The latest updates in consumer and personal finance are highlighted in The Mirror’s new Money blog. Savers are facing a tough time as Moneyfacts data shows a decrease in the average savings rate from 3.40% to 3.35% in January, the lowest since May 2023.
In other news, Tesco has introduced a Clubcard update allowing customers to triple the value of their Clubcard vouchers at select restaurants like ASK Italian, Bella Italia, and others. Meanwhile, consumer group Which? has ranked energy suppliers, with Scottish Power at the bottom and less known supplier E scoring better.
President Trump’s tariff announcement on US imports has caused concerns globally. UK exporters to the US are particularly affected, leading to increased costs and uncertainties for businesses. This situation could potentially result in job losses.
Savers are feeling the impact of falling rates, with the average savings rate declining over the past year. The Bank of England’s base rate cut has benefited borrowers but put pressure on savers. The savings market is expected to see a shift this year due to market volatility.
Analysis reveals a significant number of households mainly rely on the state pension for income. A travel agency, Regen Central Ltd, has gone bust, resulting in canceled bookings. Caldwell Construction Limited has collapsed, risking over 400 jobs in the construction sector.
The housing market has seen a surge in prices, with the average home price increasing in January. This jump is the largest in Rightmove’s history, indicating a strong start to the year for the property market.