Money blog: Ticketmaster investigated after Oasis ticket sale - with fans asked for screenshots (2024)

The Labour government has scrapped plans to introduce a "British ISA" to the market, according to a report.

The initiative was one of the flagship measures unveiled in former Conservative chancellor Jeremy Hunt's March budget, and would have offered savers the chance to increase their tax-free savings pot each year from £20,000 to £25,000 if the £5,000 incremental sum was invested in UK companies.

According to the Financial Times, the plan has now been scrapped by Rachel Reeves over concerns it would "complicate the ISA landscape".

Investment platform AJ Bell, which led opposition to the idea, said Labour deserved credit for "consigning this ill-conceived idea to the policy dustbin".

It had previously criticised the British ISA plan as a "white elephant" that would fail to support UK-based companies.

Responding to the FT report, AJ Bell chief executive Michael Summersgill said: "The UK ISA was a political gimmick that was doomed to fail in its objective of boosting investment in UK Plc.

"The new government deserves huge credit for consigning this ill-conceived idea to the policy dustbin and will hopefully now take a more sensible, long-term approach to ISA reform than their predecessors, focused on simplification for the benefit of consumers."

He said merging cash ISAs and stocks and shares ISAs was "the obvious starting point" and would make life easier for investors.

Mr Summersgill added that around £30bn in investment could be unlocked if half the money in cash ISA accounts containing £20,000 or more was invested in stocks and shares ISAs.

He also said increasing the ISA allowance to £25,000 would "naturally" drive more money towards UK firms.

The UK's competition watchdog has launched an investigation into Ticketmaster over the sale of Oasis tickets at the weekend.

The Competition and Markets Authority (CMA) said the investigation would cover how "dynamic pricing" may have been used, and whether the ticket sale "may have breached consumer protection law".

Thousands of fans were left angry and frustrated in their efforts to buy tickets for the concerts in the UK and Ireland next July and August.

Many entered hours-long virtual queues to buy tickets on three websites, including Ticketmaster, only to find prices balloon into the hundreds of pounds by the time they could buy them, with others missing out completely.

The CMA investigation will also consider whether:

• Ticketmaster has "engaged in unfair commercial practices";
• Oasis fans were given "clear and timely information" explaining that tickets could be subject to "dynamic pricing", how it would operate and how much they would have to pay;
• People were "put under pressureto buy tickets within a short period of time – at a higher price than they understood they would have to pay, potentially impacting their purchasing decisions".

CMA asks fans for screenshots

The watchdog said it would be engaging with Ticketmaster and "gathering evidence from various other sources", including Oasis's management and event organisers.

As part of the probe, fans are asked to submit evidence of their ticket-buying experience through CMA connect - including screenshots if they have them.

Sarah Cardell, CMA chief executive, said it was "clear that many people felt they had a bad experience".

"We want to hear from fans who went through the process and may have encountered issues so that we can investigate whether existing consumer protection law has been breached," she said.

Spending a fair chunk on going to see your favourite big artist is not new - but it certainly feels like concert prices have entered a new stratosphere, with £350 Oasis tickets bringing the subject back into the spotlight over the last week.

So, beyond dynamic pricing, what's behind rising ticket costs? A few months ago theMoney bloginvestigated some of the reasons...

Picking up a Costa coffee or grabbing a latte from Starbucks doesn't sound like an expensive habit - but one generation is spending more than £700 a year doing it.

Millennials outspend all other age groups, forking out an average of £728 a year on takeaway coffees, according to research commissioned by McDonald's.

It found those aged between 28 and 43 spent £52 more a year than the younger Gen Z and £468 more than the older Baby boomers.

Overall, 37% of coffee drinkers said they would even turn down a free cup at work to pay for a "nice" one outside the office.

Those polled said a cup of coffee should cost £1.86.

But that's almost half of what the average on-the-go coffee costs at £3.40, according to FreshGround.

Costs aside, 56% said coffee was a luxury they would not want to live without.

The study also found that the average coffee drinker spends more than £29,000 on takeaway coffee in their lifetime.

Latte was the most popular style, with 23% favouring it, followed by cappuccino on 21% and flat white on 11%.

Marks & Spencer is targeting younger shoppers by spending more money on social media content.

In a bid to "move with the times", the retailer has upped its spend on videos for TikTok and YouTube, with investment in social media ads up nearly 80% in the last year, according to The Telegraph.

Some of you might have noticed recent M&S products trending online - our TikTok for you pages have been filled with people trying out the new "Big Daddy" chocolate bar.

Its £35 Celine handbag dupe also appeared a lot last year.

The high-street giant has also unveiled wider plans to get more shoppers buying through its website and app.

Bosses have hailed the "beginnings of a new M&S", saying the business could grow its fashion and homeware business further on the back of strong online momentum.

The clothing and home business saw sales grow by 5.2% in the year to March, helping to support a 58% rise in profits.

M&S clothing and home managing director Richard Price told reporters he hoped investment in the app, online personalisation and Sparks loyalty programme would help keep sales high.

He said: "We are over two years into our programme for growth and we can really start to see the beginnings of a new M&S.

"Online sales are growing ahead of the market and ahead of stores. It's driven by better product and much more effective branded social marketing.

"We continue to grow our style perceptions and are getting stronger from a value and quality perception as well."

Keep scrolling for:

• The 'Sainsbury's method': Supermarket calls in police over TikTok fraudulent voucher trend
  
• Cheapest supermarket revealed
• Barclays axes key perk - so what are alternative accounts?

"It tastes like burning," according to one reviewer.

Beithir Fire is a 75% ABV beer brewed in Scotland that comes with a warning label and (for one 330ml bottle) a £45.95 price tag.

The cost takes into account that it takes more than three months to produce.

As well as purporting to be the world's strongest beer, 88 Brewery also claims it's "the only beer with a 100-year shelf life".

TikToker Dan from@1minutebeerreviewtasted just 35ml of the fiery beverage - the most the brewery recommends you consume at one time.

His thoughts?

"That's really strong. It tastes like burning. My tongue is now numb... I need to go lie down."

Asda says it has started selling refurbished TVs in some of its stores - becoming the first UK supermarket to do so.

The retailer said customers in a handful of locations in England and Scotland are able to get their hands on three models of returned TVs from as little as £100.

The 32-inch, 40-inch and 50-inch TVs are being refurbished at Asda's electrical returns centre using recycled materials and come re-packaged to make clear they are refurbished models, it said.

These are the models available:

• PLRD Combi TV 32-inch - £100 (RRP £149) - saving of £49
• Sharp Smart TV 40-inch - £130 (RRP £190) - saving of £60
• PLRD Smart Fire TV 50-inch - £160 (£240) - saving of £80

Customers in Folkestone, Leeds, Glasgow, Sunderland and Ellesmere Port are able to purchase one of the TVs as part of a trial by Asda to increase the longevity of its returned products.

By James Sillars, business reporter

Quite a few companies are reporting positive results in London this morning.

However, the FTSE 100 is trading further down in what has been a tough week for global stock markets.

The main drag has been renewed fears of a US recession, while major tech stocks suffered some intense bleeding on profit taking on Tuesday amid a school of thought they are overvalued.

Leading the way on the FTSE this morning was housebuilder Vistry – up by more than 2%.

The company revealed a 7% rise in half-year profits despite the affordability challenges facing the sector and a share buyback worth £130m.

In the wider market, Asos, the fast fashion firm, saw its shares climb more than 12% after it reported that annual profits were expected to come in at the top of market expectations, despite continued struggles for sales.

The electricals retailer Currys saw its stock drop by 0.5% despite a 2% lift in underlying sales over the last four months, putting it on track to grow profit this year.

Aldi has again pipped rival Lidl to be crowned cheapest supermarket in August.

Which? said a basket of 62 items at the budget retailer cost £110.58 on average across the month.

Lidl came just behind at £111.88 for the same items with Lidl Plus loyalty pricing, and £112.17 without.

At the other end of the spectrum, Waitrose was named the priciest for the average shop, with its 62-item basket costing £140.89 - £30.31 (27%) more than Aldi.

The basket included a range of branded and non-branded items, including Heinz baked beans, Hovis bread, milk and butter.

Which?'s monthly analysis compares the average prices of popular groceries at eight of the UK's biggest stores.

From yesterday Barclays customers with Blue Rewards current accounts will no longer get a free £5 added to their balance every month. Customers may be reluctant to leave due to other perks such as free Apple TV, access to MLS matches, cashback incentives with major retailers and, perhaps most crucially, the 5.12% rate in their Rainy Day Saver.

For this week's Savings Guide, we askedSavings Champion co-founder Anna Bowes to look at what else is out there in the easy access accounts market.

"Although the top easy access rates on standard best buy tables have dropped to around 4.8% AER, there are still some accounts available, like Barclays, that are paying 5% or even more," says Anna.

"But, there are a number of reasons that you might not be able to access these accounts, or you may feel that it's not worth it.

"One of the more popular tricks of the trade is to offer an account that is exclusive to those who hold, or open, a current account with the bank - just like Barclays.

"Added to that there may be a restriction on the deposit that will earn this top rate - so, with Barclays, it's £5,000.

"Another example is Santander's Edge Saver Account (Issue 2), which is paying a whopping 6% AER, but this rate includes a 12-month bonus of 1.5% AER and the maximum you can deposit and earn interest on is £4,000. Anything over this balance will earn zero interest, so the overall rate you earn will be diluted if the balance exceeds £4,000."

The rewards that come with the Santander account include cashback on household bills worth up to £10 a month, a similar offer with retailers, and no charges for using your card abroad.

As discussed, Barclays Blue Rewards comes with other perks too.

Anna says: "It's important to check they are perks that you will benefit from before signing up just to have access to an account.

"The bottom line is that some accounts may look head and shoulders above the rest of the market, but there will usually be a reason that they are able to offer such a rate. So it's important to read the small print to make sure you will earn what you expect."

Here's a look at what's out there...