Money blog: 27 areas where Aldi wants to open new stores as a 'priority' (2024)

The electric carmaker Tesla is recalling more than 11,000 of its new Cybertruck vehicles after safety regulators found a potentially dangerous fault with its giant windscreen wiper.

The US National Highway Traffic Safety Administration also said a trim in the boot may be improperly attached.

"Excessive electrical current can cause the front windshield wiper motor controller to fail," the safety administration said in a recall acknowledgement letter.

Tesla said it would replace the wiper motor at no cost to owners.

It comes after nearly 4,000 Cybertrucks were recalled in April to fix an accelerator pedal pad that could come loose.

Mass production of the vehicle, which starts at a price of $79,990 (£63,130), is expected to start next year.

It's not yet known how many trucks have gone to consumers, but the Blade Runner-inspired car has been plagued by problems.

Customers of both Tesco and OVO Energy are entitled to 2,500 free Clubcard points, the supermarket has announced.

The points can be redeemed as a £25 voucher or at double their value with Clubcard reward partners.

Customers can unlock the points by linking their accounts with both companies.

"The cost of living remains a key challenge for households and our partnership with Tesco is one of the many ways in which we are giving back to our customers with rewards that they can spend how they choose," saidMat Moakes, chief commercial officer at OVO.

New customers can link their Tesco Clubcard account when they sign up as an OVO customer, while existing OVO customers can log into their account, go to their profile, click "our partners", and select the Tesco Clubcard logo.

Want to see a show in London this summer without breaking the bank?

You're in luck - as new data has revealed the most affordable musicals to see in the capital right now.

The data, collated by theatre ticket site SeatPlan, shows the most affordable musical to see in London right now is Two Strangers (Carry A Cake Across New York), with the average cheapest ticket price at £17.90.

The rom-com musical follows a British boy (Dougal), who lands in New York for his dad's second wedding.

At the airport, he meets the bride's sister, and a quirky, offbeat love story ensues.

Also in the top 10 are Marie Curie The Musical (£20), Guys And Dolls (£23.90) and Sister Act (£26.40).

Shows are ranked by the average price of the cheapest ticket, with the top ranked show having the lowest price.

On the flip side, the data also revealed the most expensive tickets, by analysing internal pricing data for musicals from SeatPlan.com.

Musicals including Cabaret (£85.10), Mean Girls (£64.60) and Starlight Express (£43.70) make up this list...

If you've been reassured by positive recent news on inflation and a widely-anticipated cut in interest rates later this year, unfortunately the Bank of England has a worrying update for mortgage payers.

About three million UK households are still set to witness hikes in theirmortgagerepayments over the next two years, the Bank has said.

Its Financial Policy Committee (FPC) added there are likely to be "very large increases" of more than 50% for themortgagesof around 400,000 households.

But the central bank stressed that UK lenders are still in a strong position to support households and businesses, even if the economic backdrop worsens.

The concerning update is in the Bank's latest Financial Stability Report.

It also showed that most households have already had an increase in theirmortgagerates since borrowing costs began rising substantially in 2022.

Why is the outlook so bad if interest rates are expected to fall?

Interest rates are at a 16-year-high of 5.25%, with the central bank voting to maintain the figure for a seventh consecutive meeting earlier this month.

But many economists have predicted the base rate could be reduced at the Bank's next vote in August.

However, at the moment, around 35% of households withmortgages, or more than three million, are paying below 3% for a range of reasons - like existing deals which pre-dated the recent crisis - and are expected to see an increase between now and the end of 2026.

A typical household rolling off a fixed-ratemortgagebefore the end of 2026 is due to face a jump of around £180 a month, the report said.

It highlighted that an "increasing proportion" of households have been choosing to borrow over a longer period of time, reducing monthly repayments but leaving them with more debt to service over time.

Highermortgagerates have resulted in many households and renters reducing their savings, the Bank also found.

PrettyLittleThing is facing more criticism after announcing it would issue refunds on delivery subscriptions for accounts it has banned for returning too many items.

The online fashion giant says it will refund outstanding gift cards and store credit, as well as £9.99 to closed accounts which had already purchased its royalty service entitling them to unlimited next day delivery for a year.

The company said: "We have noticed an extremely high returns rate from a small pool of customers who have demonstrated behaviours that were inconsistent with what we experience with the rest of our customer base.

"The actions taken are not designed to limit our customers who do need to return or deter them from returning, it was taken to address a small proportion of customers who have a high returns rate."

PrettyLittleThing added it does not plan to close any further accounts.

Some customers were not happy with the response, with one posting on X: "This is bullsh*t my last return was December 2023... and of course you turned off the comments."

Another wrote: "PrettyLittleThing expects us to order our clothes twice because their sizing is off and is closing people's accounts because of frequent returns. What a way to ruin your own business."

ByJames Sillars, business reporter

Amazon was grabbing attention overnight.

It's become the fifth US company to reach a $2trn market value milestone.

Can you name the others? Answers below!

Analysts are crediting strong demand for technology-related stocks amid the rush for AI.

They also point to the growing hope among investors for a late summer/early autumn interest rate cut by the US central bank.

Amazon's shares ended the session on Wall St almost 4% up at $193 apiece.

The FTSE 100 has had a fairly muted start after falling almost 0.3% yesterday.

The index was one point up at 8,226 in early dealing.

In the wider market, Halfords stock was trading 6% lower.

The cycle sales and motor-focused retailer had earlier reported a fall in annual profits of almost a fifth and said that trading remained "soft".

The message to the market from Currys, the electricals chain, was more upbeat.

It revealed a 10% lift to its bottom line in the year to 27 April and said it was more confident about demand ahead.

Currys shares were 1% down, however, potentially reflecting concerns that its profit performance was not driven by higher sales.

Before I go... the answers to the $2trn+ club question above, as promised - the other members of this elite grouping are: Microsoft, Apple, Nvidia and Alphabet.

More than half of councils are not confident their area is prepared to roll out the next phase of free childcare, a report has found.

From September, 15 hours of free childcare a week will be available to working parents of all children aged over nine months old - expanding the policy from working parents of two-year-olds.

But 59% of local authorities say they are unsure if they will have enough places, citing significant challenges in recruiting and retaining staff, according to research by Coram Family and Childcare.

"For this policy to be a success, it is essential that all families can take up their entitlements, and the next few months will be a crucial time in making sure they can," said Ellen Broome, managing director of Coram.

The childcare changes coming in September are the penultimate phase of a policy introduced by the chancellor at the budget last year.

In September 2025, all working parents of children aged over nine months olds will be eligible for 30 hours free childcare per week.

Coram found only 11% of councils were confident there will be enough places to meet demand - a figure almost unchanged since January.

At present, 52% of councils say all or almost all eligible parents seeking 15 hours of free childcare have been able to.

But Ms Broome added: "We are concerned there may be further issues not only this September, but further down the line for families in getting the childcare they need."

Beyond workforce challenges, 36% of councils identified local buildings and space as barriers to delivering the service.

Martin Lewis has hit out at the Conservatives for using him in an attack ad.

The Tories posted a clip of the Money Saving Expert founder on X describing how a senior Labour member had told him they wanted to introduce a policy that was not in its manifesto.

Mr Lewis said the discussion he had been referring to was not about tax rises, but the Conservatives featured the video alongside the words: "They're not telling you the full truth. Labour have said they wouldn't put up your taxes. But it's now becoming clear that they have every intention to put them up."

Criticising the ad, Mr Lewis wrote: "NOWHERE in this comment do I talk about taxes.

"And the policy that I discussed (I will keep private as it was private) was NOT about taxes, or tax rises, it was about something that would be a positive change."

The Tories' original post was later tagged with a community note – a feature on X allowing readers to add context to a claim.

"Martin Lewis has confirmed that the policy he refers to in the video was not about taxes, and so is unrelated to the text it is presented alongside," the note read.

Labour, like the Tories, have promised not to increase income tax, national insurance or VAT during the next parliament.

Every ThursdaySavings Champion founder Anna Bowesgives an insight into the savings market and how to make the most of your money...

With more than £253bn sitting in accounts earning nothing, savers are missing out on billions of pounds in interest. Although we are expecting to see a base rate cut in the next few weeks or months, as this keeps getting pushed back it's good to see that some of the best easy access accounts that you can open are still paying more than 5% AER (the Annual Equivalent Rate).

Some existing savers may have seen the rate on their accounts dropping however, as some providers have already started to cut rates in anticipation of a lower base rate this year. So, if you are one of these savers, it could pay to switch if you feel you are getting a rough deal.

That said, as easy access accounts are variable rate accounts, the rate of any could be cut at any time – so keep a close eye on what's happening.

Another thing to watch out for is bonus rates, which some of the top paying accounts include in the rate they are advertising. The most common type of bonus is one that will apply for the first 12 months of the account being opened, so you need to make sure you move your money at that stage, if the rate without the bonus is uncompetitive.

But sometimes the bonus applies until a specific date, which could be less than 12 months. For example, Chase Bank's Chase Saver is paying a headline rate of 5.10% but this includes a bonus of 1% which will be removed on 16 January 2025. Therefore, the rate that you will earn over 12 months (the AER) is lower than the headline rate. As of 16 June 2024, the AER on this account was nearer 4.68% - although as long as you make a note to review and move your cash when the bonus is removed, you can still earn 5.10% in the meantime.

Of course, as mentioned above, as with all variable rate accounts the interest rate you are earning can be cut at any time anyway, so you need to keep your eyes peeled.

It's important to read all the terms and conditions when opening a savings account so that you earn the interest you are expecting.