Money: latest news
26 December 2024
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Spring Budget date confirmed
The Chancellor of the Exchequer, Rachel Reeves has confirmed that the Spring forecast will take place on Wednesday 26 March. However, unlike the Autumn Budget it is unlikely to contain significant tax changes as the Chancellor said she is committed to only holding one major fiscal event a year. This is to give families and businesses stability and certainty on upcoming tax and spending changes. The Spring Budget will be accompanied by a statement to Parliament from the Chancellor.
Waspi women denied compensation
Women born in the 1950s who were financially impacted by changes to the State Pension age will not receive compensation, the government has said. Despite an Ombudsman report in May this year stating that the Department for Work and Pensions hadn’t given enough notice of the changes, and therefore those affected should be offered compensation, the Prime Minister said no payout will be made due to the “burden” this would place on taxpayers. Waspi campaigners have branded the decision “bizarre and unjust”. Find out more in our article Women hit by State Pension age changes denied compensation.
More than £360 billion sitting in low interest-paying accounts
Over £360 billion is languishing in UK current and savings accounts earning returns of 1% or less, according to research from Yorkshire Building Society. It says that there are nearly 13m current accounts held in the UK with a balance of over £5,001, with the average held in those accounts standing at £23,600. This is despite the fact you can usually earn much higher returns by moving your money into a high-interest savings account. Learn more in our article Catch high savings rates while you can!
Planning to hit the Boxing Day sales? Know your rights!
If you’re intending to snap up some bargains in the Boxing Day sales, make sure you swot up on your consumer rights first. Many retailers have already started their sales early, including Amazon and Boots, with most of us planning to buy online rather than queuing up outside stores. Buying online can give you greater protections than buying in-store due to distance selling regulations. Read more in our guide Your rights in the Boxing Day sales.
New Year’s Day benefits payments to be paid early
If you’re due a benefit payment on Wednesday, January 1, then you should receive your money a day earlier on Tuesday, December 31. If you’re due to be paid on a different day, the money should be paid into your account as normal. You won’t need to do anything different to receive your benefit payment a day earlier than the bank holiday, and the amount you’ll receive won’t change unless your personal circumstances have changed.
Bumper number of savings accounts to choose from
The number of savings accounts and ISAs on the market rose from 2,076 at the start of November to 2,117 at the start of December, according to the latest Moneyfacts UK Savings Trends Treasury Report. This is the highest count since Moneyfacts’ records began in February 2007 and compares to just 1,918 products one year ago. Within the total of 2,117, the number of savings accounts rose to 1,542 while the number of cash ISAs increased to a record high of 575. You can find all the top cash ISA rates currently available in our article Best cash ISA rates – which cash ISAs pay the most interest?
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