BUSINESS

That’s a shame because but we’re not going to get one this year, the Bank of England has just put paid to that. Today’s decision to hike base rates for the 10th time in a row to four percent did not come as a surprise. Yet the consequences are shocking in a number of ways.

The opinion was seemingly shared by Colin Dyer, financial planning expert at abrdn, who said Britons need to “take matter into their own hands” when it comes to their finances amid the backdrop of the Bank’s decision. He said: “People need to consider strategic ways to make their money grow in real terms. For example, savers

Alastair Douglas, CEO of TotallyMoney said: “If you’re one of the 750,000 homeowners at risk of defaulting on your mortgage in the next two years you must contact your lender as soon as possible. “The Financial Conduct Authority recently instructed firms to support borrowers with measures which included allowing customers to make lower repayments, switch

Unmarried partners, including those who are living together, have no rights. The only thing they can claim is their share of any assets held in joint names. Unless their name is on the title deed, they cannot even claim a share of the property they have been living in. Six million now cohabit and many

Almost one in 10 cases see scammers receiving money to book travel to be with their ‘partners,’ – for trips they will never make.  As a result, TSB is warning people to stay vigilant, especially when they are online. These ‘relationships’ can often spring up through social media or dating websites or apps, so staying

A leading expert has warned that we may now have passed “peak savings rate”, and returns on cash deposits are more likely to fall rather than rise. Those who have been putting off locking into a best buy fixed-rate bond in the hope of getting a higher rate in the weeks ahead should reconsider their

Another, username SpocksBeard, said: “As we all do different jobs it is hard to say. Office workers can carry on longer than engineering and construction workers. 65 seems fair.” And username JL77 added: “No later than 65.” However, other readers thought differently, with username BROX77 writing: “If you work in a heavy industry you should

Placing fourth is Shawbrook Bank’s Easy Access Account (Issue 32) with an AER of 2.92 percent. A minimum deposit of £1,000 is required to open the account and up to £85,000 can be invested. Interest is calculated daily and paid on the anniversary of the first deposit either monthly or annually. However, interest will drop

Pensioners are being hit with a double whammy of soaring inflation and energy bills which is placing a great strain on them financially. With many older people reliant on their state pension, the return of the triple lock will be welcome for thousands of households. Retirees will be looking to see how much they make

“However, 60 percent of the remainder of the population have no plans in place at all. “This is concerning, given this backdrop.” Fortunately, Britons do not have to remain powerless about the situation and can take active steps to reduce their potential liability. One way by which to do so, Mr Stimpson highlighted, is by

The building society has confirmed it is launching a brand new two-year fixed rate ISA which pays a competitive interest rate of 3.90 percent. This new tax-free savings account from Coventry Building Society can be opened by customers for as little as £1. Up to £20,000 annually can be deposited into this ISA by savers,

Shadow Culture Secretary Lucy Powell has said an incoming Labour Government could reform the TV licence fee so that wealthier households pay more. But do you think it should be means-tested? Vote in our poll. Ms Powell said Labour is “very firm” in its commitment to having a “universally funded, publicly owned model” in the

While rising interest rates are bad news for those with mortgages or loans, it could be good news for people looking to build a savings pot. Britons looking to get the most from their savings should shop around and do their research as it’s possible to get up to seven percent interest. Other regular savings accounts

Before Christmas, it was still possible to get savings rates of up to five percent, by locking into a fixed rate bond. Yet even though the Bank of England hiked base rates for the ninth time in a row in December, from three percent to 3.5 percent, banks and building societies have started pulling their

From April 2023 onwards, Britons will secure their biggest ever rise to the state pension in line with the September 2022 inflation figure. This is due to the return of the triple lock, after its temporary suspension this year. However, it is important to note the state pension does not provide a flat-rate increase for all in

The UK economy will have the worst performance of all the advanced nations this year as the cost of living crisis hits households hard. The warning has come from the International Monetary Foundation (IMF) as Britain looks set to suffer more than most from soaring inflation and higher interest rates. In its latest World Economic Outlook update,

The bank has increased the rate on its Savings Pots to 2.52 percent while the interest rate for its Monthly Saver has gone up to five percent, fixed for 12 months. From next month, customers switching to a TSB account will also receive up to £200. Customers who open a TSB Spend & Save Plus

Secretary of State for Work and Pensions, Mel Stride said: “A hallmark of a compassionate society is giving those on low incomes the tools to progress and earn more. “It is important that we continue to deliver targeted support so that those in work have access to the expertise and guidance of our dedicated work

Bill told me: “I get £326 a month and by the time I’ve paid the rent, bills, transport – if I’ve got the money to get a bus – I’ve got nothing left. “I had a good career, worked since I left school. I feel betrayed by my own country.” He’s not the only person

According to Ms Williams, this latest savings offering from the building society is “market-leading”. Ms Williams added: “Savers still looking to use their tax-free ISA allowance and who wish to balance earning a competitive rate of return with maintaining some access to their savings pot may be tempted by the newly launched 120 Day Notice