The latest updates in consumer and personal finance are highlighted in The Mirror’s new Money blog. A recent report by Moneyfacts indicates a drop in the average savings rate 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 others. Additionally, consumer group Which? has 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 caused concerns globally. Despite some concessions secured by Labour PM Keir Starmer, UK companies exporting to the US are facing challenges due to additional costs, leading to potential job losses.
Savers are experiencing a decline in rates, with the average savings rate falling to 3.35% in January from 3.40%. The Bank of England’s base rate cut has benefited borrowers but impacted savers. Caitlyn Eastell from Moneyfacts predicts a shift in the savings market this year.
A significant number of retirees heavily rely on state pensions, as highlighted by data from the Office for National Statistics. Meanwhile, a travel agency, Regen Central Ltd, has gone into administration, affecting bookings and customers.
The construction industry faces turmoil as Caldwell Construction Limited has collapsed, jeopardizing over 400 jobs. On a positive note, the housing market has seen a surge in prices, with the average home price rising by nearly £9,900 since December.