MAJOR mortgage lenders pulled fixed deals as the pound fell to its lowest since 1971 – with interest rates predicted to rise even FURTHER.
Major high street banks and building societies, including Halifax, Virgin Money and Skipton Building Society have pulled fixed deals for new customers after Sterling hit a record low against the dollar on Monday.
The value of the pound fell by more than 4% to just $1.03 in early trading in Asia, before recovering to $1.06 on Monday afternoon.
It forced the Bank of England to say it "won't hesitate to change interest rates" with analysts saying the institution could raise the rate to 0.75-1%, – the highest in decades – and could peak at 6% next year.
Read our cost of living blog below for the latest updates….
- Henry Moore
How will the plummeting pound affect your savings?
The pound hit its lowest point ever this week, but what does that mean for your savings?
Simply put, the weaker the pound, the more you might find your spending money doesn’t stretch as far.
Romi Savova, chief executive of retirement platform PensionBee and part of The Sun’s Squeeze Team, said: “With the pound’s current economic position, those who are currently withdrawing from their pension may see reduced purchasing power.”
However, it is important to note that saving is a marathon, not a sprint, while the pound might be low now, it could shoot up in the future.
Click here to read more.
- Henry Moore
30 ways to save cash during the cost of living crisis
Every little change can help when bills are rising the way they are.
Here is a list of ways Brits have been saving money during the cost of living crisis.
- Turn the heating down
- Making sure lights are always turned off
- Buy own brand products at the supermarket
- Take lunch into work
- Turn off all electrics when not using/out of the home
- Wear a jumper instead of turning on the heating
- Save leftovers for another meal
- Using discount vouchers
- Use a clothesline instead of a tumble dryer
- Collect coupons and money off vouchers
- Buy second class stamps instead of first
- Buy eco-friendly/energy saving bulbs
- Cut down going out
- Shop in budget supermarkets
- Wait for the sales when making purchases
- Buy food and toiletries in bulk
- Turning off all the plugs before leaving the house
- Haggle my home/car insurance
- Price compare at different grocery stores
- Borrow books from your library
- Shop at second hand/charity stores
- Using public transport instead of taxis
- Cut your own hair
- Spend your weekend taking part in free activities
- Go to supermarkets in the evening for yellow sticker deals
- Grow your own vegetables and herbs
- Drink water when eating in restaurants
- Using an older or hand-me-down phone rather than buying the newest model
- Reduce your television/internet packages to the bare minimum
- Selling anything you possibly can on an online marketplace
- Henry Moore
Rising interest rates could be ‘disastrous’ for Brits, expert claims
If interest rates reach 6%, which many have predicted they will, Brits with mortgages could see prices increase by £7,300 A YEAR.
Karen Noye, mortgage expert of Quilter, said: “Rates of 6% could prove disastrous for the property market as people simply won’t be able to afford their mortgage payments if they have overstretched themselves.
“This could cause a wave of properties come to market just when demand is drying up.
“House prices will naturally come down if this happens.”
Click here to read more.
- Henry Moore
Morrisons slashes prices in a bid to help struggling Brits
Supermarket chain Morrisons has unveiled a slew of price cuts, as it looks to aid Brits during the cost of living crisis.
David Potts, chief executive, Morrisons said: “The cost of living crisis continues to place an enormous financial burden on our customers and we want to play our part in helping them when it comes to the cost of grocery shopping.
“These price cuts are on the products they buy day in and day out and will have a noticeable impact on their budgets and demonstrate our commitment to offering the best possible value.”
Click here to read more.
- Henry Moore
Remember to keep your devices unplugged
Brits can make big savings simply by unplugging their unused appliances, according to British Gas engineer Joanna Flowers.
Joanna said: “You can save around £55 a year just by remembering to unplug them.”
On top of this, the Sun reports you could save £23.10 a year if you switched off your set-top box at the wall when it’s not in use.
Click here to read more.
- Henry Moore
Be sure to turn off ‘vampire appliances’
So-called “vampire appliances” drain energy when left on standby or when used inefficiently – such as a TV and extra fridges.
Desktop computers and electric towel rails are among some of the worst offenders – they could be adding up to £500 onto your yearly costs.
Turn them off correctly – by switching them off at the plug and NOT via the standby button – to avoid a big bill sting.
- Henry Moore
Recap: What you need to know about last week’s ‘mini budget’
Last week, the Chancellor announced some serious changes to the British economy.
Aside from a u-turn on the government’s planned National Insurance increase, an Income Tax reduction was also confirmed.
Here are the other changes you need to know about:
- Beer price rise cancelled
- Stamp duty cut for home movers and first-time buyers
- Boost for self employed as complex tax rules axed
- Low-tax investment zones for business
- Corporation tax hike scrapped
- Bankers bonus ditched
Cost to fill up your car could skyrocket if the pound continues to plummet
The cost of filling up your car could see an extra £3 increase per tank if the pound reaches parity with the dollar.
According to AA, the exchange rate is crucial when fuel prices are calculated.
Luke Bosdet, the AA’s fuel price spokesman previously told The Sun how: “The influence of the exchange rate is often overlooked when drivers compare oil price movements with those at the pump.”
The pound reached its lowest point in history this week, as the market panics following the Chancellor’s “mini budget” announcement last Friday.
Click here for more details.
Are air fryers more energy efficient than ovens?
You will have seen air fryers all over the internet by now, they have taken the culinary world by storm.
The small appliances aren’t actually fryers, but they have been heralded for not pre-heating and switching themselves off.
A typical air fryer uses 1500W of energy per hour.
They typically can hold up to six portions of food.
The Express held a comparison between the two and found that for the same meal it cost:
- The air fryer cost 20p to use for 15 minutes
- An oven costs 42p to use for 41 minutes (11 minutes heating up, 30 minutes to cook)
- Henry Moore
Banks pull mortgage offers as the pound plummets
Halifax, Virgin Money and Skipton Building Society have pulled fixed deals for new customers, following the pound plummeting to its lowest point in history yesterday.
This drop led the Bank of England to say it “won’t hesitate to change interest rates”.
Now, banks and building societies are pulling fixed-rate mortgages for Brits looking to buy houses.
Click here for more information.
- Henry Moore
How will the plummeting pound affect your savings?
The pound hit its lowest point ever this week, but what does that mean for your savings?
Simply put, the weaker the pound, the more you might find your spending money doesn't stretch as far.
Romi Savova, chief executive of retirement platform PensionBee and part of The Sun's Squeeze Team, said: "With the pound's current economic position, those who are currently withdrawing from their pension may see reduced purchasing power."
However, it is important to note that saving is a marathon, not a sprint, while the pound might be low now, it could shoot up in the future.
Click here to read more.
- Henry Moore
30 ways to save cash during the cost of living crisis
Every little change can help when bills are rising the way they are.
Here is a list of ways Brits have been saving money during the cost of living crisis.
- Turn the heating down
- Making sure lights are always turned off
- Buy own brand products at the supermarket
- Take lunch into work
- Turn off all electrics when not using/out of the home
- Wear a jumper instead of turning on the heating
- Save leftovers for another meal
- Using discount vouchers
- Use a clothesline instead of a tumble dryer
- Collect coupons and money off vouchers
- Buy second class stamps instead of first
- Buy eco-friendly/energy saving bulbs
- Cut down going out
- Shop in budget supermarkets
- Wait for the sales when making purchases
- Buy food and toiletries in bulk
- Turning off all the plugs before leaving the house
- Haggle my home/car insurance
- Price compare at different grocery stores
- Borrow books from your library
- Shop at second hand/charity stores
- Using public transport instead of taxis
- Cut your own hair
- Spend your weekend taking part in free activities
- Go to supermarkets in the evening for yellow sticker deals
- Grow your own vegetables and herbs
- Drink water when eating in restaurants
- Using an older or hand-me-down phone rather than buying the newest model
- Reduce your television/internet packages to the bare minimum
- Selling anything you possibly can on an online marketplace
- Henry Moore
Rising interest rates could be 'disastrous' for Brits, expert claims
If interest rates reach 6%, which many have predicted they will, Brits with mortgages could see prices increase by £7,300 A YEAR.
Karen Noye, mortgage expert of Quilter, said: "Rates of 6% could prove disastrous for the property market as people simply won’t be able to afford their mortgage payments if they have overstretched themselves.
"This could cause a wave of properties come to market just when demand is drying up.
"House prices will naturally come down if this happens."
Click here to read more.
- Henry Moore
Morrisons slashes prices in a bid to help struggling Brits
Supermarket chain Morrisons has unveiled a slew of price cuts, as it looks to aid Brits during the cost of living crisis.
David Potts, chief executive, Morrisons said: “The cost of living crisis continues to place an enormous financial burden on our customers and we want to play our part in helping them when it comes to the cost of grocery shopping.
“These price cuts are on the products they buy day in and day out and will have a noticeable impact on their budgets and demonstrate our commitment to offering the best possible value.”
Click here to read more.
- Henry Moore
Remember to keep your devices unplugged
Brits can make big savings simply by unplugging their unused appliances, according to British Gas engineer, Joanna Flowers.
Joanna said: "You can save around £55 a year just by remembering to unplug them."
On top of this, the Sun reports you could save £23.10 a year if you switched off your set-top box at the wall when it's not in use.
Click here to read more.
- Henry Moore
Be sure to turn off ‘vampire appliances’
So-called “vampire appliances” drain energy when left on standby or when used inefficiently – such as a TV and extra fridges.
Desktop computers and electric towel rails are among some of the worst offenders – they could be adding up to £500 onto your yearly costs.
Turn them off correctly – by switching them off at the plug and NOT via the standby button – to avoid a big bill sting.
- Henry Moore
Recap: What you need to know about last week's 'mini budget'
Last week, the Chancellor announced some serious changes to the British economy.
Aside from a u-turn on the government's planned National Insurance increase, an Income Tax reduction was also confirmed.
Here are the other changes you need to know about:
- Beer price rise cancelled
- Stamp duty cut for home movers and first-time buyers
- Boost for self employed as complex tax rules axed
- Low-tax investment zones for business
- Corporation tax hike scrapped
- Bankers bonus ditched
Cost to fill up your car could skyrocket if the pound continues to plummet
The cost of filling up your car could see an extra £3 increase per tank if the pound reaches parity with the dollar.
According to AA, the exchange rate is crucial when fuel prices are calculated.
Luke Bosdet, the AA’s fuel price spokesman previously told The Sun how: "The influence of the exchange rate is often overlooked when drivers compare oil price movements with those at the pump."
The pound reached its lowest point in history this week, as the market panics following the Chancellor's "mini budget" announcement last Friday.
Click here for more details.
Are air fryers more energy efficient than ovens?
You will have seen air fryers all over the internet by now, they have taken the culinary world by storm.
The small appliances aren’t actually fryers, but they have been heralded for not pre-heating and switching themselves off.
A typical air fryer uses 1500W of energy per hour.
They typically can hold up to six portions of food.
The Express held a comparison between the two and found that for the same meal it cost:
- The air fryer cost 20p to use for 15 minutes
- An oven costs 42p to use for 41 minutes (11 minutes heating up, 30 minutes to cook)
Banks pull mortgage offers as the pound plummets
Halifax, Virgin Money and Skipton Building Society have pulled fixed deals for new customers, following the pound plummeting to its lowest point in history yesterday.
This drop led the Bank of England to say it "won't hesitate to change interest rates".
Now, banks and building societies are pulling fixed-rate mortgages for Brits looking to buy houses.
Click here for more information.
What day will your energy bills go up?
This week will see energy bills increase once again, but when can you expect your prices to go up?
On Saturday, October 1, the average household will see their bills increase to 2,500 a year – up from £1,971.
This change was expected to be much greater, but the government launched a £150bn scheme to keep bills down.
- Henry Moore
FREE debt advice for struggling Brits
There are various services available as costs mount.
Here are some free services that may be of use:
- Money Helper – 0800 138 7777
- Citizens Advice – 0808 800 9060
- StepChange – 0800 138 1111
- National Debtline – 0808 808 4000
Labour announces plans to launch a state energy company
In his Labour party conference speech this afternoon, Keir Starmer laid out his plans to solve the energy crisis.
He said within one year of winning an election he set up the Great British Energy.
This would be a state-owned company, with a focus on cheap and renewable energy.
Inside Britain’s soaring interest rates
2022 has seen interest rates skyrocket, with experts predicting we could be in for even more increases.
Interest rates were raised to 2.25% last week, as many predict they could soar above 4%.
Today, the Bank of England said they “would not hesitate” to increase interest rates to protect the economy.
Click here to read more.
Falling pound is bad news for beer prices
Paul Davies, the boss of Carlsberg Marstons, has warned that the falling value of the pound could affect beer prices.
He told BBC Radio 4's Today programme that the drop was "worrying" for the British beer industry, because brewers import hops from overseas.
When asked if the value of the pound mattered, Mr Davies said: "Yes it does, many of the hops used in this country are actually imported and a lot of them, particularly for craft brewers, are imported from the States, so changes in currency is actually worrying for industry, for sure."
Click here to see other ways the falling pound could impact you.
Source: Read Full Article
