Mortgages: UK lenders continue to raise rates and pull deals
Record 19% of all loans taken out by first-time buyers in March were for 35 years or longer Business live – latest updates Mortgage market misery has stepped up for homebuyers as lenders continue to increase borrowing rates and pull deals, prompting record numbers to take out loans of more than 35 years in an […]
Inflation calculator: find out how much UK household price rises affect you
This online tool will help you discover what is contributing to your household’s cost of living increases Inflation has been soaring in the UK, with people being hit by higher prices for everyday essentials. The latest inflation rate for the 12 months to April 2023 means that goods and services cost more than 8.7% more […]
Private renters ‘almost twice as likely to struggle with debt as UK general population’
Charity says stronger protections are needed or people will be left vulnerable to ‘hair-trigger evictions’ Private renters are almost twice as likely to be struggling with problem levels of debt as the general population, with a sharp rise in the numbers in serious financial difficulty since January, research shows. The figures come against a backdrop […]
Lambeth council tenants ‘in precarious position’ after 350% service charge rise
Price hikes of up to £300 a month for communal heating and hot water driven by rapid increase in energy costs UK households with communal heating facing 350% rise in energy costs Peter Shapcott is sitting in his council flat in Brixton, south London. As he examines the bills that have come out of his […]
Little progress made on energy efficiency in UK homes, report finds
National Infrastructure Commission accuses ministers of ‘prevarication’ over installation of heat pumps Ministers have made negligible progress in improving the energy efficiency of the UK’s homes even as Russia’s invasion of Ukraine has underscored the need to cut the reliance on gas for home heating, according to the National Infrastructure Commission (NIC). The independent infrastructure […]
UK households ‘spent 12% more on essentials in February than year earlier’
Almost four in 10 people have to use credit cards to cover such costs, says Nationwide Inflation and rising bills mean UK households are spending 12% more on essentials than they were a year ago, with almost four in 10 people having to use credit cards to cover these costs, new data shows. Two days […]
Jeremy Hunt’s ‘stealth’ income tax rise: here’s how it will affect you
Millions of people in England, Wales and Northern Ireland face paying basic or higher-rate tax for first time. We look at how much it will cost and what you can do The government’s decision to freeze income tax thresholds means nearly 3 million low- and middle-income people in England, Wales and Northern Ireland will have […]
UK shoppers slash spending as price rises and energy bills bite
February figures from BRC highlight impact of cost of living crisis on British economy before budget UK consumers sharply cut back their spending in February as soaring living costs damaged household finances, retailers have warned, despite strong sales of jewellery and fragrances for Valentine’s Day. Highlighting the impact of the cost of living crisis on […]
Women in UK ‘more likely than men to be on low pay and struggling’
Half a million more women than men are paid below real living wage and 13% are on zero-hours contracts Half a million more working women are paid below the real living wage than their male counterparts, according to data from the Living Wage Foundation. It says women have been harder hit by the cost of […]
Energy crisis stemming from Ukraine war ‘cost £1k for every UK adult’
Conflict came on top of our over-reliance on gas, says Energy and Climate Intelligence Unit The UK’s over-reliance on gas has been blamed for pushing up bills as it emerged that the energy crisis stemming from the war in Ukraine had cost the equivalent of £1,000 for every adult. A study by the Energy and […]
Quarter of UK households regularly run out of money for essentials, survey says
Charities find nearly 40% of people end the month with no money, and 67% say UK government not doing enough about crisis One in four households regularly run out of money for essentials and voters do not believe the government is doing enough to help, a group of charities have said. Nearly 40% of people […]
UK shoppers rein in spending despite sales as cost of living crisis takes toll
British Retail Consortium says sales growth slowed in January amid soaring costs for energy and food British consumers sharply cut their spending in January as the cost of living crisis damaged household finances, retailers have warned, amid growing concern over the impact of high inflation on the economy. The British Retail Consortium (BRC) said sales […]
Retirement boom among UK’s older workers creates economic headache
Wyre Forest in the West Midlands has seen a huge jump in the ‘economically inactive’, many of them affluent older people, but the dearth of workers is a real problem for employers “I always laughed at people who said they’d never been so busy since they retired,” says David Richards, mopping his brow as he […]
UK borrowers may struggle to repay debt as economy worsens, says Santander
Bank puts aside more money to protect itself from potential defaults in expected recession The impending recession could leave borrowers struggling to repay their debts, the high street bank Santander UK has said as it put aside more cash to protect itself from potential defaults. The UK arm of the Spanish bank said on Thursday […]
The UK may avoid a recession for now but it won’t feel like it for many
Jeremy Hunt is not getting carried away by November growth, and monthly GDP moves can be erratic UK economy grew by only 0.1% in November Business live updates: UK may avoid 2022 recession In normal circumstances the fact that the UK economy eked out a bit of growth in November would be of little relevance, […]
UK economy grew by only 0.1% in November
Figure comes as people began Christmas shopping, while World Cup gave pubs and bars a boost UK may avoid recession but it won’t feel like it for many Business live updates: UK may avoid 2022 recession The UK economy unexpectedly grew by 0.1% in November as consumers headed to the shops in the run-up to […]
Mortgage payers face squeeze in 2023 after UK interest rate rises
Wealthy people who own home outright will avoid higher costs and benefit from better return on savings Homeowners with mortgages will be among the biggest losers from the cost of living crisis in 2023 due to interest rate rises, while the wealthiest UK households will benefit from better returns on savings and investments, according to […]
Average UK house price falls for fourth month in a row, says Halifax
Figure of £281,272 comes as property values drop by 1.5% in December, after 2.4% decline in November The average UK house price fell for the fourth month in a row in December, according to Halifax, with experts expecting a further slowdown amid a long recession. Property values decreased by 1.5% in December, the lender’s monthly […]