Whitbread plans to cut about 3,800 jobs, affecting approximately 12% of its 30,000-strong workforce. The company intends to shut its remaining 197 Beefeater and Brewers Fayre locations. Some of these restaurants will be converted into additional hotel rooms.

The changes are part of Whitbread’s new five-year plan. The company has faced pressure from an activist investor to rethink its business strategy. Whitbread’s revenues for the year ending February 26 were flat compared to the previous year.

Key facts:

• About 3,800 jobs will be lost due to the closures.
• The company expects to retain a significant proportion of affected staff.
• 600 additional Premier Inn rooms will be created from the converted restaurants.

The Unite union is seeking consultations with Whitbread over these proposed redundancies. Colenzo Jarrett-Thorpe, a union representative, criticized the way employees learned about the job cuts through the media.

A Whitbread spokesperson stated, “We will do all we can to support those colleagues affected.” They added that this change involves exiting all remaining branded restaurants in favor of focusing on hotel operations.

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The qualifying age will rise incrementally over two years, impacting those born between April 6 and May 5, 1960. The current flat-rate state pension stands at £241.30 per week, translating to £12,547.60 annually.

Key facts:

• The old basic state pension is £184.90 per week or £9,614.80 annually.
• Individuals typically require 35 years of national insurance contributions to receive the full state pension.
• Charities warn the increase may disproportionately affect areas with lower healthy life expectancy.

Men in Wokingham, Berkshire, are expected to remain healthy until nearly 70. In contrast, men in Blackpool have a healthy life expectancy of just 52. This disparity raises concerns about financial security for those who may face longer working years.

Many voices are reacting to this change. Peter Bradbury expressed frustration, stating, “It is annoying; I’ll do some other work and I can’t travel as much as I wanted to.” Laurence O’Brien highlighted that the most affected individuals often cannot adjust easily through work or savings.

Lily Megson-Harvey suggested that while the pension age rising may feel like shifting goalposts, individuals can still take control of their retirement planning. Meanwhile, Sarah Pennells noted the significance of inheriting a Serps pension: “This data shows how much of a difference inheriting a Serps pension from your husband, wife or civil partner can make.”

More than two million pensioners received payments from an inherited state earnings-related pension scheme (Serps) during the tax year 2023/24. Surviving spouses or civil partners can inherit up to an annual maximum of around £11,356.28 for the current tax year.

The upcoming changes reflect broader trends in pension reform amid rising life expectancies, with many younger workers expected to remain employed into their seventies.

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On May 5, 2026, HSBC took a $1.3 billion hit to profits. This included a $400 million fraud-related charge linked to its investment banking division. The bank’s shares fell more than 5%, making it the biggest faller on the FTSE 100.

HSBC’s total exposure to the private credit sector is worth $6 billion. The financial regulator in the UK has launched an investigation into the fraud scandal involving Mortgage Financial Solutions.

The bank reported a revenue increase of 6%, reaching $18.6 billion in the first quarter of 2026. However, the profit decline was partly attributed to a $300 million increase in potential losses due to the ongoing conflict in the Middle East.

Analysts are concerned about these developments. Pam Kaur stated, “We’ve always been very mindful of private credit risks.” Dan Coatsworth noted that “the sizeable fraud-related charge is a reminder that risks don’t only exist in more far-flung parts of the world.” Richard Hunter added, “These credit impairments largely blotted the copybook for this quarter.” Chris Beauchamp remarked on how “the Hormuz crisis looms large in the results, casting a shadow over an otherwise solid set of numbers.”

The situation highlights ongoing challenges within HSBC and raises questions about future stability in the private credit sector.

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Nationwide gained over 64,000 net customers during this period, making it the most popular choice for those looking to switch accounts. The £100 Fairer Share payment has been distributed to eligible members for three consecutive years.

Some banks, however, faced losses. Halifax lost over 25,000 customers, while HSBC and Santander UK lost over 20,000 and nearly 24,000 customers respectively. These shifts highlight the impact of financial incentives on customer loyalty.

Tom Riley from Nationwide stated, “Because we don’t have shareholders, we can give more back to our members.” This mutual structure allows Nationwide to return more funds directly to its customers.

Rachel Springall from Moneyfacts commented on the trend: “It is incredibly positive to see more consumers vote with their feet and ditch their current account.” She noted that switching current accounts could be a wise move for consumers facing cost-of-living challenges.

The Fairer Share Payment is typically announced in May. Nationwide has pledged to keep its branches open for at least the next four years, further solidifying its commitment to customer service.

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However, heavy downpours with thunderstorms are likely across the country during the bank holiday weekend. By Monday, temperatures are expected to fall below 20C nationwide.

Widespread and heavy rain will spread across much of England and Wales on Saturday evening. Northern areas may remain largely dry through the weekend, while southern areas will experience showers.

On Monday, lingering cloud and scattered showers are expected across southern and central areas. Some parts of northern Scotland may see temperatures in the low teens.

Greg Dewhurst from the Met Office noted, “Temperatures are starting to come down but in the sunnier moments it is still above average for the time of year.”

Grahame Madge added, “On Saturday, we’ve got the prospect of some quite heavy, thundery showers coming…into parts of southern England.” Dan Harris explained that rain will reach southern England during the morning, spreading north into much of England and Wales later in the day.

The warmest weather over the weekend is forecast for Saturday, with temperatures possibly reaching 25C in parts of the East Midlands. It wouldn’t be a Bank Holiday weekend in the UK without a bit of rain, would it?

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Key facts:

• Two savers won £1 million each in the May 2026 Premium Bonds prize draw.
• The total number of prizes distributed was 5,947,523.
• The total value of prizes was £376,180,825.
• The odds of winning a prize of any size were 23,000 to 1 for each £1 saved in Premium Bonds.
• The prize fund rate was 3.3%.

The first winner holds bond number 567VN857011, purchased in January 2024. The second winner has bond number 643SE292364, bought in September 2025. Winners can check their results starting May 2 using the Premium Bonds prize checker app or the NS&I website.

Since draws began in 1957, over 99% of prizes have been paid to winners. In May 2026 alone, there were also 17,682 prizes worth between £1,000 and £100,000 distributed. The smallest prize amount is £25.

This ongoing popularity showcases how Premium Bonds serve as an alternative to traditional savings accounts. With no interest accrued, participants rely on luck for potential winnings.

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Ascend Airways has ceased all operations with immediate effect following its collapse into liquidation. The airline confirmed it will hand back its aircraft fleet and relinquish its UK Air Operator’s Certificate (AOC). It was established in 2004 but traded under the current name for only three years.

At the time of closure, Ascend operated a fleet that included one Boeing 737-800 and six Boeing 737 MAX 8 aircraft. The airline primarily functioned as a ‘wet-lease’ provider, supplying aircraft to other airlines. Employees were informed that operations would wind down after the final Oman Air service from Muscat on April 30.

The closure was attributed to various economic challenges, including the impact of the Iranian conflict on jet fuel availability. Employees now face uncertainty regarding their salaries; many may not receive full payment for May.

Despite the UK operations ceasing, Ascend Airways Malaysia remains operationally stable. It continues to meet all contractual obligations and is progressing with its expansion plans.

The company previously operated under the name Synergy Aviation before adopting the name Ascend Airways in 2023. The exact reasons for the economic challenges leading to the liquidation have not been fully detailed.

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Vehicles emitting less than 120g of CO2 per kilometre will incur a VAT-inclusive charge of £657 for a 12-month period. The charge increases in bands of 5g/km, reaching £2,297 for vehicles emitting 225g/km or more.

Drivers have options regarding VAT recovery. They can recover VAT in full, not recover any VAT, or track the split between business and personal mileage to partially recover VAT. HMRC updates these rates annually, impacting how drivers account for business vehicle fuel consumption.

For vehicles without a CO2 emissions figure, the CO2 band is determined by engine size. Engines of 1,400cc or less fall under the 140g/km band, while those above 1,400cc but under 2,000cc fall under the 175g/km band.

Drivers are being urged to familiarize themselves with new HMRC rates. The new VAT fuel rates will be in place until April 30, 2027. HMRC states that drivers should work out how much of the accounting period is used for business purposes and record it as a percentage of the accounting period.

As these changes take effect, many drivers may need to adjust their budgeting and accounting practices. Observers expect confusion among those unfamiliar with the new structure.

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Key bond rate increases:

• The one-year British savings bond rate increased from 4.07% to 4.5% AER.
• The two-year bond rate increased from 3.98% to 4.48% AER.
• The three-year bond rate increased from 4.02% to 4.45% AER.
• The five-year bond rate increased from 4.05% to 4.4% AER.

These adjustments reflect NS&I’s strategy to attract more savers while competing with traditional banks. Anna Bowes noted, “This choice can be important, particularly for those who pay tax on their savings.” The maximum holding for Premium Bonds is currently £50,000, with a prize fund rate of 3.3%. The odds of securing a prize stand at 23,000 to one for each £1 Bond.

Dan Coatsworth commented that NS&I effectively competes with the banks as a savings brand and is extremely popular with individuals up and down the country. These increased rates may help offset some of the challenges posed by inflation, allowing savers to earn more on their deposits.

Overall, these developments signal NS&I’s commitment to providing competitive options in the savings market while addressing the needs of UK savers during uncertain economic times.

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The first £1 million winner is from Suffolk. Their bond number is 567VN857011, which was purchased in January 2024. The second winner hails from the Highlands and Islands with bond number 643SE292364, purchased in September 2025.

The total amount won across the country in May’s draw reached £1,819,000. A total of 5,947,523 prizes were drawn, worth a collective £376,180,825. The odds of winning any prize stood at 23,000 to 1 for each £1 saved in Premium Bonds.

Premium Bonds do not accrue interest but are entered into a monthly cash lottery. The maximum holding for an individual in Premium Bonds is £50,000. Winners can check their results from the second working day of each month.

Over 99% of prizes have been paid to winners since draws began in 1957. However, there are millions of unclaimed Premium Bonds prizes. NS&I recently faced a scandal that affected bereaved families’ access to their Premium Bonds, resulting in delays for around 37,500 individuals.

Andrew Westhead from NS&I stated, “The quickest way to check if you have won a prize is to use our Premium Bonds prize checker app, check online, or even ask Alexa from the second working day of each month onwards.”

Dan Coatsworth emphasized that trust is crucial in financial services. He noted that savers might not look favorably at NS&I following operational failures within the business.

Both jackpot winners will have received a knock on the door by Agent Million — an anonymous NS&I employee who travels the country to inform jackpot winners of their newfound wealth.

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