Good afternoon and welcome to The 99: the home of financial news and insights made simple. You can count on accessible, trustworthy, and unbiased news insights every Monday.

Every week we share an Explainer; a guide to a specific topic in bite-sized and actionable steps. Scroll to the bottom for the November Explainer.

Alice

£9,525

The new annual tuition fee for undergraduate students at university in England. It is a rise of £285 planned for 2025/26 onwards, and the first time tuition fees will have increased in 8 years. Maintenance Loans are also reportedly going to increase to help cover the rising cost of living.

Read More on BBC News

Whatever you make of the result, what happens in the US has far-reaching economic consequences.

Let’s look at what it means for you and your money...

The Rise of The Dollar 💵

Bitcoin's Meteoric Rise 🪙

Nervous About Trade Tariffs 🌎

What Is A Trade War? When countries raise tariffs or impose other economic restrictions on each other. It’s like if one country punches first, the other country punches back. This back-and-forth can make things more expensive for consumers and hurt businesses, as both sides try to get the upper hand.

The Stock Market Surge 📈

Advent calendars have come a long way since the simple chocolate-filled versions we all grew up with. Now, they’re packed with everything from beauty products to luxury food and even jewellery.

And ‘popular’ is an understatement. Many big names like Space NK, Harrods, and Sephora have already sold out of their 2024 premium calendars.

Because of their exclusivity, you can even find some of these calendars being flipped on eBay for £550 (Harrods) and £399 (Sephora).

The Good: Why People Love Them

😆 The Excitement Factor: Unwrapping a beauty surprise each day in December means a daily dose of dopamine for an entire month.

🪞 Trying Before You Buy: Many of us aren’t ready to drop cash on a full-sized bottle of something we’ve never tried. With mini samples (like perfumes), you can experiment without committing to a full bottle.

🎁 Perfect for Gifting: They can make great presents, especially if you're gifting to someone you don’t know too well.

The Bad: What You Need to Know

⛔️ Beware the minis: Many calendars feature a number of miniature products or luxury samples. These are sometimes products that you can receive as a gift with purchase and there isn’t usually enough to last you more than a few applications.

👀 There’s always a hand cream: They often feature filler products like hand cream or shower gel. These are cheaper to produce and chances are you’ve already got a bunch to use up. The cost to purchase these will be included in the ‘value’ of the calendar but would you have actually bought these products in the first place?

♾️ Difficult to Calculate Value: Many minis aren’t sold separately, so it’s hard to figure out if you're actually getting a deal. It’s suspected that the “suggested value” of the products is often being inflated.

♻️ Environmental Impact: While some people reuse the calendars for storage, most are made of wasteful materials like foil and laminated cardboard that don’t recycle well. And the tiny bottles are hard to recycle too.

👀 Scams: Some scammers are using fake ads to sell calendars at prices that are too good to be true. For example, Space NK warned customers about fake deals offering their £250 calendar for just £28.99.

1,000 Workers To Join

4-Day Work Week Trial

 Trial Overview

Building On Before

Back in Feb this year, results from the largest trial of its kind involving 61 companies, saw 89% continue with the four-day week for at least a year. 51% of those companies made the shift permanent. Nearly 200 UK businesses already operate on a 4-day work week model.

What Is Labour’s Stance on the 4DWW?

Current Law 👩‍⚖️

Employers must agree to a statutory request for flexible working unless there is a genuine business reason not to. But a true 4DWW means being paid the same for fewer days.

😬 Yes But No

While several Labour politicians, including the Deputy PM, have supported the idea vocally, the Department for Business and Trade have said they “have no plans to impose a four-day working week on employers or employees”.

👀 Showing Potential

While Labour hasn't fully backed the scheme, they are exploring flexible models like compressed hours, which could be legally mandated in the future.

🆓 Not Necessary

Companies can implement a 4DWW without needing government approval.

Britain's watchdog (the CMA) has stepped in to flag the major issues within the market and propose solutions to ease costs for parents.

A Broken System

There's also an emotional component: guilt about not breastfeeding often leads parents to opt for more expensive formulas, hoping to do the "right" thing.

What's the Problem with Formula Prices?

A recent Sky News investigation exposed how rising formula prices have driven some parents to crisis levels, with some even resorting to theft just to feed their children. Following this, the CMA took a closer look and found:

⬆️

Formula prices rose between 18-36% in just 2 years across various brands.

🍰 

Market concentration is high, with big players like Danone (Aptamil and Cow & Gate) and Nestlé dominating, making it harder for parents to find competitive prices.

CMA's Suggested Fixes 🛠️

🏷️ Lifting the ban on formula discounting - allow retailers to run promotions on baby formula.

📖 Better education for parents – Many buy pricier formulas thinking they're better quality, often due to a lack of clear information.

🍼 Standardised packaging – This could reduce the influence of branding, which often encourages parents to pay more.

⬇️ Setting a price cap or profit margin limit – this could be implemented by the government to quickly lower prices.

🏥 NHS-branded formula – Though not a formal recommendation, the CMA suggested that a lower-priced, NHS-branded formula could offer a reliable, affordable option.

What Companies Are Doing About It?

Some companies are already making moves in response to criticism over high prices:

• Danone cut its formula prices by 7% for some products earlier this year.

• Iceland supermarkets led the charge by lowering baby formula prices on shelves, prompting other supermarkets to follow suit.

• Kendamil, a UK-based company, launched a lower-cost brand, Bonya, retailing at £8.45. And for every 10 packs sold, 1 is donated to families in need.

• Lidl and Aldi have released store-brand formulas priced at £7.09 per 800g, making them the most affordable options on the market.

The CMA’s final report, expected in February 2025, will provide a deeper dive into these findings and recommendations.

November Explainer:

Growing Your Income

Your Guide To Pay Rights

When it comes to pay, fairness isn’t always straightforward. Two common terms related to pay equality are Unequal Pay and the Pay Gap, and they mean different things…

Know Your Rights 👊

Your Right to Equal Pay for Equal Work

You’re entitled to equal pay if….

1. You’re doing work that’s considered the same, similar, or equivalent.

2. You’re of a different sex than someone else doing comparable work for the same employer or an associated employer.

Equal pay law applies not only to your base salary but to any contractual terms and conditions, such as:

Your Freedom to Discuss Pay

You’re allowed to discuss your salary with colleagues, especially if it’s to uncover pay inequalities related to a protected characteristic (like gender or race). Read this GFY guide on the topic. Any contract terms forbidding pay discussions are usually unenforceable.

While employers aren’t required to be fully transparent, they must meet the gender pay gap reporting requirements if they employ 250 or more people. This transparency helps identify if there are trends in pay discrepancies.

🔎 Helpful Resources 🔎

ACAS provides free advice on pay rights, fair treatment at work, and resolving pay disputes. They also have a confidential helpline where you can discuss your situation.

Don’t Think You’re Paid Fairly?

What To Do

So you’ve done your salary audit and found out that you’re not being paid fairly? 

First, you need to identify whether this is a case of unequal pay (a legal matter) or whether you believe you’re underpaid relative to the market. The following steps assume this isn’t an unequal pay issue; guidance on unequal pay follows below.

If it’s unequal pay:

You may still choose to follow the steps above, especially gathering data. However, if informal channels aren’t effective, it may be beneficial to seek legal advice and pursue formal procedures.

Explore Internal Channels

Reach Out to HR: If you’re not comfortable approaching your manager or if your manager isn’t responsive, discuss the issue with HR.

Review Company Policies: Look at employee handbooks or intranet resources to understand company procedures on salary reviews and pay equity. Knowing the company’s official stance can give you additional leverage.

Legal Action

If you believe you’re being paid less than colleagues in similar roles based on protected characteristics (e.g., gender, race), document as much relevant information as you can.

Seek Guidance from a Union or Legal Professional: If your company does not address the pay disparity, unions and organisations such as ACAS can provide guidance on filing a claim or pursuing legal recourse under equal pay laws.

Sources/Read More:

What Does The US Election Results Mean For The UK?

• Read More on BBC

• Read More on The Guardian

• Read More on MoneyWeek

• Read More on Reuters

• Read More on Bloomberg

• Read More on INews

Are Luxury Beauty Advent Calendars Really Worth It?

• Read More on BBC

• Read More on The Cut

• Read More on Harpers Bazaar

1,000 Workers To Join 4-Day Work Week Trial

• Read More on The Independent

• Read More on The Guardian

• Read More on Yahoo News

Baby Formula Market Under Fire

• Read More on Sky News

• Read More on Financial Times

• Read More on Reuters