Savers, price rises, branch closures and small businesses

There’s some good news for savers this morning following the news that the amount of money protected in the event of a bank or building society collapse has risen. The protection level has been increased by £10,000 to £85,000 in the wake of the weakening of the pound against the euro since the vote to leave the EU. The BBC reports that the amount of compensation payable is set at €100,000 across the European Union, so significant currency moves can alter the level for UK savers. Price rises Who wants Weetabix? In the latest round of price increase sparked by the fall in the pound, the cereal company Weetabix has joined the fray. A number of firms, including Next and Easyjet, have warned of higher prices thanks to sterling’s fall since last year’s Brexit vote. The BBC reports that ‘although the company takes its wheat from within 50 miles of its processing plants in Northampton, wheat is priced in dollars and the weaker pound means it takes more pounds to buy dollar-listed items’.