Severn Trent, one of the UK's biggest water suppliers, has announced its intention to raise customer bills by £139 per year by 2030. This increase is part of a £12.9 billion plan to repair the company's network of leaky pipes and improve its service level. The average annual bill will rise from £379 to £518, a 37% increase. In order to finance this plan, the company has raised £1 billion from investors, with Qatar's Investment Fund contributing £500 million. Severn Trent plans to use this investment to reduce pipe and sewage leaks and create 7,000 new jobs.
Affordability fund to provide discounts for vulnerable households
To help customers cope with the higher bills, Severn Trent has also introduced a £550 million affordability fund. This fund will provide discounts of up to 70% off bills for 693,000 vulnerable households, approximately one in seven of the company's customers. CEO Liv Garfield stated that the company is committed to "healthier rivers, providing thousands of jobs, and fewer leaks."
Home loan approvals drop to lowest in six months
In other news, home loan approvals in the UK have fallen to their lowest level in six months. Bank of England figures show that approvals dropped from 49,500 to 45,400 in August. Higher mortgage costs have also contributed to a 16% decline in sales over the past year. However, there is some positive news for potential homebuyers, as the average five-year fixed-rate mortgage has fallen below 6% for the first time since July.
Aston Martin shares rise as billionaire boosts stake
Aston Martin shares experienced a boost after billionaire and executive chairman Lawrence Stroll increased his stake in the company. Stroll's consortium, Yew Tree, raised its stake from 22% to 26%, stating that it is a "show of confidence" in the brand's plan. As a result, shares in Aston Martin rose by 12%.
Did you miss our previous article…
https://hellofaread.com/money/save-money-on-family-meals-with-these-autumn-dining-deals/
