The latest consumer and personal finance updates are detailed in The Mirror’s new Money blog. According to Moneyfacts data, the average savings rate dropped from 3.40% to 3.35% in January, the lowest since May 2023.
Tesco has introduced a new Clubcard feature allowing customers to triple the value of their vouchers at select restaurants like ASK Italian, Bella Italia, and more. Consumer group Which? ranked energy suppliers, with Scottish Power at the bottom and E scoring 79%.
The announcement of increased tariffs on US imports by the President has created global concerns. The move could impact UK companies exporting to the US, leading to job losses and cost-cutting measures.
Savers are facing challenges as savings rates continue to decline, with the average rate falling to 3.35%. The Bank of England’s base rate cut has affected savings rates and boosted borrowers. The average easy access ISA rate is now at 2.69%.
A significant number of households rely mainly on state pensions for retirement income, as revealed by ONS data. Around 740,000 single retirees and 500,000 two-adult households heavily depend on state pensions.
Regen Central Ltd, a travel agency, has gone bankrupt, canceling all bookings. Another construction company, Caldwell Construction Limited, has entered administration, risking over 400 jobs.
The housing market has seen a surge in prices, with the average home price increasing by nearly £9,900 to £368,031 since December. This spike is the largest January increase in 25 years for property website Rightmove.
