January has come to an end, bringing a fresh start for many wallets with the arrival of payday. However, as we step into February, there are notable financial changes on the horizon. These include an increase in alcohol prices and reductions in savings rates for Nationwide customers.
For self-assessment taxpayers who missed the January 31 deadline, be aware that immediate £100 fines are now being issued. Additionally, February will witness the routine announcements on inflation and interest rates.
Alcohol duty will rise by 3.66% starting February 1, following RPI inflation rates. This hike will result in an increase of 11p on a bottle of Prosecco with 11% ABV, 14p on a bottle of red wine with 14.5% ABV, and 38p on a bottle of gin with 37.5% ABV, according to the Wine and Spirit Trade Association (WSTA).
Moreover, if you are a self-assessment taxpayer who missed the January 31 deadline, prepare to face a £100 fine effective February 1. Failure to file after three months will lead to daily fines of £10, up to a maximum of £900, escalating further after six months and again after twelve months. Additionally, ensure timely payment of any due taxes by January 31 to avoid accruing interest on late payments.
On February 5, the Bank of England will convene its first meeting of 2026 to determine the next steps regarding interest rates, with the current base rate standing at 3.75%. Nationwide plans to reduce rates on 36 of its savings accounts from February 10 in response to the Bank of England’s rate cut.
Sky Mobile subscribers can expect price increases from February 14, with most bills rising by £1.50 monthly. The Office for National Statistics (ONS) will release the latest inflation data on February 18, currently at 3.4% against the Bank of England’s 2% target.
Customers facing delays or failed installations of smart meters could receive £40 compensation starting February 23 for various service issues. Stay informed and join our Money WhatsApp group for exclusive news and deals or sign up for Mirror’s Money newsletter for expert advice and deals straight to your inbox.