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Nicola Sturgeon’s war on holiday lets sends Edinburgh accommodation prices to record high

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Nicola Sturgeon’s war on holiday lets sends Edinburgh accommodation prices to record high

The City of Edinburgh Council has argued that a high number of short-term lets have fuelled housing shortages and anti-social behaviour.

Fees for licences are £214 to £434 on average, but can reach £5,869 a year for a property that can host at least 21 people.

Fiona Campbell, chief executive of the Association of Scotland’s Self-Caterers, said holiday let owners in Edinburgh have found it virtually impossible to get planning permission since October 2022, which she said is effectively shutting down their businesses.

She said those who have obtained licences are passing on these costs to holidaymakers.

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Ms Campbell accused the City of Edinburgh Council of “entertaining economic suicide” by harming its tourism sector.

She added: “We are absolutely feeling put upon by the Scottish Government. The sum total of all of these policies is going to be that your next holiday in Scotland is going to be more expensive.

“The consumer is 100pc going to get hit by the Scottish Government’s policy on short-term letting.”

Holiday let owners have taken Edinburgh council to court over its planning and licensing policies.

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Their case against the short term licensing scheme in Edinburgh was found to be unlawful, forcing the council to amend the requirements, but it is still going ahead.

Holiday let owners have also requested judicial reviews of policies in Dundee, Glasgow, Argyll and Bute, arguing that their licensing schemes are unlawful.

Council Leader Cammy Day said: “A large number of all short term lets in the country are concentrated in Edinburgh and legislation relating to planning and licensing should help us manage them more effectively. I’m confident our new licensing scheme, and being a control area for planning, introduced last year, will help us to achieve this.

“We remain committed to ensuring the whole city benefits from our thriving visitor economy but it has to be managed and it has to be sustainable – and I continue to believe that fair and effective STL controls are an important step in the right direction.”

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Why good financial advice is a tricky balancing act

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Editor's View: If financial advice is so rewarding, why don’t more people know about it?
Tom Browne – Illustration by Dan Murrell

Back in September, Money Marketing’s cover story looked at the importance of psychology in financial advice and how it could help advisers gain a better understanding of their clients.

The successful advisers, it argued, will be those who guide clients to strike the right balance between emotional and financial needs.

While this is far from easy, it is essential for achieving financial wellbeing.

Tom Mathar, head of Aegon UK’s Centre for Behavioural Research, identifies this challenge as navigating a path between present and future financial security, as well as between present and future contentment.

Many people seek financial advice for emotional reasons…

Central to Mathar’s philosophy is the distinction between immediate and delayed gratification.

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“Immediate gratification is easy to recognise,” he says. “We experience it when we enjoy a quick fast-food meal, satisfying our immediate need for food. However, in the long run, it may be unhealthy.”

By contrast, delayed gratification involves decisions that benefit us in the future, such as saving for retirement or pursuing long-term educational goals. These, however, may seem less urgent or even unaffordable in the present.

The solution, says Mathar, is not to focus solely on one or the other, but to harmonise both. In other words, it’s to find a way of achieving ‘balanced gratification’.

…and Mathar says advisers who are attuned to these emotional drivers will deliver a different kind of advice

This concept — also the title of an upcoming book by Mathar — is a middle ground where we can enjoy life’s small pleasures today without sacrificing future financial security or personal happiness.

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Navigating trade-offs

At the heart of balanced gratification is the mental discipline required to navigate life’s trade-offs. The difficulty, as Mathar explains, lies in “balancing financial security for today with financial security for the future, and finding happiness now versus happiness in the future”.

This challenge is something every client can relate to: how can you ensure that your financial plan meets both your short-term desires and your long-term goals?

The advisers of the future will act more like life planners with a strong financial component

In Mathar’s view, the advisers of the future will act more like life planners with a strong financial component, rather than the traditional ‘alpha’ types who focus solely on performance metrics and portfolio optimisation. What matters more, he argues, is understanding clients’ values and goals, and helping them navigate their journey with these in mind.

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“Advisers can be very helpful in addressing this,” Mathar says, “helping clients make trade-offs that align with their life aspirations.”

He illustrates this concept in presentations by showing a sample one-page financial plan for use in meetings. The plan includes sections on values, goals and current status, and a wellbeing objective for the next 18 months. This holistic approach ensures that clients consider both the present and the future in financial decisions, while being satisfied at all stages.

Mathar also notes the relevance of balanced gratification to the more difficult aspects of life, such as dealing with pain and setbacks.

Central to Mathar’s philosophy is the distinction between immediate and delayed gratification

For example, ignoring financial problems may reduce stress in the short term but probably leads to long-term difficulties. Similarly, quitting an unsatisfying job could cause temporary financial insecurity but may pave the way for a more fulfilling career.

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“Here, too, the concept of balanced gratification applies,” says Mathar. “It teaches us to accept the challenges of the moment while planning for the future. This way, we create a life that is fulfilling and meaningful both in the present and in the long run.”

Of course, many people seek financial advice for emotional reasons, such as the need for validation, overcoming fear or indecision, or simply seeking permission to make a change. Mathar argues that good advisers listen to these emotional needs and provide holistic advice that goes beyond financial metrics.

The solution, he says, is to find a way of achieving ‘balanced gratification’

“Advisers who are attuned to these emotional drivers will deliver a different kind of advice; one that is more likely to get referrals, be profitable and make advisers feel optimistic about their future.”

As always, it’s all about striking the right balance.

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Tom Browne is editor of Money Marketing


This article featured in the November 2024 edition of Money Marketing

If you would like to subscribe to the monthly magazine, please click here.

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Exact amount DWP payments for parents will rise next year including child benefit and tax credits

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Full list of DWP benefits and free cash you can claim with PIP

PARENTS who get benefits should see payments rise by 1.7% from next April, helping them to manage the increasing cost of living.

Chancellor Rachel Reeves, confirmed in the Budget that all working age benefits would be going up in line with the Consumer Prices Index (CPI) inflation rate.

Benefit payments will increase next year for millions of claimants

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Benefit payments will increase next year for millions of claimantsCredit: Alamy

That means that everything from Universal Credit to Child Benefit will increase by this amount.

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For parents specifically, the child specific elements of various benefits will also increase by 1.7%.

However, working-age people may feel hard done by compared to pensioners, because the State Pension is protected by something called the triple-lock.

This means that the State Pension will rise by 4.1% compared to the lower than 2% rise that everyone else will receive.

We’ve crunched the numbers on the benefits aimed specifically at parents, to see how much they’ll increase by. Here’s what you need to know.

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Universal Credit

Universal Credit is the standard benefit for working-age people in the UK, replacing several legacy benefits.

The government has slowly been moving people across to this benefit since its introduction in 2013, with a view to stopping benefits such as child tax credit, housing benefit, income support, jobseeker’s allowance, employment and support allowance, and working tax credits.

Almost all new benefit claimants are enrolled under Universal Credit, and the aim is for everyone on legacy benefits to be moved across by the end of next year.

Like most benefits, Universal Credit will increase by 1.7%, which the government says will see around 5.7 million families gain £150 on average over the next tax year.

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Understanding the Two-Child Benefits Cap

Exactly how much you’ll get depends on how your family is made up and which elements you receive, but for joint claimants where one or both are 25 or over, the standard allowance will rise from £617.60 to £628.099.

Parents will also see an uplift in the monthly child element:

  • For those with a first child born before April 6, 2017, the extra amount will go up from £333.33 to £338.99
  • For those with a child born on or after April 6, 2017, or a second child, the extra amount will go up from £287.92 to £292.81
  • For those with a disabled child, the lower rate additional payment will rise from £156.11 to £158.76 and the higher rate from £487.58 to £495.86

Child Benefit

Child Benefit is designed to help with the cost of raising a family in the UK.

It’s paid every four weeks and currently worth £1,331.20 for the eldest eligible child and £881.40 for all subsequent eligible children.

From April 6, 2025 this will increase to £26.04 for the eldest and £17.24 for each extra child.

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You can claim child benefit for any child aged under 16.

If your child stays in approved education (such as doing A-levels or Scottish Highers), you can keep claiming until your child is 20.

If they leave approved education, for instance to go to university, you stop getting the money.

While anyone can claim the benefit, if you or your partner earns £60,000 or more, you start having to pay some of the money back.

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Once either of you earns over £80,000 (individually) you have to pay all of it back.

Despite that, it’s often worth claiming because it also gives you national insurance credits if you have a child under 12.

These are really important if one parent is either a stay-at-home parent, working part time, or on a low income, because it helps build up State Pension entitlement.

Child Tax Credit

Child tax credits are due to stop from April next year, so the amount you get won’t increase. However, you may be able to claim Universal Credit, and get the child elements outlined above, which are rising by 1.7%.

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Housing Benefit

Housing benefit is stopping for most people by the end of 2024, however the government says that it will continue to pay it for people who live in supported or temporary accommodation.

There are different rules for people who are above state pension age, who may continue to get the benefit.

If you get Housing Benefit, you should receive something called a managed migration notice that explains about your switch to Universal Credit.

It’s really important to respond to this, because otherwise your benefits might stop and you’ll miss out on important transitional protections.

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Carer’s Allowance

You can claim Carer’s Allowance if you care for someone at least 35 hours a week and they get certain benefits.

These include:

  • Personal Independence Payment – daily living component
  • Disability Living Allowance – the middle or highest care rate
  • Attendance Allowance
  • Pension Age Disability Payment
  • Constant Attendance Allowance at or above the normal maximum rate with an Industrial Injuries Disablement Benefit
  • Constant Attendance Allowance at the basic (full day) rate with a War Disablement Pension
  • Armed Forces Independence Payment
  • Child Disability Payment – the middle or highest care rate
  • Adult Disability Payment – daily living component at the standard or enhanced rate

The rate will go up from £81.90 to £83.29 a week.

The threshold at which you become ineligible for carer’s allowance – known as the “cliff edge” will also rise from April.

Maternity, paternity, adoption and shared parental pay

If you’re pregnant or hoping to be next year, then you might be thinking about maternity, paternity, or adoption leave.

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While many employers are more generous, for a lot of people this means looking at the statutory rates, which are typically 90% of average weekly earnings or £184.03 – whichever is lower.

All of these benefits will also increase by 1.7% from the beginning of next April from £184.03 a week to £187.16.

Maternity Allowance

New mums who don’t qualify for standard maternity pay could still get a payment adding up to thousands of pounds from Maternity Allowance.

This will also rise from £184.03 a week to £187.16 from April 2024.

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Child benefit

Everything to know about child benefit:

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Seaside town less than one hour from major cities where you can buy a home for under £30k – and there’s no catch

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Seaside town less than one hour from major cities where you can buy a home for under £30k - and there’s no catch

PROSPECTIVE buyers may be shocked to learn about a well-connected seaside town in the UK where you can buy a home for just £35k.

House prices have been on the rise, with the average buyers forking out close to £300k to make their dreams of ownership come true.

These houses are up for grabs at a fraction of the national asking price

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These houses are up for grabs at a fraction of the national asking price

This, coupled with upcoming changes to Stamp Duty, means hopeful homeowners could end up forking out more than they had a few years ago.

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Under current rules, if a property is more expensive, buyers only pay tax at 5% on the portion above £425,000 and up to £625,000.

The lower limit for the first-time buyer stamp duty exemption was temporarily increased in 2022.

But now it is scheduled to revert to £300,000 in April 2025.

However, hope is not lost for buyers who are willing to be flexible on location.

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In the seaside town of Hartlepool, County Durham, homes can go for as cheap as £25,000, making it £275,000 less than the national average.

Meanwhile, a 55-minute train ride can take you to Newcastle city centre for just £2.20.

Take a look at the cheapest houses in this area…

Two-bed end terrace house – Hartlepool – £25,000

This house is £275,000 below the national average

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This house is £275,000 below the national average

This two-bed end terrace is up for sale in Hartlepool, County Durham for £25,000.

It has two bedrooms, one bathroom, and one reception alongside a kitchen.

The street is within walking distance to a number of schools, and a seven-minute drive to Hartlepool train station.

This home would require a bit of work to bring it up to standards but that is always worth factoring in when looking at an affordable property.

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You might be able to get a mortgage for this house with a 10% deposit of £2,500.

If you got accepted for a 25-year loan with 5% interest, you would be expected to pay back £131 per month.

Best schemes for first-time buyers

Two-bed terrace – Bishop Auckland – £29,999

This two-bed terrace would also require some work

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This two-bed terrace would also require some work

This two-bed terrace is up for sale for £29,999 in nearby Bishop Auckland, County Durham.

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This town is just an hour and 13 minutes train journey to Newcastle and a 41-minute journey to the city centre in Durham.

Again, this home would require some work to bring it up to scratch, but it is just a two-minute drive to the nearest train station – something that often adds value to a property.

You might be able to get a mortgage for this house with a 10% deposit of just £3,000.

If you got accepted for a 25-year loan with 5% interest, you would be expected to pay back £157 per month.

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Two-bed terrace – £36,000

This home is located in Cheapside, Shildon

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This home is located in Cheapside, Shildon

This two-bedroom home is priced at £36,000 and is located slightly inland from Hartlepool in nearby Shildon, County Durham.

It comes with two bedrooms, one reception, a bathroom and a kitchen.

The property is just a short four-minute drive to the nearest train station and is also just a short walk to a number of local primary schools.

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This home would require a fresh lick of paint and some money to refurbish the bedrooms and kitchens, so that is worth bearing in mind.

You might be able to get a mortgage for this house with a 10% deposit of £3,600.

If you got accepted for a 25-year loan with 5% interest, you would be expected to pay back £189 per month.

How to save for your first home

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HAVE you ever wondered how first-time buyers manage to go from savers to homeowners?

Getting a foot on the property ladder might seem like a daunting task, but The Sun’s My First Home feature allows you to find out exactly what it takes to finally get the keys to your own place.

Leanne Gem managed to buy her £456,000 four-bed house with an “underrated scheme”.

Karis Jacobs and her husband George used the 50/50 method to buy their first home just two years after losing their jobs.

Parents Chae and Cem used a “DIY Help to Buy scheme” to buy their £466,000 first home.

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Anupam and his wife Shrabanti lost £6,000 free cash when buying their first home – here’s how you can avoid it.

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PizzaExpress announces new Christmas menu that will start in DAYS – and there’s a major change to family favourite

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PizzaExpress announces new Christmas menu that will start in DAYS - and there's a major change to family favourite

THE CHAIN Pizza Express has laid its cards out on the table – in the form of a brand new Christmas menu.

Fans can expect to see the return of some old dishes, and the arrival of some new ones – to be launched from Tuesday, November 12.

PizzaExpress will also be making one of its pizzerias snow

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PizzaExpress will also be making one of its pizzerias snow
The Snowball Dough Balls have a special twist to them this Christmas

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The Snowball Dough Balls have a special twist to them this Christmas
Fans will find seven scrumptious dishes on the menu this season

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Fans will find seven scrumptious dishes on the menu this season

Prepare yourselves for the return of the Snowball Dough Balls but with a twist.

Incase you haven’t tried them, the Snowball Dough Balls are dusted with cinnamon and icing sugar, topped with Pip the Pizzaiolo, and indulgent white chocolate and salted caramel dipping sauce.

This year, they’ll return in the form of a wreath, perfect for taring and sharing.

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In addition to the wreath, the Romana Christmas feast – an absolute fusion of flavours will be making a comeback.

The feast features a tender pulled turkey, spinach, sage, cranberry sauce, plus truffle dough balls coated in truffle and garlic butter, with a hearty sprinkling of Milano cheese and black pepper.

PizzaExpress will also be launching its new romana figgy formaggi pizza.

It features blue cheese, cheddar, and mozzarella on a béchamel sauce base, topped with balsamic syrup, gran Milano cheese and spiced white wine marinated figs.

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Now for a controversial side – Brussel sprouts.

Perhaps, PizzaExpress can sway you to try them by roasting them in garlic butter, topping them with balsamic syrup, gran Milano cheese, and also crispy breadcrumbs.

If not, you might be pleased to see PizzaExpress’ signature dough balls in blankets will also be returning.

Ceiling ‘collapses on diners’ at Pizza Express as ambulances rush to restaurant

These are wrapped in crispy pancetta, served with a garish of sage, a sprinkle of gran Milano cheese and a honey and mustard dip.

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Last to return is the Romano mushroom and truffle.

It features a mixture of mushrooms on a bechamel sauce base, with creamy ricotta, mozzarella, garlic and rosemary, finished with gran Milano cheese, fresh parsley and truffle oil.

Arguably, the icing on the cake would be some snow – which PizzaExpress also has covered.

On the day of the Christmas menu launch, PizzaExpress will make it snow inside its London Bankside pizzeria.

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Fans can see the spectacle every hour if they head down to  Benbow House, 24 New Globe Walk, London, SE1 9DS between 12pm – 6pm.

The restaurant also revealed that the much loved Snowball Dough Ball day will return on Tuesday, November 19.

For one day only, fans can enjoy these snowy doughy balls of joy for as little as £1.

Plus, all the money accumulated from them will go to the brand’s charity partner, Place2Be, who support children’s mental health in schools across the UK

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PizzaExpress’ Christmas menu

  • Romana Christmas Feast – new
  • Dough Balls in Blankets – returner
  • Truffle Dough Ball – new
  • Loaded Snowball Dough Balls – returner
  • Romana Mushroom & Truffle – returner
  • Romana Figgy Formaggi – new
  • Festive Sprouts – new

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Retirees with an annuity experience less stress

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Retirees with an annuity experience less stress

UK retirees who are annuity-holders are more likely to report lower levels of stress and the highest level of financial confidence compared to those without one.

This is according to research from Legal and General and the Happiness Research Institute, an independent Danish think tank.

The research also shows the top reason people opt for an annuity (31%) is as a result of a recommendation from a financial adviser.

Retirees with an annuity score more positively across multiple wellbeing measures.

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They report greater satisfaction with their current lives, relationships, free time and social activities, with 51% more likely to report lower levels of stress than those without one.

Retirees who are annuity-holders also feel more financially secure, as they are more likely to report the highest level of financial confidence compared to those without one (24% versus 21%).

They were also 40% more likely to consistently afford their credit card payments or loans compared to those without one.

Still, according to the latest Financial Conduct Authority Retirement Income Market Data, only 10% of pension pots accessed for the first time in 2023/24 were used to purchase an annuity.

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Despite this low take up, advisers play a big part in those who do choose to purchase one.

Over a fifth (23%) of retirees said the draw of receiving regular payments and the assurance of a stable income that lasts a lifetime are key factors in buying an annuity.

Additionally, 16% opted for an annuity to make budgeting easier, while 13% wanted greater control over their finances.

Legal & General Retail Retirement managing director Lorna Shah said: “Too often, conversations around the value of an annuity are limited to rates. However, our findings reveal a clear ‘happiness advantage’ for those with annuities.

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“The stability of a guaranteed income gives retirees peace of mind that their money won’t run out, even if they live past 100.

“It takes the guesswork out of budgeting and lets people focus on enjoying retirement, rather than spending time worrying about their finances.

“While the benefits of an annuity can often be overlooked when it comes to retirement planning, it’s important to note they don’t have to be the only solution as they can be part of a blended approach.

“Combining the guaranteed income of an annuity with other sources, such as income from investments or drawdown, can provide even more flexibility, ensuring that essential expenses are covered, while offering the freedom to grow other assets”.

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To obtain these results, Legal & General spoke to 3,000 UK retirees.

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M&S releases NEW festive Colin the Caterpillar with Santa hat & chocolate sleigh as shoppers cry ‘I need this for Xmas’

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M&S releases NEW festive Colin the Caterpillar with Santa hat & chocolate sleigh as shoppers cry 'I need this for Xmas'

FANS of Colin the Caterpillar are going wild after Marks and Spencer revealed a festive version of the hugely popular chocolate cake.

The iconic M&S Colin the Caterpillar has graced the table at many birthday events, but now he will pull up in his sleigh for a festive appearance.

M&S shoppers are rushing to scoop the festive edition of Colin the Caterpillar

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M&S shoppers are rushing to scoop the festive edition of Colin the CaterpillarCredit: Getty
The new M&S Colin the Caterpillar for Christmas in a chocolate sleigh

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The new M&S Colin the Caterpillar for Christmas in a chocolate sleighCredit: M&S

“Colin’s been upgraded this year guys prepare yourselves,” one excited shopper wrote under a Facebook post about the festive treat.

The Sleigh Ride Colin the Caterpillar features “Colin as you’ve never seen him before,” M&S states.

With 46% more chocolate than the traditional caterpillar cake, Colin is getting into the spirit of Christmas, oozing both joy and indulgence.

Festive Colin wears a red Santa hat and is pulling a present-filled sleigh with candy canes and white and milk chocolate gifts.

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read more on festive food

He even has white winter boots and Christmas-themed sprinkles which are red, white and green.

They are made up of tiny Christmas trees, candy canes and snowflakes.

To get a taste of the “upgraded” Colin, shoppers will have to pay £15 for the vegetarian cake that serves 10 people.

Colin lovers won’t even have to leave their seats to secure one for the big day as the caterpillar cake is included in the M&S Food to Order service.

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As news spread of the new Colin, shoppers flooded Facebook comments celebrating the addition to the M&S Christmas range and frantically tagging friends and family members.

“I hope you realise that this is a Christmas essential,” one woman wrote while tagging her partner.

Shoppers race to Primark to nab matching mum and daughter Christmas jumpers -s and they’re only £9

“Well it would be rude not to have one,” another added.

One simply wrote three words in response to the new cake: “Must have one.”

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“The sledge looks nice, thick and chocolatey, can’t wait to give it a try,” an excited shopper wrote.

“My children will beg me [to] get this for Christmas,” a mother added.

However, some were baffled by the new Colin and his festive accessories.

“It looks like one of those dogs that needs wheels to run around,” one wrote.

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“I didn’t realise he was riding a sleigh,” another added.

For others, it was the price that left them unenthused about the festive product.

“Just so over the top,” one shopper said, noting that “many cannot afford” a £15 cake.

The question of cost also saw the conversation quickly turn to the most famous cake rivalry.

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“Can’t wait to see Cuthbert the caterpillar on his sledge Aldi UK,” a cheeky shopper said on Facebook.

Some tagged the German retailer asking if they could make a cheaper version of Colin in his sleigh.

Aldi has famously re-created the Colin the Caterpillar cake with their own Cuthbert the Caterpillar, causing fierce competition between the two companies and among fans forced to pick sides.

It seems that the rivalry will not be settled for Christmas this year after a festive version of Cuthbert has appeared on the Aldi website and will be available from November 24.

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Unlike Colin, Cuthbert Christmas is not in a sleigh, but wearing a Santa hat, a green bow tie and has white chocolate stars down his back.

The Aldi version that serves 12 people costs $6.49.

M&S is also offering savoury treats for Christmas as part of the Food to Order service.

This includes a handcrafted Christmas Sausage Roll Garland for £10, a Slow-Cooked Turkey serving up to 10 people for £85 and a Honey Glazed Vegetable & Barber’s Cheddar Galette for £22.

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The M&S Christmas Sausage Roll Garland

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The M&S Christmas Sausage Roll GarlandCredit: M&S
M&S Slow-Cooked Turkey serving between 8 and 10 people for £85

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M&S Slow-Cooked Turkey serving between 8 and 10 people for £85Credit: M&S

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