January has come to a close, and many are now enjoying the fresh start that comes with a new paycheck. However, as we move into February, there are several financial adjustments to keep in mind.
One notable change is the increase in alcohol prices, with alcohol duty rising by 3.66% starting on February 1. This adjustment, in line with RPI inflation, will result in additional costs for consumers. For example, a bottle of Prosecco with 11% alcohol by volume (ABV) will see an increase of 11p, while a bottle of red wine with 14.5% ABV will rise by 14p, and a bottle of gin with 37.5% ABV will go up by 38p.
For self-assessment taxpayers who missed the January 31 deadline, be aware that £100 fines are now being issued starting today. Failure to file taxes can lead to escalating penalties, with fines of £10 per day up to a maximum of £900 if returns are not submitted within three months.
Additionally, Nationwide customers will experience a reduction in savings rates on 36 accounts from February 10. This adjustment is a response to the Bank of England’s base rate cut to 3.75%. Various savings products, including easy-access accounts, ISAs, and children’s savings accounts, will be affected.
In the tech sector, Sky Mobile is set to raise prices from February 14. Most customers will see an increase of £1.50 per month, equivalent to an annual rise of £18, although individual bill adjustments may vary.
Looking ahead, the Bank of England will convene on February 5 to discuss interest rates, which currently stand at 3.75%. The outcome of this meeting will impact borrowing costs and savings interest rates for consumers.
Moreover, the latest inflation data from the Office for National Statistics (ONS) will be released on February 18. Inflation, currently at 3.4%, exceeds the Bank of England’s target of 2%, reflecting changes in pricing over time.
Lastly, customers experiencing delays or failed installations of smart meters may be eligible for £40 compensation starting February 23. Compensation applies if installation appointments are delayed beyond six weeks, appointments fail due to supplier issues, or if resolution plans are not provided promptly for reported problems.
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