The latest updates in consumer and personal finance are compiled by The Mirror in our fresh Money blog. According to Moneyfacts data, there has been a decline in the average savings rate from 3.40% to 3.35% in January, the lowest rate since May 2023, which is disappointing news for savers.
Tesco has introduced a new Clubcard feature allowing customers to triple the value of their vouchers at select restaurants including ASK Italian, Bella Italia, Frankie & Benny’s, and others. Meanwhile, consumer group Which? has ranked energy suppliers in the UK, with Scottish Power receiving low ratings for complaints handling, while E emerged as a top performer with an overall score of 79%.
President Trump’s recent imposition of tariffs on US imports has global implications, impacting UK companies exporting to the US and potentially leading to job losses due to increased costs. As a result, uncertainties loom over affected firms.
Savers are experiencing a squeeze with decreasing rates, as highlighted by Moneyfacts. The average savings rate has dropped to 3.35% in January, marking a decline from 3.64% over the past year, following the base rate cut by the Bank of England.
The number of households heavily reliant on the state pension for retirement income has been disclosed, with around 740,000 single retirees and 500,000 dual-adult households depending significantly on state pensions.
Regen Central Ltd, a travel agency offering flight and hotel packages, has gone bankrupt, resulting in canceled bookings for customers. Similarly, Caldwell Construction Limited, a construction firm, has entered administration, jeopardizing more than 400 jobs due to challenging trading conditions in the sector.
The housing market has seen a surge in prices with an average increase of nearly £9,900 to £368,031 since December, as reported by Rightmove, marking the largest January spike in 25 years. This upsurge indicates a positive start to the year for the property market.
