January has come to an end, giving some relief to wallets post-payday. As we step into February, there are notable financial changes to keep track of. These include an increase in alcohol prices and a reduction in savings rates for Nationwide customers.
For self-assessment taxpayers who missed the January 31 deadline, immediate £100 fines are being issued starting today. Additionally, February will bring the usual inflation updates and interest rate announcements.
Alcohol duty is set to rise by 3.66% from February 1, corresponding to RPI inflation. This will result in price increases for various alcoholic beverages, as per the Wine and Spirit Trade Association (WSTA).
Failure to meet the self-assessment deadline will lead to a £100 fine from February 1, with penalties escalating to daily fines and interest charges for extended delays. The Bank of England is scheduled to convene on February 5 to determine the next steps regarding interest rates.
Nationwide plans to lower rates on 36 savings accounts starting February 10, citing the Bank of England’s rate cut as the reason. Sky Mobile subscribers can expect price hikes from February 14, with most facing a £1.50 monthly increase.
The latest inflation data from the Office for National Statistics is slated for release on February 18. Customers experiencing delays or issues with smart meter installations may be eligible for £40 compensation from February 23.
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