About 5.5 million US student-loan borrowers are still in the ended SAVE plan after their deadlines passed, and none has been moved yet

The stories

18 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.

1. 01

   About 5.5 million US student-loan borrowers are still in the ended SAVE plan after their deadlines passed, and none has been moved yet

   5.5 million

   US student-loan borrowers still in the ended SAVE plan, by Money's estimate

   down from 7.5 million in March [1]

   $110 vs $674

   median monthly SAVE bill, against a typical standard-plan bill

   from a July report by the Student Debt Crisis Center [1]

   9.3 million

   federal student-loan borrowers in default on 30 June

   up from 6.2 million in 2016 [11]

   $1.7 trillion

   owed on US federal student loans

   by more than 40 million borrowers [10]

   What happened

   • About 5.5 million US student-loan borrowers are still in SAVE, a shut-down repayment plan, the finance site Money estimates. [1]
   • Their deadlines to choose a new plan have passed, but nobody has been moved yet, the servicers' trade group says. [1]
   • Anyone who does nothing goes onto the standard plan, which has the highest bills. [2] The median SAVE bill was $110 a month, against $674 on a typical standard plan. [1]
   • From July 2026 the department sent notices in batches, giving each borrower 90 days to switch. [2]
   • The first batch's 90 days ran out on 29 September. [4]
   • Then a 'final notice' gave 30 more days. [2] Those have also passed for some, and they are still paused. [2]
   • On 9 November, Public Goods Practice, a law firm suing for SAVE borrowers, asked the department what comes next. [2]
   • The US Education Department's lawyer said it does not 'know when borrowers whose 30-day period has expired will be moved'. [2]
   • By mid-September, 1.5 million of the 7.5 million SAVE borrowers had chosen a new plan. [3]
   • The department now says more than 2 million have. [1] With 7.5 million enrolled in March, Money estimates 5.5 million are still holding out. [1]

   Median SAVE bill$110 a month

   Typical standard bill$674 a month

   Who is involved

   • Missouri and other states sued; said SAVE was too generous
   • Biden's government made the plan
   • Public Goods Practice a law firm suing to restore SAVE; it asked the department what happens next
   • The US Education Department the US government department that runs federal student loans; it ended SAVE and set the deadlines
   • Scott Buchanan, Student Loan Servicing Alliance head of the trade group for the firms that run the loans; he says nobody has been moved yet
   • Abby Shafroth, National Consumer Law Center a lawyer at a US consumer legal group; she suspects the election slowed the deadlines

   How it unfolded

   SAVE was a plan from President Biden's government that set each borrower's payment by their income. [1]

   At its height, about 8 million borrowers were in it. [5]

   Republican-led states, with Missouri in front, sued, arguing that SAVE was too generous. [6]

   While courts decided, SAVE borrowers were put in forbearance, a pause with no payments due. [1] Some have not had to pay for up to 6 years. [1]

   In December 2025 the US Education Department proposed a deal with Missouri to end SAVE altogether. [6]

   More than 40 million Americans owe nearly $1.7 trillion in federal student loans. [10]

   1. Dec 2025 deal proposed with Missouri to end SAVE [6]
   2. July 2026 90-day switch notices begin [2]
   3. July 2026 first notices
   4. End of 2026 last notices due
   5. Aug 2025 interest starts adding to SAVE loans again [1]
   6. Jan 2026 plan to take defaulters' pay put on hold [8]
   7. 29 Sep first deadline passes [4]
   8. 9 Nov law firm asks what comes next [2]

   Why it matters

   Millions now owe $0 a month, and some stay in SAVE because they cannot afford any payment. [1]

   Experts told Money the department may enforce the deadlines now that the midterm elections are over. [1]

   Think it through

   1. 1

      Why has nobody been moved yet?

      Moving 6 million borrowers is easy, the servicers' trade group says. [1] Answering their calls about bigger bills is the hard part. [1]

      Move 6 million→Bigger bills arrive→Phones flood
   2. 2

      So is the department bluffing?

      Some borrowers online say yes, and urge others to 'hold the line'. [1] The servicers' group says the idea that the department lacks the capacity has 'zero veracity'. [1]

   3. 3

      Has it backed off a warning like this before?

      In early January, the department began warning defaulted borrowers it would take part of their pay. [7] On 16 January it paused that, and set no new date. [9]

   4. 4

      Who pays while they wait?

      Interest has been growing on SAVE loans since August 2025, so balances keep rising. [1] The paused years also do not count toward forgiveness. [1]

      Payments paused→Interest keeps adding→Balance grows
   5. 5

      How many borrowers are already in trouble?

      About 9.3 million federal student-loan borrowers were in default on 30 June, up from 6.2 million in 2016. [11] Default means no payment for at least 270 days. [11]

      Million borrowers in default

      20166.2

      June 20269.3
   6. 6

      Is that number still climbing?

      The New York Fed estimates about 1 million borrowers defaulted in late 2025, and 2.6 million more in early 2026. [12]

      Million new defaults

      Late 20251

      Early 20262.6
   7. 7

      Why would the department wait at all?

      A consumer lawyer suspects big bills before an election on living costs looked like bad politics. [1]

      Election on living costs→Big bills look bad→Deadlines slip
   8. 8

      So who holds the power here?

      The department can move every holdout to the standard plan when it chooses, unless a court stops it. [2] Holdouts can only delay, while interest grows. [1]

   How it works

   Game theorists call this a credible threat. A warning works only if carrying it out would still pay its maker.

   Switching millions means floods of calls, and an election was near. [1] The deadlines passed with no penalty, and some borrowers began ignoring the notices. [1]

   Seen it before

   A parent who keeps saying 'we are leaving the park now', and never leaves, is soon ignored by the children.

   The truth

   • What is really going on The US Education Department has let deadline after deadline pass for about 5.5 million SAVE borrowers without moving any of them. [1]Its own lawyer said, in a legal filing, that it does not know when it will. [2]
   • Why it works on people A letter marked 'final notice' feels like the last word, so when nothing follows it, people learn to ignore the next one.
   • The 5.5 million is Money's own sum, from 2 department figures months apart. [1] The department did not answer Money's questions about the deadlines. [1]
   • Nobody knows yet

     When the department will move SAVE holdouts onto the standard plan.

     No date has been given, and a lawsuit asks a court to block forced moves. [2]

   What comes next

   Servicers, the firms that run the loans, plan to notify every SAVE borrower by the end of 2026. [4]

1. 02

   US mortgage rates jump to 7.26%

   What happened

   • The average 30-year fixed US mortgage rate jumped to 7.26% on Friday, Zillow's figures given to NerdWallet show. [13]
   • That is 0.17 points up in a day, and 0.28 points up in a week. [13]
   • The jump followed a report that prices charged by US producers rose 6.5% in a year. [13] That is the biggest yearly rise in 4 years. [13]
   • Freddie Mac's weekly survey put the average at 7.11% for the week to 12 November. [14] A year earlier it was 6.24%. [14]

   Why it matters

   On a $430,000 home with 20% down, 7.11% means about $2,314 a month, against $2,116 a year ago. [14]

   Think it through

   1. 1

      Why would a price report move home loans?

      Investors expect the US central bank to raise its rate again in December, NerdWallet says. [13] Home-loan rates usually follow that rate up. [13]

      Producer prices up 6.5%→Rate rise expected→Mortgage rates up
   2. 2

      Is 7.26% what a buyer actually pays?

      Not always: the advertised rate usually assumes perfect credit, a big down payment and fees paid to cut the rate. [13]

      Creditperfect

      ++

      Down paymentbig

      ++

      Fees to cut the ratepaid

   How it works

   Economists call it pricing in: markets set today's rates by what they expect a central bank to do next.

   Investors expect a December rise, and mortgage rates moved up on Friday, ahead of it. [13]

   Seen it before

   A shop raises its prices the day it hears its supplier will charge more next month.

1. 03

   US funding runs out after 11 December

   What happened

   • US government funding runs out after 11 December, so the US Congress must pass a law to avoid a shutdown. [15]
   • This US Congress sits until 4 January, when a new one, with Democrats in charge, is sworn in. [15]
   • Leaders of both parties publicly back a short-term stopgap to keep the US government open past this session. [15]
   • Some Senate Democrats threaten to block a deal unless it limits money for Trump's war with Iran. [15]
   • Trump wants $350 billion more for defence, passed through a fast-track budget process. [15]
   • The 2025 shutdown, from 1 October to 12 November, lasted 43 days, the longest in US history. [15]

   Who is involved

   • Outgoing Congress must fund the US government by 11 December
   • New Congress Democrats in charge from 4 January
   • Some Senate Democrats want limits on Iran war money
   • Trump wants $350 billion more for defence

   How it unfolded

   1. 11 December funding runs out
   2. 4 January new Congress sworn in

   Why it matters

   In a shutdown, WIC food aid would last about one month, and SNAP food aid could strain after 30 days. [15]

   The IRS, the US tax office, could not check incomes, which can delay some mortgages and tax refunds. [15]

   Think it through

   1. 1

      Why not pass a full year's budget now?

      Democrats will soon hold big majorities, so a full-year deal before January is unlikely, CNBC reports. [16]

      Big majorities in January→Waiting pays→Only a stopgap now
   2. 2

      How big are those majorities?

      Democrats won at least 255 of the 435 House seats, and could hold up to 56 Senate seats. [16]

      255 of 435House seats Democrats won, at least

   3. 3

      So who holds the power?

      Democrats gain by waiting, since their January majorities give them more to bargain with. [16]

   How it works

   Budget experts call a short-term funding law a continuing resolution. [15] It keeps spending at current levels for a set time. [15]

   The US Congress has leaned on such stopgaps for several years instead of passing its 12 yearly spending bills. [15]

   Seen it before

   A student who keeps getting an extension never has to hand in the essay until the very last day.

   Why a deadline that passes with no penalty stops working

   Game theorists call it a credible threat: a warning changes what people do only if carrying it out would still pay the one who made it.

   The twist

   A warning is judged by what carrying it out would cost the one who gave it, not by how harsh it sounds.

   The picture

   Million borrowers

   Enrolled in March7.5

   Chose a new plan2

   Still in SAVE5.5

   Step by step

   1. 1 A rule-maker sets a deadline and a penalty
   2. 2 People ask whether the penalty would really be used
   3. 3 Using it would cost the rule-maker calls, votes or money
   4. 4 So the deadline passes and nothing happens
   5. 5 Next time, fewer people believe the warning

   The same force, elsewhere today

   Where this chain is also running, in today's other stories.

   • One tout lists 2,000 U2 tickets

     Ticket bots have been illegal since 2018 and a resale ban was promised a year ago, but no penalty has arrived, so touts still list thousands of tickets.

   • US funding runs out after 11 December

     Democrats' threat to hold out is believed because waiting pays them: from January they hold bigger majorities.

   • Russia moves to watch person-to-person transfers

     A tax on side income is easy to skip while nobody sees the transfers, so Russia's Finance Ministry wants its central bank to report them and make the check real.

   Where you've seen this

   Parents

   a child stops listening to 'one more time and we go home' once it has never happened

   Speed cameras

   drivers slow down for a camera only while they believe it is switched on

   Central banks

   a promise to beat inflation works only if people believe the bank will raise rates even when it hurts

   The catch

   A warning that has not been used is not dead: once acting gets cheaper for the rule-maker, as after an election, the same deadline can be enforced at once.

   And the whole of it

   Millions of borrowers are betting the department will not act, and the department is weighing what acting would cost it. Anyone who has opened a letter marked 'final notice' has sat on one side of this.

   The truth

   • Nobody knows yet

     Whether Congress passes a stopgap before US funding runs out after 11 December.

     Leaders of both parties back one, but some Senate Democrats want limits on money for the Iran war first. [15]

1. 04

   Grounded flyers get refunds, not hotels

   What happened

   • A failure in US air traffic control systems grounded every US departure for more than 4 hours on Friday. [17]
   • Nearly 8,000 flights were cancelled and more than 8,500 delayed on Friday, FlightAware counted. [17]
   • Tens of thousands of people were stranded in airports, the US transport secretary said. [17]
   • US airlines must refund a cancelled flight, whatever the cause, in the same way it was paid for. [18]
   • But US rules treat an air traffic outage as outside the airline's control. [18] So airlines need not pay for hotels or meals. [18]

   Why it matters

   Stranded passengers who book their own hotel can be left with the bill, unless a card's cover pays it back. [18]

   Think it through

   1. 1

      Why does the cause matter so much?

      Airlines promise more when a delay is their own doing, such as crew scheduling. [18] An air traffic outage is not. [19]

   2. 2

      What did airlines offer instead?

      United, Delta and Alaska let travellers change or cancel without change fees or fare differences. [19]

   3. 3

      Could it happen again?

      The transport secretary said the old system will keep failing, and put the cost of a fix at $50 billion. [17]

      $50 billionto rebuild US air traffic systems

   How it works

   Contract lawyers call it force majeure: an event nobody controls can excuse a party from extra duties.

   The outage was not the airlines' doing, so they owed a refund but not a hotel. [18]

   Seen it before

   If snow closes a cinema, it refunds the ticket but does not pay for the taxi home.

   The truth

   • Counts differ by source and hour: Business Insider had nearly 7,500 cancellations late on Friday. [18] The BBC, also citing FlightAware, had nearly 8,000. [17]
2. 05

   US rents up 1.7% in a year, down in a month

   What happened

   • US apartment asking rents were 1.7% higher in October than a year earlier, RealPage, a rent data firm, reported. [20]
   • That is the biggest yearly rise since May 2023. [20]
   • Yet rents fell 0.7% from September to October, the first monthly fall of 2026. [20]
   • Other trackers agree: Yardi Matrix put the yearly rise at 1.4%, and Apartments.com at 1.6%. [20]
   • San Francisco rents jumped 14.7% in a year, while San Antonio's fell 2.6%. [20]

   Why it matters

   Asking rents in most Sun Belt markets are still falling, while Bay Area renters face much higher ones. [20]

   Think it through

   1. 1

      Why is the yearly rise so big if October fell?

      Weak months from last year dropped out of the sum, RealPage said, rather than strong new rents. [20]

      Weak months last year→Drop out of the sum→Yearly figure looks stronger
   2. 2

      Why do Bay Area rents jump while Texas falls?

      Bay Area flats are nearly 97% full, while San Antonio's 92.5% is the lowest of the 50 biggest markets. [20]

      % of flats filled

      Bay Area97

      San Antonio92.5
   3. 3

      Will new flats cool rents?

      Builders finished nearly 318,000 flats in a year, almost half the late-2024 peak. [20]

      318,000flats finished in a year

   How it works

   Statisticians call this a base effect: a yearly change depends on how high or low last year's figure was.

   Some months a year ago were weak, so October's yearly rise looks big even though rents fell that month. [20]

   Seen it before

   A team that lost badly last season can look much improved after only an ordinary year.

   The truth

   • The trackers disagree on October: RealPage says rents fell 0.7%, while Yardi Matrix says they rose 0.1%. [20]

   Good news

   • Asking rents in San Antonio are 2.6% lower than a year ago, and in Houston 1.8% lower. [20]
3. 06

   EU homes cost more against pay in 17 countries

   What happened

   • In 17 EU countries, a household's income bought less home in 2025 than in 2015, Eurostat figures show. [21]
   • EU house prices rose 62% in the 10 years to mid-2026. [21]
   • The measure compares house prices with each person's income after tax. [21]
   • Portugal's ratio rose most, by 60.8%, and the Netherlands' by 34.3%. [21]
   • Romania's fell most, by 42.8%, as incomes grew fast after it joined the EU. [21]

   Why it matters

   In Romania, 56% of people paying market rent spend over 40% of their income on housing, the EU's highest share. [21]

   Think it through

   1. 1

      Does a falling ratio mean cheap homes?

      'Neither tells us how affordable housing is today,' said Ronan Lyons, a Trinity College Dublin economist. [21]

   2. 2

      Why does the starting year matter?

      2015 was close to a historic low for prices against incomes, so rises since then look large. [21]

      2015 near a low→Start from cheap→Rises look large
   3. 3

      What else makes a home hard to afford?

      Borrowing does too: the European Central Bank's deposit rate is 2.5%, against minus 0.3% at the end of 2015. [21]

      -0.3%End of 2015

      vsvs

      2.5%Now

   How it works

   Housing economists call it the price-to-income ratio: house prices measured against what people earn. [21]

   Portuguese prices rose much faster than pay, pushed partly by tourism and foreign buyers, so its ratio jumped. [21]

   Seen it before

   If pocket money stays the same while sweets cost more each year, each week buys fewer sweets.

4. 07

   One tout lists 2,000 U2 tickets

   What happened

   • U2's 4 London nights at Tottenham Hotspur Stadium in 2027 sold out last week. [22]
   • One ticket tout has listed more than 2,000 tickets for those shows on StubHub, a resale site, the Guardian found. [22]
   • Some seats are listed at more than 4 times face value. [22]
   • If they all sold at his prices, he would make more than £1m. [22]
   • Of 7,819 U2 tickets listed this week, only 562 came from private sellers such as fans. [22]
   • Each buyer faces strict limits, and bots, software that grabs tickets, have been illegal since 2018. [22]

   Why it matters

   Fans who missed the sale now face mark-ups set by professional sellers. [22]

   Think it through

   1. 1

      How can one seller hold so many tickets?

      A music industry campaign group says it points to bots or speculative selling, listing tickets before owning them. [22] Both are illegal. [22]

      List tickets first→Take the money→Hope to buy later
   2. 2

      What does StubHub say?

      StubHub says sellers must confirm they own the tickets, and that bots strike at the first sale. [22]

   3. 3

      And the first seller, Ticketmaster?

      Ticketmaster says it blocks 20bn bots a month, and that resale sites create the reason to use them. [22]

      20bnbots a month Ticketmaster says it blocks

   4. 4

      Why has the promised ban not stopped it?

      In November 2025 the UK government said it would ban reselling tickets for profit. [23] Its bill is due in a session that may run into 2027. [22]

   How it works

   Economists call it a below-market price: seats cost less than fans would pay, so a reseller can charge more.

   U2's seats sold out fast at face value, so a tout holding thousands can ask 4 times as much. [22]

   Seen it before

   If one pupil buys the whole tray of cheap cakes at a school sale, he can resell them for more.

   Ticket bots have been illegal since 2018 and a resale ban was promised a year ago, but no penalty has arrived, so touts still list thousands of tickets.

   The idea, in story 03: Why a deadline that passes with no penalty stops working →

   The truth

   • Nobody knows yet

     Whether the 2,000 U2 tickets one tout listed were bought with bots.

     StubHub did not answer the Guardian's questions about the listings, and the tout did not reply. [22]

5. 08

   US help rule for late home loans set to narrow

   What happened

   • The CFPB, the US consumer finance watchdog, sent a revised rule on struggling homeowners to the White House for review. [25]
   • The rule covers how loan servicers, the firms handling mortgage payments, help borrowers who fall behind. [25]
   • Industry lawyers expect it to be much narrower than the 2024 draft. [25]
   • That draft would have barred late fees during a review, and paused foreclosure once a borrower asked for help. [25]
   • The lawyers expect the ban on fees during a review to be dropped. [25]

   Who is involved

   • CFPB US consumer finance watchdog; wrote the rule

   Why it matters

   Today, foreclosure is paused only once a borrower's complete application for help is filed. [25]

   Think it through

   1. 1

      Who wanted the rule narrower?

      The American Bankers Association urged only limited changes, saying servicers already help struggling borrowers. [25]

   2. 2

      Why is it changing now?

      A 13 March order from Trump told the CFPB to modernise older rules that lenders say raise their costs. [25]

   How it works

   Lenders call this loss mitigation: the options a servicer offers so a borrower can avoid foreclosure. [25]

   The 2024 draft let help begin when a borrower first asked, before the paperwork was complete. [25]

   Seen it before

   A school that helps a pupil only after every form is filled in leaves them waiting while they struggle.

   The truth

   • Nobody knows yet

     What the final US rule on helping late mortgage payers will say.

     Industry lawyers say nobody will know its content until it is published. [25]

6. 09

   Experian's Boost can now lower scores

   What happened

   • Experian, a UK credit reference agency, has widened Boost, its free service that reads a user's bank account. [24]
   • Boost now counts rent, 'buy now, pay later' purchases, household bills and gambling debts. [24]
   • Until now Boost could only raise a score. [24] Now it can lower one too. [24]
   • Experian says 71% of users will gain, by about 35 points, and 29% will lose, by about 33. [24]
   • The new system began rolling out on 9 November, and reaches all users by the end of the month. [24]

   Who is involved

   • Experian UK credit reference agency; runs Boost

   How it unfolded

   1. 9 November roll-out begins
   2. End of November all users

   Why it matters

   A higher score can mean cheaper loan offers, Experian says, but lenders use their own checks. [24]

   Think it through

   1. 1

      Why would a score drop now?

      Boost now reads more of a user's spending, including gambling debts, so the result can go either way. [24]

      More spending read→Gambling debts seen→Score can fall
   2. 2

      What does Experian get from it?

      Its paid CreditExpert service shows the exact points gained or lost. [24] Experian plans to add card spending in 2027. [24]

   How it works

   Credit analysts call this alternative data: payments outside loans, like rent, used to judge a borrower.

   Experian says paying rent and bills on time can now help a score. [24]

   Seen it before

   A teacher who marks homework as well as exams sees more of a pupil, which can help or hurt.

   The truth

   • The 71% and the 35-point gain are Experian's own claims about its own product. [24]
7. 10

   Russia moves to watch person-to-person transfers

   What happened

   • Russia's Finance Ministry wants Russia's central bank to flag people who regularly receive money from other people. [26]
   • The tax service could then ask banks for those people's account statements. [26]
   • Today inspectors can do that only to collect a tax debt, or during an approved audit. [26]
   • A committee in Russia's parliament, the State Duma, plans to consider it on 15 November. [26]

   How it unfolded

   1. March plan first reported
   2. 15 November Duma committee considers it

   Why it matters

   People paid by transfer for services or rented flats could face tax checks they escape today. [26]

   Think it through

   1. 1

      Why do these transfers go untaxed now?

      They are often treated as gifts, Russia's Finance Ministry says, though some pay for services or rented flats. [26]

      Money sent person to person→Called a gift→No tax paid
   2. 2

      Is this a new idea?

      In March, Vedomosti, a Russian business paper, reported Russia's Finance Ministry was drafting tighter checks on such transfers. [26]

   How it works

   Tax economists call this third-party reporting: tax gets paid most fully when someone else reports the income.

   Money sent between people is hard for the tax service to see, so Russia's central bank would report it. [26]

   Seen it before

   A shop till records every sale, so the owner knows the takings without asking the staff.

   A tax on side income is easy to skip while nobody sees the transfers, so Russia's Finance Ministry wants its central bank to report them and make the check real.

   The idea, in story 03: Why a deadline that passes with no penalty stops working →

   The truth

   • Nobody knows yet

     Whom Russia's central bank would flag as 'regularly' earning from transfers.

     Russia's Finance Ministry says the criteria will be set separately, and none have been published. [26]

8. 11

   2.1 German workers pay for each pensioner

   What happened

   • Germany had 2.1 people paying into its state pension for every retiree in 2025, down from 3.73 in 1957. [29]
   • The figure is projected to fall to 1.73 by 2045. [29]
   • To keep contribution rates steady, the German government adds about €118bn a year. [29] That is roughly 25% of the federal budget. [29]
   • Retirees needing basic state income support rose from 257,000 in 2003 to 738,000 in 2024. [29]
   • DW, a German broadcaster, gathered the figures as young people protest about their future across Europe. [29]

   Why it matters

   An ever larger share of people will be asked to help pay for pensions, DW notes. [29]

   Think it through

   1. 1

      Is housing harder for the young too?

      Low-income households spent nearly 36% of their income on rent in 2021, up from about 24% in 1990. [29]

      % of income on rent, low-income homes

      199024

      202136
   2. 2

      Could older owners ease that?

      Boomers own about 4.8 million homes, which a property site, Jacasa, expects to change hands in coming decades. [29]

      4.8 millionhomes owned by baby boomers

   How it works

   Pension economists call this pay-as-you-go: today's workers pay today's pensions, instead of saving for their own.

   With 2.1 payers per retiree instead of 3.73, each worker's contributions cover a bigger share of a pension. [29]

   Seen it before

   If fewer friends chip in for the same shared pizza, each one pays more of the bill.

9. 12

   A food bank's gifts fall 10% a year

   What happened

   • Cambridge City Foodbank in England says donations have fallen by about 10% each year since 2023. [27]
   • It says someone eats a meal it provided every 2 minutes, over 260,000 in the past year. [27]
   • It expects to give out more than 45,000 meals between 13 November and 15 January. [27]
   • In October the UK government urged households to stock 3 days of food and water, in its 'Be Ready' campaign. [27]
   • Its chief executive, Steve Clay, says it is 'a concern' that this could cut gifts in its busiest season. [27]

   Who is involved

   • Steve Clay food bank chief; fears fewer gifts

   How it unfolded

   1. 13 November winter appeal starts
   2. 15 January 45,000+ meals given

   Why it matters

   Clay says Christmas is harder than the rest of the year, as more goes on fuel and energy. [27]

   Think it through

   1. 1

      Is stockpiling actually happening?

      The UK government says it has 'no serious evidence of stockpiling or indeed a supply shortage'. [27]

   2. 2

      What do falling gifts cost the people it feeds?

      Donations buy emergency hampers and pay for advice, so less money means less of both. [27]

      Fewer donations→Fewer hampers→Less advice

   Good news

   • Every pound given, up to the first £15,000, will be doubled by a matching pledge. [27]
10. 13

    Probation officers vote for action over pay

    What happened

    • Probation officers in England and Wales voted for industrial action over pay and workloads, their union Napo said. [32]
    • Ministers offered a 5% pay rise. [32] The union had asked for 12%. [32]
    • 85% backed action short of a strike, like refusing overtime, and 74% backed strikes on pay. [32]
    • That action is likely to start on 23 November, with strikes planned later. [32]
    • Napo says reception staff earn just above the minimum wage, the lowest pay in the civil service. [32]

    Who is involved

    • Napo probation officers' union; voted for action

    How it unfolded

    1. 23 November overtime limits likely start
    2. Later strikes planned

    Why it matters

    Officers supervise offenders released early from crowded prisons, about 2,500 of them by the end of the year. [32]

    Think it through

    1. 1

       Why are workloads rising?

       An early-release scheme from October adds offenders, and officer numbers run 25-30% below target. [32]

       Early releases→More to supervise→Too few officers
    2. 2

       What is the UK government doing about it?

       The Ministry of Justice says it is hiring 1,300 more trainee officers in a £700m package. [32]

       1,300more trainee probation officers

    How it works

    Labour economists call this relative pay: workers judge a rise against what similar jobs nearby earn.

    Napo wants to close the pay gap with other prison and probation staff, so it calls 5% inadequate. [32]

    Seen it before

    A pupil given a smaller pocket-money rise than a classmate feels short-changed, even with more money.

11. 14

    Retail boss sues over redundancy on maternity leave

    What happened

    • Phebe Bartle, who ran retail for Australian menswear brand MJ Bale, says it sacked her unlawfully. [30]
    • In September, 5 months into her maternity leave, the company said her role was redundant. [30]
    • She had started that leave in March, and led a national team of more than 450 people. [30]
    • She is seeking damages of more than $200,000, plus compensation and penalties. [30]
    • She says MJ Bale failed to consult her properly, which the law requires before cutting a role during leave. [30]
    • MJ Bale says its consultations with her were genuine. [30]

    Who is involved

    • Phebe Bartle ran retail; says she was sacked unlawfully
    • MJ Bale menswear brand; says it acted fairly

    How it unfolded

    1. March maternity leave begins
    2. September role made redundant

    Why it matters

    Her case says MJ Bale broke the return-to-work guarantee owed to staff on parental leave. [30]

    Think it through

    1. 1

       Why not a normal unfair dismissal claim?

       Her salary, over $250,000, is too high for one, so she relies on general protections in the law. [30]

       $250,000her salary, too high for an unfair dismissal claim

    2. 2

       What else is she asking for?

       She wants B Corp's governing body to review MJ Bale's certification, a badge for responsible companies. [30]

    How it works

    Employment lawyers call this adverse action: harming a worker for a protected reason, like parental leave. [30]

    Bartle says new senior roles were filled during her leave, but she was not offered a comparably senior one. [30]

    Seen it before

    A player out injured for a season comes back to find the coach gave their place away for good.

    The truth

    • Her claims are in a Fair Work Commission application and are untested. [30] MJ Bale disputes them. [30]
12. 15

    A Christmas market sausage now costs £8

    What happened

    • A bratwurst that cost £3.50 at Manchester's Christmas markets now sells for £8, one trader says. [28]
    • Most of that rise came over the past 5 or 6 years, he says. [28]
    • But his family business, Bratwurst King, does not earn more, he says. [28]
    • Another trader says each of her 4 stalls costs at least £1,000 a day to run. [28]
    • Costs include staff, rooms for workers, parking, packaging and card payment fees. [28]

    Why it matters

    Visitors say it feels pricey, and some now share one portion instead of buying one each. [28]

    Think it through

    1. 1

       If prices doubled, why don't traders earn more?

       Meat, electricity, staff and rooms for workers from Germany all cost more, the bratwurst trader says. [28]

       Meat and powerdearer

       ++

       Staff and roomsdearer
    2. 2

       Who pays the card fees?

       Card fees add to every sale, and one stall offered £1 off for paying in cash. [28]

       £1off for paying cash at one stall

    How it works

    Economists call this cost pass-through: when a seller's costs rise, part of the rise is added to what customers pay.

    One trader raised some prices and absorbed the rest, taking what she calls 'a massive cut on profits'. [28]

    Seen it before

    When flour costs more, a bakery charges a little more for bread and keeps a little less.

    Good news

    • One crumble stall has kept most prices the same for 3 years, and cut its biggest portion by £2. [28]
13. 16

    US builders' loans tighten a 19th quarter

    What happened

    • Credit for US homebuilders' land and building loans tightened for the 19th quarter running, a builders' survey found. [31]
    • The National Association of Home Builders' index stood at -15.3, meaning more builders found credit harder to get. [31]
    • The US central bank's own survey of bank loan officers found almost the same, at -15.5. [31]
    • The all-in cost of borrowing to build a home without a buyer stayed near 11.83%. [31]

    Why it matters

    Tight building loans can mean fewer new homes, which keeps prices and rents up, the builders' group says. [31]

    Think it through

    1. 1

       How are builders getting round it?

       32% of builders surveyed financed some homes with loans tied to the eventual buyer. [31]

       32 of 100

       of builders use loans tied to the buyer

    2. 2

       Which homes does it hit hardest?

       Cheaper starter homes, where the builders call tight credit an overlooked bottleneck for new supply. [31]

    How it works

    Housing economists call this a supply constraint: when building is hard to fund, fewer homes get built.

    These loans pay for land, roads and building, so tight loans mean fewer homes reach the market. [31]

    Seen it before

    A bakery that cannot borrow for a second oven bakes the same loaves, however long the queue.

14. 17

    Pakistan cuts petrol for a ninth time running

    What happened

    • Pakistan cut petrol by Rs2 a litre on Friday, its ninth cut in a row, Dawn reports. [33]
    • Petrol now sells at Rs330 a litre from 14 to 16 November, while diesel stays at Rs360. [33]
    • Ogra, Pakistan's oil and gas regulator, now sets fuel prices from day to day. [33]
    • Petrol peaked at Rs458.41 a litre on 3 April, up from Rs266 in early March. [33]
    • Prices began climbing after war between the US and Iran broke out on 28 February. [33]

    Why it matters

    Petrol mostly fuels motorbikes, rickshaws and small cars, so each change reaches middle and lower-middle class families. [33]

    Think it through

    1. 1

       How much of the price is tax?

       Pakistan's government still takes Rs114 in taxes and duties on each litre of petrol, and Rs100 on diesel. [33]

       Rs114tax and duty on each litre of petrol

    2. 2

       Does anyone get extra help with fuel?

       Since 17 September, a relief scheme has helped owners of motorbikes, rickshaws and cars up to 800cc. [33]

    How it works

    Economists call it a per-litre levy: a fixed tax on each litre that does not move when prices do.

    Ogra moves prices with world oil markets, while the Rs114 tax on each litre stays the same. [33]

    Seen it before

    A cinema adds the same booking fee to every ticket, whether the film is cheap or dear.

15. 18

    Barcelona co-op homes cost up to 40% less than rent

    What happened

    • Sostre Civic, a non-profit housing cooperative in Barcelona, owns its buildings, and members get a permanent right to live there. [34]
    • Its building Ca l'Ordit will have 62 flats for around 90 low-income residents. [34]
    • Future residents paid between €12,000 and €24,000 to join, far less than buying a home. [34]
    • They will then pay a monthly fee estimated at up to 40% below market rents. [34]
    • Barcelona's council gave the land free, EU funds added nearly €3 million, and a European bank lent cheaply. [34]
    • Sostre Civic has over 2,700 members and about 30 projects across Catalonia. [34]

    Who is involved

    • Sostre Civic owns the buildings
    • Members permanent right to live there

    Why it matters

    A whole generation of Spaniards spends 50% to 60% of their income on rent, Euronews reports. [34]

    Housing protests helped bring a call for snap elections in Spain in late November. [34]

    Think it through

    1. 1

       Why are these homes cheaper?

       The land is free, the loans are cheap, and nobody takes a profit margin, Euronews reports. [34]

       Landfree

       ++

       Loanscheap

       ++

       Profitnone
    2. 2

       Why are there not many more of them?

       Barcelona gave public land for just 100 co-op homes in 4 years, the cooperative says. [34] It gave land for over 1,000 rental homes built with for-profit firms. [34]

       Homes on public land, 4 years

       Co-op homes100

       With for-profit firms1,000

    How it works

    Housing economists call this non-speculative housing: homes held so that nobody can sell them on for a profit.

    Members' monthly fee covers services, upkeep and taxes, with no profit margin on top. [34]

    Seen it before

    A club that owns its own pitch charges members only what it costs to keep, not what a landlord would.

    The truth

    • Euronews notes the model will not solve Europe's housing crisis on its own. [34] Its homes are due to grow from over 200 to 550 within 3 years. [34]