A certificate of deposit pays a higher interest rate than a savings account because the money is

Russian economy is ‘going to suffer a lot’ says Josep Borrell Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Chancellor of the Exchequer froze personal allowance – the amount a worker can earn before paying income tax – as part of sweeping tax freezes in 2021, as the Treasury scrambled to get ahead of the looming cost of living crisis . The freeze, due to last until 2026, is adding further woes to Britons slammed by the cost of living crisis, as the number of people paying 40 or 45 percent income tax has risen from 4.25 million to more than 6.1 million in two years. Related articles Blow for Boris as CPI data reveals UK worst off in G7 Eurozone … [Read more...] about Millions revealed to be paying higher taxes as pressure mounts on Sunak

Martin Lewis Extreme Savers: Woman opts for reusable toilet roll Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Financial educator Charlotte Jessop, from Norwich, says it’s a “tough time”, with soaring inflation and rising house prices. But the former Maths teacher has a host of tips for Britons on how to reduce their bills, calling on her own experience of living frugally. Related articles How to check if you get a £330 cash boost next month Tesco Clubcard warning as your vouchers may soon expire She managed to slash her weekly groceries bill for her family of four, from £125 to less than £80 per week. Top tips to achieve this include … [Read more...] about Mum shares easy money tips after slashing weekly food shop by £45

Would you consider committing to not paying your energy bill? A UK campaign is calling for 1million households to pledge that they will stop paying energy bills from October 1, in protest against price increases amid the cost of living crisis. The group, run by several anonymous activists, launched its Don’t Pay UK campaign in mid-June and, within a week, has already accrued over 4,000 people who have signed up to support the initiative. A non-payment campaign is when people collectively commit to not paying a bill or charge. The group claim to be inspired by the resistance to the Poll Tax and associated protests that helped bring down Margaret Thatcher’s government when 17 million people refused to pay the poll tax, known as the ‘Community Charge’ in 1990. In the end, it became impossible for the Thatcher government to successfully implement the policy. The premise In the face of the living crisis and the highest inflation in years, the Don’t Pay campaign … [Read more...] about Don’t Pay UK: The campaign calling for people to stop paying their energy bills

Millions of people will pay more tax on income this year, despite Chancellor Rishi Sunak lauding Wednesday’s increase to the National Insurance threshold as an effective “tax cut”. On July 6, the NI threshold will rise from £9,880 to £12,570, meaning 30 million people will pay less tax, while around 2.2 million will be taken out of paying NI entirely. However, people earning £50,000 or more will still pay more in NI contributions this year than in the 2021-22 tax year. Sean McCann, Chartered Financial Planner at NFU Mutual, said the increase to NI contributions will affect the “squeezed middle” who already have to contend with frozen income tax thresholds and the withdrawal of child benefit. Because of the Chancellor’s decision to keep tax thresholds frozen until 2026, workers earning £30,000 will fork out an extra £1,816 in income tax and NI over the next five years, investment platform Interactive Investor has calculated. The picture is even less rosy for … [Read more...] about Rishi Sunak’s ‘tax cut’ leaves millions paying more

The first results from the 2021 census indicate that the population of the UK is now around 67 million. It has grown slightly more slowly over the past 10 years than in the previous decade but the proportion of older people has increased at a faster pace. These figures are close to the projections made by the Office for National Statistics so come as no great surprise and yet they are startling nonetheless. Not that long ago the population was expected to decline because the birth rate was below replacement levels. But people living longer, combined with high levels of immigration, have countered that trend. The consequences have been profound on the provision of public services like health care, housing, transport and education. It has not been possible to maintain the spending needed for such a large population. With the economy feeling the chill winds of an approaching recession and elevated inflation, groups of workers are agitating for higher pay from funds that simply no … [Read more...] about More NHS spending must not be swallowed up by pay increases without improved services

Extra-long term mortgages on family homes which could be passed on from parents to their children are being considered within Government as part of plans to ease the housing crisis. The idea could see people able to buy a home with little or no expectation of completing mortgage repayments during their lifetime, instead the property and outstanding debt would be passed on to their children. Mortgages lasting 100 years have been issued in Japan but experts were sceptical about the impact the proposal would have in the UK. The idea has been floated within government as it could allow people to buy a bigger home than they otherwise might be able to afford. Recommended Over £130m handed to housing providers named and shamed by regulator The Government is already trying to increase home ownership with a package of measures including extending the right-to-buy to housing association tenants and trying to increase access to 95% mortgages for buyers … [Read more...] about Ministers consider extra-long term mortgages to tackle housing crisis

The rent has come due for America's small businesses and at a very inopportune time. Landlords were lenient about rent payments during the first two years of the pandemic. Now, many are asking for back rent, and some are raising the current rent as well. Meanwhile, most of the government aid programs that helped small businesses get through the pandemic have ended while inflation has sharply pushed up the cost of supplies, shipping, and labor. Martin Garcia, owner of gift and décor store Gramercy Gift Gallery in San Antonio, Texas, survived the first part of the pandemic in part by paying his landlord whatever rent he could each month. Then in August 2021, after the federal moratorium on evictions ended, his landlord asked for the full amount of back rent that he owed. "I needed $10,000 in 15 days," Garcia said. He took whatever loans he could find – often at high interest rates – and barely met the deadline. A strong holiday season helped him pay back his loans, but so far … [Read more...] about Small businesses are hit with back rent demands amid high inflation

We can only hope that, one day soon, Andrew Bailey will wake up and realise he is the Governor of the Bank of England . Yet based on his most recent remarks at the European Central Bank conference in Portugal this week, it’s still not clear Bailey is aware of the critical role he plays in shaping UK monetary policy. “The key thing for us is to bring inflation back down to target,” he announced to a room full of bankers. Yes, this is quite the “key”. In fact we’ve been desperate for the Bank to tackle inflation for many months now, so it’s refreshing to know this is an acknowledged priority. “That is what we will do,” Bailey pronounced in his follow up. Again, good news. How? When? Is there any plan of action, apart from the Bank’s governor talking about the UK economy as if the role he plays is a minor one, at best? If there’s any generous reading to be done of Bailey’s remarks, it was the not-so-subtle indication that the Bank is considering a 50 basis points jump in … [Read more...] about Britain is becoming Europe’s sick man again and needs stronger medicine now

It’s clear by now that the Bank of England drastically missed the boat on inflation and failed to head off the soaring prices we’ve seen this year. But the picture is now getting murkier. Economic activity is slowing. House prices have stopped rising. The FTSE 250 is down by 22 per cent so far this year. All of this has policymakers speculating that, as far as inflation is concerned, the worst is over and we now need to worry instead about recession. The Bank of England is still holding fast to its belief that double-digit inflation is a temporary phenomenon and is raising rates cautiously, with an eye on slowing growth. Government ministers are taking this as carte blanche to argue that inflation will go away soon – and even seem to think that this argument will sway trade unions intent on securing huge pay rises. There is a conspicuous silence where there should be a debate about what to do if the Bank is wrong again. The most obvious risk is that inflation is already … [Read more...] about Britain is in a far more terrible state than anyone is prepared to contemplate

The cost of living crisis is impacting millions of Brits. With energy bills and even petrol prices through the roof, a new scheme has been launched to help struggling households. It means thousands of people are set to get a £200 direct payment into their bank account in a matter of days. READ MORE: Model earns cash by doing 'nothing' - and watches her clients 'perform' instead Financial aid is being given out to households by local councils with the Household Support Fund set up to help the money crisis. Brits are also struggling with soaring food costs, rising National Insurance contributions and council tax bills. One local authority set to hand out the cash this week is in Doncaster. The council will pay residents £200 on July 8. Anyone with council tax reductions, housing benefit or claims Universal Credit can apply. Some councils will just give the cash out automatically. The government said: "The Household Support Fund will be distributed by … [Read more...] about Thousands of Brits set to receive £200 cost of living payment within days