1 in 4 say they want me to be chancellor – do they hate me that much?

1 in 4 say they want me to be chancellor

1 in 4 say they want me to be chancellor

I was shown a poll today which listed that I’m the person most people would like to do George Osborne’s job. Seriously people, do you hate me that much? I wouldn’t wish that on my worst enemy.

The research of 2,000 people by Opinion, for the Nutmeg website, asked:

"If you could replace George Osborne as chancellor, who would you pick?"

Top 10
Martin Lewis 24%
Richard Branson 16%
Stephen Fry 8%
Carol Vorderman 7%
Theo Paphitis 5%
Brian Cox 3%
Mary Portas 2%
Hilary Devey 2%
David Beckham 2%
Seb Coe 1%

I wouldn’t want the job, nor am I capable

Now of course while it’s very kind of people, ultimately I think being the UK chancellor is a thankless task. Much of the UK economy is at the mercy of global economics and capital flows and it isn’t easy for any individual country to turn these tides. 

In truth, regardless of party, the UK chancellor is tinkering at the edges. Yes, they can have an effect – though I suspect more on who the downturn hits, rather than whether we actually have a downturn or not.

Having said that, don’t over-read my expertise on this. There are many differences between being a Money Saving Expert and a political economist. It’s an entirely different discipline and I don’t know anywhere near enough to do it (whether anyone does, including the current incumbents, is a separate question).

I’d also note that while I can be entirely one-sided in my work – totally focused on pro-consumer issues, the chancellor on the other hand has to balance the needs of business, the economy and individuals – a far less populist approach.

Overall I’ll say thank you, but no thanks.

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Using plastic overseas? Always PAY IN EUROS (even if it says 0% commission)

Using plastic overseas? Always PAY IN EUROS

Using plastic overseas? Always PAY IN EUROS


I couldn’t believe my ears. While filming in southern Spain for the new series of my show, the producer told me he’d found a cash machine offering 0% commission if you chose to withdraw in pounds. In theory, that’d mean PERFECT exchange rates.

I checked, and indeed the screen said just that. Yet I smelt a rat.  However before we get into that, let me just give you the crucial definitions:

Use a debit or credit card in Europe, either for cash from an ATM or in a shop, and you are sometimes given a choice between…

  • Paying in euros. As you’re charged in euros, your home bank or credit card company does the conversion for you. Typically this is at the Visa/Mastercard exchange rate (which is, basically, perfect) plus a 3% load – so £100 worth of euros costs you £103.

    However, if you have one of the specialist cheap travel credit cards, which are load-free worldwide, £100 of euros costs £100 (the main ones of these are Halifax Clarity, Nationwide Select, Saga, Post Office, Santander Zero – click the link for full details on each)

  • Paying in pounds. This choice is known as ‘dynamic currency exchange’. What it means is when paying or withdrawing cash on a card, you can opt for the conversion on the hoof. 

    In other words, rather than your home bank, the foreign bank (or the store’s bank if you’re buying something) does the currency conversion for you.

When 0% commission is NOT 0% commission

After my producer’s enthusiasm I decided to investigate and and do some calculations. I took a picture of the screen:

Banca March ATM withdrawal screen

Banca March ATM withdrawal screen

While it sounded good, the rate didn’t look special. Yet then I noticed the key phrase:

0% COMMISSION ON BANCA MARCH WHOLESALE RATE"

So this isn’t the super-duper Visa/Mastercard wholesale rate, it’s the bank’s own wholesale rate, and frankly, that’s a pile of pants. It’s made its profit in the underlying rate, so no wonder it can then say it’s 0% commission.

On that day it was charging £91.50 for 100 euros. But if you’d actually got it at the perfect rate on the day, it would’ve been £86.50 – a huge difference, even on a relatively small withdrawal.

So I went to the nearest cash machine I could to see how consistent this was.

Banco Sabadell ATM withdrawal screen

Banco Sabadell ATM withdrawal screen

This one, Banco Sabadell, is again using its wholesale rate – then adding 2.5% commission on top. Yet even with that, it’s still cheaper at just £89.15 for 100 euros.

Then, purely for research sake, obviously, I went to a restaurant I knew offered the option to pay in pounds or euros…

Restaurant rate

Restaurant rate

This one was based on the "Visa wholesale rate" but with 3% commission. Yet its overall rate was therefore identical to Banco Sabadel, with its 2.5% commission on its own rate.


The best way to pay or withdraw cash abroad

So, to wrap it all up, I did a few more comparisons on the day, just to prove exactly how it works. Here’s my table:

What £100 would buy you in euros
  Paying in? How much you’d get
SPEND on load-free specialist overseas card Euros €115.60
ATM withdrawal from ANY Spanish bank with specialist overseas card Euros €115.60 + your card’s fee, usually £1-£3
TravelMoneyMax best bureau de change rate, for collection (London) N/A €114.70
ATM withdrawal from Banco Sabadell Pounds €112.20 + your card’s ATM fee, usually £2-£3
ATM withdrawal from ANY Spanish bank OR spending using a typical UK debit or credit card Euros €112.10 + any card’s fees for spending (some debit cards) or ATM withdrawals (most credit and debit cards)
TravelMoneyMax best bureau de change rate, for delivery N/A €110.60 (get out more money and as the delivery fee has less impact the rate is relatively better)
M&S collection rate N/A €110.60
Withdrawal from Banca March at ’0% commission’ paying in pounds Pounds €109.30
Table based on a day with Visa wholesale rate at £1 = €1.156.

Therefore the rule is simple

If you have, or get, a specialist overseas card, then there is no doubt that using it and paying in euros is always correct (though do ensure you repay in full to minimise the interest).

Yet even without one of these, if you’re using your plastic abroad, while the chart shows with one bank there’s a very minor gain for paying in pounds – it’s negligible. Whereas get it wrong, and you can lose out a lot. So for safety and simplicity’s sake, the golden rule is:

If using a card and you’re asked whether you want to pay in pounds or pay in local currency (eg Euros) ALWAYS say the local currency (the same almost certainly applies US Dollars when in the states or other currencies elsewhere too)

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A generation of Muslims not able to go to university?

A generation of Muslims not able to go to university?

A generation of Muslims not able to go to university?

I had a rather depressing day last Wednesday. I was filming a piece for my new series on student finance at a sixth form college in Hammersmith, west London, and there were many sparky 17-year-olds there. 

My aim was to try to ensure they weren’t wrongly put off going to university because of the misperceptions over student finance in England. While much of that involves an explanation – there’s a more serious problem for religious Muslim students.

(For more on the general issues, see Student Finance Mythbusting and Student Loans aren’t a debt – time to rename them?)

Under Sharia law, paying interest is prohibited. This is why Islamic banking often works using a capital, rather than interest repayment. 

Now, of course, the new student loan system (introduced for starters in 2012 and onwards) isn’t the first time interest has been charged – but it is the first time it has been at ‘real’ interest rates. In the past interest was set at the rate of inflation (see Should I Repay My Student Loan? for a full breakdown) meaning that in effect, it had no real cost. So from what I’m aware, some Muslim students found it acceptable.

Yet under the new system, real interest, set at up to 3% above RPI inflation is attached to student loans (see student loan interest). And while in practice many will never get close to needing to repay the interest, as I explain in Why student loans will be interest free for many, that’s not enough.

A decent chunk of the potential Muslim students I met had a real problem with this (of course for some it isn’t an issue, there is always a spectrum of belief) and felt they were unable to take student loans. 

Therefore to go to university, their parents are going to need to find £27,000 upfront, plus living costs – an amount simply unreachable for the enormous majority of families.

Now I’ve been aware of this issue in the past, it’s something I’ve discussed with the responsible Government department and I know the NUS has campaigned on it. Yet to be there face to face and meet this group of bright kids who are being disenfranchised was truly depressing.

Something needs to be done – to replicate the system at roughly the same cost to the student in a way that is Sharia complaint, as is done in other forms of finance, can’t be beyond wit and wisdom.

PS. Having tweeted a link to this blog, a number of responses are from people saying things like “we don’t want Sharia law in Britain”. Not quite sure what that has to do with this – of course I’m not suggesting the UK live under Sharia law.

Yet to allow an option of a Sharia compliant system of finance with a similar net result that is compliant with Sharia law, without any special privileges, seems to me a good thing. And for all the “Muslims should integrate” comments, university is great for increasing a widened life experience and social cohesion.

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Read letters from blind children to Santa 2012

Read letters from blind children to Santa

Read letters from blind children to Santa

If you, like me, are a soppy git, you may just enjoy this. Each year we help spread the word in our Free Santa Letters guide that the RNIB has special elves, which help the giant with the white beard reply in Braille and other visually impaired-friendly ways.

As a thank-you, the RNIB has given its kind permission to share some of these beautiful notes with you again (read Letters to Santa 2011). It’s real evidence of the great work this much-needed charity does.

Names and minor details have been changed for privacy.

Warning: Some of you, like me, may find you’re allergic to these letters – the prime symptom of which is watery eyes.

Dear Father Christmas,

My name is Madison and my Granny is helping me to send a letter on her computer. If you can write to me in large print I would be very pleased. I am 8-years-old and have a twin sister called Samantha.

We are very excited because we are going to a cottage for Christmas in Cornwall. On Thursdays I go horse riding at a Riding for Disabled centre. We get a letter from you every year and you always tell us amazing stories about what you’ve been doing during the last year, but I have never sent a letter to you on the internet. 

Your letters always make us laugh and we would love to visit you to be able to see the place you always describe to us. We send all our love to you and your wife and all the elves. All the reindeers too."

 

To Santa,

My name is Luke. I hope you are ok and the reindeers are not getting too fat. I would like for Xmas a Manchester United scooter, football socks and a wrestling game. Thank you.

(Note from Martin – I came very close to editing this out for child cruelty with regards to the MU-branded items, but on balance have left it in.)

I will leave a mince pie for you and some milk and a carrot for the reindeers.

(I am Luke’s mum, he is 8 years old and has uveitis disease, has auto immune disease and has problems with his bones. He’s had two operations and has a rough time but never complains and is extremely brave. He’s on chemo and lots of other nasty medication so a letter saying how brave he is would really be appreciated.

Thank you very much, Luke’s mum.)"  

 

Dear Santa,

I have been a really brave boy this year having lots of hospital appointments following congenital cataracts and now a recent operation for an iris cyst. I would really like a new bike for Christmas with a shiny red bell. Please can you make this possible?"

 

Dear Santa,

I am visually impaired and I’m in mainstream school. I have been very good this year. I have been helping my mum with my new baby brother. I go swimming every month. I have been helping with the housework. I want a 3DS and a new set of clothes, most of all I want a letter from Santa."

 

Dear Santa Claus,

Could you please send an audio CD to my grandson Benjamin who has been a very good boy this year? He is five years old and he spent the first three and a half years in hospital and so Christmases at home are very special. We will be buying him a garden swing as he loves the motion. Many thanks."

 

Hi there, we have a little blind girl at our school called Debbie, she will soon be 8-years-old and she has brailled a letter to Santa.

Her letter says:

Dear Santa, Please could you bring me a little trolly. Please could you bring me a xylophone? I would also like some chime bars. Thank you very much from Debbie.

We will take Debbie to the post office and post the letter.

Thank you very much."

 

Dear Santa,

I am writing for my granddaughter Kerry. She is 4-years-old and went blind at the age of two due to a brain tumour. Her mummy doesn’t know I’m writing, I would like this to be a surprise for Kerry and her mummy.

If you could send a letter on audio CD that would be lovely please. She is off to Great Ormond Street hospital for brain surgery in December so a letter from Santa would be lovely. Kerry likes doing puzzles with shapes and textures.

She loves keys and key rings and also dollies (babies) and anything educational. She really loves music and dancing.

Thank you so much in advance."

 

Dear Father Christmas,

I have been learning a lot of braille contractions and really enjoy having the knack of learning braille. I find it very fun and if I’m asked to do anything to do with braille, I will get on with it at the immediate time.

I appreciate that I am now fully blind so that I can have much joy with braille and no-one can stop me from taking pride in all of my braille work, so thanks for reading."

 

Dear Santa,

I hope you are well. My mummy is helping me by typing this letter as I am not very good at typing. My name is Daniel. As well as being blind I also have a condition called autism. I love Christmas and I am already very excited about it. This year I would like a musical drum and burping dinosaur as well as lots of chocolate!

I have been a good boy all year and mummy says she is especially proud of me for working so hard on learning braille. I promise to leave you a mince pie and a carrot for Rudolph. Thanks so much."

 

Dear Santa
I am writing this email for my son, Simon who is seven and has cerebral palsy. Simon can’t read or write and is visually impaired.

However, he is very excited about Santa and can’t wait for you to come to our house on Christmas Eve. As Simon can’t read it would be fantastic to have a reply on an audio CD.

We have just finished converting an area of our house to be suitable for Simon and his needs. What Simon would really like from Santa is some nice things for his new bedroom. Some sensory equipment would be lovely but anything at all would be fantastic.

Simon thinks he should avoid a lump of coal this year……….fingers crossed he is right! Many thanks Santa. Hope to hear from you soon."

 

Dear Santa Claus and his elves,

I would like to order a Christmas message on audio CD in English for my son.

He is 23 but has a learning disability as well as severe visual impairment and he would love to receive a special message from Santa. He especially likes going swimming and playing with balloons and is looking forward to spending Christmas at home with all the family. 

He is having an operation this week to try to repair a detached retina so will have even less sight than normal for a little while and a special Christmas message would really cheer him up. Many thanks."

 

Dear Santa,

Please could you send a CD letter to our grandson Barry. He is two and a half years old, suffers from severe cerebral palsy and epilepsy and is almost completely blind. Despite his problems he brings lots of joy to his Mummy and Daddy who work very hard to look after him.

We don’t see him very often so we aren’t sure what he would like for Christmas but I am sure he must have given you some clues when he visited you in Harrods recently! His Christmas list is sure to include pyjamas and pretty lights! Thank you, Nanny and Granddad."

 

Dear Santa,

My name is Jacob and my Daddy has ‘broken eyes’. I have been very good this year and am now in Year 1! I have been learning to read and write, so I can help my Daddy more. I am busy practicing for the School Play. I am playing Joseph this year. I would love to have a table football for Christmas. Thank you."

 

Dear Santa,

I am writing this for my brother Isaac who is nearly 4 and has difficulty with his sight. I wrote to you last year too. Isaac is going to draw a picture for you. For Christmas he wants a hamster. I had a hamster called Jet and it died. Now Isaac wants one of his own.

I hope you are getting things sorted for Christmas Eve. I still like Lego by the way. Isaac (and I) would love to hear a reply by audio please. Thank you."

 

Dear Santa,

I have been very good all year. I have been doing my physio in the morning and every night before sleep. I have been cleaning my teeth nicely. I was a good boy at the doctors having my flu jab today.

Please can you leave some of my presents in the games room? I will leave you a glass of milk, two mince pies (one for you to take home for Mrs Claus) and carrots for your reindeer.

Please can you ask your reindeer not to poo in our front room because they did last year and my dad had to clean it up! Please can you bring me a new computer as my computer keeps breaking down.

I like to play my games, go on YouTube and talk to my friends on Facebook. I have lots of photos to look at close up. I zoom faces in so I can see them.

Please can you bring me some music CDs, DVDs and singing toys? I would like another laughing Elmo and singing lion, hippo, monkey toys. Like the ones you gave me last year so I can play them altogether and give mum and dad a headache!

Mum will be in my bed, hiding under the covers when you visit as I get a bit scared when you come in my room. I did laugh last year when I heard you trip over my toys and when you flushed the toilet.

I know you are busy but if you get time, please can you play a quick game on my pool table? I will leave the balls out ready. You might hear me laughing if I’m awake and I hear you. Please send my love to Mrs Claus.

Can you please thank her for my Christmas tea towel she gave me last year. I am still using it when I have my dinner. Please send my love to Arthur and all the other little Elves. Say hello to the reindeer for me.

Love you."

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25,000 helped out of debt crisis via one agency alone

25,000 helped out of debt crisis via one agency alone

25,000 helped out of debt crisis via one agency alone

MoneySavingExpert.com celebrated its 10th birthday on Friday. We received many kind tributes to the work we’ve done, but I was especially delighted to read this open letter from StepChange (CCCS as it used to be known).

Congratulations on MoneySavingExpert.com’s 10th birthday!

It’s great to hear that the site, a British institution, has been running for a whole decade now. And in the same year that StepChange Debt Charity celebrates its 20th anniversary!

You’ve been at the vanguard of helping Britons save money on their credit, utilities, insurance and travel, among others. You’ve also been instrumental in a number of very important campaigns, most recently with reclaiming payment protection insurance (PPI) for free and getting financial education on the school curriculum.

But most importantly for StepChange Debt Charity, you’ve provided great help to many people in debt by signposting them to us to get the help they need for free. We’ve worked out that over the last 10 years MoneySavingExpert.com has referred over 25,000 people, giving us the opportunity to recover their situations and transform their futures. We’re proud to have helped you and your visitors, and long may it continue.

Here’s to the next 10 years and all of the future subjects and campaigns MoneySavingExpert.com will take the lead on. We’ll use some of the discount vouchers on the website and buy some (cheap) bubbly to help celebrate!

Best wishes…..

Gordon Bell

StepChange Debt Charity"

PS. If you’re struggling with debt, see our full Debt Crisis Help guide.

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