Money blog: GPs threaten to bring NHS to 'standstill' (2024)

The government has offered junior doctors a 22.3% pay rise to end strike action, Sky News understands.

The British Medical Association's (BMA) junior doctors committee has agreed to put the offer to its members, and if it is accepted it will end months of walkouts over pay.

The pay rise offer will amount to 20% over two years, according to The Times.

It constitutes a pay rise of between 8.1% and 10.3% as well as a backdated 4.05% increase for 2023-24.

That is on top of a 6% pay rise for 2024-2025, topped up by a £1,000 payment - an equivalent to a pay rise of between 7% and 9%.

Read this breaking story in full here...

GPs have threatened to bring the NHS to a "standstill" amid a row over the new contract for services in England.

Family doctors across England are being balloted by the British Medical Association (BMA) on whether they are in favour of staging collective action.

This collective action could potentially mean GPs limit the number of patients they will see each day to 25. They may choose to stop performing work they are not formally contracted to do, and they could potentially ignore "rationing" restrictions by "prescribing whatever is in the patient's best interest".

The ballot of GPs is to close today and, if medics vote in favour of collective action, it will start on 1 August and could last for "months".

Dr Katie Bramall-Stainer, chairwoman of the BMA's England General Practitioners Committee, said this was not a strike but "collective, premeditated, disruptive action".

"If it's done effectively, it's done collectively and it's done well, it will bring the NHS to a standstill very quickly - but not for patients, (for) all the NHS admin, the policymakers who have put in place these decisions that aren't helping patients," she said.

What is the dispute about?

Dr Bramall-Stainer said she wanted to talk to the government about a Family Doctor Charter 2025, 60 years on from the original.

"The GP model is why the NHS has lasted as long as it has done and when you try and break the GP model, you break the gatekeeper, and when you break the gatekeeper, you break the NHS," she said. "I think that is what we're seeing on a macro level."

Dr Bramall-Stainer said there had been "three successive contracts impositions over the past three years".

The new GP service contract will see services given a 1.9% funding increase for 2024-25 - which the BMA said means many surgeries will struggle to stay financially viable.

A Department of Health and Social Care spokesperson said: "The health and social care secretary has met with the chair of the BMA's GP committee to discuss their priorities ahead of their ballot closing on 29 July.

"However, it is important we plan for all contingencies, in every eventuality, to keep patients safe."

Ted Baker could shut all of its UK stores within three weeks, according to reports.

The business fell into administration in March.

It has since shut 15 shops in the UK, resulting in about 245 staff being made redundant.

Now, staff working at the remaining stores have been told that they will lose their jobs when the shops are shut within weeks, according to multiple media reports.

It is understood that the plans have not yet been finalised.

Staff at Asda's Lowestoft store are to stage a fresh strike in a dispute over issues including hours and pay.

The GMB union said more than 170 of its members at the store will walk out from 3am to 10pm on 9 August.

The union also said that despite meeting senior management since a previous strike in May, staff have no confidence any of the issues were being properly addressed.

UK supermarkets are not likely to be misleading shoppers over loyalty pricing, the competition watchdog has suggested.

The Competition and Markets Authority (CMA) said it was analysing thousands of loyalty price promotions and looking into whether non-member, or regular prices, may have been artificially inflated by supermarkets to make their loyalty price appear more attractive.

It said it was still undertaking analysis, but that "the results to date suggest we are unlikely to identify widespread evidence of loyalty promotions that mislead shoppers in this way".

But is is still looking deeper into the issue of retailers alternating between loyalty prices and "was" and "now" discounts.

Tesco Clubcard, Sainsbury's Nectar, Morrisons More and Lidl Plus are among the major membership schemes.

By Daniel Binns, business reporter

Both the FTSE 100 and 250 are up slightly this morning, boosted by gains in energy firms - and as investors express optimism that interest rate cuts are coming soon to the US and UK.

Centrica, BP and SSE all increased by around 2% in early trading, with oil prices creeping upwards up amid fears of an escalation of tensions in the Middle East. The cost of a barrel of Brent Crude is currently just over $81 (£63).

Tesco is also up nearly 1% on Monday after the supermarket giant announced a continuation of its £1bn share buyback programme.

However, at the other end of the scale, shares in British multinational Reckitt Benckiser have plunged nearly 9% following a damaging court ruling for the baby formula industry.

It comes after Abbott Laboratories was ordered to pay $495m (£386m) in damages on Friday after a jury in the US found one of its products caused a girl to develop a dangerous bowel disease.

Almost 1,000 lawsuits have been filed against Abbott Laboratories, Reckitt Benckiser or both firms in US courts, according to a tally by the news agency Reuters.

Illinois resident Margo Gill launched the case, alleging that Abbott Laboratories failed to warn that its Similac formula could cause a potentially deadly disease called necrotising enterocolitis (NEC) in premature babies.

Her child Robynn Davis developed the condition while in a neonatal intensive care unit in 2021. The infant survived, but suffered irreversible neurological damage.

Abbott Laboratories said it will appeal and argues its specialised formulas and fortifiers are among the only available options to feed such premature infants.

Meanwhile, education publisher Pearson is also down, with shares slumping more than 4% this morning following a disappointing set of financial results.

The FTSE 100 firm revealed earlier that its sales slipped to £1.75bn for the six months to the end of June, down from £1.88bn during the same period a year ago.

It comes despite its chief executive Omar Abbosh expressing optimism that advances in artificial intelligence (AI) will help it to drive growth.

On the currency markets, this morning £1 buys $1.28 US or €1.18.

Rachel Reeves will signal Labour's plans to cut government departments and the Civil Service as the new administration looks to accuse Rishi Sunak of "covering up" problems with the economy.

The chancellor is set to speak to the House of Commons this afternoon following a review of the government finances after taking office at the start of the month.

It has been reported that Ms Reeveswill reveal a£20bn "black hole"she has found in the books - although the Conservative Party argues she would have been aware of this before taking office.

Ms Reeves will reveal the date of this year's budget, with speculation Labourisconsidering raising taxes in that fiscal event.

Her speech will take place at some point after 3pm, depending on what other business is happening in the Commons.

According to the Treasury, Ms Reeves "will announce immediate action to restore economic stability and deliver departmental savings this financial year".

You can follow this story live in our Politics Hub...

May we haveth one's attention please?

Many British Airways passengers will soon be watching a period drama created by the director of Bridget Jones's Diary for the safety video.

Sharon Maguire's five-minute video is inspired by some of Britain's famous literature, TV and film, and will feature on long-haul flights from 1 August.

It stars more than 40 British Airways staff, who wear costumes designed by three-time Oscar winning designer Jenny Beavan.

They worked with renowned dialect coach Jill McCullough to perfect their accents.

Shared on Youtube, the film has garnered more than 400,000 views - and people in the comments are "loving it".

If you haven't watched it in the clip above, it depicts ladies and lords of the manor, as well as housekeepers and butlers going about their everyday lives before being abruptly interrupted by a British Airways safety briefing.

Some praised the video as a "work of art", while others said it was "the single most impressive safety video" they had ever seen.

One wrote: "This safety video definitely got my attention. I was completely captivated by it. Brilliant work by the team at BA who produced this - 10/10."

"This is the first safety video I watched through to the end. Bravo well done," said another.

Calum Laming, British Airways' chief customer officer, said a period drama theme seemed like a "good fit" for the safety video, given its popularity around the world.

"We have created something truly original and entertaining that celebrates what makes Britain - and British Airways - unique while communicating the importance of safety on board," he said.

The typical rental property receives 17 enquiries before someone moves in, new Rightmove data shows.

The property website's director of property science, Tim Bannister, says the market remains "out of balance and difficult for tenants".

"We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market.

"Support for both tenants and landlords will be key to achieving long-term stability in the rental market."

Rightmove figures show:

• The average rent being asked outside London has hit a new record of £1,314 per month - up from £1,231 a year ago;
• Advertised rents in London have also risen to a record of £2,661, up from £2,567 a year earlier.

Advice from estate agents

We asked three estate agents for their tips on making yourself stand out...

Greg Tsuman, director of lettings at Martyn Gerrard estate agents and president of ARLA Propertymark, says it's not just about the cash...

"Of course, money talks and offering above the asking price may give an advantage, but that is by no means the only consideration - nor is it the most important one.

"Above all, landlords want tenants who will look after their property as if it were their own and pay on time. They also appreciate renters who are considerate at the end of their tenancy.

"A prospective renter competing against others can stand out and have the best chance of securing a property if they can provide a superb reference from their previous landlord.

"This is more important to a landlord than just money."

Sarah Bush, lettings director at Cheffins, which sells and lets propertiesin Cambridgeshire, Suffolk and Essex, has this advice...

"Be flexible to view as soon as possible and able to move on the date that the landlord has advertised the property to be available - no landlord likes to have a void period waiting for a new tenant to move in.

"The more requests you make for items to be added or removed from a property, the less chance you may have of securing the property if you are up against other applicants who are prepared to take the property as advertised.

"A 12-month tenancy is also normally more attractive to a landlord than a six-month tenancy."

Luke Gidney, managing director at Leeds-based letting agent HOP,says...

"The best thing a potential tenant can do is demonstrate they are low-risk, with a stable and adequate income, a good credit score and a positive renting history.

"It can also be beneficial to have a possible guarantor already lined up and be prepared to move quickly, as well as having the funds in place to pay a holding deposit.

"Finally, tenants should treat the viewing as they would a job interview. This means arriving on time, being professional, considering appearance, being honest (or it will get found out later), being flexible on viewing times, meeting the requested criteria, being friendly and doing some homework on the local area."

A campaign has been launched to save Boxpark Shoreditch in east London after it announced it had been forced to close this summer due to planning requirements.

The Night Time Industries Association (NTIA) has called on local authorities to safeguard the "iconic venue", saying it is a "vital part" of the area's "social and cultural fabric".

It has asked members of the industry to sign an open letter warning the closure would signify a "major setback in the ongoing regeneration efforts" in Shoreditch, which will be handed to Hackney Council and the business and trade secretary Jonathan Reynolds.

Boxpark, which operates as a hub for street food, bars and entertainment, has been in Shoreditch since 2011, but also has other sites in Croydon and Wembley.

The NTIA said the venue had generated nearly £100m for the local economy and attracted more than 10 million visitors.

Earlier this month, Boxpark said it was having to close its Shoreditch branch by the end of summer after its lease ended and planning permission was granted for the redevelopment of the site.

Michael Kill, CEO of NTIA,said: "Boxpark Shoreditch exemplifies the exact issue faced across the country with red tape and restrictive regulatory controls stalling business investment.

"This has to stop. People are fed up. The new government has made an amazing start, and I call on them to reach into the local authority and invigorate the local planning department and Hackney Council to find a solution."

Every Monday we get an expert to answer your Money Problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...

Is it legal to use my wife's £20,000 ISA allowance to hold money I have saved? We both have separate ISA savings accounts and also have a joint savings account that we run our home finances from. Can I put £20,000 in it from my account and then move it to her ISA account under her name?

David 21

We asked Anna Bowes, Savings Champion founder, to answer this one for us…

Quite simply, yes you can – although remember that, as it will be in her name, it will effectively be her money and therefore she is free to do what she likes with it.

That said, it's a great way to make use of both of your ISA allowances.

There are other tax-free allowances that you could also consider using in the same way, for example pension allowances. And, of course, using her personal allowance too, if she is a non-taxpayer.

You both also have other savings allowances that you/she may qualify for. Most people can earn some interest on their cash savings without paying tax. In addition to the ISA allowance, the other annual allowances are:

• Your personal savings allowance
• The starting rate for savings

Personal savings allowance

All basic rate and higher rate taxpayers can earn a certain amount of cash savings interest each year (excluding ISA interest), before they start to pay tax on it.

For basic rate taxpayers, it's £1,000 a year. For higher rate taxpayers, it's £500 a year.

Starting rate for savings

For those with "other income" that is less than £17,570 a year (so income other than your savings income, such as wages or pension), you could be eligible for the starting rate for savings, which is up to £5,000 a year.

Every £1 of income you receive above the personal allowance of £12,570 will see this starting rate reduced by £1.

It's pretty complicated, so here's an article which provides some examples.

Bottom line is that gifting money between spouses can be done without any ramifications, apart from the fact that the money is in their name once transferred.

This feature is not intended as financial advice - the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute via:

• The form above - you need to leave a phone number or email address so we can contact you for further details;
• Email news@skynews.com with the subject line "Money blog";
• WhatsApp us here.

The Money blog is back for another week of consumer news, personal finance tipsand all the latest on the economy.

We'll be building up throughout the week to Thursday's interest rate decision - it appears to be a coin flip as to whether the Bank of England will finally announce a cut from the current base rate of 5.25%.

This is how the week is shaping up...

Monday: This week's Money Problemfocuses on a savings query - specifically whether you can use your partner's ISA allowance.

Tuesday: We're continuing a new series to investigate whether some of your favourite sweets and treats from the past will ever return - we've called it Bring It Back and it'll run every Tuesday until we, or you, are out of ideas. We'll also have our regular Tuesday Basically...feature.

Wednesday: We are in London for this week'sCheap Eats, in which Michelin chefs reveal their favourite spots to get a meal for two for less than £40.

Thursday: As well as the interest decision at 12pm,Savings Championfounder Anna Bowes will be back with her weekly insight into the savings market.

Friday: We'll have everything you need to know about the mortgage market this week with the guys from Moneyfacts.

Running every weekday, Money features a morning markets round-up from theSky News business teamand regular updates and analysis from our business, City and economic correspondents, editors and presenters -Ed Conway,Mark Kleinman,Ian King,Paul KelsoandAdele Robinson.

You'll also be able to streamBusiness Live with Ian King onweekdays at 11.30am and 4.30pm.

Bookmarknews.sky.com/moneyand check back from 8am, and through the day, each weekday.

The Money team is Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young, Ollie Cooper and Mark Wyatt, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.