The Know Daily - Wednesday 23 April 2025

_{Read in 4m 43s ∙ Listening to Laufey ∙}

A bookshop owner in Herefordshire is launching an initiative to give every child in the county an opportunity to own a book and fall in love with reading. The Herefordshire Reading Trust will hold pop-up events in nurseries, schools, and colleges, offering books for free or at a low cost 📚

💰 Lifetime ISAs

A popular savings tool for first-time buyers might be getting an update.

What is a Lifetime ISA?
Lifetime ISAs (or LISAs) are government-backed savings accounts designed to help people aged 18 to 39 save for their first home (worth up to £450k) or retirement (withdraw the money after 60). You can put in up to £4k within a tax year running April 6 to April 5 the following year, and the government adds a 25% bonus — so up to £1k annually, free. You can open a LISA as a cash account (like a regular savings account) or as a stocks and shares account if you’re investing. 

What’s changing?
The rules themselves haven’t changed yet — but they’re under review. MPs on the Treasury Committee have called for reforms to make LISAs more relevant in 2025. The main concern is the £450k property price cap. It hasn’t moved since LISAs launched in 2017, despite increases in house prices, especially in London and the South East. 

There’s also criticism of the withdrawal penalty: if you take money out early (and not for a first home), you’ll lose the government bonus and a chunk of your own savings. Campaigners say this affects people who may need access to their money unexpectedly. Plus, there are calls for the age restriction to be lifted as people in later life may be making the shift from renting to purchasing a home, or focusing on their retirement years.

Anything else I should know?
Over 1.5m people have opened LISAs since they launched. They’ve helped lots of first-time buyers boost their deposits — but if you’re saving for a home, it’s worth checking whether your target property fits within the current cap. What’s more, assess your options to see if a pension plan may work better than a LISA if saving for retirement is your primary goal. 

Interested in opening a Lifetime ISA now that we’re in a new tax year? Compare your options with this helpful resource.

🖥️ AI manners: Skipping the niceties when using ChatGPT could be more cost-efficient and environmentally friendly.

• The bigger story: OpenAI’s electricity bill is “millions of dollars” higher due to people saying please and thank you to ChatGPT, according to CEO Sam Altman. While Altman says it's “money well spent”, critics have said the habit raises energy consumption. It already takes 10 times more energy to ask ChatGPT a question or send a comment than a standard Google search.

🚘 Learner drivers: The UK government has announced plans to roll out an extra 10k driving tests a month, in an effort to tackle the backlog.

🥼 Infection protection: Scientists have discovered a new phase of immune system response, which could help people with chronic infections and cancer.

🎥 Oscars voters: The Academy Awards are implementing some surprising new rules around voting and AI – plus adding a new category.

🛰️ Space style: Fancy designing a clothing patch to be used on a space mission? Here’s how kids can get involved…

📱 Content creators: The world’s first dedicated training programme for travel influencers has launched in Dubai.

🍟 Takeaway faves: Check out this map of the UK’s best fish and chip shops – can you spot your local chippy?

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Trivia answer: A) Unsurprisingly, it’s phones. What is surprising is the most unique forgotten items – like a Viking drinking horn.

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