Burnham vows crackdown on ‘rip-off’ business practices to ease cost of living
Summary
Prime Minister Andy Burnham announced plans to stop unfair business tactics like fake discounts and tricky subscription services. These changes aim to help people save about £400 million each year by making prices clearer and canceling subscriptions easier.Key Facts
- The government will ban fake discounts, such as false "was" prices and invented reductions, so that a "half price" deal will truly be half price.
- A consultation will take place in autumn to decide exactly which pricing practices the new rules will cover before implementing them.
- New rules on subscriptions will start in January instead of next spring, requiring clearer information, regular reminders, and simpler cancellation options.
- Customers will get a 14-day cooling-off period after trial ends or long contract renewals.
- The average person has about three subscriptions and spends roughly £500 a year on them, with £1.6 billion spent yearly on unwanted subscriptions in the UK.
- The government expects these changes to save £14 per month for each unwanted subscription that people leave early.
- These steps are the first of several planned measures to improve household finances and reduce the cost of living.
- The prime minister emphasized that tackling everyday financial problems is a high priority for the government.
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