Money
Weekend Essay: Beware, the cyber hackers are coming
A few weeks ago I had an absolute nightmare of a day when my work email account got hacked.
The hacker sent out a message to around 500 of my email contacts saying: “Good morning, I hope this email finds you well. Please see attached for your records. Alternatively, you can also access by copying the highlighted link and pasting in browser: [with a link that I’m obviously not going to post here]. It would be greatly appreciated if you could review at your earliest opportunity. Many thanks, Lois”.
They even used my email signature, and I found out from a few people who had replied to “me” that the hacker had replied to them assuring them that the email was definitely from me and the link was fine to click.
They also created an Outlook “rule”, which meant that all emails with an @ sign in the address would be immediately deleted. This meant I did not receive any emails from about 11am when the attack happened, until the wonderful IT team retrieved all of my lost emails. It also meant I assumed I’d lost access to my emails.
I felt pretty helpless. All I could do was post on LinkedIn telling people to delete the email and not click the link and hope the majority would see it.
Most people, thankfully, realised it was a scam. Anyone who knows me knows I do not use ‘email language’ like “I hope this finds you well”. And I certainly never request things at another person’s “earliest opportunity”. But I know some people clicked the link and I have no idea what the hacker was after. Money, I presume.
Our company IT team sorted it all out pretty quickly and got me back access to my email account. But there was a big chunk taken out of my working day where I didn’t have access even to my laptop while they investigated and changed my passwords.
I’m still not sure how this happened. I’m generally pretty good at sniffing out a scam, so I don’t think it was due to anything I clicked on.
I have noticed a marked increase in phishing emails coming into my inbox recently, and they often trick even my email spam filter.
They are easy to avoid if you’re cynical and paying attention, but I fear for older people or anyone in vulnerable circumstances, who are much more likely to fall for these kinds of scams.
And things are getting worse. An article by the International Monetary Fund back in April noted that cyber-attacks have more than doubled since the Covid-19 pandemic.
This is largely because hackers are constantly evolving. A report by security software company Egress – published in 2021 – pointed out that cybercriminals are constantly devising new ways to bypass traditional anti-phishing technologies.
In fact, it said, 98% of all phishing cases rely on social engineering, where victims are manipulated into supplying confidential information to a supposedly legitimate sender.
Financial advice firms may be wondering what all of this has to do with them.
Fraser Jack, founder of Australian firm The Cyber Collective, used to run a financial planning practice before he became a consultant. He says that, back then, he thought cybercrime was a “vague concept” that was not relevant to him or his business. But a 2019 report by Boston Consulting Group found that financial services organisations are 300 times more likely to be the victim of a cyber-attack than other types of companies.
And, in September last year, international law firm RPC revealed that UK financial services firms had reported a more than a threefold increase in the number of cyber-security breaches to the Information Commissioners Office (ICO) in 2023 compared to the previous year.
It said that during the year to June 2023, 640 cyber security breaches were reported to the ICO, up from the 187 from the year to June 2022. The pensions sector saw the biggest rise, from six in 2021/22 to 246 in 2022/23.
The IMF article said attacks on financial firms account for nearly one-fifth of the total. Banks are the most exposed but advice firms, which hold a huge amount of client data, are certainly not immune.
“In the wild west of cybercrime, someone trying to steal your client data is less of a case of ‘if’ and more of a case of ‘when’,” Fraser Jack wrote, in an article on The Cyber Collective’s website.
It makes sense. I know if I were a cybercriminal I’d target financial advice businesses, with all their minted clients. If you have no morals, why wouldn’t you go for them?
We know it goes on. Back in February last year, Aviva-owned Succession Wealth, which has around 200 advisers and 20,000 clients, suffered a cyber-attack, off the back of which it said it had launched an investigation and “notified the appropriate authorities”. It also introduced “further security measures”.
At the time the company would not elaborate on the nature of the attack, or give details about the security measures it had brought in.
This was a high-profile attack that was widely reported on in the media. But it is by no means the only attack of this nature on a financial advice firm.
Compliance consultancy B-Compliant said in December last year that an advice firm had contacted it to report that it had been targeted by a phishing email purporting to be from the Financial Conduct Authority. The recipient had noticed a spelling mistake and reached out to see if it was genuine. It was not.
This, B-Compliant warned, goes to show that hackers aren’t just targeting big firms. Everyone within the sector is fair game and SMEs in particular can be seen as low-hanging fruit, as they are thought to have less infrastructure and controls in place.
Cybersecurity is a key priority for the Bank of England and the financial regulators.
Late last year, the BoE insisted that all financial firms should be testing their resilience to cyber-attacks through CBEST – a targeted assessment that allows regulators and firms to better understand weaknesses and vulnerabilities and take “remedial actions”.
“True and meaningful cyber resilience cannot be delivered or achieved without a whole-organisational, continuous effort,” it said.
“We strongly encourage firms/FMIs to build and reinforce resilience through a strong foundation of cyber hygiene practices.”
As technology becomes more advanced and the world becomes more connected, cybercriminals are becoming more sophisticated. Financial advice firms of all sizes must be ready.
Money
Exact date Aldi’s winter gadget returns to stores after selling out…it costs 6p to run and dries clothes without heating
THIS is the exact date Aldi’s much-anticipated winter gadget returns to stores after selling out – and only costs 6p to run.
The German discounter’s heated airer is set to land in middle aisles up and down the country on Sunday, October 20.
In recent years the device, that lets you dry your clothing without turning on the central heating or using a tumble dryer, has flown off the shelves.
Brits have also praised the device for helping them warm up their home without breaking the bank.
It comes as many homes across the UK are bracing themselves for another winter of misery, with energy bills set to rise by £149 annually.
Heated airers can save money on your energy bill as it offers a cheaper alternative to drying your clothes on the radiator.
This method can become costly as it requires you to turn on the central heating.
Heated clothes airers are like traditional ones, but you plug them in, with the bars of the dryer heating up.
You can buy covers for some as well, which speeds up the time it takes to dry your clothes.
Aldi‘s heated airer costs could offer a solution for many families as it costs just 6p to run and will set you back £34.99 when it lands in stores.
The large 230W drying device can hold 10kg of washing, including towels and bedding.
You have to plug it in to get the heating effect from the product.
It costs less than 50p for eight hours, this is compared to a 2500W tumble dryer costs which costs about 85p to use for just one hour.
Aldi calculates that under the current price cap where electricity costs on average 22p per kwh, it costs around 6p to run, though the exact cost can vary depending on where you are and how you pay your bill.
If you want to get your hands on one you will have to act quickly, as this product is an Aldi Specialbuy and once it is gone it is gone.
Aldi does not have an online store so you will have to shop in person if you want to get your hands on one.
You can find your nearest Alid by looking at the company’s store locator online.
How does it compare?
Other retailers such as Dunelm and John Lewis sell similar products but they can cost upwards of £100.
If you do not manage to get your hands on one from Aldi do not worry, as The Sun found a very similar product from Amazon for the same price.
The Highlands Electric Heated Clothes Dryer Folding Energy-Efficient Indoor Airer Wet Laundry Drying Horse Rack costs £34.99 and has a 4.3 star rating out of five.
However, you will have to factor in delivery costs as you can only shop for Amazon products online.
How much does it cost to run a heated air dryer?
Aldi claims that this heated airer costs up to 6p to run for an hour.
So if you use it three times a week and keep it on for four hours, that costs just £37.44 over the year.
However, the price of using this device can vary depending on the individual’s usage and the model you have.
You’ll need to consider the specifics of the item, such as the wattage, how much you use it and then the cost of energy at the time.
But the higher the wattage, the more expensive it will be to run.
The cost is also based on the current Ofgem price cap, which currently sits at £1,568.
But it’s set to rise to £1,717 a year, for the average dual fuel bill and based on typical usage, from October 1.
That means there may be a very small increase to the cost. The price will also be different if you’re not one of the 28million on a tariff that’s subject to the price cap.
The equation you need to work out how much a device is costing you to run is: Cost = power (kilowatt) × time (hour) × cost of 1 kWh (pence).
How to save money at Aldi
Unlike other major grocers, Aldi does not have a rewards or point card system but that does not mean you cannot save on your shop.
Every week the store releases a list of special buys, which are unique bargain products you find online at Aldi and in-store.
The store releases a fresh range of deals every Thursday and Sunday, so be sure to check regularly to see what’s new.
Meanwhile, the store also regularly sells fruit and vegetables at highly discounted prices, as part of its ‘super six’ deal.
It also does weekly saving offers on typically pricey items such as meat and fish.
How to bag a bargain
SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain…
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.
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.
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.
Money
Ultra-rare sketched phrase on 50p coin makes it’s worth over TWENTY times more – check your change now
A RARE 50p coin in your change could be worth twenty times more if it has this specific sketched phrase.
The valuable piece was released in 2020 to commemorate the United Kingdom’s withdrawal from the European Union.
The 2020 Brexit EU Withdrawal Fifty Pence Silver Proof Coin is the “ideal addition” for any coin collector and is worth far more than its face value.
One of the pieces is currently listed on eBay for £12, with bids still open until Monday afternoon.
That makes it worth more than 20 times its face value.
In September, one of the coins was sold for £10.50.
A month before that, the piece was purchased for £11.50 on eBay.
The special commemorative coin was ordered to mark the United Kingdom’s withdrawal from the European Union.
Over 10 million were minted by The Royal Mint, stamped with the date of 31 October 2019, which was the planned day of official withdrawal.
However, by late October, minting was paused and subsequently that set of coins were recycled as the leaving date was delayed.
In January 2020, a new series of ‘Brexit’ Fifty Pence coins was released to mark the actual withdrawal date of the UK from the EU with the triggering of Article 50 on 31 January.
However, just 47,000 were made in the special proof presentation.
These 50ps were struck in .925 sterling silver in proof standard, giving it a higher quality finish and greater definition than the normal coins in your change.
Both types of the coin feature a design from The Royal Mint which is inspired by Thomas Jefferson’s first inaugural address.
It reads ‘peace, prosperity and friendship with all nations.’
The head side of the coin features Jody Clark’s official portrait of Queen Elizabeth II, according to The Britannia Coin Company.
This is not the only rare coin out there, however.
Last week, an online coin enthusiast spotted an erroneous £1 coin that could be worth thousands of pounds.
“Bee” £1 coins were first put into general circulation in August this year with three million making their way into tills and pockets.
But an error version of the coin appears to have also entered circulation.
What are the most rare and valuable coins?
Instead of having an exterior of nickel brass and an interior of nickel-played brass alloy, the rare £1 piece is all one colour.
Change Checker, which writes blogs on rare coins in the UK, said it had not seen the coin previously.
However, it said a similar error coin was released in 2017 that sold for £2,375.
Other £1 error coins have been known to sell for up to £2,500.
Another rare coin, a 2023 50p coin, was recently sold for more than 280 times its face value.
The Atlantic Salmon 50p is the rarest of its type in circulation, with just 200,000 ever being minted.
Yesterday, one of the pieces sold for £142 after an intense 23 bid war on eBay.
Money
It’s Bookshop Day – so here are 6 ways to pick up some bargain reads and great rewards
TURN over a new leaf to pick up some bargain reads and great rewards.
It’s Bookshop Day and, to mark it, there are lots of free events all over the country.
Read on for the best deals . . .
BOOKMARK AN EVENT: Look out for events in bookshops across the country today. From appearances by famous authors to Pokemon swaps, there is a calendar of free events for kids and adults.
Check the events page at waterstones. com and independent bookshops, or follow #BookshopDay or @booksare mybag on social media.
BOOK SEARCH: Looking for your next read? Visit nationalbooktokens.com for lots of recommendations. It’s also a good place to sign up for competitions to win free books or signed copies. To broaden your reading, try goodreads.com and whatshouldireadnext.com.
READ MORE MONEY SAVING TIPS
BOOKS FOR LIFE: This Bookshop Day, you can win a £250 book gift card each year, which will keep you in reads for life and support independent bookshops. Enter at bookshop.org.
STAY IN THE LOOP: Swap unwanted reads for credit to spend at independent bookshops. Find out about buy back service Bookloop at bookshop.org.
LISTEN UP: Audiobook retailer and app, libro.fm, which shares profits with independent bookshops, is running a sale on bestselling audiobooks until tomorrow. Seven hours of Kenneth Grahame’s The Wind in the Willows is down from £7.67 to £4.56.
DOUBLE STAMPS: To celebrate the joy of bookshops, Waterstones and Foyles will offer double stamps to loyalty card holders in all their shops today. Not a member? You can sign up for free today and start collecting stamps immediately.
With Waterstones Plus you get a stamp for every £10 you spend and when you have ten stamps you get £10 to spend in Waterstones shops, cafes and online. So, spend a tenner today and you’ll get two stamps.
- All prices on page correct at time of going to press. Deals and offers subject to availability.
Deal of the day
FIND a fun frock in Oliver Bonas’s mid-season sale. This floral metallic stripe green midi dress is down from £95 to £33.
SAVE: £62
Cheap treat
GIVE a bedroom an autumn uplift with this joyful pink and green candy-stripe duvet set from Asda, from £12 for a single.
WHAT’S NEW
PETS At Home is getting in the spooky spirit with Halloween-inspired My Pet Pals workshops this weekend, next weekend and from October 26 to November 3. Book on the store’s website.
Top swap
FOR cosy toes, slip your feet into these suede flatform boots from M&S, above, £45, or step out in the mini snug boots from Matalan, below, £10.
SAVE: £35
Shop & save
YOU can get the Disney Singing Moana fashion doll for £21.99 at very.co.uk, down from £29.99.
SAVE: £8
LITTLE HELPER
USE your Tesco Clubcard to get a cut-price Indian meal for two. Includes two curries, six onion bhajis, pilau rice and two naans for £7, down from £8.50.
HOT RIGHT NOW
BUY one tin of Crown or Dulux paint at Homebase and get another half-price.
PLAY NOW TO WIN £200
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.
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!
Money
Martin Lewis’ MSE names Nationwide and Lloyds among top bank accounts paying out free cash up to £200
MARTIN Lewis’ Money Saving Expert has named Nationwide and Lloyds among the top bank accounts paying free cash.
Banks often offer incentives to attract new customers, usually in the form of a cash bonus.
And five major banks, including Nationwide and Lloyds, have launched new schemes to allow customers to pocket free cash when they move current accounts.
All you need to do to get it is switch your current account using something known as the Current Account Switching Service (CASS).
There are also some requirements, like setting up a certain number of direct debits, or paying in a set amount of money, though this will depend on each offer and varies from one bank to the next.
Lloyds revealed that current account holders who switch to its Club Lloyds account can receive a whopping £200, the largest bonus on offer right now.
Nationwide Building Society is offering customers £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
Switching bank accounts has never been easier thanks to the Current Account Switch Service (CASS), which will move you withing seven days and handles most of it for you (see more on how it works below).
Make sure to check all the terms of the switch and full eligibility criteria so you don’t miss out on the bonus.
Plus you’ll want to check that the account suits your needs too, for example if you need an overdraft that it offers one, or that the bank has a nearby branch if you prefer to do your banking in person.
Here is the full list of banks offering the best switch offers.
Lloyds
Lloyds has confirmed that customers who switch to it Club Lloyds account can get £200.
Both new and existing customers can take advantage of the free cash offer available for those who switch between October 2 and December 10.
Those who switch to the Club Lloyds account can expect the £200 to be paid within three days of the switch completing.
Though this is the highest bonus being paid now, be aware that the account comes with a £3 a month fee unless you pay in £2,000 a month.
To do the switch, customers can either scan the QR code available on the bank’s website or use the mobile app.
New customers can get the bonus, and so can existing Lloyds customers if they don’t already have a Club Lloyds account and open a new one.
Those who already received a switch bonus since April 2020 from Lloyds, Halifax or Bank of Scotland (all part of the same group) won’t be eligible.
The Club Lloyds also offers a range of perks, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.
But remember you pay a fee for the extras, so work out if it’s worth paying the fee to get these.
Here are the details and costs of the Lloyds’ account.
- £3 monthly fee, waived each month that you pay in £2,000 or more.
- Earn credit interest on balances up to £5,000, when you pay out two different direct debits each month.
- Choose a yearly benefit from: 12 months of Disney+, six x cinema tickets at ODEON or Vue cinemas, An annual Coffee Club and Gourmet Society membership, An annual magazine subscription.
The same bonus is also available when switching to the Club Lloyds Platinum Account and Club Lloyds Silver Account but these comes with a £22.50 and £11.50 a month fee, respectively, on top of the £3.
Nationwide Building Society
Nationwide Building Society has launched a new offer of £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
To get the free money, you must switch through the Current Account Switch Service (CASS).
It’s worth noting that the FlexPlus account does charge a monthly fee in return for benefits such as insurance and breakdown cover.
Currently it’s £13 but that will increase to £18 per month from December.
Once again it’s worth checking that these are worth paying for.
You’ll need to have at least two direct debits coming out of the account and pay in at least £1,000 within 31 days of making the switch.
You’ll also need to pay for something with your debit card, but there are some transactions like gambling that won’t count.
First Direct
First Direct has confirmed that it has relaunched its popular cash switch incentive for anyone who opens a 1st Account.
Customers can receive a payment of up to £175 by using the Current Account Switch Service (CASS).
Users have to switch at least two direct debits or standing orders within 30 days of opening the account to qualify for the cash.
Switchers also need to add at least £1,000 into the account, register and log on to internet banking and use the debit card at least five times within 30 days of opening the account.
Customers who meet the criteria should expect the free bonus in their accounts by the 20th of the following month.
The bank revealed that new customers switching to their current account to first direct can expect several extra perks, including a £250 interest-free overdraft.
You won’t qualify for the switching incentive if you have previously held a First Direct product or opened an HSBC current account on or after January 1, 2018.
Customers moving across to the bank will also get access to a regular savings account paying 7% interest, one of the best deals around, as well as a 0% overdraft on the first £250.
Co-operative Bank
The Co-operative Bank has announced eligible customers could receive up to £150.
The first £75 is given when a customer completes a switch to the bank.
Then, the bank is offering three monthly instalments of £25 – another £75 – to make up the £150.
Both new and existing customers can apply to switch to a current account to make themselves eligible for the payment.
Like any good offer, there are a few boxes to tick off before the big payment comes in.
Customers must apply for a Standard Current Account or Everyday Extra account.
To be eligible, customers must not have benefited from a switch incentive at The Co-operative Bank since November 1, 2022.
And to receive the first £75, customers need to follow a series of rules.
They are:
- Deposit a minimum of £1,000 into their new account (this includes balances transferred as part of the switch).
- Have 2 active Direct Debits.
- Make a minimum of 10 debit card or digital wallet transactions (pending payments will not count toward the fulfilment of this criteria).
- Register for our online and/or mobile banking service.
- Set up the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay).
That leaves the three £25 instalments – and there are some rules to claim them too.
Bankers need to deposit at least £1,000 into their account, have two direct debits and make a minimum of 10 debit card transactions.
How to switch current accounts
Switching bank accounts can in most cases be done via the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies is on the CASS website.
All you have to do is apply for your desired new current account and the new bank will tell your existing one that you’re making the switch – then they will do the rest of the legwork.
Any direct debits are moved across for you, but there are a few things you can do before applying.
This includes choosing the date you switch and transferring any old bank statements to your new account.
You can get these by asking your existing bank.
Money
Tesco issues one-week reminder to anyone saving for Christmas – can you get a bonus payment?
TESCO has issued an urgent one-week reminder to shoppers saving for Christmas as they may be able to get a bonus payment.
It relates to the supermarket’s Clubcard Christmas Saver scheme which is designed to help shoppers maximize their savings for the holiday season.
It works by allowing you to save your Clubcard vouchers throughout the year.
Then, in November, Tesco sends you your vouchers for the value of what you saved, which you can now spend over the busy Christmas period.
You can also receive a bonus for making the savings with Britain’s largest supermarket.
The smallest bonus is worth £1.50 when you save between £25 and £49.50, and the biggest is £12, which you get when you save between £200 and £360.
The deadline to top-up your Clubcard Christmas Savers account is 11.59pm on October 17.
Shoppers should then expect to bank their bonus in their November statement.
You can redeem your bonus vouchers on the Tesco website, in store, or on petrol.
A Tesco Spokesperson said: “Our Clubcard Christmas Savers scheme helps customers to save their Clubcard vouchers throughout the year so they can use them for their big Christmas shop.
“Customers can now top-up their Christmas Savers account online, and manage their account through our website or app, making it easier than ever to earn bonus vouchers to spend at Tesco.”
In order to save your vouchers, ensure you have opted in to the scheme via the Tesco app or online.
You’ll then need to scan your Clubcard at the checkout whenever you shop, and Tesco will hoard your vouchers until the yearly deadline.
This comes after a change to the scheme earlier this year left shoppers worried that it had been axed for good.
On April 1, Tesco stopped customers from being able to make any cash top-ups.
This meant that members could no longer receive a bonus of up to £12 on top of the Clubcard vouchers added to their Christmas Saver.
At the time, Tesco told The Sun that the scheme wasn’t being axed and that it had only paused the ability for customers to make cash top-ups in-store.
However, The Sun can now reveal that cash top-ups for Clubcard Christmas Savers are back for good.
This means those who top up £25 in their account will get a £1.50 bonus voucher.
Those topping up £50 will get £3 back and those topping up over £100 will get a £6 bonus voucher.
What can I get with Tesco Clubcard?
TESCO’S Clubcard scheme allows shoppers to earn points as they shop.
These points can then be turned into vouchers for money off food at the supermarket, or discounts at other places like restaurants and days out.
Each time you spend £1 in-store and online, you get one point when you scan your Clubcard.
Drivers using the loyalty card get one point for every two litres spent on fuel.
One point equals 1p, so 150 points gets you a £1.50 money-off voucher, for example.
You can double their worth when you swap them for discounts with “reward partners”.
For example, £12 worth of vouchers can be swapped for a £24 three-month subscription to Disney+.
Or you can swap 50p worth of points for £1 to spend at Hungry Horse pubs.
Where you can spend them changes regularly, and you can check on the Tesco website what’s available now.
Tesco shoppers can also get Clubcard prices when they have the loyalty card.
The discounted items change regularly and without a Clubcard you’ll pay a higher price.
These Clubcard prices are usually labelled on shelves, along with the non-member price.
But it’s worth noting that just because it’s discounted doesn’t necessarily make it the cheapest around, and you should compare prices to find the best deal.
You can sign up to get a Tesco Clubcard in store or online via the Tesco website.
To get the full £12 bonus voucher, you must top up your savings to over £200 – up to a maximum of £360.
How does Tesco’s Christmas Savers scheme work?
With the Christmas Savers scheme, Tesco looks after the vouchers you collect when shopping at the supermarket throughout the year and then sends them all in November, before Christmas.
In addition to collecting points, you can top up your Christmas Saver account with up to £360 in cash.
This is optional but can help you save even more and you’ll be rewarded with a bonus voucher worth up to £12.
The supermarket sends statements throughout the year to allow customers to keep track of their savings.
To sign up for the scheme, you need to create a Tesco account and access the Vouchers Scheme by visiting https://secure.tesco.com/clubcard/christmas-savers.
You’ll then need to scan your Clubcard at the checkout whenever you shop, and Tesco will hoard your vouchers until the yearly deadline.
The final opt-in and top-up date for the Clubcard Christmas Saver is October 17.
In November, you will receive all your saved vouchers, including any bonus vouchers, in one go.
This lump sum can help cover the cost of Christmas shopping, making the holiday season more affordable.
However, it’s important to note that Clubcard and top-up vouchers are valid for two years, and bonus vouchers are valid for three months.
Money
Volatility to provide opportunity for US equity investors
As we approach the end of 2024, the outlook for the US stock market – which makes up almost 65% of the global equity benchmark – appears finely balanced.
Headwinds such as slowing growth, high market concentration, full valuations and election uncertainty are offset by several supportive tailwinds, including robust corporate earnings, moderating inflation and continued monetary policy easing.
Given these competing forces, a higher level of overall market volatility is expected moving forward. While this can be unsettling, it is a positive backdrop for active stockpicking, as company valuations and fundamental quality come into focus.
Currently, the S&P 500 is trading at 20x forward 12-month earnings. This still feels lofty
With corporate balance sheets still looking healthy and further room for manoeuvre on interest rates as the Federal Reserve is less fearful of inflationary pressures, a soft-landing scenario still looks like the most likely outcome.
From here, we expect a slow, steady grind forward, with periods of heightened volatility as markets react to macro data and earnings.
While many of the drivers behind the sharp correction we witnessed in August have been diluted, they have not disappeared. Given most of this year’s market rally has been driven by stocks becoming more expensive – with little change in their earnings potential – it is not surprising valuations remain elevated in the US, although they have slightly moderated. Currently, the S&P 500 is trading at 20x forward 12-month earnings. This still feels lofty.
The most recent earnings season proved positive for the most part, with the breadth of upside surprises looking strong versus previous quarters. For example, within the S&P 500, 80% of companies beat expectations versus the long-term average of 76%.
One of the more surprising features of the August correction was that markets overall behaved quite rationally
However, markets are forward looking, and there are some concerns surrounding the outlook for earnings. The magnitude of upside surprises across most sectors has generally weakened. Across technology, for example, the size of earnings per share was the lowest for a number of quarters.
One of the more surprising features of the August correction was that markets overall behaved quite rationally – most sectors performed in line with their respective earnings per share revisions. Stocks that missed expectations were punished severely.
With a potentially weaker growth environment ahead, and the prospect of more muted market returns, the importance of consistent, process-driven, stock selection increases. This year has already presented favourable opportunities for adding value, and this trend appears likely to continue, particularly as stock correlation – or the degree to which stock prices move together – decreases. As you might expect, stock correlations picked up noticeably during the recent August volatility but remain below medium-term averages.
Markets will likely continue to have bouts of volatility in the short term as sentiment shifts and markets move on emotions. In the long term, however, a company’s stock price tends to accurately reflect what it is economically worth.
Trump has repeatedly floated a 10% border tax on all goods coming to the US from abroad and a tariff as high as 60% on imports from China
While absolute returns may be pressured in the near term, this environment moving into 2025 should yield some good opportunities for stockpickers who stay anchored to fundamentals and reject false narratives.
Finally, when discussing the outlook for US stocks, it is also important to consider the upcoming election – the differing approaches of the candidates could have important implications for markets, industries and geopolitics during the next president’s time in office and beyond.
Former president Donald Trump and some of his key advisers have tended to regard significant trade deficits with other countries as potential signs of unfair competition and a detriment to the US economy.
In the run-up to the election, Trump has repeatedly floated a 10% border tax on all goods coming to the US from abroad and a tariff as high as 60% on imports from China. Setting aside feasibility and the specific numbers, these pronouncements signal that a second Trump administration would likely take an aggressive stance on trade policy that would extend beyond China.
Understanding companies’ exposure to overseas supply chains and their potential to increase prices in response to rising costs will be critical
A Kamala Harris presidency would likely take its cues from Joe Biden’s trade policies. During his presidential term, Biden left in place the tariffs that Trump levied on Chinese imports. His administration also took targeted actions on trade that tended to be informed by national security considerations and efforts to strengthen domestic industry.
In addition to focusing on strategically important industries, a Harris administration would probably favour a multilateral approach to trade policy, seeking to engage traditional US allies.
For investors, understanding companies’ exposure to overseas supply chains and their potential to increase prices in response to rising costs will be critical.
Justin White is portfolio manager of the T. Rowe Price US All‑Cap Opportunities Equity strategy
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