Bank accounts, petrol prices, property and inflation

Basic bank accounts – products designed for those who are ineligible for standard accounts – may levy higher fees than necessary, according to the BBC.

Government figures suggest that millions of people could be paying over the odds for accounts meant to help them. Despite the introduction of fee-free basic accounts at the beginning of the year, about half of the eight million account-holders are still penalised for failed payments.

Data from the Treasury shows that 3.7 million people have accounts that do not conform to the industry agreement. Of those, 3.6 million bank with Lloyds. In other banking news, the Government has reduced its stake in Lloyds Banking Group to 6.93 per cent. Petrol prices A surge in petrol prices is on the cards following an agreement by oil producers to cut global output. The Guardian reports that ‘the cost of petrol is close to rising above £1.20 a litre in some parts of the UK after a weekend deal between members of the Opec oil cartel and non-Opec countries.