Uber drivers win rights

The 1-minute read to get all the money news with expert adviser views.

Driver rights start today

In a U-turn, Uber will guarantee its 70,000 UK drivers the right to a minimum hourly wage, holiday pay, and pensions. Until last night, it was insisting the ruling only applied to a small number of drivers. The move takes effect today, after the Supreme Court ruled the company must treat drivers as workers, rather self-employed “partners”.

Energy bill refunds

People who overpay for their energy should get an automatic refund, according to watchdog Ofgem. Energy companies currently hang on to thousands in overpayments, simply adding the cash to customers’ balances as credit. Ofgem claims they hold £1.4 billion surplus, and says the balance should be refunded once a year.

Mortgage payments rising?

A third of homeowners could face higher mortgage costs by going onto their lender’s standard variable rate (SVR) when their current deal expires. Research by Legal & General suggests people are put off remortgaging because they don’t want their finances scrutinised. But going onto a SVR mortgage could add £2,500 a year to repayments.

£50bn spending spree

Brits plan to spend a quarter of their lockdown savings once restrictions lift, according to research by Scottish Friendly. It found people want to spend big on holidays and meals out, and warned the spree could push price inflation above 2%. The Bank of England is more cautious; it reckons we’ll only spend 5% of the £192 billion built up in spare cash since March 2020.

£100k pension shortfall

Millions of over-50s risk running out of money a decade early* according to a report by Standard Life. 1 in 4 workers over 55 have only budgeted for a 10-year retirement - but most people can expect to live for 20 years after stopping work.