The latest consumer and personal finance updates are gathered in The Mirror’s new Money blog. Savers are facing a setback as the average savings rate dropped from 3.40% to 3.35% in January, the lowest since May 2023, according to Moneyfacts data.
In other news, Tesco has introduced a new Clubcard feature allowing customers to triple the value of their Clubcard vouchers at select restaurants like ASK Italian, Bella Italia, and more.
Which?, a consumer group, has ranked energy suppliers in the UK, with Scottish Power receiving poor ratings for complaints handling. On the opposite spectrum, lesser-known supplier E scored well with an overall rating of 79%.
The announcement of increased tariffs on US imports by the President has created global uncertainty. This move could lead to additional costs for UK companies exporting to the US, potentially resulting in job cuts.
Savers are experiencing declining rates, with the average easy access ISA rate hitting 2.69% this month. Caitlyn Eastell from Moneyfacts anticipates a shift in the savings market due to decreased rates following market volatility.
Furthermore, data from the Office for National Statistics shows that a significant number of households rely mainly on state pensions for retirement income.
Regen Central Ltd, a travel agency, has gone into liquidation, leaving all bookings canceled. Similarly, Caldwell Construction Limited has collapsed, risking over 400 jobs.
On a positive note, the housing market has seen a surge in prices with the average home value increasing by nearly £9,900 to £368,031 since December, marking the largest January spike in 25 years according to Rightmove.
Amid these financial shifts, the FTSE 100 experienced a decline following President Trump’s tariff threats, impacting stock markets and pension funds. It’s essential for individuals with stock market exposure to monitor the situation closely.