid tax. [14]
HMRC, the UK tax office, has chased that tax through what is called the loan charge. [14] In 2019, about 50,000 people faced it, Which? said. [15]

Why it matters

The FCA says people should not be put under undue pressure about a debt. [14]

How it works

The FCA says those chasing these loans may need a validation order, its formal permission, before they can be enforced. [14]
If the FCA refuses one, the debt stays unenforceable. [14] Then nobody can force repayment or seize the borrower's things without a specific order. [14]

Seen it before

A teacher can give detention because the school rules allow it, but a note from another pupil cannot.
The truth
- Some of those affected dispute that they owe the money at all. [14]
- Who gains Firms that bought the disguised remuneration loans — If the FCA grants a validation order, the loans they bought from the original lenders become enforceable. [14]
- Nobody knows yet
  Whether the old disguised remuneration loans can be enforced at all.
  
  The firms chasing them may need a validation order, and the FCA says its agreement is by no means guaranteed. [14]

04
Judge blocks a US loan cap for naturopathy
What happened
- A US federal judge ruled the US Education Department exceeded its authority in capping loans for some graduate degrees. [16]
- It is the 3rd court ruling to block the department's plan. [16]
- Students on 'professional' degrees can borrow up to $200,000 in all. [16] Most other graduate students can borrow $100,000. [16]
- The department's list named 11 professional degrees, including medicine and dentistry, but not nursing or social work. [16]
Who is involved

Judge Michael Simon ordered that naturopathic medicine qualify for the higher limit. [16]
- Michael Simon US district judge
How it unfolded

A 2025 US law ends Grad PLUS, open-ended federal loans for graduate study, for new borrowers from July 2026. [17]
1. 2025 law passed
2. July 2026 Grad PLUS ends
Why it matters

Students left out may turn to private loans, which often charge more and cannot be forgiven under federal programmes. [16]
How it works

The law set two limits. [17] The department chose which degrees count as 'professional', and the judge said that choice went too far. [16][17]

Seen it before

A referee applies the rulebook, but cannot add a new rule halfway through the match.
Why a rate rise takes years to reach every UK mortgage

Most UK mortgages are fixed, so a change in the Bank of England's rate reaches each home only when its deal ends, often years later.

The twist

A rate rise reaches a fixed-rate home on the day its deal ends, not on the day the Bank decides.

The picture

20261.8 million deals
20272.3 million deals
UK fixed-rate deals due to end. Each one is a home meeting the new rates for the first time.
Step by step
1. The Bank of England changes its rate
2. Swap rates move first, so new fixed deals get dearer within days
3. Homes already on a fixed deal keep their old rate
4. Each home meets the new rate only when its deal ends
5. Deals end in waves: about 1.8 million in 2026, 2.3 million in 2027
6. So the full effect on family spending arrives over years
The same force, elsewhere today

Where this chain is also running, in today's other stories.
- US home loan rates dip to 7.07%
  
  A US 30-year loan keeps its rate for its whole life, so this week's fall reaches only people buying now or refinancing.
- Judge blocks a US loan cap for naturopathy
  
  The new federal limits apply when a student borrows, so they reach each student as they take out a new loan, not all students at once.
Where you've seen this

Phone contracts

a new price reaches a customer only when the old contract ends

Rented homes

a rent rise usually lands when the tenancy is renewed

Yearly pay deals

prices can rise all year while pay changes once, on the deal's date

Insurance

a dearer premium reaches each driver at their own renewal date

The catch

Not every borrower waits: tracker and variable-rate loans move with the Bank at once, and lenders can raise new fixed deals before the Bank moves at all.

And the whole of it

A decision made on Thursday will reach one family next spring and the family next door in 2029, depending only on when each signed its deal. Each family sees its own date, and nobody can see how much all of them together will cut their spending until the waves have passed.
The truth
- Who gains Students of naturopathic medicine in the US — They can borrow federally up to the higher limit instead of turning to dearer private loans. [16]
- Who pays US graduate students outside the 'professional' list — Above $100,000 they must find private loans, which often cost more and cannot be forgiven. [16]
- Nobody knows yet
  Whether the US limits on graduate student loans survive in court.
  
  Three judges have now blocked parts of the plan, and the US Education Department has said it will keep defending its narrower list. [16]
Good news
- Students of naturopathic medicine in the US now qualify for the higher $200,000 federal borrowing limit after a judge's order.

05
Pakistan cuts petrol and diesel prices
What happened
- Pakistan's government cut diesel by Rs7.76 a litre and petrol by Rs3.40, from Tuesday. [18]
- Petrol now costs Rs374.51 a litre and diesel Rs395.20. [18]
- Oil refineries agreed to carry part of a fuel tax, worth Rs15 billion a month, Pakistan's government says. [18]
- Yearly price rises in Pakistan slowed to 9.6% in October, from 10.3% in September. [19]
How it unfolded

Diesel cost Rs281 a litre before the US-Iran war began on 28 February. [18] It peaked at Rs520.35 on 3 April. [18]

Why it matters

But electricity charges rose 8.5% in October alone. [19] Transport costs were 28.61% higher than a year before. [19]

How it works

Pakistan's government still takes Rs114 in taxes and duties on each litre of petrol. [18] It is a fixed sum per litre, so it stays the same when oil falls. [18]

Seen it before

A bus fare with a fixed booking fee falls less than the fare itself when the fare is cut.
The truth
- Who gains Drivers and transport firms in Pakistan — Refineries now carry part of the fuel tax, so less of it is passed on at the pump. [18]
- Who pays Households in Pakistan — Their power bills kept rising in October even as pump prices came down. [18][19]
Good news
- Pakistan cut diesel by Rs7.76 a litre and petrol by Rs3.40 from Tuesday, and yearly price rises there slowed to 9.6% in October.
What comes next

Jamaat-i-Islami, an opposition party, says it will march on Islamabad in mid-November unless the fuel tax is cut. [18]
06
Portugal's home prices hit a record
What happened
- Asking prices for homes in Portugal rose 7.5% in a year, to a record in October. [20] The figures come from the idealista price index. [20]
- The median asking price reached 3,249 euros a square metre. [20]
- Prices rose 1.2% in the 3 months to October. [20]
- Lisbon is the dearest city at 6,248 euros a square metre. [20] Castelo Branco is the cheapest, at 1,119. [20]
- Vila Real rose most, by 20.3% in a year, then Guarda, by 18.4%. [20]
Who is involved
- Lisbon dearest
- Castelo Branco cheapest
Why it matters

The rise lands on buyers across the country. [20] Prices went up in all 20 district capitals and regions, not only in Lisbon. [20]

How it works

The figure is a median, the middle asking price. [20] It is counted per square metre, so homes of any size can be compared. [20]

Seen it before

Line up a class by height and the middle pupil's height is the median, however tall the tallest is.
The truth
- These are asking prices on listings, not the prices homes actually sold for. [20]
07
US home loan rates dip to 7.07%
What happened
- The average US 30-year fixed mortgage rate fell to 7.07% on Monday, on Zillow figures given to NerdWallet. [21]
- That is 13 basis points lower than a week before. [21] A basis point is one hundredth of a percentage point. [21]
- Rates have fallen about 30 to 40 basis points since their peak at the end of September, Redfin says. [22]
How it unfolded

The US central bank raised its main rate in September and held it in October. [21][22]
1. September rate raised
2. October rate held
3. 6 November jobs report
4. 8-9 December next rate meeting
Why it matters

Redfin says the US central bank signalled a December rise is more likely than not. [22]

How it works

A 30-year fixed loan keeps the same rate for its whole life. [21] So a fall like this reaches only people buying now or refinancing. [21]
NerdWallet says refinancing usually pays only if the new rate is 0.5 to 0.75 points below the old one. [21] Few owners pay 7.57% or more. [21]

A US 30-year loan keeps its rate for its whole life, so this week's fall reaches only people buying now or refinancing.
The idea, in story 04: Why a rate rise takes years to reach every UK mortgage →

What comes next

The October jobs report comes out on Friday 6 November. [21] The US central bank next meets on 8 and 9 December. [21]
08
Fewer immigrants means fewer new US renters
What happened
- Harvard's Joint Center for Housing Studies estimates 500,000 fewer US households form each year because of immigration policy. [23] That runs from 2024 to 2027. [23]
- Those 2 million missing households are mostly renters. [23] Over time, many renters become home buyers. [23]
- Immigrants who arrived from 2022 to 2024 formed 571,000 new renter households, says Harvard researcher Daniel McCue. [23] He projects immigrants will form just 132,000 new households by 2027. [23]
- The share of US rented homes standing empty rose from 7.1% to 7.6% in a year, Census figures show. [23]
Why it matters

McCue says this may be a sign that lower immigration has begun to cut "demand for rental units". [23]

How it works

Each new household needs somewhere to live. [23] So when fewer households form, fewer people are looking for a home to rent. [23]

Seen it before

A school that takes fewer new pupils needs fewer new desks, even if every class is still full.
The truth
- Harvard's figures are estimates built on a Census survey, not counts of households. [23]
- Nobody knows yet
  Whether fewer new renters will bring US rents down.
  
  Harvard's estimate is about how many households form, and the report gives no figure for rents. [23]
09
Philadelphia tenants win rent refunds
What happened
- A Philadelphia judge approved a settlement giving tenants at Bentley Manor $141,891 in relief from their landlord, Odin Properties. [24]
- It cancels $66,891 of unpaid rent and fees, and pays $75,000 in cash refunds. [24]
- Tenants will get about $1,200 each on average. [24] The building has about 71 households. [24]
How it unfolded

The city declared the building an unsafe structure in November 2024, over loose bricks and a leaning parapet. [24]
1. Nov 2024 declared unsafe
2. Mar 2025 tenants sue
3. Last week settlement approved
Why it matters

The tenants' lawyer says the case shows tenants can make a large landlord follow the city's housing law. [24]

How it works

Philadelphia law bars a landlord from collecting rent if a serious safety breach is not fixed within 30 days. [24]
Odin kept collecting rent from December 2024 to March 2025, the tenants said. [24] So 3 of them sued for everyone, in a class action. [24]

Seen it before

A cafe that cannot serve your meal cannot charge you for it.
The truth
- Odin settled without admitting wrongdoing, and did not answer Realtor.com. [24]
Good news
- Tenants at Bentley Manor in Philadelphia will get rent refunds averaging about $1,200, and the landlord has made the repairs the city demanded.
10
Florida firm accused of taking a man's home
What happened
- Two executives of Cash4Keys, a South Florida property company, face 6 criminal charges each over a 71-year-old man's home. [25]
- His home, worth about $300,000, passed to their company for $191,000. [25] Officials say he got none of the money. [25]
- A property agent is accused of driving him to a run-down rooming house and leaving him there. [25]
- He thought he was signing papers to refinance, his sister-in-law told CBS News. [25]
Who is involved

Investigators say they got Thomas Hegarty, who has severe dementia, to sign a deed and a power of attorney. [25]
- Thomas Hegarty 71, has severe dementia
Why it matters

Cash4Keys still controls the house, and his family has hired a lawyer to get it back. [25]

How it works

Investigators say his dementia left him unable to understand the papers or what they would do. [25] A signed and filed deed moves a home to a new owner. [25]

Seen it before

A pupil who signs a form without knowing what it says has not really agreed to anything.
The truth
- Nobody knows yet
  Whether Thomas Hegarty gets his home back.
  
  Cash4Keys did not answer Realtor.com, and the criminal case has not yet been heard in court. [25]
What comes next

Investigators suspect there may be more victims and more homes. [25]
11
Christmas present charities see more need
What happened
- Charities giving Christmas presents in Somerset say more children need help this year, but donations are down. [26]
- Christmas Sparkle, in Taunton, gave out 500 gifts in 2015 and about 10,000 last year. [26]
- In Staffordshire, the charity World Give has started a shoebox appeal for local children. [27]
- A Family Action survey of 2,000 parents found 1 in 5 had thought of cancelling Christmas. [27] They could not afford it. [27]
- One in 9 said they could not afford a present for their child. [27]
Why it matters

The Chard appeal gets no funding and relies wholly on donations. [26]

How it works

Families short of money are asking for more help. [26] Donors short of money are giving less, so the gap grows from both sides. [26]

Seen it before

In a hard month, more pupils want a cake from the bake sale, and fewer parents can afford to bake.
The truth
- The trustee gave his 1 in 7 figure for children with no wrapped present as 'apparently', naming no study. [27]
12
Surrey opens warm spaces for winter
What happened
- Surrey County Council has opened its Warm Welcome scheme in more than 100 venues. [28]
- Libraries and community halls offer free hot drinks, company and advice on energy. [28]
- It is paid for by the Crisis and Resilience Fund, a government scheme for people on low incomes. [28]
How it unfolded

The scheme has run every winter since 2022. [28] This year it stays open until 31 March 2027. [28]
1. 2022 scheme starts
2. 31 March 2027 this winter's spaces close
Why it matters

"Keeping warm at home has become a challenge," said Mark Nuti, the council's cabinet member for health. [28]
Good news
- More than 100 libraries and halls across Surrey are offering free hot drinks and a warm room until the end of March.
13
Poundland's founder offers to invest
What happened
- Poundland has until Thursday to find a rescue deal. [29] Up to 12,000 jobs are at risk. [29]
- Poundland has 600 shops in the UK and Ireland. [29] Smith says it serves 4 to 5 million customers a week. [29]
- Business minister Kate Dearden will meet Poundland's bosses this week. [29]
Who is involved

Steve Smith, who founded Poundland in 1990, says he wants to put money into the chain to help save it. [29]
- Steve Smith founded Poundland in 1990
How it unfolded

Gordon Brothers, a US investment group, bought Poundland for £1 last year and has stopped funding it. [29] It turned down an offer from Ireland's Martin Property Group. [29]
1. Last year bought for £1
2. Then an offer turned down
3. Thursday rescue deadline
Why it matters

Smith says sales were 11.2% up on last year as recently as last week. [29]
The truth
- Critics say Gordon Brothers turned that buyer down to make sure a £30 million loan it inherited is repaid. [29]
- Who pays Poundland's staff and suppliers — Their jobs and orders depend on a buyer being found by Thursday. [29]
- Nobody knows yet
  Whether Poundland finds a rescue deal by Thursday.
  
  Gordon Brothers says it is weighing other bids, but has named no buyer. [29]
14
Los Angeles faces a $19.9m housing fine
What happened
- A lawyer for Woodland Hills Country Club gave Los Angeles 60 days to approve 398 homes, or face a lawsuit. [30]
How it unfolded

The city blocked the plan over concerns about a mountain lion. [30]
1. 25 November the state's deadline
2. In 60 days the club's deadline
Why it matters

Glendale, another California city, reversed a similar refusal this year after a warning of fines up to $34 million. [30]

How it works

California's Housing Accountability Act lets a court fine a city for each home it wrongly blocks. [30]
A city that has already lost such a case pays $50,000 a home. [30] So 398 homes come to $19.9 million. [30]

Seen it before

A library fine charged per book adds up fast when a whole shelf comes back late.
The truth
- The $19.9 million is the club's own lawyer's figure, set out in his letter. [30]
What comes next

California's housing department gave Los Angeles until 25 November to answer its own letter. [30]
15
BA offers vouchers after losing a dialysis machine
What happened
- British Airways put a passenger's 20kg dialysis machine in the hold twice. [31] It came back broken, and then went missing. [31]
- He had to borrow one from a hospital. [31] His came back 3 days later with parts disconnected. [31]
- BA then apologised and offered £300 in e-vouchers. [31]
Who is involved

The man has kidney failure and needs the machine every night to survive. [31]
Why it matters

Without it he spent hours in A&E having his blood checked, afraid of missing a treatment. [31]

How it works

BA, like most airlines, carries vital medical kit free if it fits cabin-bag size. [31] Bigger kit goes in the hold unless a seat is bought. [31]
The truth
- BA missed every deadline to answer the family until the Guardian asked. [31]
What comes next

BA told the Guardian it will be in touch to discuss a 'gesture'. [31]
16
Hinge tests a cheaper dating plan
What happened
- Hinge, a dating app, is testing a cheaper paid plan, its owner Match Group said on Monday. [32]
- A paying Hinge user brings in about $30, almost twice a Tinder payer, said Steve Bailey, Match Group's finance chief. [32]
- Hinge had 2.3 million paying users in September, up 23% in a year. [32] Tinder's fell 4% to 8.9 million. [32]
Who is involved

Match Group, which also owns Tinder, has not said how much the new plan will be. [32]
- Match Group owns Hinge and Tinder
Why it matters

Bailey said the new plan is designed for women in particular, and for "price-sensitive users". [32]

How it works

Hinge keeps its dearer plan and adds a cheaper one for "price-sensitive users". [32] Economists call this price discrimination. [32]
The share of Hinge users who pay is only slightly more than half Tinder's share. [32] A cheaper plan aims to turn more of them into payers. [32]

Seen it before

A cinema sells cheaper seats on a Tuesday afternoon to people who would not come at full price.
The truth
- The $30 and the payer numbers come from Match Group's own call with investors, not an outside count. [32]
17
Revolut becomes New Zealand's 27th bank
What happened
- New Zealand's central bank has registered Revolut, a London-based digital bank, as the country's 27th bank. [33]
- It plans to offer savings accounts that pay interest, and more kinds of loans. [33]
How it unfolded

Revolut has worked in New Zealand since July 2023 and applied to become a bank in late 2024. [33]
It won a full UK banking licence in March and an Australian one in July. [33]
1. July 2023 starts in New Zealand
2. Late 2024 applies to be a bank
3. Now registered
4. March UK licence
5. July Australian licence
6. Now New Zealand
7. Now registered under today's law
8. 1 December 2028 Deposit Takers Act starts
Why it matters

New Zealand's banking is dominated by four Australian banking groups. [33] A new bank gives savers and borrowers one more choice. [33]

How it works

With four groups holding most of the market, a newcomer adds a rival for savers' money. [33] The central bank says new banks can make the system more competitive. [33]

Seen it before

A town with one bakery can charge more for bread than a town where a second bakery has just opened.
The truth
- 'True competition' is Revolut's own promise, made by its founder, Nik Storonsky. [33]
What comes next

New Zealand's banking law will be replaced by the Deposit Takers Act on 1 December 2028. [33]
18
Liberia's payroll is its third-biggest taxpayer
What happened
- Liberia's Civil Service Agency, which pays government workers, is the country's 3rd-biggest taxpayer this year. [34]
- It is credited with US$41.1 million from January to October. [34] Only two mining companies paid more. [34]
- The figure almost certainly is income tax taken from public workers' pay and handed to the tax office. [34]
- Fuel importers paid more than US$50 million, mostly import duty and fuel tax built into what drivers pay. [34]
How it unfolded

The Liberia Revenue Authority collected about US$818 million in 2025, up from US$699 million in 2024. [34]
1. 2025 US$818 million collected
2. 2027 a value-added tax planned
Why it matters

Drivers, transport firms, generator users and nearly every household bear that cost, the report says. [34]

How it works

Economists call the question of who really pays a tax its incidence. [34] An importer writes the cheque, but the tax sits in the pump price, so drivers pay it. [34]

Seen it before

A school pays the coach company for a trip, then asks each family to send in money for it.
The truth
- The list does not say why no bank and no farm company made the top 10. [34]
What comes next

The IMF has pointed to a value-added tax planned for 2027. [34]
19
Twins admit a $9m romance fraud
What happened
- Victims lost more than $9 million, court papers say. [35]
- A third person, Amanda Joy Opoku-Boachie, 53, of Hawaii, pleaded guilty to the same crime on 20 October. [35]
- Victims lived in 25 US states, Germany and Austria. [35]
Who is involved

Ghanaian twins Jamal and Kamal Abubakari, both 22, pleaded guilty in the US to wire fraud in a romance scheme. [35]
- Jamal Abubakari
- Kamal Abubakari
How it unfolded

From about July 2024 to April 2026, they targeted older Americans on dating sites and social media, prosecutors say. [35]
1. July 2024 scheme starts
2. April 2026 scheme ends
3. October 2026 guilty pleas
Why it matters

The scheme aimed at older people, and some of their money was sent on to Ghana and elsewhere. [35]

How it works

The scammers built close, often romantic relationships, then used made-up stories to ask for wire transfers. [35]

Seen it before

A new online friend who asks to borrow your game coins has earned your trust, not proved who they are.
The truth
- Each faces up to 20 years in prison, but a judge will set the sentences. [35]
What comes next

The twins are due to be sentenced in Ohio on 9 February 2027. [35]

2.3 million UK households face higher mortgage payments as fixed deals end in 2027, as the Bank of England is expected to raise rates on Thursday

19 stories on this beat today.

Why a rate rise takes years to reach every UK mortgage