As we sign off for Wednesday, here's what you need to know about the day's headline news. 

Big fall in annual energy bills

Ofgem has announced the typical annual dual fuel bill will fall to £1,641 from 1 April, down from £1,758. 

The cap is the typical sum most households pay for gas and electricity when paying by direct debit, so if you use more, you'll pay more. 

The move has been praised as a "major milestone" by the government, with policy changes made by Rachel Reeves described by Ofgem as the "main driver" for the fall. 

Specifically, the government has changed the funding for two environmental and social schemes - moving them from energy bills to general taxation. Due to this change, customers will save an average of £150.

A breakdown of the changes

The energy price cap sets the maximum amount suppliers can charge you for each unit of energy and the daily standing charge. 

Your actual annual bill will be different depending on how much energy you use. The more gas and electricity you use, the more you pay.

Ofgem makes changes to four specific charges under the price cap - you can see these below... 

Don't fall for the 'price cap trap' 

While the reduction will be welcomed by households, it's still important to shop around, with experts saying there are several fixed deals available that are cheaper than the cap. 

Analysts have also warned the reductions aren't expected to continue, with major forecaster Cornwall Insight predicting a rise to £1,645 at the next cap decision. 

There will be fewer chances to win premium bond prizes from the April draw after savings giant NS&I announced changes to the odds. 

The prize fund rate will be reduced from 3.6% to 3.3% and the odds will be lengthened from 22,000 to one to 23,000 to one, NS&I said.

Having recently passed £40bn in prizes drawn, the April draw is expected to have close to six million tax-free prizes worth around £375, according to the NS&Is retail director, Andrew Westhead.

NS&I, which is backed by the Treasury, has a duty to balance the interests of its savers, taxpayers and the market and it is set targets for the amount of net finance it needs to raise each year for government. 

What does all of this mean for actual prizes? 

Instead of paying interest, premium bonds offer savers an annual prize fund rate that funds the monthly draw for tax-free prizes.

Each £1 bond purchased is entered into a monthly draw, where tax-free prizes range from £25 to £1m.

The estimated number of £1m prizes is set to remain unchanged in April, at two.

Here's how it will look for other amounts:

• Number of £100,000 prizes expected to fall from 78 in February to 71 in April 
• £50,000 prizes to fall from 154 to an estimated 143
• £25,000 prizes will fall from 311 to around 284 
• £10,000 prizes will fall from 777 to 712
• £25 prizes will go up from around 2,643,007 to 2,806,003
  

The total number of prizes in April will be around 5,943,029, down from 6,183,066 in February.

Are premium bonds still worth considering? 

Laura Suter, director of personal finance at AJ Bell, said: "The premium bond 'prize fund rate' is intended to give savers some comparison with how the account compares to normal savings accounts."

But, she said, clearly not everyone has average luck, otherwise the prizes would be handed out equally to every saver.

"Savers with money in premium bonds should really think about whether the account is right for them," she added. 

"Considering many premium bond holders will never win a prize and the average expected return is lower than the top easy access account, savers could well be better off with a guaranteed return elsewhere.

"Despite interest rate cuts, these accounts are still likely to continue to be very popular as they are backed by NS&I, and many savers have huge brand loyalty to the organisation."

Rachel Springall, finance expert at Moneyfacts, agreed, warning that those with smaller pots may never win a penny and "could make their money work harder for them".

From Sunday, more people will qualify for a disabled persons railcard, which offers a third off fares across Britain for the cardholder and one accompanying adult at a cost of £20 a year.

Normally, the card is available to people who receive certain benefits, such as the personal independence payment, known as PIP, or the disability living allowance. 

But from Sunday, this will be extended to people who can demonstrate their need through existing documentation, including the following groups:

• Disabled persons bus pass holders in England, Scotland or Wales;
• London disabled persons freedom pass holders;
• Blue badge holders ;
• People who are unable to drive on medical grounds;
• Recipients of the armed forces compensation scheme benefits ;
• Recipients of industrial injuries benefit for 20% degree of disablement or higher;
• People who are without speech.

From September, a second phase will extend eligibility further to include:

• Conditions that require clinical or professional evidence, including some long-term or degenerative medical conditions; 
• Neurodiversity where it has a substantial impact on a person's ability to travel by train. 

Lord Peter Hendy, the rail minister, said the expansion was an attempt to make "taking the train more affordable for more disabled passengers".

Jamie Oliver is relaunching his high street chain, Jamie's Italian, in the UK next month, marking the brand's comeback after it collapsed into administration some seven years ago.

The branch will open on 11 March on Irving Street in London's Leicester Square.

Oliver said last year on the relaunch that he would "drive the menus, make sure the sourcing is right, the staff training, and ensure the look and feel of the restaurant is brought to life in the right way".

The chain's money problems had led to the closure of its UK sites in 2019, but it continued to operate 30 restaurants in 25 countries.

The comeback is made possible through a partnership with Brava Hospitality Group, which runs another Italian chain, Prezzo.

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Virgin Money customers are set to be transferred to Nationwide after a court greenlighted the deal this week.

If you bank with Virgin Money, that means you'll legally join Nationwide on 2 April, as the brands are set to be merged after Nationwide's 2024 takeover.

Nationwide has promised to make the transfer "smooth and seamless", saying it won't affect day-to-day banking:

• Virgin banking cards and PINs will continue to work;
• Account details will also stay the same;
• Virgin branches will still operate as before and stay open until at least 2030; 
• Accounts will remain branded Virgin Money or Clydesdale, though they're expected to be rebranded to Nationwide in the long term.

The bank plans to contact Virgin account holders directly to explain next steps. Customers can also find more information provided by the bank here.

Confidence in the UK economy has dropped among high-net-worth individuals after recovering slightly during the second half of last year. 

Around a quarter of people (23%) with £250,000 in investible assets (besides their primary home) say they are unconfident in the country's economy, according to the Saltus Wealth Index report. 

Just 59% said they were confident, down from 66% at the end of last year. 

But there is a stark difference in confidence levels among age groups.

Over-65s are the most pessimistic, with 61% saying they are not confident in the UK's economic situation and 15% saying they are very unconfident. 

Fewer than one in 10 (9%) say they feel confident, almost eight times fewer than people aged 25 to 44 (78%).

Political regret is a problem 

Four in 10 high-net-worth individuals voted for Labour in the last election, but only three in 10 would do so again. 

The most cited concerns in the survey of 2,000 people were: 

• Underinvestment in the NHS (55%)
• The collapse in graduate employment (53%)
• A series of tax and fiscal measures viewed as threatening wealth, including increases to Capital Gains Tax and changes to Inheritance Tax (both 50%)
• Rising government borrowing, the extension of VAT to private school fees  and cuts to the Cash ISA allowance (all 48%)
• Increases to dividend tax (46%) 

The most unpopular taxes 

The change of political support might reflect a growing frustration with recent tax policy, particularly threshold freezes. 

Almost a quarter of high-net-worth individuals said the higher rates of income tax were unreasonably high. 

16% said the same about inheritance tax.

Mike Stimpson, partner at wealth management firm Saltus, said: "Uncertainty over future tax policy continues to loom large. Whether it's income tax, inheritance tax or changes affecting businesses and employers, HNWIs are clearly worried about the direction of travel and what further measures may be introduced.

"These individuals are investors, business owners and employers, and prolonged uncertainty risks dampening investment decisions at a time when the UK needs growth. Restoring confidence will require greater clarity and stability around tax and economic policy." 

On a day when energy bills are making headlines, we thought we'd share new research on the energy habits that lead to the most household arguments.

According to a survey by Uswitch.com, leaving lights on in empty rooms is the most contentious issue with, 44% of households saying they've argued about this.

Four in 10 households argue over leaving gadgets on, and leaving the TV blaring while no one is watching, while the cost of heating and temperature of the thermostat causes arguments in 39% of homes.

When it comes to couples, the price comparison site says more than a third (36%) who live together argue over the temperature the thermostat is set to.

Around 19% have admitted to sneakily changing the thermostat while their partner is not looking, according to the survey.

Energy bills are a common source of arguments among couples, with 31% saying they argue over the amount they pay for gas and electricity.

By James Sillars, business and economics reporter

We'd had two days of little change on the FTSE 100 before today's open.

The index of leading shares in London certainly weathered Monday's storm of uncertainty that followed Donald Trump's tariff tantrum of last week.

It's up by 0.8% this morning at 10,768. That's 8% up during 2026 so far.

Leading the gainers today is HSBC, up by more than 5% (15% in the year to date after a stellar 2025).

Europe's biggest lender, which is mostly Asia-focused these days, raised a key earnings target after its annual profits exceeded expectations.

More widely, shares in Aston Martin Lagonda were 5% up.

However, that leap can't be explained by investors in James Bond's carmaker of choice accelerating away in celebration.

Shareholders are welcoming an announcement that the company is to cut 20% of its roughly 3,000-strong workforce on the back of weak demand in its core growth market of China and US trade tariff disruption.

Aston cut 170 jobs last year.

It reported pre-tax losses of nearly £364m for 2025, higher than the £289m figure in the previous 12 months.

The biggest faller on the FTSE 100 was Diageo, down by almost 6%.

The Guinness-to-Johnnie Walker drinks giant cut its outlook again while revealing a 2% fall in first half operating profits.

Diageo, now led by ex-Tesco boss Sir Dave Lewis after Debra Crew was sacked last summer, slashed its shareholder dividend and guided that "decisive" action would be taken to boost its performance, including cost-cutting.

We're moving on to other personal finance and consumer news now, but first here's a round-up of all the key things to know about the energy price cap... 

Big fall in annual energy bills

Ofgem has announced the typical annual dual fuel bill will fall to £1,641 from 1 April, down from £1,758. 

The cap is the typical sum most households pay for gas and electricity when paying by direct debit, so if you use more, you'll pay more. 

The move has been praised as a "major milestone" by the government, with policy changes made by Rachel Reeves described by Ofgem as the "main driver" for the fall. 

A breakdown of the changes

The energy price cap sets the maximum amount suppliers can charge you for each unit of energy and the daily standing charge. 

Your actual annual bill will be different depending on how much energy you use. The more gas and electricity you use, the more you pay.

Ofgem makes changes to four specific charges under the price cap - you can see these below... 

Don't fall for the 'price cap trap' 

While the reduction will be welcomed by households, it's still important to shop around, with experts saying there are several fixed deals available that are cheaper than the cap. 

Analysts have also warned the reductions aren't expected to continue, with major forecaster Cornwall Insight predicting a rise to £1,645 at the next cap decision.