Asda has been dethroned as the UK’s most affordable major supermarket, marking a setback for the struggling retailer. In a recent study by Which?, Asda was surpassed by its long-standing competitor Tesco. Which? compared prices across 228 products, including popular groceries, revealing Tesco as the cheapest option. Customers utilizing Tesco’s Clubcard loyalty scheme could purchase the items for a total of £588.96, making it £1.45 less expensive than Asda, which tallied up to £590.41. This marks the first time since December 2024 that Tesco outpriced Asda.
Although Which? highlighted that Asda’s prices are accessible to all shoppers, Tesco’s loyalty scheme eligibility criteria could exclude certain groups, such as those under 18, from potential savings. Without a Clubcard, shopping at Tesco would cost £52.13 more (£641.09).
The UK’s crucial service sector firms are showing a “cautious optimism” for the upcoming year, according to a notable survey. S&P Global’s research indicated that the sector, encompassing various industries from retail to finance and representing a significant portion of the economy, experienced its fastest growth since last August. The report attributed part of this growth to businesses resuming projects that were delayed prior to the Budget announcement. However, S&P cautioned that subdued household spending is still a concern.
There are worrisome indicators regarding firms’ hiring intentions, with job numbers in the sector consistently decreasing since October 2024, marking the longest period of job losses in 16 years. Factors contributing to this trend include the government’s decision to raise employers’ national insurance expenses and the increased minimum wage, leading to heightened operational costs for businesses.
Tim Moore, Economics Director at S&P Global Market Intelligence, noted the cautious optimism among service sector companies regarding growth prospects for the next year. Despite this positive outlook, concerns persist about the labor market’s future, with hiring declining due to escalating payroll expenses.
An individual’s experience highlighted by Martin Lewis’ MoneySavingExpert.com revealed how she reclaimed over £12,000 from her employer after realizing she had missed out on holiday pay entitlement. Most workers are entitled to 5.6 weeks of paid holiday annually, including bank holidays, regardless of employment type or hours worked.
February emerged as the optimal month for selling a home, according to data from property platform Rightmove. Analyzing a decade of property listings from 2014 to 2024, Rightmove found that 68.9% of homes listed in February successfully secured buyers, making it the most favorable month for sales. January and March tied for the second spot, while October ranked as the least favorable month for selling homes.
A study by Uswitch revealed widespread confusion among households regarding energy deals, potentially leading to missed savings opportunities. Nearly half of households surveyed were unsure how to reduce their energy bills, with a significant misunderstanding between ‘standard’ and ‘fixed’ energy deals highlighted. Fixed tariffs, purchased in advance by suppliers at bulk rates, often offer better prices than standard variable tariffs, which are subject to fluctuations based on global energy prices.
Recent policy changes, including tax hikes and minimum wage increases, have disproportionately impacted younger and entry-level workers by elevating employment costs and slowing hiring rates, as indicated by the National Institute of Economic and Social Research (Niesr). The marginal cost of hiring for entry-level positions has surged by approximately 7% in real terms due to these policy shifts.