The latest updates in consumer and personal finance are highlighted in The Mirror’s new Money blog. Savings rates have taken a hit, dropping from 3.40% to 3.35% in January, the lowest since May 2023 according to Moneyfacts data.
Tesco has introduced a new Clubcard enhancement allowing customers to triple the value of their vouchers at select restaurants like ASK Italian, Bella Italia, and others. Meanwhile, Which? ranked energy suppliers, with Scottish Power at the bottom and E scoring 79%.
President Trump’s tariffs on US imports have caused global concern, affecting UK exporters. This could lead to job losses as companies face cost-cutting measures. Savers are also feeling the impact of falling rates, with the average savings rate dropping to 3.35% in January.
A significant number of households heavily rely on state pensions for retirement income, as revealed by Just Group analysis. Additionally, a travel agency and a construction company have faced financial difficulties, impacting bookings and job security.
The housing market has seen a surge in prices at the start of the year, with the average home price rising by nearly £9,900 since December. This spike is the largest January increase in 25 years, indicating a strong market performance.