UK economy - latest: Interest rates will now rise again, experts predict - as new date for inflation falling to 2% forecast (2023)

Deliveroo's riders are challenging their bosses over pay and "insecure jobs" at the food delivery company's general meeting today.

Campaigners at ShareAction and IWGB (Independent Workers' Union of Great Britain) have arranged for riders to raise their concerns over pay levels and worries related to their "independent worker" status.

It comes a month after the IWGB union launched a challenge at the Supreme Court in a bid to secure collective bargaining rights for the firm's couriers.

"Deliveroo riders are dying chasing pennies whilst the CEO Will Shu's prime concern is the safety of his £600,000 salary," Alex Marshall, IWGB president and former courier, said.

Rider satisfaction is at 83% in the UK and retention is around 90%, Deliveroo said, according to its surveys of thousands of riders.

Well, no, from the sounds of it.

This is another line to come out of the interview with Jeremy Hunt we told you about below.

The chancellor said intervention was not among the options being looked at by the Treasury.

The question has arisen after food inflation remained sky high last month at 19.1%.

"We're doing everything we can to help families and we will continue to try and support people but the one thing we won't do are measures that mean that inflation becomes more persistent or sticky," he said.

"That's why yesterday I had the food producers into Downing Street. We've also been talking to the supermarkets, the farmers, looking at every element of the supply chain and what we can do to pass on some of the reductions in costs that are now beginning to come through to consumers as quickly as we can."

The chancellor, who was interviewed at the Wall Street Journal CEO Council summit, appears to have dashed the hopes of some backbench Tory MPs as he signalled the current high-inflation environment was not amenable to cutting taxes.

"What is a tax cut? A tax cut is putting money in people's pockets so they can spend more. The biggest way that I can put money in people's pockets so they have more to spend is to halve inflation because that is eroding 10% of the value of people's pay packets or has been over the last year.

"So right now, to reflate the economy with further stimulation would mean that monetary policy and fiscal policy were pointing in opposite directions.

"That would be the wrong thing to do.

"If we want to cut taxes in the long run, as all conservatives want to do, because I believe in a low-tax economy, number one task is to get inflation down."

The European city destination that will give you the best value for your money is Portugal's capital Lisbon, according to a Post Office Travel Moneyreport.

It says the total cost for two nights in the Mediterranean spot came in at £244.76.

The price marks a 2% increase on last year's levels - a much smaller rise than most of the other cities surveyed.

Closer to home, Cardiff ranks as the best value of the four UK capitals, more than 27% cheaper than Edinburgh.

London and Belfast both ranked among the 10 most expensive cities in the survey.

The report takes into account a number of factors, including the price of a three-course meal, a pint, airport transfer and a 48-hour travel card.

Here's the list of the 10 best value cities:

1. Lisbon, Portugal
2. Vilnius, Lithuania
3. Krakow, Poland
4. Athens, Greece
5. Riga, Latvia
6. Porto, Portugal
7. Zagreb, Croatia
8. Budapest, Hungary
9. Warsaw, Poland
10. Lille, France

Supermarket Lidl has announced its third pay increase in a year, affecting all of its 24,500 hourly-paid workers.

Store and warehouse staff working outside the M25 will see hourly pay increase to £11.40 from £11.00, rising to £12.30 with length of service.

Hourly pay for those inside the M25 will increase to £12.85 from £11.95, rising to £13.15.

Lidl said the move represented an overall investment of £8m and a total investment of over £60m into staff pay in the past year.

It's due to be introduced from September.

We have been talking lots today about interest rates rising again down the line - but what's happening right now?

The latest data released by Rightmove suggests the market is stabilising - even though rates are still considerably higher than last year.

Here are the latest average deals...

The estate agent's mortgage expert Matt Smith said the rates were "reassuring for movers" and will help them "understand how much they are likely to pay each month".

"Looking a bit deeper, we have seen the last remaining sub-4% rates removed by lenders, reflecting increases in swap rates over the last few weeks," he added.

"The cheapest rates available are now 4.06% at both 60 and 75% loan to value."

Off the back of today's inflation announcement, which saw a smaller decline than expected, Mr Smith said there may be "more activity from lenders" in the coming week.

However, this might not be good news as the 8.7% figure could mean "further pressure on lenders to increase rates", he added.

Three million more people could potentially benefit from the extension of a scheme to help those on low incomes build a savings buffer, HMRC says.

The Help to Save scheme, which offers a bonus payment worth up to £1,200 over four years, had previously been due to end in September 2023 but it will be extended until April 2025.

More than 359,200 people have opened savings accounts since its launch in September 2018.

Under the scheme, savers can deposit between £1 and £50 a month into their account and will receive a government bonus, even if money has been withdrawn.

Bonus payments are paid in the second and fourth years.

Someone saving £2,400 - the maximum amount they could deposit over four years - would receive a £1,200 bonus from the government, paid directly into their bank account.

Eligible savers can find out more and how to apply on gov.uk or via the HMRC app. People may be eligible if they receive working tax credit or universal credit.

Megan Baynes, cost of living specialist says:When adding someone to your mortgage, there are two ways to do it -

Tenants in Common: The parties involved typically own a percentage of the property (it doesn't have to be 50-50).If one party dies the house would not automatically pass to the other tenant-in-common.

Joint Tenants: This is the most common option. Both parties would have equal rights to the entire property. In the event of a death, the property would be passed on to the other owner.

I am guessing you would be looking to become joint tenants, because you would then have equal rights to the property.

You will be subject to the same standard checks as anyone applying for a mortgage, where they will look at your income and affordability.

You may also be charged stamp duty because you will be seen as technically purchasing part of the property – and it involves making legal changes to the property deeds.

If you choose to go down this route, you will need to consult a solicitor first. I would advise reaching out to one that specialises in housing for an initial consultation – they will be able to speak to your exact circumstances and say what is possible.

Another option could involve your dad mortgaging the property and then applying for a new, joint mortgage with you – in effect you will be applying for a brand-new mortgage. In this instance, if you are looking for the best deal you should instruct a mortgage broker to help you.

Bob Singh, from Chess Mortgages, told me: "It certainly would be possible, provided the income is sufficient. Lenders will take a view on the credit file, unless it's very recent events effecting it."

Ultimately, he said, "good mortgage advice is key2 so reach out to someone you trust – or somewhere that has good reviews – before you do anything.

Five major banks broke the law by sharing sensitive information about government bond trading in online chatrooms, the UK competition watchdog has provisionally ruled.

Citi, Deutsche Bank, HSBC, Morgan Stanley and RBC unlawfully shared information in one-to-one conversations in Bloomberg chatrooms, The Competition and Markets Authority (CMA) alleges.

The conversations, which related to the buying and selling of UK government bonds, were allegedly had by a few traders between 2009 and 2013.

"This could have denied taxpayers, pension savers and financial institutions the benefits of full competition for these products, including the minimisation of borrowing costs," Michael Grenfell, executive director of enforcement at the CMA, said.

Deutsche Bank and Citi have admitted to participating in the alleged conversations relating to them, but HSBC, Morgan Stanley and RBC (Royal Bank of Canada) have not admitted any wrongdoing, it added.

The CMA said the probe is ongoing, and it could ultimately hand out fines if it concludes that two or more of the banks engaged in anticompetitive activity.

As we have been outlining through the morning, prices have increased over the past 12 months by 8.7% on average, putting pressure on already stretched household budgets.

But how much has your individual spending gone up? Use our calculator to see how much prices are rising on the groceries, clothing, and leisure activities you pay for.