The latest updates in consumer and personal finance highlights are compiled by The Mirror in the new Money blog. According to recent data from Moneyfacts, savers are facing a setback as the average savings rate dropped from 3.40% to 3.35% in January, reaching the lowest point since May 2023.
In other news, Tesco has introduced an exciting Clubcard update allowing customers to triple the value of their Clubcard vouchers at select restaurants, including ASK Italian, Bella Italia, Frankie & Benny’s, and more. Which?, a consumer group, has ranked energy suppliers in Britain, with Scottish Power ranking poorly for complaints handling, while E emerged on top with an overall score of 79%.
Economic uncertainties continue as President Trump’s imposition of new tariffs on US imports has global repercussions. UK exporters are reeling from increased costs, leading to potential job losses and financial strain. The ongoing tariff disputes add to the challenges faced by businesses already navigating a changing economic landscape.
Savers are feeling the pinch as interest rates continue to decline, with the average savings rate dropping to 3.35% in January, the lowest since May 2023. The Bank of England’s base rate reduction has benefited borrowers but put pressure on savers. Caitlyn Eastell, a personal finance analyst at Moneyfacts, predicts a shift in the savings market due to decreasing rates following market volatility in recent years.
Furthermore, data analysis by retirement specialist Just Group reveals that a significant number of households rely heavily on state pensions for retirement income. The implications of President Trump’s tariff threats on US imports are causing concern among UK savers and investors, impacting stock markets and pension funds. Additionally, a travel agency, Regen Central Ltd, has gone into liquidation, leaving holiday bookings cancelled.
In the housing market, there has been a notable surge in prices, with the average home price increasing by nearly £9,900 to £368,031 in January, marking the largest monthly price jump since June 2015. The housing market’s strong start to the year reflects a significant spike in prices, according to property website Rightmove.
For more updates and exclusive offers, subscribe to the Mirror Money newsletter to receive money-saving tips directly to your inbox.
