The latest financial updates you need to know are summarized in The Mirror’s Money blog today. According to Moneyfacts data, there is a decline in the average savings rate from 3.40% to 3.35% in January, the lowest since May 2023.
Tesco has introduced a new Clubcard feature allowing customers to triple the value of their Clubcard vouchers at select restaurants like ASK Italian, Bella Italia, and others. Meanwhile, Which? has ranked energy suppliers in the UK, with Scottish Power at the bottom and E at the top with a 79% rating.
President Trump’s recent tariffs on US imports have created global uncertainty, affecting UK companies. The fall in savings rates has impacted savers, with the average rate dropping to 3.35%. The base rate reduction by the Bank of England has also influenced ISA rates.
A report by retirement specialist Just Group reveals that a significant number of households heavily rely on state pensions for income. Regen Central Ltd, a travel agency, has gone bankrupt, canceling all bookings. UK savers are now monitoring the repercussions of President Trump’s import tariff threats.
The housing market has seen a record increase in prices, with the average home price rising by almost £9,900 to £368,031 in January. Stay updated with the latest financial news by subscribing to the Mirror Money newsletter.