In February, post-January payday, many financial adjustments are on the horizon. Expect an increase in alcohol prices and a reduction in savings rates for Nationwide customers. Self-assessment taxpayers missing the January 31 deadline face immediate £100 fines. Additionally, inflation and interest rate announcements are forthcoming.
Alcohol duty will rise by 3.66% from February 1, following RPI inflation. This means added costs of 11p on Prosecco, 14p on red wine, and 38p on gin per bottle. Late self-assessment tax filers will incur fines starting at £100 on February 1, increasing to £10 per day up to £900 after three months. The Bank of England will convene on February 5 to discuss interest rates, currently at 3.75%.
Starting February 10, Nationwide will decrease rates on 36 savings accounts in response to the Bank of England’s base rate adjustment. Sky Mobile will raise prices on February 14, with most bills increasing by £1.50 monthly. Inflation data will be released on February 18, currently at 3.4%. Customers facing smart meter delays could receive £40 compensation from February 23 for specific installation issues.
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