Money, in brief

E.ON Next completed its purchase of Ovo Energy on 8 October, taking on the 4 million households Ovo supplied. [1]

E.ON Next already supplied 5.6 million households. It now holds 25% of the household market, or 13.45 million gas and electricity accounts. [1]

Octopus Energy holds 26% and British Gas about 23%, so three suppliers now serve almost three in four households in Great Britain. [1]

The Competition and Markets Authority, Britain's competition watchdog, cleared the deal on 1 October without an in-depth investigation. [2][3]

Ovo customers keep their tariffs, including fixed deals until they end, and their credit balances move across automatically. [5][6]

In 2016 the six biggest suppliers held about 85% of the market. The watchdog found then that customers were overpaying by 1.4bn to 1.7bn pounds a year. [1]

Ovo was founded in 2009 to take on those six. It later failed Ofgem's new money tests, brought in after about 30 suppliers collapsed in 2021-22. [1][4][7]

Homes on a default tariff pay unit prices and daily charges no higher than Ofgem's price cap. The cap rose 4% for a typical household on 1 October, because wholesale gas got dearer. [8]

Ofgem splits a typical capped bill like this: 37% wholesale energy, 23% networks, 15% policy costs, 13% running costs, 9% other costs and 3% customers' unpaid debts. [9]

Unpaid energy debts reached a record 4.48bn pounds in 2025, and Ofgem says they push up prices for all customers. [9]

Tom Goswell of Cornwall Insight, an energy consultancy, warns that fewer suppliers can mean less pressure to keep prices low. [1]

Chris Norbury, the head of E.ON UK, calls the market fiercely competitive and says the bigger firm can serve customers better. [1]

Why it matters. Ofgem sets the next price cap on 25 November [8], and the gap between the cap and the cheapest fixed deals, about 265 pounds in October 2025, shows whether the three biggest suppliers still undercut each other. [9]

Researchers at the New York Fed, a branch of the US central bank, found that tariffs had made 67 kinds of goods 2.9 percentage points dearer by February. [10] Without the tariffs, their prices would have fallen by almost 1%. [10] About two-thirds of the rise came from the tariffs themselves, the rest from US firms using imported parts. [10] The US Supreme Court struck down many of the tariffs in February, and imports from many countries now face about 10%. [10] The team found that about 26% of last year's tariff rises had reached shop prices so far. [10]

Why it matters. An earlier New York Fed study put 90% of the tariffs' cost on US firms and shoppers rather than on foreign sellers. [11] The Trump administration says foreign exporters pay for the tariffs. [10]

The interest rate on the UK government's 10-year bonds rose to 5.515% on 8 October, the highest since July 2007. [14] Rates on 20-year and 30-year bonds reached levels last seen in 1998. [14] Andrew Bailey, governor of the Bank of England, urged the chancellor, John Healey, to set a budget that investors find believable. [14] Healey presents his budget on 28 October, and the Bank is widely expected to raise interest rates in November. [14]

Why it matters. Higher government borrowing rates feed through to what homeowners and businesses pay to borrow. [14] Economists think about half of the 24bn-pound cushion kept against the UK government's borrowing rules has gone, and Healey is expected to raise taxes to rebuild part of it. [14]

The average 30-year fixed US home loan rose to 7.41% in the week to 8 October, by Zillow's figures given to NerdWallet, a personal-finance website. [15] It was the fourth weekly rise in a row, and rates are up 0.67 points in a month. [15] Minutes of the US central bank's September meeting show its policymakers expect one more rate rise this year. [16] Christopher Waller, one of its governors, said he expects several rises if the data come in as forecast. [16]

Why it matters. A buyer who can pay $3,000 a month could afford a $463,000 home a month ago and about $432,900 now. [15] That is more than $30,000 of buying power lost in four weeks. [15]

Nearly 70 million Trump Accounts, US government-backed investment accounts for children, now exist, and more than 60 million were opened automatically this month. [21] Children born from 2025 to 2028 can claim a $1,000 starting deposit from the US Treasury. [21] President Trump said more than $4.5bn has gone in, counting that money, family gifts and donations. [21] New Treasury rules let the accounts hold donated shares in single companies, which must usually be kept for five years. [21]

Why it matters. A donor who gives shares instead of selling them first avoids the tax on the gain, a financial planner told CNBC. [21] The US tax agency's chief said the shares add no extra risk. [21] The US Treasury's own rules say account holders will carry more risk from holding fewer companies. [21]

The average price of a gallon of petrol in the US was $4.36 on 8 October. [22] Traders on Kalshi, a betting market, give an 87% chance it stays above $4 on election day, 3 November. [22] Petrol peaked at $4.56 in late May, after the Iran war began and Iran closed the Strait of Hormuz, then fell to $3.79 in early July. [22] Diesel hit almost $6.53 on 22 September and is now $6.28. [22]

Why it matters. Diesel costs land hardest in farm states such as Iowa and Kansas, and in Alaska, which burns diesel for electricity. [22] CNBC, which reported the odds, has a business tie with Kalshi. [22]

President Trump, Vice President JD Vance and other officials campaigning for the midterms have endorsed the Credit Card Competition Act, the Wall Street Journal reports. [17] The bill would let shops pick a different card network to process a credit card payment, instead of Visa or Mastercard. [17][18] Senators Roger Marshall and Dick Durbin brought it back in January, after it stalled in a Senate committee. [18] Trump first backed it that month, and Visa and Mastercard shares fell 4.5% and 3.8%. [18] He also called for card interest to be capped at 10% for a year. [20]

Why it matters. Shops pay a fee on every card purchase, and banks spend part of those fees on points and air miles for cardholders. [18][19] The fees are built into shop prices whether a buyer uses a card or not, Bankrate notes. [19] A cheaper network would cut what banks earn on each purchase, the money that pays for those rewards. [17][19]

Maura Healey, the governor of Massachusetts, declared an energy emergency by executive order. [23] Home heating oil in the US state averaged $6.12 a gallon last week, nearly 75% more than a year earlier. [23] The order tells state agencies to use money from the state's clean-energy rules, called alternative compliance payments, to top up federal heating help for poorer homes. [23] It also creates a one-off payment for middle-income households that heat with oil but do not qualify for that help. [23]

Why it matters. Halving what electricity customers pay towards one clean-energy programme adds about $20m of relief, the governor's office said. [23] This winter's heating help is being paid for with money first raised for cleaner power. [23]

Pakistan's government raised petrol by 2.31 rupees to 398.96 rupees a litre from 9 October. [30] Taxes and duties make up 114 rupees of each litre. [30] Petrol had climbed from 266 rupees in early March to a peak of 458.41 rupees on 3 April, after the war between the US and Iran began. [30] Separately, Nepra, the power regulator, let electricity companies add 1.11 rupees a unit to October bills to cover August's fuel costs, 16bn rupees in all. [31]

Why it matters. Homes on the smallest lifeline connections and prepaid meters are spared the power charge. [31] Other households pay on their October bills for fuel burned in August. [31]

Portugal's government sent its 2027 budget to parliament on 8 October. [28] It raises the income tax bands by 3.88%, while private-sector pay is set to rise 4.5% under a deal with employers and unions. [28] Workers whose pay rises faster than the bands can move into a higher tax rate and lose part of the raise. [28] The budget also cuts rates in the six lowest bands by 0.3 to 0.5 points, and raises the minimum wage from 920 to 970 euros a month. [28]

Why it matters. People under 35 buying a first home keep a state guarantee covering up to 15% of the loan, so they can buy with no deposit. [28] The Socialist Party plans to abstain in the first vote on 28 October, which lets the budget pass. [28]

Hackers who broke into Asos, a British online clothes shop, took names, home addresses, phone numbers, emails, dates of birth and past searches, the BBC found. [37] Asos had first said only basic contact details might have been taken. [37] The hackers got in by pretending to be a trusted contact and tricking an employee out of login details. [37][39] On Tuesday they used Asos's own app to tell customers the company had been hacked. [38][39]

Why it matters. Asos says no bank details or passwords were taken. [37] With this much personal detail, criminals can write convincing fake emails or calls, and Asos is warning customers about impersonation scams. [37]

The Information Commissioner's Office, Britain's data watchdog, is investigating recorded calls that ask people to add a number on WhatsApp. [36] It received more than 3,600 complaints about automated calls in September, a five-year high and nearly three times July's number. [36] A telecoms anti-fraud group thinks the calls lead to fake job offers, which can be used to pass criminal money through a victim's bank account. [36] The calls appear to come from UK mobiles, but the numbers are faked. [36]

Why it matters. The watchdog's head of criminal investigations thinks millions of people are getting the calls, and that they come from abroad. [36] The UK government promised last November to end faked caller numbers within a year. [36]

Jim Chalmers, Australia's treasurer, overruled a plan by the tax office to stop taking credit cards for tax bills from 1 December. [27] The office will now take card payments until the end of June 2027, with extra money from Australia's government to pay the card fees. [27] It had said cards would cost it almost 200m Australian dollars a year. [27] Australia's central bank is banning surcharges, so the card fee can no longer be charged to the person paying by card. [27]

Why it matters. About 5% of small businesses pay tax by credit card, often to manage their cash. [27] The tax office says it cannot add the card cost to tax bills, because the amount of tax is set by parliament. [27]

The Financial Conduct Authority, Britain's financial regulator, proposed that savers in funds holding property and other slow-to-sell assets give 90 days' notice to take money out. [25] Some of these funds now let people withdraw every day. [25] When many ask at once, a fund can run short of cash and freeze all withdrawals, or sell buildings in a rush at lower prices. [25] Existing funds would get two years to change, and must give investors at least a year's notice. [25][26]

Why it matters. Rushed sales hurt the savers who stay in a fund, the regulator says. [25] It wants comments by 11 December and expects final rules in the first half of 2027. [26]

The US central bank announced action against American Express on 8 October for failing to spot and report some suspicious activity linked to money laundering. [24] It said the company's anti-money-laundering programme had serious weaknesses, especially at its national bank. [24] The Office of the Comptroller of the Currency, which supervises US national banks, took separate action against that bank. [24] The US central bank's notice named no fine. [24]

Why it matters. The action is meant to make American Express follow all US laws and rules, the US central bank said. [24] The bank supervisor's own order covers the national bank, which the US central bank singled out. [24]

The average one-bedroom flat in San Francisco now rents for $4,400 a month, more than 25% up on last year, the Guardian reports. [40] That is nearly three times the US average. [40] Eviction notices in the city are up 44% on last year, by the rent board's figures. [40] In September the mayor, Daniel Lurie, declared a rent emergency and blamed costs driven by the AI boom. [40]

Why it matters. Rent control covers more than 160,000 of the city's 250,000-plus rental homes, but newer buildings are exempt. [40] A state law, the Ellis Act, also lets an owner evict every tenant in a building if the owner stops renting homes out. [40]

The US Transportation Department, under Sean Duffy, is working to water down protections for airline passengers, the New York Times reports. [32] It wants to change how prominently airlines show prices in adverts and to limit compensation for disrupted flights. [32] In November 2025 it dropped a plan that would have made airlines pay $200 to $300 for domestic delays of three hours or more. [33] US airlines must refund cancelled flights but need not pay anything for delays. [33]

Why it matters. The European Union, Canada, Brazil and Britain all have rules on delay compensation. [33] Paul Hudson of FlyersRights, a passenger group, calls the US changes a wholesale reversal of consumer protection. [32]

Every hospital in Los Angeles County will be able to check patients for financial aid automatically, through a system the Hospital Association of Southern California is buying in bulk. [34] The check uses public information, such as credit history, so patients do not have to apply. [34] L.A. Care, a non-profit health plan for more than 2.5 million low-income residents, put in $2m. [34] About 800,000 county residents have medical bills they cannot pay, officials estimate. [34]

Why it matters. Hospitals using such checks report giving up to 50% more aid. [34] A California law requires every hospital in the state to do this by next July, but only about one in five county hospitals did it before. [34]

Nine families in shared-ownership flats in Weston-super-Mare, Somerset, saw their monthly service charge rise from about 70 pounds to more than 300 pounds. [35] Shared ownership means buying part of a home and paying rent on the rest. [35] Curo, the housing association, said most of the rise was to fill the building's repair fund. [35] After the residents took it to a tribunal, Curo agreed to cap the charge at just over 100 pounds and repay what they had overpaid. [35]

Why it matters. UK law puts no limit on how much a service charge can rise. [35] A 2024 law promising clearer bills is not yet fully in force, and another Curo resident in Bath faces a yearly charge up from 990 to over 6,000 pounds. [35]

One in five UK adults (18%) said they, or someone at home, could not afford things they need to keep clean in the last six months. [42] The survey of 3,042 adults was run by two charities, The Hygiene Bank and In Kind Direct. [42] Of those affected, 41% said this year was the first time it had happened to them. [42] The Hygiene Bank says working families who used to feel secure are now among them. [42]

Why it matters. The items include toothbrushes, toothpaste, shampoo, sanitary pads and washing powder. [42] The charity says going without them affects health, confidence, schooling and work. [42]

Lewisham council in south-east London plans to give community groups public land worth up to 2m pounds a plot if they build social housing on it, according to council papers. [41] It may put the land into community land trusts, which keep homes affordable for good. [41] It may also offer cheap loans and approve planning in advance. [41] The council hopes the plans take effect within a year. [41]

Why it matters. Three in four new British homes are built by private developers, who often bargain down how many social homes they provide. [41] Lewisham's housing chief says councils cannot rely on that bargaining to get enough built. [41]

The Juan de Mariana Institute, a free-market think tank critical of Spain's government, says taxes take 53.60 euros of every 100 euros an employer spends on a worker. [29] It counts the employer's social security payments, income tax and taxes such as VAT. [29] On its figures, 21,144 euros of an average 39,481-euro labour cost goes to the state. [29] It also finds the median rent, 1,080 euros, is higher than a young worker's median pay of 1,048 euros. [29]

Why it matters. The count starts from what the employer pays, not from the wage on the payslip, which makes the share larger. [29] Spain faces a snap election, called by Pedro Sanchez after his government's measures were voted down. [29]

The cheapest ticket for a day of the 2027 Ashes cricket at Edgbaston is 115 pounds, against 65 pounds in 2023, BBC Sport found. [43] General admission to the British Grand Prix at Silverstone on race day is 289 pounds, up from 189 pounds in 2021. [43] The dearest standard seat at the Wimbledon singles finals will be 400 pounds, more than double 2017. [43] Crowds at most sports are as big as ever. [43]

Why it matters. Organisers say people now pay more to be part of a live event. [43] Fans watching at home face several television subscriptions, which the BBC says can also keep people out. [43]

Fund firms have asked the SEC, the US markets regulator, to approve hundreds of exchange-traded funds that each track one sports team's season. [44] They would follow futures, contracts listed by CME Group that rise or fall with a hockey or baseball team's statistics. [44] None trades yet. [44] Baseball team futures are due to start trading on 12 October. [44]

Why it matters. Robert Johnson, a finance professor at Creighton University, says the line between gambling and investing has been erased. [44] A buyer would own a bet on one season, not a share in the club. [44]

Martin Lewis, a British money journalist, has started the Small Ideas Initiative to collect cheap, non-political fixes for everyday problems. [45] A cross-party panel will choose about 50 ideas to take to the UK government, councils and regulators. [45] Ideas can be sent in until 12 November. [45] The project is run with two charities, Nesta and Involve. [45]

Why it matters. An earlier campaign by Lewis's money and mental health institute ended doctors charging 80 to 150 pounds for forms that people in debt needed. [45] The law changed in 2019, two years after that campaign began. [45]