The latest updates in consumer and personal finance are highlighted in the Money blog by The Mirror. Savers are facing a setback as the average savings rate has dropped to 3.35% in January, the lowest since May 2023, according to Moneyfacts data.
Tesco has introduced a new Clubcard feature allowing customers to triple the value of their vouchers at select restaurants including ASK Italian, Bella Italia, and others. Meanwhile, consumer group Which? has ranked energy suppliers, with Scottish Power at the bottom and E scoring 79%.
The recent imposition of tariffs on US imports by the President has caused turmoil globally. UK companies exporting to the US are experiencing increased costs, leading to potential job cuts. The uncertainties created by additional taxes are further impacting businesses.
In the financial sector, a decline in savings rates has been observed, with average easy access ISA rates falling to 2.69%. The reduction in rates is attributed to the Bank of England’s base rate cut, affecting various types of savings accounts.
Data analysis by Just Group reveals that a significant number of households heavily rely on the state pension for income. Around 740,000 single retirees and 500,000 two-adult households mainly depend on state pensions for financial support.
Regen Central Ltd, a travel agency offering flight and hotel packages, has gone into administration, resulting in the cancellation of all bookings. Similarly, Caldwell Construction Limited, a construction company, has collapsed, risking over 400 jobs.
The housing market has started the year on a positive note, with a record increase in average home prices reported by Rightmove. The market saw a 2.8% surge, marking the largest January jump in 25 years, indicating a strong start for the property sector.