In February, changes in finances are on the horizon following the fresh start of payday post-January.
Key money updates to note include an increase in alcohol prices and a reduction in savings rates for Nationwide customers. Self-assessment taxpayers missing the January 31 deadline will face immediate £100 fines starting today.
February will bring announcements on inflation and interest rates, with the first Bank of England meeting of the year scheduled for February 5 to determine the next steps for interest rates currently set at 3.75%.
Alcohol duty will rise by 3.66% from February 1, impacting prices of various alcoholic beverages. Self-assessment taxpayers not filing by the deadline will face escalating fines up to a maximum of £900 if delays persist.
Nationwide will lower rates on 36 savings accounts from February 10 due to the Bank of England’s base rate adjustment. Sky Mobile will increase prices from February 14, with most customers seeing a monthly bill hike of £1.50.
The latest inflation data from the Office for National Statistics (ONS) is set for release on February 18, with the current inflation rate at 3.4%, exceeding the Bank of England’s target of 2%.
From February 23, smart meter customers experiencing delays or failed installations may receive £40 compensation for specific issues.