£4bn cost of loyalty
CITIZENS Advice has lodged a super complaint with the competition watchdog after finding that customers who remain loyal to their utility providers are being penalised by £4 billion a year.
The national charity said the practice of overcharging loyal customers was ongoing and widespread and called on the Competition and Markets Authority to “act now to stop people being exploited” over their mobile, broadband, home insurance, mortgages and savings. MANY firms will cut investment and recruitment plans if the UK leaves without a deal, a study shows, although Donald Trump and Theresa May have spoken about a “big and ambitious” free trade agreement.
Research by the British Chambers of Commerce (BCC) found that almost two out of three companies are not preparing for Brexit, while the US president spoke with the Prime Minister in New York, and said that she is doing a very, very good job and is a great friend at the start of the meeting.
But as the prospect of a no-deal Brexit looms, a survey of more than 2,500 firms across the UK revealed that one in five will cut back on investment if there is no deal and a similar number will move part or all of their business to the EU or cut back on recruiting staff.
Larger firms and those trading overseas are the most exposed to the impact of no deal, said the BCC.
Adam Marshall, director general of the BCC, said: “Businesses are clear that reaching a deal with the EU, which addresses the future terms of trade and provides certainty, must be the Government’s number one priority.
“Our evidence is clear – failure to reach a political agreement would have real-world consequences, with significant decreases in both investment and recruitment.
“Larger firms and those active in international trade would suffer the most from a disorderly and sudden exit from the EU, but there will be impacts across the board.
“Most concerning of all, a materially significant number of businesses are considering moving part or all of their operations to the EU in the event of no deal. Government must act urgently and decisively to get a comprehensive deal done.”
Edward Winterton, chief executive of Bibby Financial Services, which helped with the survey, said: “After more than two years of uncertainty, small and mediumsized enterprises need answers over the future of the UK’s relationship with the EU.”
Meanwhile, at the start of discussions on the fringes of the UN General Assembly, Mr Trump said: “It’s my great honour to be here with Prime Minister Theresa May.”
The president had previously made a public apology in July for an explosive interview where he said the PM’s Brexit plans would kill off a trade deal with America and predicted Boris Johnson would be a “great prime minister”.
But yesterday he said of Theresa May: “She’s working very hard, like all us, and doing a very, very good job.
“We spent a lot of time together on my last trip to the UK and I think that’s where we can say we got to know each other.”
The PM and president began their meeting by “discussing their mutual desire to form a wide-ranging trade deal”, a No 10 spokesman said.
“They agreed that Brexit provides a wonderful opportunity to strike a big and ambitious UK-US Free Trade Agreement.”