Money blog: Fury as Pearl Jam tickets halved due to poor sales - after many had already paid a fortune (2024)

Just 18% of companies in the UK are led by women, and while data suggests female entrepreneurs are on the rise, men still receive more funding and are entrusted with higher average loans to get them started.

In an eight-part series every Tuesday, Money blog reporter Jess Sharp speaks to women who are bossing it in their respective fields - hearing their stories, struggles and advice for those who want to follow in their footsteps.

This week, she has spoken to Teresa Payne, the managing partner of law firm Parfitt Cresswell...

Teresa Payne's route to success was far from traditional.

Now the owner of the successful Parfitt and Cresswell, with offices in London, Berkshire, Surrey, Sussex and Kent, Teresa's journey started in a small mining town in south Wales.

Growing up in a working class family, she left school at 16 with no qualifications, and "low expectations" for her future.

A few years later, in 1987, while in her early 20s, she gave birth to her son and got married.

It wasn't until around six years later that she got the idea to train as a lawyer - an idea that came from her own divorce.

"It was because of the really poor experience with my solicitor that I started looking into how I could do it myself and that triggered my interest in law", the 57-year-old said.

'The life-changing moment'

But, obviously, she faced the "big barrier" of having no qualifications.

For her, the answer came in 1996 when she found an access to law course.

"That was a real life change because it opened up the door of possibilities for me," she said.

"When you leave school without any qualifications, and come from a more working class background, it's very hard to be what you can't see," she added.

Eventually, she made it to Cardiff University, her young son in tow, and "pushed through" as a mature student. It was here she came up against another challenge...

'You'd be better in hospitality'

After getting her degree, she was required to take another course - called the Legal Practice Course, and she sought help from her male tutor, who told her she was too old to take the next step.

Recalling the conversation, Teresa said she was told: "You're a mature student, you're older, you're a single mum and you haven't got much chance.

"Instead, he suggested that hospitality would be a good alternative and I would do well there.

"He said it in such a caring way. Now we would call it unconscious bias," she said.

Undefeated and determined to stay on the path she wanted, Teresa eventually qualified as a lawyer in 2004.

Three years later, she had her own firm.

'There was a major panic'

"I really wanted to do my own thing, sort of create my own world," she said as she retold the story of how she came across Parfitt Cresswell in Fulham Broadway, discovered the managing partner was retiring and offered to buy the business from him.

She didn't have a lot of money saved, so she borrowed from a "couple of lenders".

"At the time, it was such a big deal because you are borrowing a substantial amount of money in a personal capacity. It became very tricky in the major economic downturn of 2008," she said.

"There was this major panic of 'oh my goodness, what have I done'. When I look back, though, I'm glad I did it."

When the financial crash hit, Parfitt Cresswell was more than 50% property focused and work "dried out practically overnight", she said.

"It made me realise that actually work diversity was so important," Teresa said, adding that she eventually expanded the company's family law sector, and introduced private client work.

The challenges

One of the first challenges, in the early days of her career, was childcare, but Teresa said she was very lucky to have supportive and helpful parents.

"It is a tough balance, particularly when you're running your own business because it's not 9am to 5pm," she said.

"For me, I would try to carve out time for us to have together. When I just couldn't do that, my parents were there, so he has a tremendous relationship with them."

Without support, she said childcare can be "prohibitive" for anyone working or studying.

In the later stages of her career, dealing with conflict became another obstacle.

She said "societal expectations" left women with a natural reaction to just "keep the peace" when an argument occurs, but that isn't an option in business.

"I learnt early on that doesn't work, because it flares up and then there is a tendency to let our emotions get in the way," she said.

'We are worthy to be there' - Teresa's top tips

One of Teresa's top tips is to deal with any issues that come up head on and figuring out a way to move on.

"In some cases it is difficult to get past it, but in others you can and then you have actually set the bar for what is acceptable," she said.

"We teach people how to treat us. So when you walk in a room, bring your presence, expect people to treat you well and don't apologise for being there as if you are not worthy.

"We are worthy to be there, you've got to own that spot."

Practically, she said women who want to get into law should start by getting some work experience.

For those studying, she advised doing some pro bono work, saying she volunteered for Citizens Advice.

Not only does it look good to employers in terms of soft skills and understanding the business, but it helps people to work out if it is actually a profession they will enjoy.

Getting a mentor is also helpful, Teresa added - a "huge asset".

Despite some preconceptions about lawyers, Teresa stressed that a person's background doesn't matter- as long as they "bring something to the table".

"You may hit a wall in some places, there are many places that will welcome you. There will be people who want to help you get in and get qualified."

Pearl Jam fans have been left upset after paying for tickets to see the band - only for the price to be cut in half less than two weeks before the show.

The '90s grunge group will stop off at Tottenham Hotspur's ground as part of their Dark Matter World Tour on 29 June.

When the tickets first went on sale, seated tickets reportedly started at an eyewatering £125, but in recent weeks these have been reduced to £49.20.

LiveNation adverts have been appearing on social media encouraging fans to get tickets now they have been cut in price.

For those who weren't willing to splash out to see the group, the more than 50% price cut will be welcome news.

But for those who did, the move has been seen as "unfair".

Some took to the comments of a LiveNation Facebook post to vent their frustrations.

"Happy to see this show being poorly attended given the ridiculous prices that were being charged," one user said.

"Pricing has come back to bite you big time on this disaster," added another.

One asked if LiveNation was going to refund the difference to "all the mugs" who bought tickets at full price.

Another person was upset because they were no longer able to make the gig, and were having their sell their tickets at a loss.

"The most unfair move from Ticketmaster- especially for people like me who bought them full price and cannot go any more," Gianluca Rossato said.

"Now I will need to sell the tickets at a huge loss. Very nice move, Ticketmaster United Kingdom! Customer-centric as usual."

Sky News has contacted LiveNation and Ticketmaster for comment.

London has overtaken Paris to become the continent's largest stock exchange.

It follows Emmanuel Macron's decision to call a snap election, which has resulted in turmoil in French markets.

The Cac 40 stock index in Paris hit record highs just a month ago - but the election announcement sent it plummeting to its worst week since 2002.

Shares of banks including BNP Paribas and Credit Agricole fell by more than 10% each, while the French government's borrowing costs soared.

Stocks in France are now collectively worth $3.13tn (£2.47tn), falling behind the UK's markets at $3.18tn (£2.51tn), according to Bloomberg data.

The FTSE 100 hit record highs this year thanks to relatively cheap valuations attracting investors, as well as new stock market listings such as Raspberry Pi.

This all sounds really positive for London - but as business presenter Ian King wrote in April, there are clouds hanging over the FTSE too...

Tens of thousands of Lifetime ISA (LISA) account holders have faced penalties for making "unauthorised" withdrawals, according to a report.

A freedom of information request by mortgage lender MPowered Mortgages reveals that 185,400 savers were fined for withdrawing money from the accounts between 2018-19 and 2022-23.

The proportion of accounts being penalised rose from 2.6% to 7% over the same period, the figures show.

People with LISAs can deposit up to £4,000 each year, with the government adding a 25% bonus on top.

But the rules state that withdrawals can only be made when a person is buying their first home priced up to £450,000, has reached the age of 60 or is terminally ill with less than a year to live. Account holders are hit with a withdrawal charge for taking money out for any other reason.

MPowered claims that an increase in penalties is being fuelled by rising house prices - it says more and more people are buying homes that breach the £450,000 limit.

Stuart Cheetham, chief executive of MPowered Mortgages, said savers are being "unfairly penalised" by LISA rules.

He said the property value cap remaining unchanged since LISA rules were written means "the accounts are increasingly unfit for purpose".

The average cost of a home in Britain remains near record levels after dipping by just £21 this month, according to an index.

Rightmove said the average asking price of a home coming onto the market in June was £375,110 - down just a fraction compared with the record £375,131 seen in May.

The property website said the number of sales agreed and volume of buyer inquiries to agents remained steady.

But it said there could be some "possible election caution" among those thinking about moving, particularly people with higher-priced homes.

Rightmove is just one measurer of house prices and tends to come in higher - official data from the ONS lags by several months.

Staying on the subject of housing... a new study by Hamptons has revealed that renting is still cheaper than buying for most households across Britain.

Its latest research found that would-be-buyers with a 5% deposit face paying £300 a month more in mortgage repayments on average than if they carried on renting.

Hamptons said high mortgage rates had "squeezed buyers with small deposits out of the market, forcing more households to rent for longer".

Fuel retailers have been accused of using the "distraction" of the general election to keep petrol and diesel prices "persistently high".

The RAC said the cost of filling up at the pumps was "far higher" than would normally be expected as wholesale costs had fallen since the end of April.

The average price of a litre of petrol across the UK is currently 146.3p, which is "5p more expensive than it should be", according to the motoring firm.

It said the average price for the same product was 141.1p in Northern Ireland.

By Alexandra Rogers, political reporter

An extra 250,000 children will be hit by the two-child benefit cap next year, rising to an extra half a million by 2029, a leading thinktank has warned.

The Institute for Fiscal Studies (IFS) said the number of children who will fall under the cap - which limits child benefits for the first two children in most households - will reach 670,000 by the end of the next parliament if the policy is not reformed.

The two-child benefit cap, which restricts Child Tax Credit and Universal Credit to the first two children, was brought in by the Conservative government in 2017.

Campaigners have long called for it to be abolished on the grounds it would lift thousands of children out of poverty.

Labour has said it can't commit to removing the cap if it forms the next government due to fiscal constraints.

Read the full story here...

Shein has put up prices by more than a third on some products, in a move deemed likely to boost revenues ahead of its planned IPO (initial public offering).

Analysis by research firm EDITED claims the fast fashion giant's price rises were higher than rival brands H&M and Zara over the past year.

Based in Singapore, Shein has become one of the world's largest online fashion retailers, although its growth has not been untroubled amid mounting concerns about labour standards.

Its online marketplace sells a huge array of items, though its main business is through making and selling its own brand products - mainly women's clothing.

Earlier this month, Sky News' city editor Mark Kleinman exclusively revealed how the company was on the verge of taking a huge stride towards a London flotation that would value it at about £50bn.

The timing of the filing did not necessarily indicate when an IPO would take place, although some observers believe a summer or early autumn stock market debut in London remains on the cards.

An initial public offering is whenshares of a private company are made available to the public for the first time. Itallows a company to raise equity capital from public investors.

Shein has been contacted for comment.

Fewer temporary summer jobs are being posted this year, according to data from the Recruitment and Employment Confederation.

Job postings for summer work in the hotel, restaurant, tourism and construction sectors fell sharply in April and May compared with the same months last year.

The total number of job listings across the economy fell by 0.7% last month to 1.7 million and new job listings fell by 1.1% between April and May.

A lobby group says the fall in postings is due to a rise in the minimum wage which is putting pressure on employers.

The minimum wage rose by 9.8% in April to £11.44 per hour.

Make UK, which lobbies for manufacturing companies, said a second big increase in the minimum wage has affecting hiring in key sectors.

"We can see some evidence of that drag in the lower summer seasonal hiring demand," he told The Times.

"Reducing hours or roles while opening for shorter periods are all decisions that firms may feel forced to make in tough times."

By Megan Baynes, cost of living specialist

It's 9pm on a Tuesday and a stranger from Shanghai is cooking in my kitchen. I can't speak Chinese, and she can't speak much English, so we both had to mime when she asked me where I kept the knives and the salt.

I hadn't met this woman until 24 hours earlier, but she is staying in my home for another four days - and it's all thanks to an advert on the London Underground.

"Turn your spare room into cash using Airbnb!" it promised. Well, I am lucky enough to have a spare room, and I never seem to have enough cash (thanks to a litany of rising bills and wanting the occasional holiday), so could this be the answer?

I forced my husband to spend a weekend clearing out our top floor room and soon I was photographing away, artfully framing different corners of the space to try and show it off (not helped by my cat, who refused to get out of the way).

After downloading the app and signing up, I was paired with an Airbnb Superhost who gave tips and offered support as I made my way to my first booking. He advised that instead of offering an introductory discount, as the app encouraged, the best way to drum up business was to look up the price of local listings and then undercut them. Once I had built up a few reviews (I was aiming for five stars) I could then raise my prices.

My neighbours were listed between £40-55 a night, so I hedged my bets and started at £35, with a £10 cleaning fee. Within 24 hours, I had my first booking. A young borderforce agent was doing training at Heathrow and needed a place to stay. We gave him a set of keys, told him to make himself at home and five days later, we were £117 better off.

After several months of hosting (and - not bragging - ten five-star reviews) we are now almost solidly booked at any given time.

Tips for smooth sailing welcoming strangers

I have a pretty good weirdo-radar, and when it comes to letting people inside your front door, it pays to trust your gut - I have declined bookings simply because I got bad vibes.

The guy who wanted to rent my room from 9am to 3pm to "meet a friend from London"? Nope.

The man who wanted to stay for three months? Not for me.

A young gentleman who promised to pay me cash on arrival? Thanks but no thanks.

(You'll notice a common theme with these - as I often work from home alone during the day, I'm not taking any chances).

Touch wood, everyone who has arrived has been friendly, polite and, most importantly, not smeared faeces on the walls, tried to remove the sink, or done any other Airbnb horror story.

How to get good ratings

Did I mention we have five stars? I don't think there is any real secret to getting a good rating, but I tried to think what I would want checking into someone's home. Make sure you have high-quality photos that match what the room is actually like; don't go crazy with the filters.

We always make sure the place is clean, well presented and clutter-free. Small, thoughtful touches like a TV with a Sky box, a box of toiletries, and a coffee machine also go a long way.

I am also very upfront about the fact we have pets - the last thing I want is someone with allergies to book (and give me two stars!), so Louie sits front and centre of the listing.

The pitfalls to avoid

After the success of Airbnb, I decided to go one step further and list our room on Booking.com. Their management platform is clunky, difficult to use and you can't vet people who book - they just instantly book and that's it, you're stuck with them. It's also a bit of a faff double-checking both platforms to make sure you aren't accidentally double booking. But it does generate significantly more bookings for us than Airbnb.

As boring as it is, you also need to consider the tax implications. The good news is Airbnb isn't taxed like Vinted or eBay (which has a £1,000 tax-free allowance).

If you rent a furnished room in your primary residence (ie not a second home) you can claim Rent-a-Room relief. The threshold for this is £7,500 per year (or half that if you share the income with your partner). The tax exemption is automatic, which means if you're below that you don't need to do anything - but if you're earning above that, you'll need to fill out a tax return. Given we are earning around £350 a month from our room, we will fall way below this.

I convinced my mum to list her guest room on the platform, and she has also had decent success (excusing the girls who threw up in her bin during Cheltenham race week and the woman who knocked a star off because she forgot to put a hand towel in the bathroom). I then talked my brother's girlfriend into giving it a go.

I did, however, make one fairly significant error: I forgot to get them to sign up using my host referral code. You can earn up to £268 for every host you refer, which means I lost out on a fairly significant chunk of change. I then forgot to refer them again when they moved to Booking.com so missed out on hundreds in commission-free bookings under their scheme. I try not to think about that too much…

Overall, I have loved using Airbnb - in just over two months we've converted our spare room into more than £700. And while I would like to live in a world where we could afford our daily outgoings without flogging our spare room like a cheap roadside motel, we are where we are.

If you have the room, a good radar for vetting people, and are open to intrusion on your personal space, it could be right for you too.

Just hit me up for a referral code first. (Note to editor: Only joking).

June isn't Juning, and Britons have had enough.

Energy analysts at Cornwall Insight say heating demand is 22% higher than it was this time last year

The contrast is more pronounced given June 2023 was the hottest on record - while June 2024 temperatures have been around 2C lower than average for the time of year.

London was 16C last week - down from 32C at the same time a year ago, while weather warnings for storms were in place in Scotland and the North this weekend.

Samual Peek, senior analyst at Cornwall Insight, said that although demand was up, it was not high enough to push up wholesale prices.

"The increase in gas demand at the start of June compared to the same time last year is currently not feeding through to wholesale prices, and so the impact on consumers - at least for now - appears limited," he said.

Temperatures are expected to inch up this week - though the Met Office says there will likely be a mixture of rain, clouds and sun until the middle of next month.

"The forecast into next week remains largely unsettled with showers, some heavy, in places. On the bright side, it will feel warm in any sunshine," a spokesperson said.

During the current period from 1 April to 30 June, the energy price cap isset at £1,690 per yearfor a typical bill - half of where it peaked during the energy crisis sparked by the Ukraine war but still significantly above pre-COVID levels.

The cap falls to £1,568 on 1 July.