The latest updates on consumer and personal finance changes are compiled in The Mirror’s new Money blog. Savings rates have dipped to 3.35% in January, the lowest figure since May 2023, as per Moneyfacts data. Tesco has introduced a Clubcard update allowing customers to triple the value of their vouchers at select restaurants like ASK Italian, Bella Italia, and others.
Which? has ranked Britain’s energy suppliers, with Scottish Power at the bottom for complaints handling. On the other hand, lesser-known E scored 79% in customer satisfaction. President Trump’s new tariffs on US imports have raised concerns, affecting UK exporters and potentially leading to job cuts.
Savers are experiencing a decline in rates, with the average savings rate dropping to 3.35% in January. The Bank of England’s base rate cut has impacted rates, benefiting borrowers. The savings market is expected to see a shift this year due to market fluctuations.
Around 740,000 single retirees and 500,000 two-adult households rely mainly on the state pension for income. Regen Central Ltd, a travel agency offering European and Southeast Asian packages, has gone into liquidation. Caldwell Construction Limited, a civil engineering firm, has collapsed, risking over 400 jobs.
The housing market has seen a significant price surge, with the average home price increasing by £9,900 to £368,031 since December. This spike is the largest January increase in 25 years, signaling a strong start to the year for the property market.