With the new 15 hours a week free childcare funding coming into effect this week for children aged between 9-23 months, research shows grandparents still play a key role in helping with costs.

In April, all two-year-olds from eligible working families became entitled to 15 hours free childcare each week. 

And as of this week, eligible working parents of children aged between 9-23 months are also able to apply to claim the same from September.

The government plans to increase this to 30 hours a week from September 2025.

However, grandparents still play a key role and therefore are still likely to be called upon for help from parents, according to data from the finance firm SunLife.

Data shows that half of the UK's 14 million grandparents provide childcare for their grandchildren during the working week and this rises to 55% of those with grandchildren under the age of one.

On average, the UK's grandparents spend between 22-24 hours a week providing free childcare for grandchildren under three-years-old.

So how much are grandparents saving their families and what if they were paid?

Research suggests grandparents are saving parents around £250 a week in childcare costs on average - this means that collectively, grandparents are saving their families £96bn in equivalent childcare costs every year. 

SunLife's grandparent salary calculator, which uses the average pay for the many roles grandparents are taking to calculate what their "grandparent salary" would be, has also found that if grandparents were paid for the 22 hours a week they would receive an annual salary of £13,188.

Victoria Heath, chief marketing officer at SunLife, said it was "no wonder" one in five grandparents felt their children would struggle financially without their help.

She said research showed that 13% of grandparents felt they were relied on too much for childcare, and 14% loved doing it but felt it was too much at their age.

"Having said that, most (59%) grandparents who do provide childcare say they love helping out, so it is likely they will still play a key role, because whether they are still 'needed' or not, they are certainly still wanted, and most are more than happy to do it," Ms Heath added.

How can you apply for the 15 hours free childcare?

To apply for the funding you'll need the following: 

• National Insurance number;
• Unique Taxpayer Reference (UTR), if you're self-employed;
• the UK birth certificate reference number of any children you're applying for;
• the date you started or are due to start work.

Then, you'll need to go onto the gov.uk website and start an application.

It usually takes 20 minutes to apply and once your application has been approved, you'll get a code for free childcare to give to your childcare provider.

Mortgage possession actions have continued to rise and are currently above the previous year's levels, according to data from the Ministry of Justice.

The latest data shows mortgage claims, orders, warrants and repossessions have continued their gradual upward trend and claims are at their highest since 2019.

When compared to the same quarter in 2023, mortgage possession claims increased from 4,035 to 5,182 - this is a rise of 28%.

Meanwhile, mortgage orders increased from 2,532 to 3,019, warrants from 2,636 to 2,881 and repossessions by county court bailiffs from 729 to 759.

Landlord possession claims also increased from 23,389 to 24,874 when compared to the same quarter last year.

Craig Fish, director at Lodestone mortgages and protection, told Newspage things "need to change and quickly before it's too late".

"Though this data makes hard reading and is extremely worrying, it's not unexpected due to the significantly higher interest rate environment in which borrowers now find themselves," he said.

And Ben Perks, managing director at Orchard Financial Advisers, said he was "concerned these figures will continue to rise". 

He told Newspage: "The Bank of England seems totally oblivious to the plight of the average mortgage borrower, but hopefully this data will kick their hesitancy to drop the base rate firmly into touch. The time to act is now."

Tesco has recalled its sandwich pickle over fears it may contain glass.

The supermarket has pulled its 295g jars of Tesco Sandwich Pickle with the batch code 3254 and best before date of 11 September 2025 due to the concerns of glass traces.

The Food Standards Agency has said on its website: "This product may contain pieces of glass which makes it unsafe to eat."

Last year, the supermarket chain had to recall pastry products, including sausage rolls and steak and ale pies, over fears they contained pieces of metal and plastic.

A Tesco spokesperson told Sky News: "We've been made aware that a specific date/batch code of Tesco Sandwich Pickle may contain small pieces of glass. Therefore, this product could pose a safety risk if consumed.

"Please do not consume this product and instead return any affected product to store where a full refund will be given. No receipt is required.

"Tesco apologises to our customers for any inconvenience caused."

By Ed Clowes, news reporter

The FTSE 100 has remained stable out of the gate this morning after hitting a record high on Wednesday as better-than-expected inflation data in the US raised hopes of an interest rate cut in September.

It's been a busy start to the day with financial updates from BT Group, Premier Foods, Sage Group, and easyJet.

We'll start with easyJet, after the airline announced that its chief executive officer, Johan Lundgren, would step down in January 2025.

Mr Lundgren, who has served as CEO since 2017, will be replaced by the carrier's finance boss Kenton Jarvis.

In a financial update on its performance throughout the first half of the year, easyJet reported slightly higher revenues than anticipated, while cutting its losses compared to the same period last year.

The airline's share price fell by 6% in early trading this morning.

Elsewhere, telecoms giant BT said it had completed a £3bn cost-cutting programme ahead of schedule, and announced a further £3bn in planned savings by 2029.

The company told Sky News that the planned reductions in spending would not lead to more job losses, after BT announced last year that it would eliminate 55,000 roles.

Incoming boss Allison Kirkby said she wanted the business to prioritise the UK, with some analysts expecting BT to look at the futures of its Italian, Irish, and American divisions.

And last but not least, one of Europe's largest sellers of Rolex watches has said that sales in the UK are still down because some tourists don't want to buy here "due to the lack of VAT free shopping".

Nice for some.

The price of a healthy packed lunch has soared by around 45%, according to new research.

A lunch of wholemeal bread and fruit is more expensive for parents to put together than less nutritious versions with chocolate spread and crisps, The Food Foundation charity has found.

Unhealthy lunches for the research were made up of white bread with chocolate spread instead of wholemeal with cheese, flavoured yoghurt rather than a plain, unsweetened version and snacks such as crisps as opposed to the four portions of fruit and vegetables incorporated into the healthy lunch.

And when it came to the cheapest supermarket to buy a healthy packed lunch, Tesco topped the list with a weekly cost of £8.56 as of this month.

Morrisons was the most expensive retailer, with the price of a healthy packed lunch per week coming in at £11.72, although this was down slightly from £11.80 in October.

The equivalent cost at Sainsbury's was £10.47, Aldi was £10.08 and Asda was £9.18.

Research also showed the largest price rise in recent months was at Sainsbury's, where customers have to spend 9% more than they did at the start of the academic year in September (£9.61) for the same packed lunch.

Shona Goudie, policy and advocacy manager at The Food Foundation, said, the government's stringent eligibility criteria to qualify for free school meals was "leaving hundreds of thousands of children" who are living in poverty "at risk of malnutrition".

"No one should be priced out of being able to provide healthy food for their children and retailers need to do more to support families to afford the food they need," she said.

By Bhvishya Patel, Money team

We spoke to three buskers to find out what it's like performing on the street in the UK.

Amir, 29, came to UK from Pakistan with passion for music

Amir Hashmi moved to the UK in 2022 to study, said he began busking in central London 10 months ago because "music was his passion".

"In Pakistan there are many problems so I decided to leave and move to London. I feel I can do better in London than my country," he said.

He said busking was now his primary income but at times he did jobs at warehouses to get by.

"I never started this for money, I started because it is my passion but now this is my main job as well," he said.

Amir, who often performs in the capital's Piccadilly Circus or along Oxford Street, said often he returned home with just £10-15 in his pocket after a day's busking.

He said: "Many times I sleep without food and sometimes I sleep on the floor of the road when I have no shelter.

"I don't have my own place to live but I have friends who often let me stay with them. They don't charge me any rent - they look after me.

"Sometimes I do private shows for income but it's very hard because the cost of living is increasing. If I go somewhere then most of the time I prefer to walk. I walk with my speakers and carry my gear."

Despite his financial struggles, Amir said he wanted to continue performing on the street as his "goal was to make people happy".

He said: "With busking, there is no stage and you can just start performing. Whenever I am performing, I connect with the people who have come to listen. If I feel people are not enjoying it, I change the song and try and make them happy."

Earlier this year, Amir recorded a song with Neha Nazneen Shakil, a Malayalam actress from India, who approached the singer three months ago in Oxford Street.

"I wrote that song 12 years ago and after all these years my song has been recorded now in London," he added.

Jade, 24, quit retail to busk

Jade Thornton, from Amersham, started busking in 2017 with a friend after leaving college at the age of 17 and quickly realised it was something she enjoyed doing and could make a living from.

She began doing it full-time at the end of 2018 but when the pandemic hit she described becoming "unemployed overnight" and having to take up retail jobs to support herself.

"I chose not to go to university - I just thought it wasn't for me so I went straight into some part-time retail jobs," she said.

"I take my cap off to anyone who does retail - it is one of the most gruelling jobs. People who do retail don't get nearly as much respect as they deserve. 

"Some of the customers I was facing were not that kind and I thought this is making me miserable, so I just thought 'if I don't leave now then when?'"

As the global economy slowly began to recover, she decided to leave retail and pursue music full-time in 2022.

"It is hard to switch off - I do busking but I am constantly messaging clients, writing set lists and learning songs," she said.

When it came to finances, Jade said there was no average to how much she could earn but it could fluctuate from £15-100 day-to-day depending on a number of factors.

"It relies on the time of month, whether the sun is out, if people have been paid, if Christmas is on the way or if Christmas has just passed," she explained.

The musician said she did struggle initially when she began busking but her parents were always supportive.

She said: "You obviously get a few questions from people asking 'are you sure you want to quit your job and sing on the street?'

"I lived at home for a long time and I'm grateful my parents could support me in that way because I know not everyone has that opportunity."

While performing outdoors is now Jade's full-time job, she said some months were more difficult to make money than others.

"If I'm being brutally honest in months like January and February it would be super difficult. This year I had enough gigs in December to cover me for January," she said.

"Last year from June-July and December I did not have to go busking because I got so many gigs through busking. I'm part of a lot of online agencies and I also do lots of pub gigs, weddings, birthdays and other events."

Jade noted though that the cost of living crisis had made things harder.

She said: "A few pub gigs I've had have been cancelled because they've had to rethink their strategies but if somebody cancels then I can just go out busking. There has been a slight dent when it comes to finances but that's from COVID as well - with COVID I was unemployed overnight."

The young musician went on to say she was "very grateful" when somebody did tip her and even small gestures like sitting, listening or just a smile were "currencies in themselves".

"It's escapism for me as a singer and then it's escapism for the audience as well," she added.

"Children also have such a great time listening to buskers and some may not have an opportunity for many reasons to go and see live music so if they can come across it in the street and that can spark something that's a wonderful thing to think I'm a little part of that."

Charlotte, 34, long-time busker

Charlotte Campbell, 34, who usually busks along the Southbank or in the London Underground, said she started busking during the 2012 London Olympics and while "busking used to be enough", more recently she has had to take on more gigs in the evening.

"A typical day is usually busking until around 6pm and then a gig in the evening - 8pm onwards," she said.

"I could still probably make a living from busking but I've taken on more paid gigs since the pandemic because everything became so uncertain. I think that uncertainty has just carried through now - that seems to be the way of life now."

The musician said tips for her CDs, which she puts on display during her performances, ranged between £5-10 and in the current cashless climate a card reader was "essential".

She said she pre-sets her card reader to £3 when playing on the Southbank and £2 when busking inside the London Underground "because people are rushing".

While she described her earnings as a "trade secret", she said the busker income had "definitely gone down" but this was due to a few factors - the pandemic, people carrying less cash and the cost of living crisis.

"Also, a lots of pitches have closed which means there are a lot more buskers trying to compete for one spot so all of those things have impacted my living as a busker," she said.

"I would say even though my income is primarily from busking I have had to subsidise it with more paid gigs than before. I just haven't felt as secure in my living from busking in the last couple of years.

"Most of the gigs I have are booked by people who have seen me busking so indirectly busking is my entire career- if I don't busk I wouldn't get the gigs I play in the evening. So directly and indirectly busking is my entire income."

In spite of uncertainty, she said it was freeing to be able to go out and perform for people in an intimate way.

"You are not up on a stage and there is no separation between you and them.  It's a really great connection you can make - I want to be able to hold onto that," she added.

Every Thursday Savings Champion founder Anna Bowes gives us an insight into the savings market and how to make the most of your money. Today she's focusing on children's accounts...

While the rates on adult savings accounts have risen and fallen over the course of 2024, the top rates on accounts for children have remained stable - but are pretty competitive once again, as other account rates have started to fall. 

And there are plenty of different types of savings accounts to choose from, from the tax free Junior ISA, to children's regular savings accounts, fixed term bonds and easy access accounts.

Those who are able to start saving for their children early, could significantly improve their financial health in the future – especially when taking compounding interest into consideration.

If you were to save £50 a month from birth, you could give them a gift of more than £17,250 at age 18, assuming a tax-free interest rate of 4.95% - which is currently the top Junior ISA rate available.

If you, your friends and family were able to gift a total of £9,000 a year to a child (the current Junior ISA allowance), at the same rate, you could give them almost £265,000 when they reach 18. 

Now that's a gift worth having!

Children have their own personal allowance, so for the majority there will be no tax to pay on their savings interest. 

However, parents should be aware that there may be a tax liability to themselves on the interest earned on any money they gift to their children, until they reach the age of 18. 

If the gross interest earned is less than £100 for each parent's gift, it will be treated as the child’s under a 'de minimis' rule. 

This means that provided the interest earned does not make the child a taxpayer, they will be able to offset this against their personal tax allowance, so it will often be free of tax. 

But if the interest is more than £100 for each parent's gift, then it will be treated as that parent’s interest for tax purposes and therefore they may need to pay tax at their marginal rate - if it takes them above their Personal Allowance and/or Personal Savings Allowance.

Gifts from any other family members or friends will not be viewed in the same way. Instead, any interest earned will be treated as belonging to the child themselves and therefore can be earned tax free if they are non-taxpayers.

The exception to this rule is on funds deposited into a JISA, Child Trust Fund or NS&I Premium Bonds.  The returns from these are tax free for all.

Almost a third of people are making the mistake of buying their travel insurance on the day of their trip, data from Go Compare has shown.

The figures found that just 17% of people took out their policy within six months of their holiday.

While you can buy travel insurance right up until the moment you leave the UK, doing so risks some key areas being missed off your cover.

Go Compare's Rhys Jones says it can result in cancellation cover not being included, and this is one of the main reasons people claim on their insurance policy. 

Pre-existing conditions might be missed off as well. 

"If you have a pre-existing condition that could flare up and cause complications, a last-minute travel insurance policy may not cover it," he said. 

"So while you can buy insurance right up until the moment you travel, it's often best to get it earlier so that you have more options and more cover available." 

If you are looking to buy travel insurance while you're already abroad, you may have to purchase a specialist post-departure travel insurance policy instead. 

This type of cover is only available from a few companies, so there are fewer options available, and they are generally more expensive. 

It's also worth noting that if you do buy this policy, you may have to wait 24, 48 or 72 hours before it begins. 

Rhys recommends organising your insurance as soon as you have booked your trip, saying it "could save you considerable money and stress". 

A record 3.1 million emergency food parcels have been handed out in just a year, according to a charity.

The Trussell Trust says 3,121,404 were distributed by its network of 1,300 food banks in the year to the end of March.

Some 1,144,096 were for children and nearly two million for adults. The total is nearly double that of five years ago.

The number of parcels given out during the 12 months to March 2023 was just under three million.

You can read more here...

Nearly 40% of money laundering around the world is flowing through London, overseas territories and crown dependencies, the deputy foreign minister has said.

In a speech at the Bright Blue thinktank, Andrew Mitchell said the dirty money was passing through the capital and that "crown dependencies and the overseas territories have not yet done as much as they must do", The Guardian reports.

"If these overseas territories and crown dependencies want to have our king and our flag, then they must also accept our values, which is why we are so intent on ensuring dirty money cannot flow in and from there," he said.

The comments come a month after Mr Mitchell promised to work with the international community to tackle illicit flows of money "through increased transparency of company ownership".