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Interest rates too low for too long, says ex-Bank of England boss Lord Mervyn King

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Interest rates too low for too long, says ex-Bank of England boss Lord Mervyn King

Record high inflation was caused by the Bank of England keeping interest rates too low for too long, according to its former head.

Lord Mervyn King said inflation has now been tamed, but criticised all central banks for failing to act fast enough initially.

Speaking to BBC Radio Four’s Broadcasting House ahead of the Budget next month, he also said there are “bound to be some changes” to fiscal rules.

He criticised the previous government’s national insurance cut and said Labour should reverse it.

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Asked if the Bank of England kept rates “too low for too long”, Lord King said: “Yes, and that’s why we had inflation.”

“But they raised interest rates like all other central banks – it wasn’t just the Bank of England – and inflation is now back under control,” he added.

The crossbench peer added that interest rates were now “in the right ballpark”.

At its most recent meeting in September, the Bank chose to keep the base rate – which determines mortgage rates, credit card rates, and savings rates – at 5%.

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The next meeting will happen in November.

On the topic of the Budget, Lord King predicted “a number of half measures” because the government has committed itself both to public sector investment and to spending limits.

As such, he expected the government may chose to tweak those restrictions.

“There’s bound to be some change to the fiscal rules,” he said.

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“The ratio of national debt to national income is the right metric by which to judge whether we’re on a sustainable path, but to judge it by reference to a forecast five years ahead – a rolling five-year horizon – doesn’t make any sense.

“The right thing to do would be to commit to having the ratio of debt to national income falling by the end of this Parliament, a fixed date.”

Lord King was also critical of the Labour for committing to the Conservatives’ national insurance cut.

“I don’t understand why the previous government cut national insurance contributions,” he said.

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“I think that was irresponsible, and I think it’s equally irresponsible for the then opposition, now government, to promise not to reverse that.”

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‘How cute are these’, parents cry as they clear shelves of Home Bargains shoes for kids selling for just £3

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'We need these!' cry Home Bargains shoppers over £4 Polar Express slippers ready for Christmas

SHOPPERS are racing to Home Bargains to grab “amazing” slippers for kids selling for a dirt-cheap price.

A thrifty buyer shared her steal deal with a bargain-hunting Facebook group, claiming the identical clos are sold for £10 on the internet.

Parents are racing to Home Bargains to grab these 'amazing' slippers

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Parents are racing to Home Bargains to grab these ‘amazing’ slippersCredit: facebook/ExtremeCouponingandBargains

Home Bargain is selling kids’ clog slippers with fur lining for just £3.

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Savvy parents are clearing the shelves of the retailer to buy pairs of the footwar for their tods after spotting the bargain deal.

Posting a picture of the proud discovery on the popular Facebook page Extreme Couponing and Bargains, the savvy customer wrote: “Selling just for £3 at Home Bargains.

“Identical to the ones that sell for £10 online.”

The post wracked up hundreds of likes and comments with many group members tagging pals to talk about the superb deal.

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One user said: “I need to get these amazing pairs as soon as possible.”

While another said: “How cute are these.”

A third wrote: “Going tomorrow first thing in the morning to grab these.”

Do bear in mind that when prices are reduced by this much it’s usually in order for stores to clear excess stock, so availability will vary from store to store.

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It’s always best to phone ahead to your local shop to check what they have available to avoid disappointment.

I’m a bargain hunter & I’ve found a secret website to get cheap clothes – I nabbed a Topshop coat for £16 & boots for £7

You can find your nearest Home Bargains store using the locator tool on the website.

It always pays to compare prices so you know you’re getting the best deal.

Prices can also vary day to day and by what deals are on at the time, plus remember you might pay for delivery if you’re ordering online.

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You can compare prices on platforms like Google Shopping.

How to save money at Home Bargains

Knowing when to pick up products is one way to save money at Home Bargains.

Visiting your local branch at the right time of day, week and year can help you pick up bargains from as little as 69p.

We spoke to Tom Church, a shopping expert who reveals the best times to visit the store to bag a bargain.

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Also join any shopper bargain Facebook groups such as Extreme Couponing and Bargains, as people love to share the news when they have bagged a cheap deal.

Be sure to look out for seasonal stock too, like most retailers, Home Bargains shashes its prices after big public holidays such as Christmas and Easter.

How to bag a bargain

SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain…

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Sign up to loyalty schemes of the brands that you regularly shop with.

Big names regularly offer discounts or special lower prices for members, among other perks.

Sales are when you can pick up a real steal.

Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on.

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Sign up to mailing lists and you’ll also be first to know of special offers. It can be worth following retailers on social media too.

When buying online, always do a search for money off codes or vouchers that you can use vouchercodes.co.uk and myvouchercodes.co.uk are just two sites that round up promotions by retailer.

Scanner apps are useful to have on your phone. Trolley.co.uk app has a scanner that you can use to compare prices on branded items when out shopping.

Bargain hunters can also use B&M’s scanner in the app to find discounts in-store before staff have marked them out.

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And always check if you can get cashback before paying which in effect means you’ll get some of your money back or a discount on the item

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Travel

City named best budget friendly autumn getaway has hot weather and costs less than £170 for a week-long hotel stay

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Marrakech has good weather during the autumn months with little rain and average temperatures of 19C

AN Autumn break can be a good choice for holidaymakers looking to chase the sun, with many destinations offering warmer weather, fewer crowds, and cheaper prices. 

One city has been found to offer the best bargain holiday deal for this time of year, and that’s Marrakech. 

Marrakech has good weather during the autumn months with little rain and average temperatures of 19C

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Marrakech has good weather during the autumn months with little rain and average temperatures of 19CCredit: Stone – Getty
El Badi Palace features intricate mosaics and its rooftop has views of the Atlas Mountains

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El Badi Palace features intricate mosaics and its rooftop has views of the Atlas MountainsCredit: Getty – Contributor

The fourth largest city in Morrocco has become increasingly popular with tourists over the years. 

And it’s now been crowned Most Budget Friendly Autumn Getaway 2024 by DiscoverCars.com.

In the car rental company’s latest report cities were scored on a number of factors: 

  • Average cost of a week-long hotel stay

Read more on autumn breaks

  • Average cost of car rental for a week
  • Number of affordable restaurants
  • Average rainfall in millimetres
  • Average temperature in September, October and November
  • Average daylight hours during these months. 
Up-and-coming holiday hotspot has £2 beers, £30 hotels & is 3 hours from UK

Marrakech scored best for average rainfall, with just 25mm during September, October and November. 

It also came up top for the longest daylight hours, with an average of nine hours during Autumn

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While the average flight cost to Marrakech Airport is on the pricier side (£253), the average cost of a week-long hotel stay was just £168. 

Its average temperature was one of the highest at 19C. 

Here are some of the cheapest things you can get up to in the city. 

Visit Bahia Palace for its stunning Moroccan architecture 

Nestled in the heart of Marrakech is Bahia Palace – a 19th century building decorated with stunning paintings and mosaics. 

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The palace was set up by Si Moussa, grand vizir of the sultan, for his personal use, and named after one of his wives. 

Its gardens are particularly popular, with orange and banana trees, cypress trees, hibiscus plants and jasmine shading the walkways. 

Entry to the palace is free. 

Grab a cheap bite to eat at Jemaa el-Fnaa

Jemaa el-Fnaa is the main square and market place in Marrakech’s medina quarter. 

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There are plenty of restaurants dotted around the square serving local delicacies like tagine, brochettes (skewered kebabs), fried fish and couscous.  

Prices are very cheap – you can have a hearty meal for just £9-13.

Explore the iconic El Badi Palace 

El Badi Palace is a ruined palace commissioned by the sultan Ahmad al-Mansur of the Saadian dynasty a few months after his accession in 1578. 

Budget Friendly Autumn Getaways 2024

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There were 18 budget friendly cities that made the list:

  1. Marrakech
  2. Seville
  3. Lisbon
  4. Madrid
  5. Barcelona
  6. Venice
  7. Budapest
  8. Rome
  9. Florence
  10. Bruges
  11. Prague
  12. Copenhagen
  13. Dubrovnik
  14. Berlin
  15. Vienna
  16. Edinburgh
  17. Paris
  18. Amsterdam

For the full report, visit the DiscoverCars.com website.

The Bahia Palace gardens have orange and banana trees, cypress trees, hibiscus plants and jasmine shading the walkways

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The Bahia Palace gardens have orange and banana trees, cypress trees, hibiscus plants and jasmine shading the walkwaysCredit: Getty
As well as places to eat, Jemaa el-Fnaa has lots of markets where you can pick up a bargain

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As well as places to eat, Jemaa el-Fnaa has lots of markets where you can pick up a bargainCredit: Alamy

The palace features intricate mosaics, marble columns, gold-topped ceilings, and onyx, and its rooftop terrace offers views of the skyline, Atlas Mountains, and resident storks. 

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Entry for adults is 100 MAD (£7.75), and for children 30 MAD (£3.02).

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Labour could scrap criminal prosecutions for failing to pay BBC licence fee

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Labour could scrap criminal prosecutions for failing to pay BBC licence fee

CRIMINAL prosecutions for failing to pay the BBC licence fee could be scrapped by Labour.

Culture Secretary Lisa Nandy is understood to be “concerned” by the disproportionate number of women being punished.

Criminal prosecutions for failing to pay the BBC licence fee could be scrapped by Labour

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Criminal prosecutions for failing to pay the BBC licence fee could be scrapped by LabourCredit: PA
Lisa Nandy is understood to be 'concerned' by the disproportionate number of women being punished

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Lisa Nandy is understood to be ‘concerned’ by the disproportionate number of women being punishedCredit: Rex

And there is agreement between Ms Nandy and Justice Secretary Shabana Mahmood that taxpayers should not have to fork out for the “administrative burden”.

Almost 1,000 Brits are prosecuted every week for ignoring the £169.50 annual fee.

Seventy per cent are women.

They are more likely to be poorly paid, coping with single families or taking charge of household bills — and also more likely to be at home when investigators call.

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But last night an insider said prosecutions will continue until at least 2027, when the BBC’s Royal Charter is due for renewal.

Ministers will then meet Beeb bosses to “explore options” for new funding models.

These are set to include decriminalisation.

Last year half a million people stopped paying as they opted for US-based subscription services instead.

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At the same time former Culture Secretary Lucy Frazer branded criminal prosecutions “morally indefensible in modern times”.

A TV Licensing spokesman said: “We have a duty to enforce the law.

BBC Licence Fee FROZEN for two years – but households face bigger bills for four more years

“But we have made considerable efforts to help people get licensed and offer help and support.

“Our focus on collecting the licence fee fairly and efficiently.”

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We found a mundane mug gathering dust in a loft for 20 years – now it’s sold for £13,500 due to unique detail

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We found a mundane mug gathering dust in a loft for 20 years - now it's sold for £13,500 due to unique detail

A MUNDANE ceramic mug left inside a loft for 20 years has been sold at an auction for a whopping £13,500 because of one unique detail.

The 87-year-old souvenir cup was designed by British artist Eric Ravilious for Wedgwood to mark the coronation of King George VI and Queen Elizabeth in 1937.

The pale yellow lower band and green detailing from a collection of five Ravilious 1937 Wedgwood coronation mugs sold for £13,500

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The pale yellow lower band and green detailing from a collection of five Ravilious 1937 Wedgwood coronation mugs sold for £13,500Credit: SWNS
The 87-year-old souvenir cup was designed by British artist Eric Ravilious for Wedgwood to mark the coronation of King George VI and Queen Elizabeth in 1937

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The 87-year-old souvenir cup was designed by British artist Eric Ravilious for Wedgwood to mark the coronation of King George VI and Queen Elizabeth in 1937Credit: SWNS
The collection of five Ravilious 1937 Wedgwood coronation mugs

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The collection of five Ravilious 1937 Wedgwood coronation mugsCredit: SWNS

It is said to be a rare example because of its unique yellow and green detailing which had sat undisturbed in a box in the vendor’s loft since the late 1990s.

Adapted from a previous version intended to mark King Edward VIII taking the throne before his abdication, the design features celebratory fireworks and the royal coat of arms.

The mug was given an estimate of £800 when it went under the hammer at Gildings Auctioneers in Market Harborough, Leics earlier this week.

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But it smashed its estimate and sold to a private buyer for £13,500 – more than 16 times its guide price.

Gildings director Will Gilding said: “We’re thrilled to achieve this astonishing result for this very special mug which although highly collectable, is still intrinsically just a mundane household item.

“We were unable to find any other examples of this particular colourway, which also has a slightly differently shaped rim to the other mugs in the sale, so this one may well be unique.

“As a result, we knew it had the potential to soar far beyond its guide price.

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“But for the hammer to go down at £13,500 is truly remarkable and just goes to show the magic that can happen when two determined collectors identify a must-have treasure.”

The cup was from a collection of five of Ravilious’s 1937 Wedgwood coronation mugs – and was kept inside an attic for 20 years.

Three of the mugs in more commonly seen but still sought-after turquoise, blue and pink-based colourways sold for £270, £360 and £2,700 respectively.

Coin expert shows exact detail on 1993 penny that makes it worth over $50,000 ahead of auction

Another blue version made for the planned coronation of Edward VIII fetched £480.

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Born in 1903, Eric Ravilious was a highly regarded Sussex-based painter, designer, book illustrator and wood engraver.

He is best known for his modernist watercolour interpretations of English landscapes and World War II scenes, some of which are displayed in the Imperial War Museum in London.

In December 1939 Ravilious became an official World War Two war artist with the rank of Honorary Captain in the Royal Marines.

On September 2, 1942, he joined one of three aircraft dispatched on a search and rescue mission for a plane that had failed to return to RAF Kaldadarnes in Iceland.

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The aircraft he boarded also failed to return, and he and the four-man crew were recorded as lost in action four days later, making him the first of three British war artists to die in active service during World War Two.

Will added: “This vanishingly rare example of a striking design by a renowned artist who suffered a tragic wartime death was sold in very good condition given its age and ceramic nature.

“Such is the power of its scarcity, and the demand for works by Ravilious, this high quality but relatively inexpensive souvenir has taken on a previously unimagined value several decades later.

“When I brought the gavel down, I think everyone in the room felt like we needed a cup of tea to calm us all down – not least the buyer – but in a slightly more affordable mug.”

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Five savvy ways to give your old winter coats a new lease of life

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Five savvy ways to give your old winter coats a new lease of life

THERE is a chill in the air and before you know it you will be reaching for a winter coat.

But instead of splurging at the shops for something new, take a look at these creative ideas to breathe new life into your trusty old jacket.

We have great tips on how to breathe new life into your winter coat

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We have great tips on how to breathe new life into your winter coatCredit: Getty

STEAMY SOLUTION: One way to freshen up your coat at home is to use steam.

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Hang your coat in the bathroom while you take a hot shower. The steam should release any creases and revive the fabric, hopefully giving it that just-bought appearance.

If you have a handheld steamer, a quick pass over your coat can make it look polished.

BOBBLE BUSTER: Those pesky fabric bobbles can make even the nicest coat look worn out.

But instead of buying an expensive bobble remover, grab an old razor and gently shave the surface of your coat.

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This trick works particularly well on wool and knit fabrics.

BUTTON UP: If your coat’s buttons are looking dirty, mix vinegar with water, then scrub them with an old toothbrush. If the buttons are beyond cleaning, replace them.

You can often find inexpensive buttons at charity shops or thrift stores.

PIT STOP: Worried about sweaty armpit stains on your coat? A simple mixture of lemon juice and baking soda can work wonders.

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Test a little on a hidden area of fabric first and check it after five minutes.

Beauty fans go wild over a 1p hack to remove stubborn make-up stains from your winter coats in seconds

If OK, then spray the mixture on the underarm areas of your coat, let it sit for a few minutes, and wipe it clean with a damp cloth.

The natural cleaning properties of lemon and baking soda should lift stubborn sweat stains.

SOCK SAVER: If your padded coat has lost some of its puff, there’s an easy fix. Restuff it with old socks to give it back some volume.

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For an extra update, try adding a new belt to adjust the fit slightly. Small alterations can make a big difference to your coat.

  • All prices correct at time of going to press. Deals and offers subject to availability.

Deal of the day

Save £20 on the Road Angel Halo Go 1080p HD Discreet Dash Cam at Halfords

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Save £20 on the Road Angel Halo Go 1080p HD Discreet Dash Cam at HalfordsCredit: Supplied

KEEP an eye on other drivers with the Road Angel Halo Go 1080p HD Discreet Dash Cam, previously £99.99, now £79.99 at Halfords.

SAVE: £20

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Cheap treat

The Dunelm Boston Pumpkin Pie Multi-wick candle is now £4.20

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The Dunelm Boston Pumpkin Pie Multi-wick candle is now £4.20Credit: Supplied

FILL your home with a sweet scent when you pick up the Dunelm Boston Pumpkin Pie Multi-wick candle, it was £6, now £4.20.

What’s new?

CLEAN up using the VAX ONEPWR Blade 4 Pet & Car Cordless Vacuum Cleaner, previously £299.99, now £169.99 plus get a free kit of extra cleaning tools, worth £50, when you buy one at vax.co.uk.

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Top swap

Cadbury’s Dairy Milk Pots Of Joy will set you back £1.75

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Cadbury’s Dairy Milk Pots Of Joy will set you back £1.75Credit: Supplied
Aldi's Dairyfine Pots Of Choc are only £1.35

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Aldi’s Dairyfine Pots Of Choc are only £1.35Credit: Supplied

TRY the delicious Cadbury’s Dairy Milk Pots Of Joy, £1.75 for 4x65g, at Co-op or run to Aldi where the new Dairyfine Pots Of Choc, 4x65g, are £1.35 – in stores only.

SAVE: 40p

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Little helper

MUMS-TO-BE should check out the H&M sale section where you can pick items from the Mama maternity range starting at £5.

Shop & save

Save £5 on this cosy Simply Everyday waffle throw from B&M

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Save £5 on this cosy Simply Everyday waffle throw from B&MCredit: Supplied

SNUGGLE up in a cosy new throw from B&M. This Simply Everyday waffle throw (200 x 200cm) was £15, now £10.

SAVE: £5

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Hot right now

TIME for a new coat of paint? Get 20 per cent off Lick paints and samples at B&Q now.

PLAY NOW TO WIN £200

Join thousands of readers taking part in The Sun Raffle

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Join thousands of readers taking part in The Sun Raffle

JOIN thousands of readers taking part in The Sun Raffle.

Every month we’re giving away £100 to 250 lucky readers – whether you’re saving up or just in need of some extra cash, The Sun could have you covered.

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Every Sun Savers code entered equals one Raffle ticket.

The more codes you enter, the more tickets you’ll earn and the more chance you will have of winning!

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Travel

Common beach item you should never bring back from your holidays – or risk getting stopped at the airport

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Conch are an endangered species

WHILE it may be tempting to bring one seemingly common item back to the UK from your holidays, it could land you in serious trouble.

Conch shells are large, pinkish, spiral-shaped shells – and packing them in your luggage could get stopped in UK and international airports.

Conch are an endangered species

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Conch are an endangered speciesCredit: Getty
They can be found on beaches in the Caribbean and US

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They can be found on beaches in the Caribbean and USCredit: Getty
They are pink in colour and have a spiral shape

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They are pink in colour and have a spiral shapeCredit: SOPA Images/LightRocket via Gett

The shells are famous for making a noise similar to the ocean when you put your ear to them – and can be found in the Caribbean, Bermuda, Florida and the US Virgin Islands.

The conch themselves are similar in taste to clams and often sold in markets and shops for tourists and locals to enjoy.

However, many people may be unaware that conch are in fact an endangered species.

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As a result, you would need a permit to import a conch shell into the UK – or risk being stopped at customs.

There are further regulations abroad to stop conch – and their shells – being removed from their country of origin.

In Florida, for example, it is illegal to possess a conch shell with a living conch inside.

It is also illegal to possess one if it has an off-centre hole larger than a sixteenth of an inch in diameter through its spire – as this indicates a conch has been killed, mutilated or removed from its shell.

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Failure to comply with these rules could result in jail time.

In the Caribbean, a permit is required to export any conch shell – even if it is part of a souvenir such as an item of jewellery.

‘Serious mom guilt’, says Vogue Williams as she jets off on romantic kid free holiday with hubby Spencer Matthews

In December 2021, Caribbean authorities seized five conch shells from a pair of travellers – among 500 other illegally exported items.

Conch are endangered because they have been overfished for many years, due to their status as a delicacy.

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Many conch are also harvested while they are still too young to have reproduced.

The animal is now protected under an international treaty called CITES – the Convention on International Trade in Endangered Species of Wild Fauna and Flora.

This protects endangered species against over-exploitation by regulating international trade.

What else can’t you bring into the UK?

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Some items will be seized by customs if travellers attempt to bring them into the UK. These include:

  • Controlled drugs
  • Offensive weapons, for example flick knives
  • Self-defence sprays, for example pepper spray and CS gas
  • Endangered animal and plant species
  • Rough diamonds
  • Indecent and obscene materials, such as books, magazines, films and DVDs
  • Personal imports of meat and dairy products from most non-EU countries

Other items are restricted and require a special licence to bring them into the UK. These include:

  • Firearms
  • Explosives
  • Ammunition
  • Some food and plant products

Always check the government website if you’re unsure.

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