Personal Finance - UK
- UK inflation falls as meat and crumpet prices drop
cross-posted from: https://feddit.uk/post/10682339
> > The cost of some items including meat, crumpets, chocolate biscuits, furniture and household items fell. However, petrol and diesel prices rose. > > > > Lower inflation does not mean prices overall are coming down, they are just rising less quickly.
- UK households to be £1,900 poorer by end of this parliament, say economistswww.theguardian.com UK households to be £1,900 poorer by end of this parliament, say economists
Warning comes after Resolution Foundation finds autumn statement favours richest 20% of earners
> British households are on course to be worse off at the end of a parliamentary term for the first time in modern history, leading economists have warned, after Jeremy Hunt’s £20bn autumn statement tax cuts favoured the richest 20% of earners. > > A day after the chancellor’s speech, the Resolution Foundation thinktank said sluggish economic growth, persistent inflation and higher taxes meant the average household would be £1,900 poorer by January 2025 than they were in December 2019. > > ... > > The Institute for Fiscal Studies said the chancellor had “almost one-for-one” paid for tax cuts by slashing spending on public services, after refusing to top up funding to protect against rising inflation. > > Paul Johnson, the IFS director, said Hunt’s plans to were likely to inflict more “pain” than the austerity drive undertaken by George Osborne in the 2010s. > > “George Osborne managed to get the size of the state back down after the financial crisis. That was painful. Doing it again will be more painful still,” he said. “Mr Osborne made his cuts after a decade of big spending increases. Mr Hunt, or his successor, will have no such luxury.” > > The Resolution Foundation said the top fifth of households in Britain would gain most from Hunt’s tax cuts. It said they would benefit by £1,000 on average, five times the gains of the bottom 20%, who would be only £200 better off from measures that include a 2p cut in national insurance.
- Interest rates held at highest level for 15 yearswww.bbc.co.uk Bank holds interest rates and warns it's too early to cut
The UK is expected to see zero growth until 2025, but the Bank says it's too early to cut interest rates.
- Animal refuges in Britain are ‘full to bursting’ as owners give up pets in cash crisiswww.theguardian.com Animal refuges in Britain are ‘full to bursting’ as owners give up pets in cash crisis
With food, energy and vet bills soaring, sanctuaries face huge demand for space and fewer offers of new homes
- UK interest rate freeze ends run of 14 straight increaseswww.bbc.co.uk UK interest rate freeze ends run of 14 straight increases
The surprise decision comes as the Bank of England says price rises are slowing faster than expected.
- Reminder: Check your pensions every now and again. Especially if you're with Scottish Widows/Lloyds.
Because it turns out SW/Lloyds replaced their computer system last July, and since then none of my pension payments have been going into my account.
Our accountant has had to chase them up since somebody noticed at the start of the year. And only now have they admitted it, and making noises about fixing it.
- UK grocery price inflation slows but shoppers worried by soaring billswww.theguardian.com UK grocery price inflation slows but shoppers worried by soaring bills
Aldi and Lidl enjoy sales increase and own-label ranges thrive as consumers seek out bargains
- Call connection services: A 39-minute phone call to cost me £119www.bbc.co.uk Call connection services: 'A 39-minute phone call cost me £119'
Three customers were charged more than £100 for unknowingly using a call connection service.
- ‘They were earning £10,000 more than me!’ What happens when colleagues come clean about paywww.theguardian.com ‘They were earning £10,000 more than me!’ What happens when colleagues come clean about pay
Most employees don’t like to talk about how much they earn. Many are simply afraid to. But breaking that taboo can transform life – especially for women and people of colour
- Ofgem energy price cap predicted to fall to £1,823 a yearwww.theguardian.com Ofgem energy price cap predicted to fall to £1,823 a year
Bills likely to rise again from January and consumer groups say energy costs remain ‘dangerously high’
- UK rents rise at highest rates since 2016www.bbc.co.uk UK rents rise at highest rates since 2016
Prices paid by UK renters rose by 5.3% on average in the year to July - the highest level seen since 2016.
- BBC News - UK wages grow at record ratewww.bbc.co.uk Wage surge raises prospect of further interest rate hike
Regular pay grew at 7.8% but the data has increased the possibility of another interest rate rise.
- Great car insurance con: Premiums soar to record high as prices hiked 50% in a yearwww.independent.co.uk Great car insurance con: Premiums soar to record high as prices hiked 50% in a year
Exclusive: The average premium rose by 48 per cent in the 12 months to June 2023
- Halifax joins rivals in cutting mortgage rateswww.bbc.co.uk Halifax joins rivals in cutting mortgage rates
The UK's biggest mortgage lender will sharply reduce rates as the market shows signs of slowing.
- Martin Lewis energy tariff fix 'rule of thumb' as several firms offer new deals
> the team at MoneySavingExpert.com (MSE.com) has reported that several energy firms are now offering existing customers fixed-tariff deals which could give households a bit of financial stability over the next 12-months. Octopus, Sainsbury's Energy, E.on Next, Shell Energy and British Gas are offering deals that are just below, or on, the level of the current price cap (£2,074) - something MSE.com said “could be worth considering”. > > But it also reminded people of its founder, Martin Lewis' ‘rule of thumb’ over whether you should switch to a fixed-energy tariff. > > For the current fixed-tariff deals available to view on MSE.com, the consumer champion said: “Based on current predictions, if any firm offers a fix for under the July Price Cap, that looks a decent deal. If it's the same or a little more, it may still be worth considering for the sake of price certainty.
- Real wages to grow in London but fall in West Midlandswww.bbc.co.uk Spending power to surge in London but plunge in other regions
The West Midlands, the South East and the East of England will be hit hardest by inflation, warns think tank.