Bereaved families could be in line for thousand of pounds of compensation from National Savings & Investments (NS&I) after the government-backed bank admitted failing to trace accounts of dead customers.

A “catastrophic operations failure”, said The Telegraph, meant money belonging to 37,500 dead savers has been withheld from their families.

NS&I has said claims with a total value of up to £476 million in customer deposits “may have been affected”.

The savings organisation’s chief executive Dax Harkins has stepped down following the scandal, and has been replaced by former HMRC boss Jim Harra.

What has gone wrong at NS&I?

NS&I has been accused of “short-changing bereaved families” after losing track of investments, delaying payouts, and withholding prizes for its popular Premium Bonds, said ThisIsMoney.

Some families, said The Guardian, had resorted to paying lawyers to “recover their money”. NS&I has apologised and said its search process “failed to identify” all products when handling bereavement claims, which it said has now been fixed.

It’s not the first bit of “negative publicity” for NS&I, said Sky News, after the bank’s £3 billion digital transformation project was criticised by MPs for exposing “the taxpayer to additional risk”.

Who is affected by the missing payments?

Pensions minister Torsten Bell told MPs that around three-quarters of the cases relate to the period between 2008 and 2025.

NS&I has said up to 37,500 bereavement claims may have been affected, adding that it received 211,800 new bereavement claims and repaid £4 billion last year.

How much are people owed from NS&I?

The cases cover accounts worth an estimated £476 million, according to NS&I, which “works out at roughly £12,693 on average per person”, said ThisIsMoney.

The government has indicated families should have their funds returned, including interest and compensation.

How can bereaved families claim?

The government has confirmed “impacted customers” will be remunerated, said Metro, but “exact details” haven’t been announced yet.

NS&I has confirmed it will ensure savers’ estates are “appropriately compensated” and will reveal more details in May. It has also hired 100 more staff members to contact those affected.

You “don’t need to do anything” if you have recently made a claim or have an ongoing one, said NS&I, as it will be responsible for contacting beneficiaries.

This also means those affected won’t need to use a claims management company or solicitor, said MoneyWeek, “to be reunited with their money”.

The “silver lining”, said The Guardian, is that the money is 100% safe as NS&I is government-backed. So the main issue is “marrying it up with the owner, not the security of funds”.

Britain’s largest energy company has seen a 50% rise in sales of solar panels as the war in Iran pushes up oil and gas prices, leading to fears that energy bills will spike when Ofgem sets its next price cap.

The head of Octopus Energy, Greg Jackson, told the BBC there has been a “huge jolt” in interest in solar panels as an alternative source of electricity.

Meanwhile, the government is in talks to relax current restrictions that ban the sale of plug-in solar panels, meaning they could be available in shops “within months”.

How much do solar panels cost?

Traditional solar panels, which allow you to generate your own energy and reduce your carbon footprint, cost an average of £6,100. This “hefty” up-front price tag means it generally takes at least 10 years to break even, said Money Saving Expert.

There are “various financing options” available, including subscription services, where a household might pay around £95 per month over a period of 20 years, although the interest payments mean this would “cost you more in the long term”, said The i Paper.

A solar battery, which can store excess power generated by your solar panels that you don't use at the time, would add around £4,500 to the set-up costs, although that would similarly be offset by the additional electricity. Batteries have been the “biggest game-changer in solar power”, said The Times. People used to miss out on free electricity if they were not at home while the sun was shining, but now a battery can store energy generated during the day for use in the evenings.

The next big game-changer could be plug-in solar panels. If plans to permit them to be connected to domestic sockets go ahead, they will retail for a single up-front cost of around £400. Typically smaller than traditional panels, they can be placed in sun-exposed areas like gardens and balconies, or on external walls.

Are they suitable for all homes?

Some more than others. North-facing roofs get very little direct sunlight, so they won’t be so efficient. South-facing roofs are ideal, and west or east facing surfaces can work fairly well. If your house is shaded by trees or other buildings between 10am and 4pm the benefits will be reduced. Large roofs are better as a solar panel typically measures two square metres.

Where you live makes a difference, too. The further south, the greater the potential savings, as southern homes generally enjoy slightly more daylight than those in the north.

It takes roughly a decade to recoup your installation costs so if you’re considering moving in the next few years, you won’t reap the full benefit yourself. Solar panels could increase the market value of your home, although experts are divided on how much: trade body Solar Energy UK estimates a boost of up to 2%, but according to The Eco Experts it could be as much as 14%.

Finally, if your property is listed or is in a conservation area you might need to get approval from your council’s building control team.

How much could you save?

Savings will depend on a number of factors, including system size and how much electricity you use. But according to Energy Saving Trust estimates, a typical household could save between £190 and £350 a year at current Energy Price Cap rates.

You can also save money by getting paid to export unused electricity you generate back to the National Grid, through the Smart Export Guarantee. Exact earnings will depend on how much unused electricity you are able to provide, and tariffs vary between providers.

Smaller and cheaper plug-in panels “could cut around £100 off household bills each year”, said The i Paper, meaning that the purchase price “could be covered within about four years by the savings they generate, with any additional electricity they produce being effectively free”.

Britain’s domestic energy prices are the second highest in Europe. Since 2020, the price per unit of electricity, which is measured in kilowatt hours (kWh), has risen from about 17p to 27p. Over the same period, the price per watt of panels has dropped by around 40% and the price of batteries fell by around 50%.

Energy bills are due to drop in April, but that may only be temporary respite as the Iran war pushes up prices.

Ofgem’s energy price cap will drop by 7% in April, taking typical gas and electricity bills for those on a standard variable tariff down from £1,758 to £1,641 per year.

In an “unusual move”, households on fixed energy deals will benefit from price drops due to the government scrapping the Energy Company Obligation portion of bill calculations, said the HomeOwners Alliance.

But wholesale energy prices are starting to “shoot up again”, said MoneySavingExpert, which is bad news for households in the coming months.

How are energy bills set?

Energy companies charge households for how much gas or electricity they use, based on a measurement called kilowatt hours.

You could be on a fixed-rate tariff that “sets the cost of energy for a certain amount of time”, such as one year, said CompareTheMarket. Many households are on variable tariffs that can “go up or down according to the market”.

The cost of a variable tariff is linked to industry regulator Ofgem’s price cap.

What is the energy price cap?

The price cap sets a limit on how much suppliers can charge for each unit of energy, and your daily standing charge if you are on a standard variable tariff.

The price cap is calculated every quarter by Ofgem based on a “range of factors”, said uSwitch, including wholesale and network costs. It is set to drop to £1,641 per year for a typical household paying by direct debit, a yearly saving of around £117.

But this is only the average, and “your bills might look very different depending on your circumstances”, said Which?.

This will relieve some of the pressure from high energy prices, but it is “probably going to be short-lived” due to the US-Iran war, said MoneyWeek.

The April price cap reduction “reflects the relatively low wholesale prices” between December 2025 and February 2026, said Forbes, and oil and gas prices have since “increased dramatically”.

Will energy bills rise in 2026?

Wholesale prices have “spiked” in recent weeks, said Octopus Energy, due to the Iran war, which has sharply reduced oil and gas supplies through the Strait of Hormuz.

Forecasts from energy consultancy Cornwall Insight suggest the price cap could increase by £322 in July to £1,963, pushing up bills. It reflects the surge in oil and gas prices.

Similarly, E.ON Next is forecasting that the July price cap will rise by £314 to £1,955 per year.

EDF Energy also predicts that “market volatility will flow through to the price cap”, and that it will rise to £1,937 in July, and above £2,000 later this year.

Higher energy prices will also impact when the Bank of England next cuts interest rates and it has already warned that the rising costs mean inflation is “higher than we expected, at least in the short term”.

Is there support available for rising energy bills?

Chancellor Rachel Reeves has said the government will offer “targeted rather than universal support”, said The Independent.

You may already qualify for the Warm Home Discount, worth £150, if you are on pension credit or other benefits or Winter Fuel Payment, worth £300.

Energy suppliers may offer payment holidays or hardship grants, such as Octopus Energy’s Octo Assist and the British Gas Energy Trust fund from British Gas.

Help should also be available from charities such as Citizens Advice “if you’re struggling to pay for energy or think you may get into difficulty”, said Ofgem.

Inflation is expected to rise again as the conflict in the Middle East intensifies. The cost of living measure had been falling back towards the Bank of England’s 2% target before the US and Israeli began their air strikes on Iran.

Falling inflation had boosted hopes of more interest rate cuts this year, but analysts have “quickly changed tune” as rising oil prices caused by the conflict threaten to push up prices generally, said The Independent.

The war has “consequences that extend far beyond the Middle East”, said the BBC, as the region plays a “key role in global energy supplies and shipping routes”. That could mean higher inflation, pushing up heating bills and the cost of supermarket shopping in the UK.

Save money on transport

“Drivers are continuing to feel the financial impact of the current conflict,” said the RAC. The average cost of unleaded petrol has risen to 139p per litre this week and diesel has reached 155p – the highest price since May 2024.

It may be worth trying to “cut commuting costs”, such as by sharing journeys, using public transport, cycling or walking, said Chase.

Consider fixing your energy bill

Wholesale gas prices are “spiking”, said MoneySavingExpert, which could push up UK energy bills. Those who are “risk averse” may want to choose a fixed-rate tariff now, said the website’s Martin Lewis, or if things settle, “there is always the chance fixes may get cheaper again soon”.

Consider your food shop

High energy and petrol prices also influence the price of fertilising crops, manufacturing and transporting products to supermarket shelves, said ITV. All of these make a difference to “how much our food costs”.

It is important not to panic buy, but you can save money by budgeting, looking out for coupons and special offers, said Chase. Non-perishable items such as rice, pasta and canned goods “often come with a lower per-unit cost when bought in larger quantities”.

Review your finances

The war in Iran and surrounding Gulf states is already pushing up swap rates, which is causing lenders to reprice mortgage rates upwards.

Average mortgage rates have increased to above 5% this week. So if you need to refinance or get a mortgage soon, you should “get your skates on”, said Claer Barrett in the Financial Times.

The conflict is also having an impact on financial markets, but rather than “watching your portfolio shrink on a smartphone app”, remember that you are investing for the long term and taking some investment risk can provide “the best chance of beating inflation”.

You can also “check how your savings are doing against inflation”, said Legal & General, as it may be time to switch as the rate rises, or if your returns “aren’t keeping up and are maybe even losing value”.

Hundreds of thousands of Britons have been stranded across the Middle East by the Iran conflict and many more could see holidays cancelled due to flight restrictions and airport closures.

However, people who purchased travel insurance to protect against such disruption might be out of luck.

Travel insurance often excludes protection against war, said the Daily Express, so “you may not be covered by your holiday insurance at all”.

How travel insurance works

Travel insurance typically covers a “range of possibilities”, said MoneyHelper, such as lost luggage, medical care and disruptions including delays and cancellations.

But unless you have a specialist policy, most standard travel insurance won’t include losses linked to a war, “meaning disruption to your trip”, said the Association of British Insurers. Extra costs you may have, such as food and hotels, may not be covered.

There may be some protections if government guidance on a destination changes after you booked, such as if the Foreign Office advises against travelling to a country.

If the guidance changed after you booked, said Axa, travel insurance coverage “may apply” and your policy may cover you for getting home or let you cancel your trip and get a refund for flights, hotel bookings and tours.

Travel disruption rights explained

It is always worth checking with your airline or travel provider when there is disruption such as delays or cancellations before claiming on your travel insurance. Most travel insurance policies “don’t cover claims if the losses can be recovered from another source”, said the Financial Ombudsman Service.

As the Foreign Office guidance changed on the Gulf, customers who have already booked have the right to cancel a package holiday.

If you are stuck in a destination such as Dubai or Abu Dhabi, package holiday operators “have an obligation to book you on the next available flight home”, said The Sun.

Airlines typically have to pay compensation if they are at fault for a delay. But those flying in and out of the UK and European Union, or with a non-UK or non-EU airline, should not expect redress, as the airlines are not at fault for the outbreak of war. However, there is a duty of care for airlines to look after affected passengers. This means they should help with rearranging flights and provide food, drink and accommodation.

But don’t rush to take a refund from your airline while you are stranded as “it manages down the problem at little cost to the carrier”, travel expert Simon Calder said in The Independent. You are better off hanging on to your ticket and “hope that eventually they come up with an alternative journey for you”.

It is also worth checking if the local destination is providing support. The United Arab Emirates has publicly said that it is “bearing accommodation and hosting costs for affected passengers” amid the Iran conflict, said Condé Nast Traveller, so many travellers “won’t need to pay for hotels at all” and won’t need to claim on insurance. However, you may still need your insurance for “extra expenses” such as missed onward connections or medical costs.

Annuities are back in fashion among retirees amid high inflation and pension reforms. Sales of annuities worth more than £250,000 rose by 31% in 2025, said the Association of British Insurers (ABI), and sales of annuities valued at over £500,000 rose by 54%.

Once viewed as a “dull, poor value product”, said The Guardian, annuities are making a comeback. They have become “much more generous” in the past few years, said MoneyWeek, because of higher interest rates and also the government’s impending reforms that will include pension wealth in inheritance tax calculations.

Choosing an annuity rather than staying invested through drawdown when you retire means “a guaranteed income for life”, said the ABI, with the option of providing for loved ones “without worrying about potentially penal tax impacts”.

What is an annuity?

Annuities, said St James’s Place, are a way of “guaranteeing a regular income in retirement”.

They work like an insurance product, said Unbiased, so you swap some or all of your pension pot to purchase a product from an insurer who “agrees to pay you a regular income for the rest of your life or a set period”.

The income you receive depends on “a number of things”, such as your pension value, your age, health, and the rates at the time.

The main attraction is the “security” the products provide, so you know how much you will get each year, said RestLess, but they “won’t be right for everyone”.

Why have annuities become more popular?

The ABI has highlighted more interest in escalating annuities, where payments increase over time in line with inflation. This suggests people are “looking for protection against the erosion of income”, said Which? But it does mean accepting lower payments initially, and “it could take as long as 15 to 20 years to exceed what you would have got from a level annuity”.

Changes to inheritance tax rules on pensions have also given annuities a “new lease of life”, said The Guardian. The changes mean “unused pension savings” could be taxed as part of someone’s estate if they are worth more than the inheritance tax threshold.

Pros and cons of an annuity

Annuities provide “predictability, security, and simplicity”, said Unbiased, compared with leaving your pension invested where it may lose value.

But there are risks, as the amount you get depends on interest rates at the time and “may not be as much as you hope for”. Additionally, once purchased, said RestLess, “you can’t change your mind”.

It is also important to consider your tax bill, as the payments could push you into a higher tax threshold depending on any other income you receive.

There are ways to “combat the issue of inflexibility”, said Charles Stanley, by splitting your pension pot and annuitising in tranches. This could help “build up your guaranteed income as your needs increase” while growing the rest of your pension pot by remaining invested, but remember that investments can fall in value.

Coming up with the cash for a down payment is not easy. If the goal of homeownership is out of reach because of that upfront amount required, you may be tempted to dip into the savings you have stashed for other purposes — like your retirement.

In fact, the Trump administration recently suggested this possibility, proposing to “allow investors to use some of their retirement funds to make a down payment on a ​house,” said Reuters. It is already an option to borrow against retirement funds through a 401(k) loan, assuming your plan permits it. But is raiding your retirement for a home purchase a financially sound idea?

While the specifics of the Trump administration’s proposal have yet to be revealed, there are some major caveats and drawbacks to 401(k) loans. And generally, taking money out of your retirement, even if you repay it, will reduce your later balance. Here are some pros and cons to help you decide whether utilizing your 401(k) makes sense.

Pro: It is an immediate source of cash for a down payment

The obvious benefit of tapping your 401(k) for a down payment on a house is that it is a quick source of cash, assuming you have built up a decent balance. There are limits on how much you can borrow through a 401(k) loan, though: The “maximum loan amount is $50,000 or 50% of your vested account balance, whichever is less,” said Bankrate.

Con: You have to repay the loan

A 401(k) loan is money borrowed that you will have to repay, even if those payments are technically going back into your own account. Loan payments are typically automatically deducted from your paycheck, which will mean less money to put toward other expenses, including payments on your new mortgage. For repayment, the “time frame is normally no more than five years,” meaning with a “$50,000 loan, that’s $833 a month plus interest,” said Investopedia.

Pro: Interest on a 401(k) loan is paid back to your account

Unlike with a traditional loan, where the interest you pay goes to the bank, interest paid on a 401(k) loan “will go back into your retirement account, although on a post-tax basis,” said Bankrate. As a result, “you are earning at least a little money on the funds you withdraw,” said Investopedia.

Con: You will lose out on potential investment growth

When you take money out of your 401(k), you will lose out on the potential growth of those funds. Even if you repay the full amount, those lost years during which interest could have continued compounding could result in a gap in your retirement savings balance. Plus, “some plans don’t allow employees to make regular contributions until the loan is paid off,” said NerdWallet, putting you further behind.

Pro: No credit check is required

A 401(k) loan “won’t require a credit check or be listed as debt on your credit report,” said Bankrate (though your employer will likely know about the loan). This means that if, for some reason, you are “forced to default on the loan, you won’t have to worry about it damaging your credit score because the default won’t be reported to credit bureaus.”

Con: Leaving or changing jobs will expedite repayment

Repayment expectations shift for a 401(k) loan if you are no longer at the job where you have your 401(k). Should you leave your job, whether because you want to change companies or get laid off or fired, “you must repay the loan by the due date of your federal income tax return or the loan will be considered a withdrawal,” said Investopedia. A 401(k) withdrawal will entail paying income taxes on the amount and, if you are under the age of 59 ½, a 10% early withdrawal penalty.

Household budgets remain tight as we enter 2026, so it’s no surprise that money-related goals are high on many people’s new year resolution lists.

Nearly a third of people are aiming to cut their monthly spending in 2026, said City A.M., to help “boost their savings” and build up “rainy day” funds.

A financial new year’s resolution can focus on “small, manageable changes that can make a meaningful difference”, said Moneynet.

Here is how to give your finances a new year boost for 2026.

Make financial goals

A new year can be a “good time” to reconsider your financial goals, said Brewin Dolphin.

Think about what you would like to achieve financially “over the short, medium and long term”. You could be saving for a mortgage deposit or your retirement and if your objectives have changed, said Active Financial Planners, you may need to adjust your strategies and “reassess the level of risk you are comfortable with”.

Assess your spending and saving

Cutting back on spending may help save money but you can’t just have a “vague goal of spending less”, said RestLess. Set “short term and achievable goals”, such as spending less on lunch or on going out.

You could also analyse your spending habits, said Planned Future, to find “non-essential expenses” such as subscription services, impulse purchases or luxury items. These could be redirected towards savings or investments.

Start a savings or investing habit

There are “three main reasons” to save regularly, said Money Helper. These are for emergencies, so there’s money available “if something unexpected happens”; to fund luxuries such as your first home or holidays; and to “live comfortably in the future” such as when you retire.

All UK adults get a £20,000 allowance that can be saved or invested through an ISA tax-free. The 2026/27 tax year will be the final tax year that under-65s can put the full £20,000 into a cash ISA, before the allowance for this product drops to £12,000, said Moneyfacts, so “it could prove all the more important to maximise your contributions”.

But don’t panic if you aren’t ready to invest yet, said A.J. Bell. Investing regularly over the long term is “what really benefits your wealth”, whenever you start.

Put more money into your pension

Boosting your pension contributions is an “extremely tax efficient from of long-term saving”, said St James’s Place. The “real bonus” is the tax relief you get at your highest rate of tax.

Everyone automatically gets 20% tax relief and higher earners can reclaim the extra 20% or 25%, “reducing the cost of the contribution overall”.

Shop around

Shopping around for new car or home insurance as well as broadband and mobile phone contracts can help save money.

But your “biggest monthly outgoing”, said RestLess, is likely to be your mortgage so it is “vital to make sure you aren’t paying more than you need to each month”. You could save money by remortgaging.

Are you protected?

It is essential to have adequate insurance in place, said Active Financial Planners, such as life insurance, income protection or critical illness cover. But “make sure your policies match your current circumstances” or your family could face financial difficulty “if the worst happens”.

Similarly, it is worth creating or updating your will, especially if your situation has changed “due to marriage, children or other life events” as clear estate planning “brings peace of mind for you and certainty for your loved ones”.

The self-assessment tax deadline is fast approaching, but landlords and the self-employed will soon have new HMRC requirements to follow – known as Making Tax Digital.

The changes are the “biggest shake-up of tax returns for 30 years”, said Saga.

MTD will "shake up" how landlords and self-employed people report their untaxed income to HMRC, said MoneyWeek, with a shift to a digital system.

What is Making Tax Digital?

Making Tax Digital is a “new way for sole traders and landlords to report their income and expenses” to the taxman, said HMRC, if their annual income is above £50,000.

The self-employed and landlords with an income between £30,000 and £50,000 will need to comply from April 2027.

Submissions must be made quarterly using HMRC-approved software.

VAT-registered businesses have already had to follow the rules, said The Independent, so they “will have a head start”, but it will be a “major change for other sole traders and landlords”.

How Making Tax Digital works

Making Tax Digital will initially affect almost 800,000 landlords and self-employed people, said HMRC, who will need to create digital records of their income and expenses, provide quarterly updates, and pay their tax return by 31 January the following year.

You can file the information yourself or use an accountant. However, it must be done “using either a compatible software package or other software, such as spreadsheets that connect to HMRC’s systems”, said DMO Accountants. You won’t be able to “simply input data manually” from a spreadsheet into a software package. A list of compatible software providers is available on the government website.

The payment deadline dates for income tax will remain the same as under the current self-assessment system: 31 January and 31 July each year.

The pros and cons of Making Tax Digital

The changes should provide a more secure and easier way to manage your taxes, said Unbiased, and could “help you understand your company’s finances better, including tax and cash flow”.

But there may be “additional costs” said the financial website, such as for an accountancy package, while “new processes take time to adopt”.

There is also still a “worrying lack of knowledge” about the changes, said The Independent, reporting a survey by accounting software firm FreeAgent which found that almost two in every five respondents said they had never even heard of it.

However, there will be fines for those who fail to comply, starting at £200 for late filing once businesses have breached a certain penalty points threshold. Fines could reach £3,000 if a business does not provide any records.

But in a sign that HMRC accepts there are “likely to be teething problems”, said the Financial Times, the taxman has waived penalties for late submissions of quarterly reports during the 2026/27 tax year.

Part-and-part mortgages could become more popular as part of a regulatory review of mortgage lending rules.

The Financial Conduct Authority is considering an overhaul of the rules to boost lending to underserved groups such as first-time buyers and the self-employed.

The City watchdog said in its review that respondents suggested part interest‑only and part repayment mortgages could help consumers “access homeownership earlier”.

These part-and-part mortgages can provide a “unique solution” for borrowers, said Ascot Mortgages, by giving payment flexibility and a way to “gradually reduce mortgage capital”.

What is a part-and-part mortgage?

There are two main types of mortgage. With a “repayment” loan, borrowers pay off the amount borrowed and any interest. An “interest-only” mortgage involves only the interest being paid off each month and a lump sum is owed to cover the remaining capital at the end of the loan term.

A part-and-part mortgage provides a third option that combines both, said Unbiased, “where you pay off some of your mortgage but not the whole amount”.

Through this mix, mortgage payers secure lower monthly repayments, “while still ensuring the property is yours at the end of the term”, said Clifton Private Finance.

How do they work?

A part-and-part mortgage can “significantly reduce your monthly repayments”, said Tembo Mortgages.

The application process is the same as applying for a repayment or interest-only mortgage, but it helps those “looking for lower monthly payments without resorting to a longer mortgage term”, said Unbiased.

You will need to discuss how much of your mortgage you plan to pay off each month, and the lump sum you will need to clear under the interest-only portion at the end of the term.

For example, a £200,000 repayment mortgage at 5% over a 30-year term would cost £1,074 per month. But if you take £50,000 as an interest-only loan, the monthly repayment would drop to £1,014. This doesn’t appear like a huge cut in monthly costs, but it can snowball over time.

Pros and cons

The main benefit of a part-and-part mortgage is that your monthly repayment will be lower, said The Telegraph, which can be “helpful if you’re on a strict budget”.

The loans are also flexible, so you can make overpayments “if you can afford to”. Affordability will also be boosted as you won’t owe as much initially.

However, there are downsides, as lenders may have limits on how much of your mortgage can be interest-only, said Unbiased. Plus, you still need a plan to repay the interest-only portion at the end of the term, said Mortgageable, “otherwise financial pressures could simply be delayed”.

Regulation of cryptocurrency investments are set to be toughened up in a move to boost protections for investors.

The Treasury has revealed that platforms where users buy and sell cryptocurrencies such as bitcoin will be “backed to innovate and grow” as the government seeks to make the UK a “global destination for digital assets”.

The Financial Conduct Authority (FCA) is consulting on new rules to be introduced from 2027. A spokesperson for the City watchdog said “our goal is to have a regime that protects consumers, supports innovation, and promotes trust”.

Millions of people throughout the UK now own cryptocurrency, said ThisIsMoney, with numbers having “surged over the past year”.

How will new rules change how crypto is regulated?

Cryptocurrencies have become a popular alternative investment in recent years, helped by the bitcoin price hitting record highs.

Currently, crypto platforms have to register with the FCA only for money-laundering prevention purposes but the new rules will mean companies are “regulated in the same way as other financial products”, said The Guardian.

This creates a “shift from the current system”, said CoinCentral, and aligns the UK approach “more closely” with the US, while the EU has totally separate rules specifically for crypto.

The FCA said its changes could include new rules on what firms must tell investors “so people have the facts before they invest”, as well as new standards for exchanges to “keep trading safe and reliable”.

Some plans from earlier this year have been “diluted”, said the Financial Times. The regulator will no longer ban trading platforms from offering their own tokens, for example.

How will crypto regulation protect consumers?

Regulation could mean crypto firms are held to account more effectively, “so if you lose your money to a scam then you should be able to get help”, said The Sun.

New rules should also “make it easier for the government to find and address suspicious activity”, said ThisIsMoney.

Regulators will also be able to “impose sanctions or hold firms to account”, said The Independent.

But some areas of the new rules “remain undecided”, added the Financial Times.

The FCA said it would consult early in 2026 regarding whether the market should be covered by its consumer duty rules. These rules require regulated firms to ensure clients receive a good outcome.

Is cryptocurrency a safe investment?

More rules may be coming, but regulators continue to warn about the risks of cryptocurrency investing, said Reuters, especially that investors “should be prepared to lose all of their money”.

Commentators are describing the regulatory shift as a “watershed moment”, with David Heffron, expert in financial services regulation at Pinsent Masons, explaining it would help in “building trust and giving firms certainty”.

The consultation ends in February 2026 and the changes mean it will “likely only get easier” to invest in crypto, said MoneyToTheMasses. But crypto is still a “fundamentally risky investment” and will not be fully regulated in the UK until 2027.

Inflation may have fallen from its double-digit highs but is still expected to remain above the Bank of England’s 2% target into 2026, which will impact household bills.

Forecasts from the Office for Budget Responsibility (OBR) suggested wage growth and energy price volatility could keep inflation, which measures the cost of living, “higher for longer”.

Inflation was measured at 3.6% in October, said MoneyWeek, suggesting it “may have peaked in 2025”.

But lower inflation doesn’t mean prices are falling, said Big Issue, and many people are still “feeling the impact of the cost of living crisis”. Announcements in the Autumn Budget may also impact individual household finances.

Wages

Household budgets could get a boost from pay rises in 2026. The government has confirmed a 4.1% rise in the minimum wage for over-21s to £12.71 per hour from April 2026. It will benefit 2.4 million workers but, while positive, the higher wage will still “fall short of the voluntary real living wage”, said Katherine Chapman, director of the Living Wage Foundation. This is set at £13.45 per hour in the UK, and £14.80 in London.

Meanwhile, employers have raised concerns the wage hike will push up prices, with worries about a hiring freeze among businesses.

Pensioners are likely to be satisfied with a boost to their state pension payments, set to rise by 4.8% to £12,548 per year from April 2026.

But frozen thresholds mean the higher state pension payments and wage growth could see more people “dragged into higher tax bands”, said The Guardian, ultimately hitting your household budget.

Weekly shop

Food prices made the “largest upward contribution” to October’s inflation data, according to the Office for National Statistics, and there are fears that costs may rise further.

A “combination of pressures” is pushing the cost of a weekly shop up, said Saga, including higher costs for fertiliser and animal feed as well as for food, fuel, labour and transport.

The British Retail Consortium has forecast that food price inflation will remain above 5% in 2026, especially as a new sugar tax announced in the Budget “does little to mitigate the rising cost of food and essentials”.

Petrol prices

Drivers were boosted by a freeze in fuel duty in the Budget, with a temporary 5p cut kept in place. But the “sting in the tail”, said This Is Money, is that the 5p cut will gradually be reduced from September 2026.

Motorists, however, may be helped by the launch of a new government-backed Fuel Finder scheme in February 2026. The programme will mandate petrol forecourts to “share real-time price rises in a bid to call out rip-off retailers”.

Energy bills

Chancellor Rachel Reeves said in her Autumn Budget that she would remove £150 from household energy bills by ending the Energy Company Obligation scheme from March 2026.

The ECO previously provided energy efficiency support for households, funded by suppliers through bills, and it would be “unthinkable”, said MoneySavingExpert founder Martin Lewis, if it is not passed on.

But while this "may take the sting out of energy bills right now", costs will need to be picked up elsewhere, said Dr Craig Lowrey, from energy consultancy Cornwall Insight. This may result in higher taxes.

Childcare

The two-child benefit cap for those on universal credit is set to be scrapped from April 2026 in a “huge boost for families”, said The Sun.

Universal credit claimants can currently get up to 85% of their childcare costs repaid up to £1,031.88 for one child and £1,768.94 for two or more.

The payments were previously capped at two children, but parents will get an extra £736.06 for each child above the two-person limit from April 2026.

Labour MPs and charities, said the BBC, have argued that this is the “most cost-effective way to reduce child poverty”.

It comes as data shows it now costs £166,000 for a couple and £220,000 for a single parent to raise a child to age 18, said Moneyfarm. It means “financial planning before becoming a parent is so important”.

Cost of borrowing

With the Autumn Budget out of the way and inflation slowing, the Bank of England is “expected to cut interest rates before Christmas", said This Is Money. This would be positive for those looking to remortgage or climb on to or up the property ladder next year. But while mortgage rates are expected to fall in 2026, said the HomeOwners Alliance it is not necessarily going to be a “sharp drop”.

Artificial intelligence (AI) is changing the way people live and work. But while there may be fears the technology could spark job losses, there are also investment opportunities.

AI is the “hottest area of technology”, said Fidelity, and many investors are keen to gain exposure to it.

Fortunately, there are numerous avenues for those looking to invest in this way. But there are also numerous risks.

How to invest in AI

A substantial number of options are available for those who want to invest in AI, with many companies developing and producing AI technology across various sectors. Some may be listed on stock markets such as the Nasdaq and the S&P 500.

One of the biggest is semi-conductor chip maker Nvidia, which controls the majority of chip sales with its hardware and software ecosystem.

There are hundreds of AI stocks, said IG, but the market is dominated by a “handful of US blue chips” such as Microsoft, Google, Meta and Tesla.

Investors don’t need to be a “tech expert or spend hours digging through company reports to join this trend”, said Barclays Smart Investor.

Options include investing through a professionally managed fund or exchange-traded fund focused on AI and technology, “which can spread your money across a range of companies from major players in global tech to smaller, fast-growing innovators.”

Is AI a good investment?

AI could “impact every sector”, said Hargreaves Lansdown, such as helping with diagnosing diseases or offering bespoke retail advertising tailored to each consumer, which has “investors excited about their prospects”.

The “scale of the opportunity” has become a “major driver” for investing in AI, said Saxo.

The AI market is expected to be worth more than $826 billion (£621 billion) by 2030, the multi-asset platform added, “reflecting robust adoption across various industries”.

The risks of AI

The “market impact” of AI has been massive, said Trustnet, with major players such as Google, Meta, Amazon, Microsoft and Nvidia helping double the value of the Nasdaq since the launch of ChatGPT in November 2022.

But investors are “growing increasingly concerned” about AI stocks being a bubble that could be about to burst.

Jamie Dimon, the CEO of JP Morgan, along with the Bank of England, are among the latest to warn that the stock market is “saturated with AI megacaps”, said MoneyWeek.

This would be poor timing in the UK, said Politico, with chancellor Rachel Reeves rumoured to be planning cuts to the cash ISA allowance to “push Britain’s savers into the stock market”.

Investors need to see a return from AI stocks, added Hargreaves Lansdown, and there is “evidence of herd mentality” where consumers put money into shares in fear of missing out, “rather than because of company prospects”.

It is important to “understand the specific risks of a fund or trust” and check that its objectives align with yours.

Investment is often risky, and there is a lot of uncertainty as the technology is still developing. As such it is important to do your research, and only invest in companies with a “proven track record of success in the AI space”, said Unbiased.

The clocks have gone back as we approach winter and as temperatures drop, there may be more pressure on your wallet.

Winter can be an “expensive time of year”, said Age UK, particularly with high energy bills to contend with and Christmas fast approaching.

The rising costs of the season can “put a chill on even the strongest of household budgets”, said StepChange.

Wages

If you worked a night shift when the clocks went back, you may be entitled to extra money this month.

Staff who are paid hourly or for set hours without time specifics, “should be getting paid an extra hour’s wage” if they did a night shift when the clocks changed, Will Burrows, a partner at Bloomsbury Square Employment Law, told The Sun.

And if your hourly rate is higher on a Sunday in your role, there is added “good news” as this sum will apply to the extra hour, too.

Car repairs

Insurers see the “highest rate of single vehicle claims” during the winter, said Policy Expert, as drivers are “far more likely” to lose control due to “poor road conditions” from ice, snow or rain.

Consequently, it is important to to “plan ahead” before venturing into the cold this winter, said the RAC, especially if you want to keep costs as low as possible. This includes knowing your route, ensuring you have petrol, oil and that fluid levels are topped up. Try to avoid potholes and road defects that can cause “unnecessary damage to your vehicle”.

The festive season

Shoppers are expected to spend an average of £1,371 in the six weeks before Christmas, said The Independent, despite a third of people feeling “financially worse off this year”.

The winter months are “never going to be a cheap time of year”, said Yahoo Finance, with Christmas approaching and the pressure of presents and parties.

So if you want to make sure your finances aren’t negatively impacted, it will be vital not to get carried away. Protect yourself with a “strict budget and a shopping list”.

With the nights drawing in, there is also the risk of lower serotonin levels that “can affect your mood”. As shopping “tends to release dopamine”, we can be more inclined to impulse spend, so always “stay alive” to these risks.

Energy bills

The winter months mean households will “start to reach for the thermostat”, said Which?, meaning higher energy bills.

There are “easy things” you can do to keep your energy bills down, such as DIY draught-proofing and “making the most of your boiler settings”.

Households can also consider “everyday actions and home improvements”, said Ofgem, including turning the heating down, setting the washing machine to 30 degrees and using smart controls so you can set your heating and hot water “to come on only when you need it”.

Crime waves

There is often a “seasonal rise in burglary and car crime” during the winter, said Met Engage, as criminals use the “cover of darkness” as an opportunity to strike.

Home and car owners can protect themselves by locking doors and windows, and making sure alarm systems are activated. External security lights can help “deter burglars by lighting up when someone approaches your property”.

Autumn Budget

Tax hikes and spending cuts are “almost inevitable” when the Autumn Budget is announced by the chancellor on 26 November, said MoneyWeek, due to “high borrowing costs, weak economic growth and stretched public services”.

Rumours include changes to property taxes and pension relief, but any reported changes are just rumours for now, said Fidelity, so making “snap decisions” could prove “very costly” to your finances in the long run.

Cash ISAs are rumoured to be back in the Chancellor’s sights as she prepares her Autumn Budget.

Chancellor Rachel Reeves is set to “revive plans” for reform of cash ISAs, said the Financial Times, “to divert tens of billions of pounds of savings from cash into domestic stocks” and boost an investment culture in Britain.

Her previous Budget mentioned a review of the ISA system, and Reeves is now reported to be considering halving the cash ISA allowance to £10,000 in her next fiscal update on 26 November.

The hope is that this would “help boost economic growth while also providing better returns for savers”, said MoneyWeek.

However, it is unclear whether there will be any changes, and savers will still have time to take action in response to any potential reforms.

Savings accounts

Currently, savers can earn £1,000 of interest tax-free using the personal savings allowance, dropping to £500 for higher-rate taxpayers.

It may be worth putting money into a standard savings account instead of a cash ISA, said Rest Less, especially if “you’re confident that your returns won’t exceed your allowance”. But be warned, you don’t need “much money in savings” to breach the allowance.

A higher-rate taxpayer would go over their £500 personal savings interest allowance once their savings go above £11,000, while a basic-rate taxpayer would be hit once they have more than £22,000 saved.

Stocks and shares ISAs

Investing in the stock market through a stocks and shares ISA “can potentially gain more growth over time”, said Unbiased, compared with a cash ISA.

You can also lose money, “sometimes even all of it”, but on average, stock markets “consistently outperform most cash savings over longer periods”.

Money market funds

Investing in a money market fund serves a “very similar purpose” to a traditional savings account, said Fidelity.

A money market fund invests in different types of short-term debt, such as Treasury bills and certificates of deposit. The holdings in a money market fund are “very high quality, liquid and diversified”, the investment platform added.

They are “low-risk and stable”, but they are still an investment, so their value could drop “even if the chances of this are slim”.

Premium Bonds

Rather than paying interest, Premium Bonds offer customers the chance to win between £25 and £1 million tax-free in a monthly prize draw. The product is provided by National Savings and Investments and is backed by the government.

Here, the excitement of winning a tax-free prize is combined with the safety of a government-backed institution, which is what continues to make the option enticing to many.

But the odds of winning are low at 22,000 to one for every £1. There is no guarantee that you ever will win a prize, said MoneySavingExpert, and you “could earn nothing”.

Pension savings

Pension contributions benefit from an “effective 25% boost” thanks to tax relief, and all growth is tax-free too, said Unbiased.

You can withdraw the money in your pension from age 55, so putting more money into your retirement savings instead of a cash ISA shouldn’t be “discounted as an option”, especially if you are in your late 40s or older.

The concept of FIRE (financial independence, retire early) requires extreme saving and frugality so that participants can leave the workforce sooner than is typical. But while the increasingly popular idea sounds appealing, actually achieving it is difficult. Still, many are using a variety of methods to reduce expenses.

Background

While the origin of the FIRE acronym is unknown, the concept was popularized in 1992 by the book “Your Money or Your Life” by Joe Dominguez and Vicki Robin. The book “encourages you to rethink your relationship with money so you can achieve financial independence and live a life that aligns with your goals and values,” said NerdWallet.

Since then, FIRE followers have hoped to “retire earlier than the conventional retirement age range of 65 to 70, or they may hope to gain greater financial independence,” said Investopedia. People who aim to retire in their 50s, 40s or even 30s “may plan to live solely off small withdrawals from their portfolios, or they may incorporate part-time work into their strategy.”

There are also different types of FIRE. Lean FIRE is mostly for people who already lead minimalist lifestyles and “may save more than half of their income to achieve financial independence faster,” said NerdWallet. Those who want a more extravagant life after retirement may opt for Fat FIRE, which requires a “high salary and aggressive savings and investment strategies for it to work,” said Investopedia.

Some people may not want to escape work entirely and choose to do Barista FIRE, a method in which individuals “save enough to cover some or most of their retirement expenses,” said NerdWallet. They then “draw on those investments to help fund their lifestyle while they work less or in a lower-paying job.”

The latest

Being able to retire early is a dream for many, but achieving it is not so easy. It “often requires cutting expenses to the bare minimum so you have more income to invest,” said NerdWallet. FIRE followers “could be saving 50% to 70% of their income or more, and that’s not possible for everyone.” The goal for many FIRE followers is to reach Coast FIRE, or the point when their investments are “large enough that they will grow to reach their FIRE number by their desired retirement date without saving another dollar.”

One way people have opted to reduce their expenses is through geoarbitrage. This strategy entails “moving to regions with a lower cost of living while continuing to earn income from higher-cost areas, allowing you to save more or enhance your quality of life,” said Moneywise. Geoarbitrage took off during the pandemic, as working from home became more normalized.

The reaction

In a time when society has embraced the “grind,” especially with the growing cost of living, many people would prefer to “embark on a super-saving path to ditch corporate drudgery ahead of schedule and retire on [their] terms,” said Insider. Unfortunately, the “aggressive savings rate may not be realistic for some people,” said Investopedia, “especially those who are taking care of children or older parents.”

FIRE also "doesn’t solve your happiness problems," said Peter Adeney, who blogs under the name Mr. Money Mustache and retired at age 30, to CBS News. You still have to "confront some demons and some emotional issues.”

More than £1.5 million is waiting to be claimed by young people who may not realise they are owed money from their child trust funds.

The previous Labour government established child trust funds as a way to get the younger generation saving, with accounts opened by the government on behalf of children born between September 2002 and January 2011.

But some parents may have “forgotten they have an account, or don’t know where it is”, said MoneyWeek.

With September “the most common birth month”, said HMRC, thousands of 18-year-olds may not realise they have just become eligible to claim their child trust fund savings pot. And it is those currently aged between 18 and 23 who could benefit.

What is a child trust fund?

Child trust funds were government-backed saving schemes opened with banks and building societies that helped parents “build a nest egg” for their children, said Metro.

The accounts were opened automatically by the government when a child was born, with £250 from the state, or £500 for low-income families. Parents could then top up the account.

Young people can take over the trust fund from age 16 and withdraw money once they turn 18.

With interest added, “most grow to be worth much more than when they were set up”, said The Independent. But many have forgotten about their account, or are unaware that it existed in the first place.

The latest HMRC data shows 758,000 18- to 23-year-olds have yet to claim their matured child trust fund, with an average of £2,242 unclaimed.

How to claim your child trust fund money

HMRC is urging parents and young people to contact their child trust fund provider and there is a Gov.UK locator tool if you are unsure about where the account was set up.

Submitting a request takes around five minutes, and you will need the account-holder’s National Insurance number and date of birth. It takes around three weeks to hear back.

HMRC confirmed more than 563,000 young people went online to find their child trust fund in the 12 months to the end of August 2025.

The taxman has also warned against using third parties to find child trust funds, said The Independent, as “in extreme cases” they have been known to charge £350 or even 25% of the account’s value.

What to do with your child trust fund cash?

Child trust funds no longer exist. They were replaced by Junior ISAs in 2011, which typically have “lower fees, better investment choices, or better interest rates”, said MoneyWeek.

So if the child in question is still under 18, the money can be transferred to a Junior ISA, providing the “same tax benefits”. You can save or invest up to £9,000 tax-free for your child each year, added the financial website, “with the money locked away until the age of 18”.

Once an account holder is 18, the child trust fund is converted into an adult ISA. It is then up to the holder how they choose to use the funds.

But do check “the alternatives available”, added Metro. Investigating the various options including Lifetime ISAs, other ISAs or traditional savings and investment accounts will help you decide what “works better for you”.

For the uninitiated, the world of investing can feel a little bit like alphabet soup. One of the many acronyms you’ll need to familiarize yourself with as you dip your toe into things is ETF. Short for exchange-traded funds, ETFs can be a great choice for beginners because they allow you to buy into a portfolio of assets rather than just one stock or bond, offering instant diversification.

But ETFs are not only for beginners. In fact, “demand for exchange-traded funds continues to grow as investors seek lower-cost, tax-friendly options to meet their financial goals,” said CNBC. Here is what to know about them.

What are ETFs, and how do they work?

An ETF is a “basket of investments made up of assets such as stocks or bonds, which allows you to invest in many securities all at once,” said NerdWallet. By buying a share of an ETF, you gain ownership of the various investments within it, giving you a small stake in many securities at once. As the name suggests, exchange-traded funds are bought and sold on an exchange, just like a stock.

It is possible for ETFs to be “structured to track anything from the price of a commodity to a large and diverse collection of stocks — even specific investment strategies,” said Investopedia. For instance, you may purchase an ETF for “income generation, speculation or hedging risk in a portfolio.”

What are the pros of investing in ETFs?

ETFs have a number of potential benefits for investors. For one, they provide built-in diversification, “meaning you get diversification (and lower risk) than if you bought just one or two stocks,” said Bankrate. There is also a range of different ETFs available to choose from, allowing most investors to find a fund that aligns with their goals.

Another major upside of ETFs is that they tend to be low-cost. “Though costs will vary by investment, ETFs typically have lower fees compared with actively managed mutual funds,” another investment product that offers access to a collection of assets, said NerdWallet.

This is true for tax consequences as well, since “ETFs are structured so that they minimize distributions of capital gains, helping you keep your tax bill lower,” said Bankrate.

Are there any drawbacks to investing in ETFs?

There are some risks to ETFs. For one, though generally low, there are still costs involved, namely expense ratios, a fee for the management of the fund. There is also the possibility you may have to sell sooner — or later — than hoped. If the fund closes, “you may be forced to sell earlier than expected — perhaps at a loss,” whereas if you have an ETF that “isn’t traded frequently, it may be harder to unload,” said NerdWallet.

You will also want to verify a fund’s holdings before buying into it, both to ensure ample diversification and that the fund actually focuses on the target as advertised. “If you don’t look under the hood, you may think you’re buying a diversified fund when in reality you’ve bought something extremely narrow and risky,” said Jared Gagne, a CFP with Claro Advisors in Boston, to CNBC.

Speculation is rife about what could be in chancellor Rachel Reeves’ much anticipated Autumn Budget.

Reeves will deliver her latest fiscal update on 26 November and there are likely to be “significant changes to wealth and property taxes”, said BDO, with changes to pension tax reliefs and inheritance tax also a possibility.

The chancellor is facing pressures of a fragile global economy and “anaemic” UK growth, said Fidelity, so while everything is just speculation for now, she will be looking for “new ways to raise revenue this year”.

Here is how you can prepare.

1. Hurry up your home sale

There have been reports that property taxes could be reformed, replacing stamp duty, plus capital gains tax could be charged on the sale of certain homes.

It could be worth “pushing to complete before November” if you are currently selling, said The Times, so that you still get the capital gains tax exemption.

2. Top up your pension

Pension rules are often a source of speculation ahead of the Budget, said BBC News, with possible changes such as “tax relief available to savers and the level of the tax-free lump sum which can be withdrawn”.

It is “rarely a bad idea to top up your pension”, said Continuum, as pensions are an “incredibly tax-efficient way to save for the future”.

You could also withdraw more now before any reported restrictions but it’s “really important not to rush in”, said Rest Less, as anyone who takes money out of their pension is putting it into a taxable environment.

3. Boost ISA contributions

There is “widespread speculation”, said Fidelity, that the overall £20,000 ISA limit could be cut for cash ISAs amid a government review.

It “makes sense to make the most of the ISA system as it stands”, said Saga, by making full use of your allowance.

Stocks and shares ISAs “typically return higher growth over time” compared with cash ISAs, but may not be suitable if you may need money in a hurry “or if you’re not comfortable with a level of risk”.

4. Make use of tax allowances

Reeves may have “unfinished business” with capital gains tax, said AJ Bell, having “pushed rates up a bit” in the previous Budget.

It is worth planning how to use your £3,000 capital gains allowance, said Continuum, plus spouses and civil partners can transfer assets to each other tax-free, “letting you benefit from their allowance as well as your own”.

The “easiest way to protect your money” from tax rises is to make use of “all your allowances”, said The Times, including the £20,000 you can put in an ISA, £60,000 that can go into pensions and the £500 that can be earned in dividends outside an ISA tax-free.

5. Consider inheritance tax

Inheritance tax may be another target for the chancellor, having already used the previous Budget to apply the charge to pensions.

If she wants to “target inheritances again”, said AJ Bell, she could either reduce inheritance tax thresholds or extend the “seven-year rule” for lifetime gifts.

Making any “significant gifts” before the Budget could help “secure today’s more generous rules”, said Clarke & Wright, but “be strategic, not hasty” as acting too quickly could cause tax charges and “leave you short of funds you may need in the future”.

6. Don’t panic

Any changes may not be “implemented immediately”, said CheltenhamIFA, so it is important not to panic.

You will usually have time to digest the changes and “carefully consider how you’ll respond”. Plus, it may be worth speaking to a financial planner “rather than making a snap decision”.

If you have traveled internationally, there is a good chance you have encountered duty-free. Maybe you strolled through duty-free shopping post-security at the airport, passing by brightly lit shelves of perfumes, alcohol, cigarettes and chocolate. Or perhaps you took advantage aboard a cruise ship, where you were lured in by not needing to pay taxes. But you may have wondered: Am I actually getting a good deal?

As it turns out, it is possible to get a good deal this way — though the “amount of savings depends on an array of variables, such as the overall markup of the item and whether the product is made locally or imported,” said The Washington Post. Whether or not duty-free can offer even more lucrative savings amid Trump's tariffs, however, remains an open question.

What is duty-free, and how does it work?

“Import, value-added and sales taxes — aka duty — are imposed on imported and exported products,” said U.S. News & World Report. So when a shop is selling items duty-free, it is offering those goods without tacking taxes onto the price.

These shopping opportunities are typically situated in “no man’s land” — such as “international airports, sea terminals, onboard cruise ships or during international airline flights” — so “you’re neither in nor out of any particular host country, including the one in which the terminal is located,” said Investopedia. This effectively becomes a “justification for shielding passengers in transit from host country taxes.”

What is key about this arrangement is that the buyer will not use their purchase on-site, which is why any purchases “will be sealed and delivered to the boarding gate,” said the Post. Further, “to ensure the shopper is departing the country, they will have to present a boarding pass and passport at checkout.”

Can shopping duty-free save you money?

It is possible — though not guaranteed — to save money through duty-free shopping. “Sometimes the only savings is on taxes, not the actual purchase price,” said Travel + Leisure. In certain cases, “some may even cost more due to exclusive packaging or edition releases,” said Reader’s Digest.

Further complicating the answer, “duty-free prices vary widely, depending on the country and airport — or even among airport terminals,” said Travel + Leisure. To ensure the price you are getting is indeed a good one, do some comparison shopping ahead of time on any planned purchases, and make sure you know the currency conversion.

Are there any restrictions on duty-free shopping?

Just because an item was duty-free in the host country does not necessarily mean you will not pay taxes when you return home. “Duty-free regulations vary depending on your country of residence, your travel destination and the length of your stay,” plus “other rules apply to the items purchased, the cost of the article and the country of its manufacture,” said Investopedia.

Upon arrival, you will need to fill out a U.S. Customs form declaring anything you might have bought abroad. There are also certain limits on how much you can purchase duty-free: “In the U.S., you can bring back $200, $800 or $1,600 in personal goods, depending on the countries you visited,” and there are also “caps on the amount of tobacco and alcoholic products,” said the Post. Expect to pay a flat rate of 3% on any amount over those limits.

The rumour mill is swirling ahead of Chancellor Rachel Reeves’ latest attempts to balance the books in the 2025 Autumn Budget.

She will deliver her latest fiscal update on 26 November, “amid anaemic growth and higher-than-expected government borrowing”, said The Telegraph. There are fears that Reeves will announce either more tax rises or further spending cuts.

There has already been “plenty of speculation” about tax changes, said Fidelity International, but it is important to “not make snap decisions based on rumours”.

Property tax reform

The Treasury has been considering a “radical overhaul of stamp duty and council tax”, said The Guardian.

Ministers have reportedly been tasked with examining the impact of a new national property tax on the sale of homes worth more than £500,000, with another levy replacing council tax “to repair battered local authority finances”.

The changes would be a boost for homebuyers, said MoneyWeek, but would raise “issues of regional unfairness” as most high-value homes are in the south of the country, plus it could distort the market and disincentivise downsizing.

Landlords could also face “yet another tax raid”, said This Is Money, with the chancellor rumoured to be considering “imposing National Insurance on rental income”. This could “apply further pressure to landlord budgets”, and could push rents higher.

ISA reform

The chancellor’s Spring Statement announced a review of individual savings accounts (ISAs). This has prompted “widespread speculation”, said Fidelity International, that the overall £20,000 limit could be cut for cash ISAs to encourage more people to invest.

But if Reeves wants to encourage people to put their money into the stock market, Richard Wilson, chief executive of interactive investor, said she needs to make “UK stocks and shares more investable” by removing stamp duty on UK shares.

Pension changes

Rumours about changes to pensions come up “every single year”, said Which?, often “not based on anything official”.

A regular rumour is that pension tax relief could be changed to a flat rate for everyone, which would “reduce the perk for those on higher incomes”.

The lifetime allowance, scrapped by the Tories, “could also be brought back by Labour”, said City A.M., but pension reform is a “complex business” with a “high risk of unintended consequences”.

Wealth taxes

The “most fevered speculation” this year is about wealth taxes, said The Times.

The chancellor is rumoured to be considering making capital gains tax applicable on sales above £1.5 million, something that could substantially increase the tax take from high-value property sales.

But the success of a wealth tax would depend on the design, said HFMC Wealth, as it “may lead to unintended consequences such as capital flight, underreporting, and minimal fiscal impact”.

Stealth taxes

While Labour vowed in its general election manifesto last year that it wouldn’t raise taxes on working people, said City A.M., think tanks have suggested the government could “feasibly get away with” extending a freeze on income tax thresholds. The action could raise more than £9 billion.

However, this would create a “stealth tax”, said The i Paper, as “more people are pulled into paying higher rates of tax” as wages grow.

People are living longer due to improvements in lifestyles and healthcare, but this longevity brings new challenges when it comes to financial planning.

Office for National Statistics figures show that 15,330 people reached the age of 100 in England and Wales in 2024. Boys born in 2023 can now expect to live on average to the age of 86.7 and girls to 90.

But the prospect of living to 90 has “massive implications for our own pension saving”, said Yahoo! Finance. Many people retire at 65 but “do you have the means to generate an income that could last 35 years or more?”

Work out how much you need to retire

There is no “one-size-fits-all” retirement income, said Wesleyan, and the amount you need will depend on “your individual circumstances, desired lifestyle, expected outgoings and how long you might be retired”.

As a ballpark, figures from Pensions UK show it would cost £43,900 per year for a single person to have a “comfortable retirement”, which covers spending such as eating out, holidays and transport.

The Pensions UK data gives you a “better idea”, said Which?, of how much money you will need in retirement and the state pension and private pensions, as well as other assets, “are the building blocks of most people’s retirement income”.

The “next step” is working out how much you’ll need to save into your pension to get the income you want.

Figures from the consumer watchdog show a single person would need a pension pot worth as much as £609,270 for a comfortable retirement.

Start saving

Saving from as young an age as possible can make a “big difference”, said Rathbones. Start saving at the age of 25 and £1,608 per month could grow to £1 million at 65, the wealth manager said. But wait until 45 and you would need to save £3,659 per month to reach £1 million at 65.

Yahoo! Finance suggests increasing your contributions “every time you get a pay rise or new job” and says tracking down pensions from previous jobs could help “strengthen your position”.

Buy an annuity

The “surest way to make your pension last a lifetime” when you retire, said Tom Selby, director of public policy at AJ Bell, in MoneyWeek, is to purchase an inflation-protected annuity. This provides a guaranteed income for life based on the value of your pension, age and lifestyle.

The risk is that “your pension savings are committed to this product and you can’t change your mind”.

Opt for income drawdown

Alternatively, you can stay invested and make withdrawals from your pension using drawdown.

Investment performance isn’t guaranteed, though, said MoneyHelper, and “if you take out too much money too soon, you could run out of money”.

Many retirees follow the 4% withdrawal rule. This suggests taking 4% from your pension and adjusting for inflation at 2% each year. This “could mean your savings last 30 years or more”, said PensionBee, and is seen as a “sustainable withdrawal method” because your spending is increasing based on inflation, not by how your investments have performed.

You can take 25% of your pension tax-free, but any other income you take from your pension is “potentially taxable”, said Fidelity.

However, you don’t need to spend “all your savings” on an annuity. You could instead keep some of your pension invested “and buy an annuity with the rest to cover your day-to-day costs”.

A student loan can be helpful in supporting young people through university, but there are warnings that the funding can have an adverse impact after graduation.

In fact, student loans accrued interest at a rate of £482 per second last year, far outpacing repayments, said The Telegraph, something that “plagues young professionals”.

These individuals have been affected since the introduction of £9,000 annual tuition fees in 2012 and 9% interest above certain earnings thresholds, said Claer Barrett in the Financial Times, leaving workers “bitterly angry”.

Yet a student loan may be essential with the “rough cost” of a three-year course at £68,349 per year for tuition, books and living expenses, said SaveTheStudent.

What is a student loan?

Tuition fees are capped at £9,535 a year in England and Wales. The figure went up by £285 in 2025, the first increase in eight years, and is set to go up again in the 2026/27 academic year to £9,790.

However, this is not an up-front cost and instead student loans can be used to cover the educational aspect and some living costs while at university.

There are two parts to a student loan. The first covers tuition fees “equal to the annual cost” of a course, said BBC News, which is paid directly to the university.

The second is an optional maintenance loan that is paid directly to your bank account in three instalments to subsidise the general cost of living. A maintenance loan is supposed to “help out” with costs like rent, travel and food, but the “way you allocate this money is your decision”, said Whatuni.

Unlike the tuition fee loan, the maintenance loan is means-tested and depends on your parents' income and whether you go to university in London.

The maximum maintenance loan for students who stay at home with their parents is £8,877, rising to £10,544 “if they move out and study outside of London”, said The Telegraph.

Students who attend university in London while living away from home can get up to £13,762. This is also increasing to £9,118 for those who stay at home, £10,830 if living away from home and £14,135 for those in London.

You can apply for one or both types of loan, and whatever is borrowed is then combined into a final total that’s repaid once the student finishes their course.

Who can get a student loan?

To get a student loan, you “must be studying at a recognised or listed college or university”, said The Uni Guide, and you need to be a UK national or have settled status.

Student finance is typically only paid for a first undergraduate course, even if a previous course has been self-funded.

There is no age limit for the tuition fee loans but there may be limited funding for the maintenance portion if you are over 60.

How to get a student loan

You need to apply for student finance through the student finance body in your country.

Those from England must apply through Student Finance England, while the equivalent in Scotland is the Student Awards Agency for Scotland (SAAS), with Student Finance Wales and Student Finance NI in Wales and Northern Ireland.

You can apply up to nine months after your course starts, but “you might get less money than you expected” if you apply too late, said Gov.uk.

How a student loan works

Once your loan is approved, interest is charged while you study – “before you graduate and look to start paying it back”, said The Times.

Don’t panic though, as it “does not work like a bank loan”. Instead, student loans are often thought of as a “graduate tax” as the Student Loans Company only starts to take some of your earnings once you start earning a specific amount.

When do you repay a student loan?

A student loan is deducted automatically through your employer’s payroll. But the amount a person repays is dependent on “which of the five different repayment plans you’re on”, said This Is Money.

Anyone who started university since 1 September 2023 is on Plan 5 and needs to repay the loan once earnings go above £25,000, with 9% interest charged on earnings above this threshold. The more a person earns, the more they will need to repay each month.

Why are people angry about student loans?

Graduates have complained that the student loan debt makes “affording a mortgage more difficult, exacerbates cost-of-living concerns and makes parents feel penalised for taking leave for having children”, said The Independent, while campaign groups claim there are “hallmarks of mis-selling”.

The “worst hit”, said the Financial Times, are those on Plan 2 student loans between 2012 and 2022.

The repayment threshold for those on Plan 2 loans is set to rise from £28,470 per year to £29,385 in April this year but will then be frozen at that level until 2030.

This creates fiscal drag, said MoneySavingExpert’s Martin Lewis, which means that assuming prices and average earnings rise, “a bigger proportion” of income will go towards repaying the student loan debt.

But while there may be fear that “enormous interest payments could balloon a loan to unmanageable levels”, said personal finance analyst Alice Haine to Evelyn Partners, in reality, “many people will never repay the full amount”.

Student loans are not recorded on a person's credit file, but “can be taken into account” for affordability checks when applying for loans such as a mortgage, said MoneySavingExpert. The debt is also wiped out after 40 years, or if you die or are “permanently incapacitated”.

Parents may be breathing a sigh of relief as the summer holidays come to an end and the kids prepare to go back to school, but it may not be so easy on your wallet.

The cost of sending a child to school has risen substantially, "outstripping inflation and earnings growth" since 2022, said the Child Poverty Action Group. It's driven by "the cost of food during the school day, an increased need for technology including devices and, for secondary school pupils, higher subject costs such as art and design materials".

School uniform costs may have "slightly declined" but remain "significant", said Loughborough University, which conducted research showing the minimum cost of sending a child to school is £1,000 at primary age and almost £2,300 for secondary school.

It is hoped that the government's promised Children's Wellbeing and Schools Bill will help reduce the cost of items such as uniforms and after-school clubs.

But there are steps that parents can take as well.

Set a back-to-school budget and start saving

Set a budget for how much you are willing to spend on back-to-school items and be strict, said Equifax, "does your child really need a new pencil case (or other item) this year?" It is also worth "thinking long term" with items such as school uniforms and buying something bigger that your child can grow into.

There can be lots of unexpected costs that may pop up during the term, said The Sun, such as school trips and sponsored walks. So if you put a few pounds away each week, "you won't have to dig deep at the last minute".

Don't rush

Parents may feel pressured to buy everything new for the start of term, said The Guardian.

But if your child hasn't grown much over the summer, then last year's uniform will "almost definitely still fit" for the first few weeks at least.

Reuse and recycle

Schools and local groups often organise uniform or supply swaps, said Family Action, which is a "great way to pass on items your child has outgrown" as well as picking up what is needed "for free or at a low cost".

Check online platforms such as Uniformerly that sell secondhand school items, added the charity, and "don’t forget local charity shops".

Buy in bulk

Children can regularly lose items or need things like new socks, said the Daily Record, so rather than paying full price each time something new is required, "buy in bulk to save time and money".

The same goes for items such as notebooks and pens, said RTE, as warehouse stores or online bulk retailers "often provide better prices per unit". Just make sure you have somewhere to store everything.

Plan packed lunches

Paying for school meals and snacks can "become costly", so making meals at home and packing lunches provides a "budget-friendly alternative".

Check for government support and grants

Parents on a low income may be able to get help with "some of the costs of sending your child to school", said Citizens Advice including meals, transport and uniform. Check with your local council, which you can find on Gov.uk.

Anti-poverty charity Turn2Us has details of grants that lower income households can apply for to get back-to-school support.

As another year of A level and BTEC results flood in across the country, thousands of students will soon be preparing to head off to university.

This is likely to be "your first time striking out on your own", said OneFamily, and while there are plenty of lessons to be learned in lecture halls, "one of the most important" things to grasp is "how to manage your money".

It can be an overwhelming experience, and that makes it "easy to lose track of your spending", but careful thought and planning can help with your finances and enable you to truly "get the most out of your time".

Set a budget

The best way to manage your finances at university is to "work out exactly where your money's going", said Equifax. Essentially, this means calculating how much is "going into your account", including student loans, grants and savings. This will then need to be weighed up against "everything you'll need to spend money on", like rent and bills, food and drink, and items needed for you to study.

Once you've highlighted your expenses, "brace yourself", said Save the Student, as you'll need to "break them down into a weekly budget". This can be done by calculating total income for a term at university minus essential outgoings. Then, simply "divide the number you're left with by the number of weeks in a term" to calculate how much you have per week.

As a concept, budgeting may seem "pretty boring", but there are "loads of benefits" to having a clear idea of income and expenses – mainly that you can safely "continue to spend money on the things you need and enjoy".

Open a student bank account

A major "perk" of studying at university is having access to a student bank account, said Ucas. Many of the accounts on offer will "boast fancy extras to catch your eye", such as discount travel, cut-price cinema tickets and gift cards.

"Don't be swayed by these alone though." While certain offers, like a travelcard, "could save you a small fortune", students should think about the offers they will "actually use".

One eye-catching new offer is from Santander Edge, which is offering a "guaranteed 0% overdraft each year" and a free four-year railcard, said MoneySavingExpert. A competitor is the Lloyds Student Current Account, offering a "decent overdraft" alongside "free perks" including £100 cash and up to £90 of Deliveroo vouchers.

Find a university job

With "expensive" tuition fees and "hefty" student debt, many students will "unsurprisingly" be looking for a part-time job to partially alleviate the "financial burden" of university, said Prospects.

Some jobs are available on campus, such as helping in the library or university bar, and vacancies will arise "throughout the year". Other opportunities could be found outside of campus to give "a taste of working life".

But while a part-time job could be a "crucial source of income", it is also a way to "meet new people and develop some transferable skills", said Morrisby. A "bonus" is to find work "relevant for your future career plans", but "any kind of work" is likely to be useful in personal development.

Find discounts

As a student, "you should be able to save money on almost everything", but "research" is vital, said the Complete University Guide.

For example, food shopping will be a regular task, but students should always "check for coupons and offers" as "apps or loyalty cards" are common.

A good place to start is with a student discount card – such as Unidays or Student Beans – that will offer deals on "everything from food and clothing to beauty products and travel", said OneFamily. And never "be afraid" to ask if a shop has a student discount "when you get to the till".

You can "shop smart" with these discounts, but they shouldn't be used as a "reason to spend money on things that you don't really need", said MoneyHelper.

Check if you can get help

There are "various sources of funding" available to university students – both undergraduate and postgraduate – so "make sure you are accessing everything you are entitled to receive", said University College London.

The cost of tuition – £9,535 for the 2025/26 academic year – is covered by the Student Loans Company. Maintenance loans are one of the most common forms of support, designed to "cover your living costs", said MoneyHelper, but how much a person is entitled to depends on where they live and the location of their university.

"Other means-tested grants and funding options" may also be available, so it is worth visiting the official student finance websites for England, Scotland, Wales and Northern Ireland for further information.

Customers mis-sold car financing could still be entitled to compensation, despite last week's landmark Supreme Court ruling that sided with lenders.

The Financial Conduct Authority (FCA) announced it will consult on a payout scheme later this year, just days after a "worst-case scenario for the industry" appeared to have been avoided, said The Times.

"It is the latest twist in a scandal that had caused consternation at the very top of the government over fears of the size of the hit lenders may face."

What was the controversy about?

Between 80% and 90% of cars in Britain are bought with finance: loans paid off in monthly instalments. The cost includes interest added by the brokers who sell the finance plans on behalf of the lender and receive a commission in return.

Before 2021, some car finance lenders had what was called a "discretionary commission arrangement" with brokers in which they earned a higher commission if customers were given a higher interest rate. "This incentivised sellers to maximise interest rates, which meant many were unfairly charged too much," said Sky News.

The practice was banned by the FCA in January 2021, but millions of customers claimed they had already been overcharged and were seeking compensation. Some 80,000 open cases made to the Financial Ombudsman Service were effectively on hold pending the outcome of a court ruling last Friday.

What did the courts rule?

Last October, the Court of Appeal sided with customers, ruling that some commission arrangements amounted to bribes and a breach of the obligation car dealerships had to their consumers. Those affected should be entitled to receive compensation equivalent to the commission, the court said.

City analysts estimated that car finance providers could have been liable for up to £44 billion in total, which would have made it one of the biggest compensation payouts in British history.

But lenders – and Chancellor Rachel Reeves, who had voiced concerns about the potential impact on economic growth – were handed a reprieve on Friday after the Supreme Court dismissed the two central arguments brought by customers. It effectively found that commercial relationships are based on self-interest, and thus dealers had no duty to act in customers' interest.

The ruling did not let lenders off the hook completely, leaving open the possibility of compensation claims for particularly large commissions.

Will customers get any compensation?

Following the ruling, the FCA has announced it will consult on launching a payout scheme, which will start in October with the first payments expected next year.

The regulator said those eligible will probably be entitled to a payout of no more than £950, depending on the "degree of harm suffered by the consumer and the need to ensure consumers continue to be able to access affordable loans for motor vehicles". Individuals do not need to use costly claims management companies to register their claims and those who have already registered a complaint do not need to take any further action.

While it is "hard to estimate precisely at this stage the total cost to industry", the regulator said it is likely to be between £9 billion and £18 billion, the BBC reported. The industry is "expected to cover the full costs of any potential compensation scheme, including any administrative costs".

Car finance lenders, including some of the UK's biggest banks, had already set aside billions of pounds for potential payouts.

Landmark reforms of rental rights are getting closer to becoming law, but the changes could result in higher rents.

The Renters' Rights Bill completed its third reading in the House of Lords this week, and amendments will be considered by the government after the summer recess in September before Royal Assent is received.

The bill's "primary goal", said Goodlord, is to give tenants "more security" against unfair evictions and rental increases and "more freedom" to leave substandard properties.

But the Bill has "set landlords aflutter", said The Times, with warnings that some will exit the market, "driving up rents and causing a reduction in rental properties".

The end of no-fault evictions

The "main headline" of the Bill, said Shelter, is abolishing section 21 notices, known as 'no-fault' evictions. These notices let landlords evict tenants "without stating a legal reason".

Instead, landlords will have to apply for a section 8 notice through the courts. The notice covers specific circumstances in which a landlord can regain possession, including rent arrears, or if a landlord wants to sell the property.

Three months' notice must be given if a tenant is behind on rent, and four months if a landlord wants to sell or move back in. However, this can't be done in the first year of a tenancy.

This has prompted warnings that courts will be "overwhelmed with cases", added The Times, when they are "already struggling to deal with backlogs".

Assured tenancies abolished

Fixed-term assured tenancies will be abolished and will be periodic instead, with tenants able to stay in their home until they decide to end the tenancy by giving two months' notice.

Instead of having an end date, tenancies will "roll on monthly", said Savills.

It is already "more common" for tenants to serve notice than landlords, so the "existing renting pattern" is unlikely to change.

Raising rents

Bidding wars will be banned, said Shelter, meaning lettings agents and landlords can't "invite, encourage or accept offers of rent payments" above the listed price.

Landlords will also only be able to raise rents once a year under the legislation and rent review clauses will be banned from tenancy contracts.

Tenants will be able to challenge increases, but this has raised concerns, said MoneyWeek, "as it is unclear how the appropriate rent will be measured".

Creation of a private rented sector database

Landlords will need to be listed, along with details of their properties, on a private rented sector database.

This will help identify and deter unscrupulous landlords and letting agents", said MoveIQ, but there are concerns about privacy, keeping it updated, and the fact that it will require a level of "digital literacy".

New landlord ombudsman

A new Private Rented Sector Landlord Ombudsman service will be established where tenants can raise complaints.

It will give "binding decisions", said SimplyBusiness, and landlords may have to "pay compensation or make improvements to their property".

Tenant discrimination prohibited

The Bill aims to tackle "indirect and systemic discrimination in rental practices", said estate agency Frost's, by making it "explicitly illegal to discriminate against benefit recipients".

Pets with lets

Landlords "can't unreasonably refuse" a request to have a pet in the property under the law, said Goodlord.

The legislation did have a clause that said tenants would need adequate pet insurance but the National Residential Landlords Association is hoping the government keeps an amendment in the Bill that lets landlords "request three weeks deposit in return for allowing their tenant to keep a pet".

When will the Renters' Rights Bill become law?

The government will be keen to consider amendments and receive Royal Assent before the party conference season in September, said Goodlord, but the "commencement date" will likely be early 2026.

Will the changes help the rental market?

Campaigners have, "perhaps unsurprisingly", welcomed the reforms as they give tenants more security, said MoneyWeek, but there have also been "plenty of warnings" from landlord groups that the changes will "lead to higher rents as more will exit the sector to avoid the extra restrictions".

The Bill has attracted "criticisms and concerns" said the BuyAssociation, but "ideally" it should improve conditions for tenants although "not to the detriment of 'good' landlords", ultimately "creating a fairer rental sector with higher standards and more security for all".

With Chancellor Rachel Reeves under more pressure to balance the nation's books, a wealth tax has been floated as a viable option.

Former Labour leader Lord Kinnock told Sky News that a wealth tax would be a "substantial gesture in the direction of equity fairness".

He suggested "a good way of raising funding" would be to introduce a 2% tax on assets above around £10 million.

Reeves previously shunned interest in such a levy, but the prime minister's official spokesperson refused to rule out a wealth tax in the next Budget.

The suggestion comes amid "speculation" of new tax increases, said Yahoo Finance, as the recent Labour U-Turn had "severely diluted" the government's original controversial plans for welfare reforms.

What is a wealth tax?

The idea behind a wealth tax is that imposing an extra levy on the super-rich will "raise the necessary funds" and also tackle rising inequality, said ThisIsMoney.

Estimates about the impact of a wealth tax vary, said The i paper, but the "broad consensus from economists" is that a "carefully targeted" wealth tax could raise around £10 billion a year.

How would a wealth tax work?

Unlike capital gains or inheritance taxes, which target assets, The Wealth Tax Commission said, back in 2020, that the charge would be a "broad-based tax on the ownership of net wealth" based on the value of a person's assets minus any debts.

The group suggested it could be charged as a one-off or annually. It calculated that a tax on all individual wealth above £500,000 at 1% a year for five years could raise £260 billion. If set above assets worth £2 million, the levy could raise £80 billion.

Alternatively, a study of The Sunday Times Rich List by Ben Tippet, lecturer in economics and wealth inequality at King's College London, found "at least £160 billion" could have been raised over the past three decades if the richest had paid a 2% wealth tax on their assets above £10 million.

Pros and cons of a wealth tax

A wealth tax could help tackle inequality and collect significant sums for the government. However, one of the "main criticisms" is that wealthy people could just "relocate their assets or themselves", said The i paper.

Migration advisory firm Henley & Partners has already warned that record numbers of wealthy people are "fleeing the UK amid rising taxes and the end of non-dom status", said MoneyWeek.

But the "vast majority" of the extremely wealthy would never leave for "tax reasons", according to a study by the London School of Economics last year, as many of the "tax advantageous" destinations are seen as "boring" and "culturally barren".

Only four countries have actually "retained a wealth tax”, said ThisisMoney: Norway, Spain, Colombia and Switzerland. Other nations have tried but failed as the wealthy avoid them and the levy raises "little revenue", creating "high admin costs".

Instead, said the financial website, many economists argue that governments should "improve existing tax systems rather than introducing new wealth taxes".

A government-backed tax-free savings scheme to help first-time buyers and pension savers has come under fire amid fears that consumers could end up losing money.

The Lifetime Isa (Lisa) lets people save for the "big money milestones", said Which?, of retirement or buying your first home.

But MPs on the Treasury Select Committee have warned the "dual-purpose design" may be diverting people from "more suitable products and putting part of their savings at risk".

What is the Lifetime Isa?

The Lisa was introduced by then-chancellor George Osborne in 2016, it launched in 2017, letting people save up to £4,000 tax-free each year, as part of their annual Isa allowance.

The "main selling point", said Which?, is the "generous 25% bonus" that the government pays on the savings when you come to use them either to buy your first home or from age 60 to retire.

You have to be aged 18 to 39 to open a LISA account and must make your first payment by the age of 40.

Investment and cash Lisas are offered by a number of banks, building societies and investment firms, said Unbiased, "so it's worth shopping around".

How does a Lifetime Isa work?

You can usually open a Lisa in-branch or online.

Up to £4,000 can be put into a Lisa each year until you’re 50 and the government will add a 25% bonus to your savings up to a maximum of £1,000 annually.

The bonus is paid monthly, said Which? "so you benefit from compound growth".

There are "a few restrictions", said MoneyHelper, if you want to use the product to purchase a property.

This option is open only to first-time buyers and the value of the property has a limit of £450,000.

You can withdraw your Lisa money for your first home, for your retirement from age 60 or if you have less than a year to live.

Taking the money out "for any other reason", said Unbiased, will incur a 25% withdrawal charge. The government will get its bonus back and "you'll lose out on some money".

Should you open a Lifetime Isa?

One of the main issues with a Lisa is the product has remained "relatively unchanged" since its launch eight years ago, said the Financial Times.

The property price cap figure has "remained frozen since it launched in 2017", said MoneySavingExpert, despite house prices "rising significantly" since then.

This leaves some first-time buyers "unable to find a suitable property" or paying a penalty to withdraw their funds.

The Treasury Select Committee has warned that the product's focus on helping people save for both the short and long term means it is "more likely consumers will choose unsuitable investment strategies".

MPs also highlighted that a recent "surge in withdrawal charges" is a possible indication that "the product is not working as intended".

If you are considering a Lisa, the 25% bonus is still a "higher annual rate than you'd be likely to get from other forms of Isa", said MoneyWeek, but you need to make sure you are comfortable with the risks.

A lucky punter from Munster has won €250 million (£215 million) in the EuroMillions lottery – the largest EuroMillions jackpot win in Ireland. But will the as-yet-unknown winner come to see their sudden good fortune as a blessing or a curse?

Once you've won the lottery, "you're screwed", said Metro. Hitting such a massive jackpot can "turn out to be a deal with the devil": many winners' lives have taken "a turn for the worse after scooping a large sum".

Ransoms and murder

Lee Ryan, one of the first big winners of The National Lottery, won a "whopping" £6.5 million in the UK draw in 1995, said The Mirror. He splashed his newfound wealth on luxury cars, a helicopter and a £2 million mansion but a string of failed investments left him penniless and sleeping rough in London. Now working as a painter and decorator, he told the paper his jackpot win was "cursed".

In 2002, rubbish collector Michael Carroll hit the headlines with his lottery win of £9.7 million but, nine years later, he was declared bankrupt. During that time, he'd married, separated, and appeared in court more than 30 times. Proclaiming himself the "King of Chavs", he'd developed a taste for cocaine, vodka and "Roman-style orgies".

All told, you "probably actually don't want to win the lottery", said The Atlantic in 2012, citing the case of American Evelyn Adams, who raked in $5.4 million (£4.6 million) by winning the New Jersey lottery twice, in 1985 and 1986, but gambled most of it away and ended up living in a trailer.

Some jackpot winners become targets for criminals. Abraham Shakespeare won $31 million (£27 million) in a Florida lottery in 2006, then disappeared in 2009; his body was found under a concrete patio slab with bullet holes in his chest. The woman convicted of his murder was also accused of taking money from his account, said ABC News. In Australia in 1960, the eight-year-old son of a couple who'd won the equivalent of £1.5 million was kidnapped on his way to school. The couple received a "hefty ransom demand" but the child was later found dead, said Metro.

Increased 'life satisfaction'

Despite many such stories of "cursed" lottery windfalls, increasing evidence seems to point to a much happier ending for most.

It's often claimed that 70% of lottery winners end up bankrupt within a few years but the National Endowment for Financial Education in America, the supposed source of this claim, cannot verify it and said that statistic is "not backed" by its research.

A 2021 study, published by the German Institute of Labor Economics research institute, suggests that winning the lottery could strengthen close relationships and social ties, and a long-term review of Swedish lottery winners, published in The Review of Economic Studies, found that most choose to keep working and generally enjoy "sustained increases in overall life satisfaction".

It's undoubtedly "psychologically useful" for the less fortunate to imagine they'd be "worse off with more money", said Martha Gill in The Observer. It's also "rather helpful cover for the rich" and shields them "from too much envy". But the "platitude that money doesn't buy happiness" doesn't seem to stand up to reality.

"The snobbish idea that people on low incomes don't know how to handle large amounts of cash" is also "corrosive". The same line of thinking reinforces the idea that charities shouldn't give money to those in need, because they'll "waste it". Actually, getting your hands on some cash is a "rather reliable way to improve your life. Don't let anyone tell you otherwise."

The good news? You just found out your property's value has increased. The bad news? Your property tax bill has shot up along with it.

This is a situation that homeowners have faced frequently in "recent years" as a result of both "rising housing prices and local tax rates," said CNBC. Between 2023 and 2024, the median property tax bill in the U.S. increased by 2.8%, pushing it to $3,500, said the outlet, citing a report by Realtor.com.

In some cases, however, the jump may seem out of bounds for what is typical. In those instances, you may have a case for an appeal.

Why would you file a property tax appeal?

A property tax appeal allows property owners to "challenge the assessed value of their property for tax purposes," said Quicken Loans. This may be an appropriate step to take if you "believe that the assessed value is too high and does not accurately reflect the actual market value of [the] property."

Local governments assess property values to help determine how much property tax a property owner should pay. But "it's not uncommon for properties to be over-assessed, meaning you end up paying more in taxes than you should be," said CNBC, citing Pete Sepp, the president of the National Taxpayers Union Foundation. This often occurs "due to inaccuracies that were never corrected in your home's assessment," such as incorrectly noted square footage, added the outlet.

How can you file a property tax appeal?

Before filing an appeal, it is important to do your homework. For one, make sure to "check your property's record card," which is the "official description of your house," said Kiplinger. If you spot an "outright error," that is an easy fix and "will save you the trouble of a formal appeal." Also read up on local tax laws and how property taxes are calculated.

If everything checks out, start compiling information to make your case. This includes details on recent comparable sales in your area, blueprints, professional appraisals and property records. And if your home has "deferred maintenance or damage, provide photos and contractor estimates to fix it," said Realtor.com.

You will then submit your appeal, which is "usually a written protest form or online submission through the appraisal district," said Realtor.com. From there, the process can vary depending on your local government but may entail a review or hearing.

Are there any downsides to appealing your property tax assessment?

There is always the chance that "filing an appeal can work against you if the latest assessment undervalues your property," in which case "your property taxes could increase more than they already have," said Quicken Loans.

Filing will also take your time and effort, plus it will cost a "small filing fee," said Investopedia. Further, the "tax appeal generally requires the help of a lawyer," who "will charge you a fee — sometimes a part of your savings if your appeal is approved."

A landmark trade deal has been agreed between the UK and India but there are concerns over the National Insurance concessions it contains for Indian workers.

The UK government claimed the deal was a win for working people and British business, pointing to reduced tariffs on goods such as whisky, gin and chocolate.

It is an agreement that has been in the making since 2022 and touted as a "big Brexit boon", said The Guardian. But since the announcement there have been "political fireworks", said Politico, namely over a perceived relaxation of social security or National Insurance payments for Indian workers in the UK.

What is the NI concession?

The UK-India trade deal includes what is known as a "double contributions convention", where "neither Indian nor British workers" will need to pay National Insurance contributions "in both their home country and the one they are working in", said Politico. Instead, workers will only need to pay it in one nation for the first three years of their placement.

But the announcement means ministers have been "left on the defensive", said The Times, as critics claim Indian workers will be "paying less in tax than their British counterparts for doing the same job".

It comes after the government controversially increased employer NI payments during the Autumn Budget.

Conservative leader Kemi Badenoch described the NI issue in the UK-India trade deal as "two-tier taxes from two-tier Keir".

Are Indian workers getting a better deal?

Business secretary Jonathan Reynolds has insisted the deal "would not impact British workers", said the BBC, stating the UK has 16 agreements designed to prevent "double taxation of work". Such agreements cover more than 50 countries, "including the US, EU and South Korea".

Even influential Tory figures such as Oliver Dowden and former Brexit minister Steve Baker have backed the deal, said The Guardian, highlighting that opt-outs for seconded workers "were routine in trade deals".

Delhi has also argued that its workers "would not receive any of the benefits that National Insurance is supposed to pay for", said The Times, such as pensions and welfare payments.

The exemption also doesn't apply to all Indian nationals working in the UK, said FullFact, "though this hasn’t been made clear".

Trade minister Douglas Alexander told LBC the exemption would be for "a very specific and limited group of Indian business people for a period of three years".

Indian workers seconded here will still have to pay the UK immigration health surcharge on NHS care, said FullFact. Plus, the arrangement is reciprocal. Consequently, British workers sent by their companies to work in India will benefit as "they won't have to make Indian social security payments for up to three years".

The Bank of England's decision to cut its base rate from 4.5% to 4.25% was widely expected, but marks an "important moment for the UK economy", said BBC News.

Rates are "down a full percentage point from their peak" this time last year, and further "gradual and careful" cuts are on the horizon in 2025.

But who stands to gain from the decision, and who will be left counting the cost?

Mortgage payers: winners

An interest rate cut is likely to help homeowners nearing the end of a fixed-term mortgage, as well as prospective buyers, but lenders usually work to the longer-term interest rate forecast.

Still, it's likely to be "music to mortgage borrowers' ears", said ThisisMoney, especially those on tracker mortgages, who should see an "immediate benefit".

Savers: losers

The cut is "unequivocally bad news" for savers, said Isaac Gross, economics lecturer at Monash University, on The Conversation. With money "growing more slowly", it's harder to build income "over time".

But "don't worry", said Akoni Hub – if you're "proactive", you "don't have to settle for low returns – even with a base rate cut". In fact, it can be the "perfect nudge" to research better deals, often offered by challenger banks keen to "attract new customers".

Small business owners: winners

Smaller businesses "historically" benefit from rate cuts, said Aberdeen Investments They typically deliver "higher returns" after a rate cut when compared to larger companies, as they "tend to have more exposure to the UK domestic economy".

Retired people: losers

Left work? The chances are that you "rely on income from interest-bearing assets" to fund your retirement, including fixed-term or cash savings accounts, said Gross on The Conversation.

Coupled with a cost-of-living crisis, a base rate cut "only makes things worse" as returns for this group "shrink", making it hard to fund a typical lifestyle in retirement.

As retirees have "less time to ride out any market turbulence, as is currently being experienced", said The Telegraph, their cash savings growth will be impacted.

However, with Donald Trump's tariffs to also contend with, and ongoing "market chaos", some pensioners suggest "as much as £120,000" has been lost from the value of their retirement pots.

Drivers could be set for a boost as recent falls in petrol prices are predicted to accelerate further.

Average petrol prices have been falling in recent months due to a drop in the cost of oil. The typical price for unleaded petrol is now 134.11p or 140.62p for diesel, according to the RAC.

It comes as oil-producing states such as Saudi Arabia and Russia have increased production of Brent crude, said the Daily Telegraph, amid fears that President Donald Trump's trade war "will cause demand for fuels to drop as the economy slows".

The RAC is "calling for further cuts at the pumps" as, despite some prices dropping, the reduction in wholesale costs isn't being fully passed on. Therefore, many people will be looking for the best ways to save money at the petrol pump.

Drive more efficiently

Your style of driving can have a "big impact" on how much fuel you use, said The Times Money Mentor.

To save money, consider keeping an eye on "when you brake and how fast you're going". Doing so can keep fuel use down and cut costs.

Check your tyre pressure

A well-maintained car can be more fuel-efficient, and therefore save money.

If your tyre pressure is too low, said MoneySavingExpert, this can "increase drag on a car" which will then use more fuel. Keeping your tyres at the correct pressure for your car means you will need "less oomph to keep it moving".

Avoid air conditioning

Air conditioning may be useful to "keep you cool and comfortable" when driving in the summer months, said KwikFit, but it can "increase your fuel usage by as much as 10%".

The effects can be "particularly noticeable" on short journeys if you are looking to cool the car down quickly. So you may be better off by switching it off, especially if you aren't driving far.

Don't get dragged down

You can reduce fuel usage if you "ditch the clutter" such as roof racks or bulky items that are weighing down your car, said The Times Money Mentor, as this will help your vehicle accelerate more easily on less fuel.

Even keeping windows open or displaying football flags that you attach to your vehicle to "show support" for your country during the World Cup can decrease your MPG, added the RAC.

Compare fuel prices

It is also possible to shop around for better fuel prices.

The RAC has a Fuel Watch webpage that regularly updates average petrol prices on forecourts and at supermarkets, while CarWow also has a tool that lets drivers enter their postcode to find "the most affordable options" in the area for fuel.

Most people experience money worries at some point in their life, but money dysmorphia is "a different ball game" altogether, said CNBC.

A "sibling" of the term "body dysmorphia", where people look in the mirror and don't see "what's really there", money dysmorphia is a "mind-bending split-screen view of reality", said The New York Times. Many people, especially the young, are "plagued by pangs of economic self-doubt" and anxiety that they "can't keep up with the Joneses (and what the Joneses are posting on Instagram)".

Blind spots

Known scientifically as the objective-subjective wealth relationship, researchers have found that people are much more likely to underestimate their earnings than to overestimate or have a realistic assessment of them. A study from HSBC suggested that most British people typically underestimate their earnings by 30% relative to others.

"More interesting still", wrote Helen Coffey for The Independent, the highest earners "have the biggest blind spot". Nine out of 10 workers on £100,000 or more do not consider themselves "well off", despite the fact that such a salary "immediately puts you in the top 4% of the UK".

Insidious and obsessive

Money dysmorphia is a "relatively new concept", but many people "recognise the feelings associated with it", said The Times, and Google searches for the term are up 136% in the UK since last year.

Although it's "not a recognised clinical condition", therapists believe that "warped perceptions of money" are "regularly the crux of issues such as anxiety and depression".

The true extent of the phenomenon is only just coming to light. Google searches for the term are up 136% in the UK since last year. In the US, a recent Credit Karma survey found 29% of Americans experience money dysmorphia, with 43% of Gen Z and 41% of millennials reporting distorted perceptions of their finances, compared to just 14% of those aged 59 or above.

Younger people "in particular" often have "unfounded worries" over lack of funds, said the Financial Times, and their "stress" goes beyond "standard concerns" about money and the economy because it's "more distorted, insidious and obsessive".

Stylist said that the "constant tug-of-war" between "financial reality and perception" means some people "overspend", in the belief that they have "more money than they do", while others "become overly frugal", making "drastic cutbacks".

The causes of money dysmorphia

There are many reasons for money dysmorphia, Danielle Desir-Corbett, a personal finance expert and host of "The Thought Card" podcast, told Buzzfeed. These include "past money trauma, societal pressures, economic crisis" and even issues from childhood.

"People have long worried about money and felt that they don't have enough – even when they do," said the news site. But the issue has got worse "in the online age".

Social media and negative headlines about the cost-of-living crisis have been blamed because these can make us feel like we can "either spend like a celebrity" or think that however much we have in the bank is "simply not enough to get by on".

Another factor could be "the level of financial security" that someone "experienced growing up", said Coffey, because if someone's family was "perpetually strapped for cash", they're more likely to have an "innate fear" that all "could be lost in an instant".

How to spot it

A tell-tale sign for those maybe struggling with money dysmorphia is constantly worrying about finances "no matter how much money you have in your bank account", financial therapist Aja Evans, told CNBC.

Other prevalent indicators, said Wealth Management Canada, include: "always feeling at 'rock bottom'" and "on the verge of financial ruin" or "about to go broke" and hoarding money because you "never feel like you have enough". Conversely, "impulsive spending" such as gambling, retail therapy, shopping addiction, or lifestyle creep can also be signs of a distorted relationship with your finances.

How to deal with it

There are four ways to tackle money dysmorphia, said The Times: "track your finances objectively; challenge negative money beliefs or emotions; set realistic financial goals and limit your comparisons to others".

Another technique is to use savings pots, said Stylist, because having "separate savings for different purposes" can "help ease financial anxiety".

An "accountability buddy" could help you develop a healthier relationship with money, said Desir-Corbett. Day-to-day, try to stay mindful: "identify and avoid triggers and distractions" and press unfollow on any social media accounts whipping up "financial insecurities". Listening to educational podcasts or reading books can grow your financial confidence, "especially around vulnerable areas".

"Finding a balance is key," said Dasha Kennedy, a financial wellness board member at National Debt Relief. "Understand it's OK to spend on necessities and things that bring joy. Financial caution is good, but not when it harms your well-being."

Fewer people may be switching jobs as the number of job vacancies in the UK has slumped, but there is an important document they will all need if they do find a new position: the P45.

There were 781,000 jobs on offer in the first three months of the year, according to the Office for National Statistics (ONS), down 3.2% on the previous quarter.

If you do leave your job and move to a new role, "it makes life a lot easier" if you know how to go about securing your P45, said Unbiased.

What is a P45?

A P45 is a crucial document that employees should receive when they leave a job.

While a P60 summarises an employee's tax information at the end of each tax year, said Starling Bank, a P45 is used "when employees change jobs".

The document is essential for passing on tax and payroll information from the old employer to the new one.

What does a P45 look like?

The P45 does not have a "standard format", said Unbiased, and each may be "slightly different", but it is always divided into four parts.

Part one is sent to HMRC, and part 1A is kept by the worker for their records, while parts two and three are given to the new employer.

What information is on a P45?

A P45 contains numerous details. This includes details of your former employer, National Insurance number, tax code, gross pay and the amount of tax paid for the year.

You need your P45, added the financial advice firm, to make sure you are assigned "the right tax code in your new job" or you could end up paying too much tax.

The document won't show National Insurance deductions or pension contributions, "so it may be useful for the employee to keep their last payslip, in case they need to trace these when they reach retirement", said Starling Bank.

When do you get a P45?

You should get your P45 on your last working day or shortly afterwards. If you haven't received the document within a few weeks of leaving, you "may need to follow up with your employer", said The ANNA Money blog.

But "don't delay". A failure to chase a P45 could mean you end up overpaying income tax.

It is also important to keep hold of your P45 so you "have your own record of your tax code and tax paid to date for the year".

What happens if you lose your P45?

HMRC doesn't provide replacement P45s, said TaxScouts, but if you do misplace yours, "don't panic".

When starting a new job, your new company will give you a starter checklist form that will "calculate what tax code you should be on".

The checklist can be filled in online, but workers will need important information to hand such as their address and postcode, National Insurance number and any relevant student loan plans.

Millions of households are facing higher bills from this week in what is being dubbed "Awful April".

Despite "some respite" from rising wages and benefits, "budgets are expected to be squeezed", said The Guardian. Everything from council tax to energy bills is set to go up from this month as the new financial year begins.

Annual bills are expected to rise by more than £400 on average, "prompting fresh calls for government intervention", said The Independent.

It's "bad news" for your wallet, said MoneyWeek, and comes as inflation "more broadly is on the rise again".

Wages

Full-time workers are set to be £1,400 better off, said Gov.uk, as the National Minimum Wage and National Living Wage both increased from 1 April.

The National Living Wage for those aged 21 and over rose from £11.44 per hour to £12.21 per hour.

The National Minimum Wage for 18- to 20-year-olds rose from £8.60 to £10 per hour.

The apprenticeship rate, and for 16- to 17-year-olds, rose from £6.40 per hour to £7.55 per hour.

But while the government claims this will put "more money in people's pockets", said The Sun, "many are not convinced" – especially with other bills rising.

Council tax

Local authorities can increase council tax bills by up to 4.99% but six – Bradford, Newham, Windsor and Maidenhead, Birmingham, Somerset and Trafford – have been given "special permission" to exceed the cap this year, said MoneyWeek.

Checking your home's council tax band "could save you some money", added the financial website. If yours has been put in a more expensive band in error, you could "be due a bill reduction and potentially even a council tax refund".

Energy bills

The energy price cap has increased by 6.4% to £1,849 per year for a standard variable tariff.

An average household paying by direct debit for gas and electricity will pay an extra £111 per year.

Those on variable tariffs may face "large fluctuations" in their bills, said London's The Standard, and many energy suppliers are offering fixed-price deals to attract customers, "undercutting the price cap".

But the "rule of thumb" when deciding whether to move to a fixed tariff, said MoneySavingExpert Martin Lewis, is that you will save money "if you find a fix for up to 5% less than the new price cap".

Broadband and mobile phone bills

Millions of broadband and mobile phone customers are facing mid-contract price hikes and some will rise by the rate of inflation, said the Daily Mail, while "others may face fixed hikes depending on when they signed up or upgraded".

Industry regulator Ofcom has banned inflation-linked mid-contract price rises since January 2025 and suppliers must now instead set out how much the increases will be in pounds and pence.

This means customers with cheaper bills will end up paying "far more", said the Daily Mail, while those on "older and more expensive contracts" will see the largest increases.

Water bills

Water bills are rising by up to £10 per month on average but it will depend on your region and supplier.

For example, Southern Water bills are set to jump by 47% to £703 per year, while Anglian customers are paying 19% more at £626.

The increases are front-loaded for the first five years, said BBC News, so the "biggest rise is coming this year".

Unlike with energy bills, you can't choose your water company. So, this means you either absorb the financial hit or "see if you can cut back on consumption", said The Guardian.

With costs rising, added MoneyWeek, you should look to increase your savings and most financial planners recommend an emergency savings pot to "cover at least three to six months of essential spending" or "even more" – up to three years – if you are retired.

Most European nationals travelling to the UK from tomorrow will need an Electronic Travel Authorisation (ETA) to do so. And the cost of one is going up this month too.

The ETA scheme has been "slowly rolling out" since it was launched by the UK government in late 2023, said The Times. While all eligible non-European visitors were required to have an ETA from January, the rules will also now apply to eligible European visitors.

However, some Americans have already reported issues with the ETA, suggesting the process "isn't smooth", said The Wall Street Journal. Travellers have shared problems with "uploading photos and scanning their passport" to apply, while others have been hit by "scam or fraudulent websites" with extortionate fees.

What is an ETA?

An ETA is a form of "digital permission to travel to the UK", said Sky News. The UK government says it "strengthens the immigration system's security".

But an ETA is "not a visa", nor does it permit entry into the UK. Instead, it "authorises a person to travel". Those who "do not require a visa" for a short stay in the UK, or who do not yet have UK immigration status, are "required to have one".

The ETA replaces the single-use Electronic Visa Waiver (EVW) scheme and is required for all eligible nationalities.

How much will the ETA cost?

The cost of an ETA is £10 (€12/$12) per person for all travellers. However, from this month, the government has said that will increase to £16.

But beware of fraudulent websites, which scammers have "wasted no time" in setting up, said The Washington Post. Travellers should apply only through the official ETA app or GOV.UK website and always check the sum they are paying.

How will the ETA work?

Once an application has been successfully made, the ETA is linked digitally to the traveller's passport to ensure ease of use.

The ETA is valid for two years, allowing applicants to "travel as much as you need" unless your passport expires in that time, said Forbes.

As part of the application process, individuals will need to answer a series of questions providing personal information and travel intentions. However, applicants will also need to share details about their "immigration history", as well as their criminal history and to "disclose any associations, behaviours, or conduct that might not be conducive to the public good", said Global Law.

A similar scheme was introduced in the United States in 2009 to "help keep out terrorists", said The Wall Street Journal. But the ETA has been "tripping up some travellers and upending vacation plans", particularly for those who have committed a crime in the past.

How to apply for an ETA

To apply for an ETA, the government has set up a mobile app that can be downloaded from the GOV.UK website. Most visitors will be able to apply this way, and their decision will be processed and sent out by email within three days.

The app is said to be the quickest and easiest way to get an ETA, but travellers are also able to apply online.

Who needs an ETA?

The majority of people who do not hold a UK or Irish passport will need an ETA to travel seamlessly into the UK.

However, certain groups will not need one, including those with a visa, permission to live, work or study in the UK, and British or Irish citizens. An ETA is also unnecessary for those passing through an airport, as long as they do not clear border control, as they are considered to be in transit.

There are also exemptions for dual citizens who have British or Irish citizenship, as well as individuals travelling on a British Overseas Territories citizen passport.

The government's controversial plans to slash the welfare bill by £5 billion have sparked a major backlash.

Work and Pensions Secretary Liz Kendall unveiled a major benefits overhaul last week – a key project for the government. In a statement to Parliament, Kendall said the changes, which need to be consulted on, will "boost employment and tackle the broken benefits system to unlock growth" by encouraging more people into work and reducing reliance on disability benefits.

But the government has faced a "furious backlash" since laying out its plans, said the Press Association. Accused by critics of "seeking to balance the public finances on the backs of some of the poorest people in society", various ministers have been forced to defend the reforms.

And a "mass resignation" of Labour councillors may be brewing over the latest decision, said The Telegraph. Arguing the party has "abandoned its mission to help the poor", some are expected to "consider resignation" following May's local elections.

Without action, government figures suggest the health and disability benefits bill will reach £70 billion a year by the end of the decade, or more than £1 billion a week.

The government is using a "carrot and stick" approach, said MoneyWeek, to reduce the number of people who are out of work and cut the rising welfare bill.

The end of work capability assessments

Work capability assessments are used to decide if someone is fit to work, and if they can receive additional benefits payments "because of a health condition or disability", said the BBC.

But Kendall said these assessments will be scrapped in 2028, claiming they are "dysfunctional" and "drive people into dependency".

It will be replaced by a single assessment considering the impact of disability on daily living, not on the capacity to work.

Personal independence payments (PIPs) reform

The number of people receiving personal independence payments (PIP), separate disability benefits that are not linked to work, has "risen rapidly and is becoming unsustainable", said Kendall.

The "most contentious element of the changes" will involve the government launching a review into longer term reform of the PIPs assessment, said The Times.

The payments will not be frozen "as had been rumoured", said Big Issue, but eligibility criteria are being tightened. Applicants will need to score a minimum of four points in at least one activity to qualify for the "daily living element" of PIPs from November 2026. This is a "high bar", said The Guardian.

Needing prompting to make food, help with washing and dressing the lower body and needing help to engage with others "are all measures that score below a four".

The Resolution Foundation think tank warned that "making it harder to qualify" for PIPs will mean "between 800,000 and 1.2 million people are set to lose support of between £4,200 and £6,300 per year by 2029-30".

Universal Credit changes

Kendall is aiming to address Universal Credit payments as those permanently signed off work because of sickness currently receive a health top-up payment. These individuals receive more than twice as much as those looking for work.

To "rebalance" this, said The Guardian, the health top-up will be frozen for existing claimants and cut for new claimants from £97 to £50 per week from 2026.

But to mitigate – "although it will not fully compensate" – there will be a permanent above-inflation rise to the standard rate of Universal Credit, working out at a £775 annual increase in cash terms by 2029/30.

However, not everyone will benefit. "Young Brits" under the age of 22 won't be able to claim extra Universal Credit support for health conditions or disabilities, said The Sun. The measure is part of efforts to encourage them into work first.

'Right to try'

The government said it will issue a "right to try" guarantee, ensuring that someone trying work will not then have an immediate reassessment or award review.

This aims to "reduce the jeopardy of trying a job", said The Times, as currently it can mean a "significant fall in income if people later go back to jobseekers’ benefits".

While the government said it will invest £1 billion into employment support, there are warnings that the overall welfare cuts will be "catastrophic for disabled people's living standards".

Almost half of families living in poverty already include someone who is disabled, and "now the government is choosing to penalise some of the poorest people in our society", said disability charity Scope.

Chancellor Rachel Reeves is set to deliver her first Spring Statement this month but it is unclear whether there will be more tax changes.

The statement – where the chancellor traditionally sets out the government's spending plans – is not intended to be a "big event", said MoneyWeek, as the Treasury has previously committed to there being "one major fiscal event a year". That event would have been the Autumn Budget.

But high borrowing costs and low economic growth have already "wiped out" the government's £9.9 billion fiscal margin, said Bloomberg. This may put Reeves under pressure to do something to boost the economy as she "attempts to stimulate growth", said The Independent.

When is the Spring Statement?

The Spring Statement will be made by the chancellor in Parliament on Wednesday 26 March.

It will come after the Office for Budget Responsibility provides its own estimates on the economy to the Treasury, said the BBC, and whether it thinks the government will "stick to its self-imposed rules on borrowing and spending".

The OBR's findings will be key, said The Guardian, as they will show the chancellor "how much headroom, if any, is left". Her policy decisions will then be incorporated into the outlook and published with the Spring Statement.

What will be in the Spring Statement?

Reeves has "repeatedly" described her fiscal rules as "non-negotiable", said the BBC. They are not to borrow to fund day-to-day public spending and to get debt falling as a share of national income by the end of this Parliament.

This has left her "completely exposed" to global events, said the Institute for Fiscal Studies (IFS) and the world has changed a "great deal" since the Budget with Donald Trump "upending the global trade environment" among other things.

Some spending cuts seem to be "on the table", said MoneyWeek, and "though concrete details are unavailable", a reduction in health-related benefits is expected.

A "persistent rumour", said Which?, is that the chancellor could extend the freeze on income tax thresholds beyond 2028, which could mean people move into higher tax brackets faster.

Others are speculating that the Treasury could reform inheritance tax gifting allowances so someone who gives assets away has to live for "10 or even 15 years" after transferring the gift, rather than the current seven, for it to be exempt from any taxes.

There have also been whispers that the cash ISA allowance could be "scaled back" in order "to encourage more people to invest in stocks and shares, which could boost growth in the UK", said The i Paper.

The chancellor faces "two broad options", said the IFS. Either prioritise "policy stability" and "delay any action" until the Autumn Budget, or "prioritise the fiscal rules" by announcing tax rises or "even tighter spending plans".

It is not a "clear cut" decision and a lot of weight will be placed on "policy stability relative to that placed on adherence to the fiscal rules, and perhaps on economic versus political considerations".

Interest-only mortgages could be set for a comeback as the Financial Conduct Authority (FCA) considers reviewing lending rules to help boost the economy.

The mortgage was once "far more popular", said ThisIsMoney, until "stricter regulations" in the aftermath of the financial crisis restricted lending.

But interest-only mortgages are "overdue for reconsideration", said Malcolm Davidson of UK MoneyMan in MortgageStrategy.

What is an interest-only mortgage?

As the name suggests, with an interest-only mortgage you repay only the interest, rather than full monthly repayments, on a loan, said The Telegraph. You will also need to "prove you have a plan" to repay the remaining capital once the loan term ends.

That plan typically involves "savings, investments, pensions, sale of property" or changing to a "different type of mortgage".

Before the 2008 financial crisis, said ThisIsMoney, interest-only mortgages were "synonymous with irresponsible lending and reckless borrowing".

This led to tougher FCA rules on mortgage affordability that were introduced in 2014 and now fewer than one million borrowers have interest-only loans.

But Davidson said today's mortgage market is a "different place" and interest-only lending could play a "valuable role, particularly for borrowers aged 55 and over".

The product can now offer flexibility, said James Pagan, director of product and portfolio at April Mortgages in Mortgage Solutions, as they could give borrowers "greater control of their monthly outgoings, and the opportunity to manage cash flow and plan effectively for the future".

How does an interest-only mortgage work?

When you buy a home with this type of mortgage, you will only repay the interest each month but, said Experian, you will still owe the same amount you initially borrowed "so you'll need to either pay it back or remortgage your home".

Ultimately, your monthly payments will be lower compared with a repayment mortgage, said Habito, "but you won't make a dent in the loan itself".

What are the pros and cons of an interest-only mortgage?

A benefit of interest-only mortgages is that borrowers can make lower payments initially, said Experian, and then "pay more when their income or savings increase near the end of their mortgage term".

The "biggest drawback", said Unbiased, is that you need to have a way of paying the loan back at the end and "you can't just forget about it".

Additionally, the total amount you repay will end up being "much higher" than a repayment mortgage as the interest is calculated on the overall loan amount being paid rather than the capital which reduces in value with a repayment mortgage.

Alternatives to interest-only mortgages

Most borrowers are likely to be on a repayment mortgage where, said Habito, you "steadily pay back" the loan along with interest on "however much capital you have left".

Once the type of payment is decided, there are two main types of mortgage to choose from, said Which?. These are fixed rate deals that "guarantee your rate for a set number of years", and variable rate or tracker deals where your rate can go "up or down depending on economic conditions" and interest rate movements.

Whichever mortgage and payment plan you use, said Experian, consider how they "fit your present and future needs", the risks involved and "how you'll afford the repayment".

As the end of the tax year approaches, an important document could be coming to your letterbox or inbox: your P60.

Issued by employers to their staff, a P60 is like "a receipt given to you by HMRC", said Unbiased, showing everything you have earned and how much tax you have paid in the past tax year.

It is an "important document to keep around", said Xero, as it can be used to claim back overpaid tax or to apply for a mortgage or loan.

Employers must issue a P60 to employees for the previous tax year by the end of May.

What is a P60?

The document is an "end-of-tax-year statement", said GoSimpleTax, that shows the tax and national insurance contributions paid in the previous tax year.

It may also list any statutory sick pay or maternity pay received, or student loan repayments.

The document includes details such as your national insurance number and tax code, which tells authorities "exactly what level of tax you should be paying", added Unbiased.

You should keep a P60 for at least four years, said TaxAssist Accountants, as you "may need it to prove your pay, tax paid and tax status to a third party" such as for loan applications or a self-assessment tax return.

What is the difference between a P60 and P45?

The two tax forms that you’ll "come across quite often" in your working life, said Starling Bank, are the P60 and P45.

A P45 is used when employees change jobs and the P60 is used to "summarise the employee’s tax information".

Your employer is required to give you a P45 when you leave a job, summarising "your income and tax payments so far in the year", said TaxScouts, and it is "another document you should take good care of".

Who gets a P60?

Anyone getting a salary on 5 April should receive a P60 by 31 May, said Crunch Accounting, but you will need to "issue yourself" with one if you run a limited company and take a salary.

If you have more than one job, added GoSimpleTax, you should get a "separate P60" for each one.

Can a P60 reduce your tax bill?

It is important to "carefully check the information", such as your tax code and earnings on a P60, said Xero.

If you paid too little tax you could face penalties from HMRC, but "too much paid could make you eligible for a tax refund".

You could get an "automatic repayment", said the Daily Express, if HMRC calculates that you paid too much tax. This could be if you started a new job and were “switched to an emergency tax code at some point in the year”.

You can contact HMRC or tell your employer if you think you have overpaid tax.

The "bad news" though, added the newspaper, is that you could owe money if the details were incorrect and you "actually underpaid your tax for the year".

Car insurance costs are on the rise, but you may not pay as much if you are covering a vintage vehicle.

The average annual cost of car insurance in the final quarter of 2024 was £621, according to the Association of British Insurers.

The figure is up 15% annually "against a backdrop of total claims payouts that were 17% higher in 2024".

But when it comes to premiums in the classic car market, there is quite a difference.

When does a car become a classic?

There is no "definitive answer" on when a car becomes a classic, said CompareTheMarket, with some thinking it is based on "timeless design and technological or nostalgic value".

If you use the car tax exemption date of 1984 as a cut-off, then any car over 40 years old is classic "even if it's not very desirable," said the comparison website.

HMRC considers a car to be classic when it's over 15 years old and has a market value above £15,000, said Howden Insurance, but some insurers may require the car to be 25 or 30 years old "to qualify for classic car insurance".

A classic car "can be anything from an Aston Martin or a vintage Porsche to any make of car that's older than 15 years", said Uswitch, so it is possible you've been driving one "without even knowing it".

Most classic car policies start once a car is at least 20 years old, said Carwow, and they are "usually much cheaper than you'd expect".

How much is classic car insurance?

Classic car cover is often cheaper than a standard insurance policy, said Go.Compare as vintage vehicles are typically "well-maintained, stored safely and driven less frequently".

These policies are for drivers who use older cars "infrequently and mainly for 'leisure' purposes", said MoneySavingExpert, so they won't cover you for "doing the school run or daily commute".

As with standard car insurance, you can get third party, third party fire and theft and fully comprehensive cover.

Classic car policies will also ask for an agreed valuation, said Which? – this is a "pre-agreed sum" your insurer pays out if your car is declared a total loss.

There is also cheaper "laid-up cover" covering vintage vehicles that are no longer driven on the road but still require damage, fire and theft insurance.

How to cut the cost of classic car insurance

Like all insurance, said Howden, "there's no one-size-fits-all cost" for classic car insurance.

Premium costs will depend on value, age and your claims history.

Classic cars won't have the same security features as a modern-day vehicle, added Uswitch, so installing an alarm or immobiliser will improve security, but "check with your insurer what impact it will have on your premium".

General car insurance "hints and tips", such as keeping the car in your garage and reducing mileage, "can also be applicable to classic car insurance", said MoneySavingExpert, adding that joining a car club could "knock up to 25% off your insurance".

Car club membership is seen as evidence of your "commitment to taking good care of your car", said Go.Compare.

Some insurers may require owners to keep the car in a garage or to limit mileage, but "despite these caveats", said SlashGear, premiums can be a "bargain" compared with regular insurance.

Untarnished by misselling scandals, simple to understand and easy to self-administrate, Isas are "one of Britain's rare financial success stories", said Sam Brodbeck in The Daily Telegraph. But the investment industry has been "leaning on the Chancellor" to enact a major shake-up of these tax-free individual savings accounts.

The hope is that she will restrict or eliminate the tax break on cash Isas to "push more people into investing". At present, Britons have a free hand when allocating their £20,000 tax-free allowance between stocks-and-shares and cash Isas – and around two-thirds of the country's 22 million Isa holders choose the cash variety alone, said Jamie John in the FT. Reformers claim this not only reduces their own returns, but is a drag on UK growth. "The state should not be giving a tax break for us all to park our money in cash," argues Andy Briggs of Phoenix Group. Around £300 billion is currently stashed away doing nothing.

"Taking a hatchet to cash Isas is unjustified vandalism," said Sam Brodbeck. This, after all, is "post-tax income". Why shouldn't someone in their 70s or 80s "who can't afford to weather the wild swings of the stock market" – or someone saving to get on the housing ladder – be spared double taxation? Given that top savings accounts currently pay around 4.8%, the evidence is clear that ultimately "the stock market wins out". Nonetheless, as Charlotte Ransom of Netwealth points out, the real issue is "about education" rather than eliminating a useful savings tool. Rachel Reeves is already on borrowed time. "Targeting prudent savers could be the blunder that ends her political career."

Although some kind of cash element is sensible – to build a household safety net – it doesn't "need to be anywhere near as generous as £20,000 a year", said Patrick Jenkins in the FT. "Something like a £5,000 upper limit for a cash Isa, and an additional £20,000 in stocks and shares, could spur a powerful revival in the UK's moribund equities culture." The culture of stock market investing in the US has enriched households across the country. We need to follow suit. "It is high time the country's tax system encouraged more economically productive behaviour" – Reeves should grasp the nettle.

British travellers have been warned to expect longer border checks when visiting Europe after the European Union’s Entry/Exit System went live.

After “many delays”, said The Guardian, EES went live on 12 October, meaning travellers from non-EU countries “will have to be photographed and have their fingerprints scanned before they are allowed into Europe’s Schengen area”.

The aim is to “bolster border security” and spot travellers who overstay their permitted time in the Schengen area, said EuroNews, which is 90 days within a 180-day period.

It is being phased in over the next six months, said the UK government, “meaning different ports may have varying requirements until April 2026”.

The checks are expected to take only around two minutes, but could lead to longer waiting times at border control when travellers arrive in the Schengen area.

What is the EES?

EES is the IT system for registering non-EU nationals “travelling for a short stay”, said the EU. The aim is to eventually create a digital system that records when travellers enter and exit, “making border checks faster and helping staff to work more efficiently”.

Visitors from outside the Schengen zone will need to register a picture of themselves and their fingerprints at a self-service terminal when visiting a participating country.

The “good news”, said The Independent, is that passport stamping will “eventually end” but it will continue throughout the EES roll-out and the process of providing the fingerprinting and facial data “is likely to prove slower and more onerous”.

Who has to follow the EES rules?

British passport holders and other third-country nationals will need to register on their first visit to a Schengen country where EES checks are operating. Children under 12 will not be fingerprinted but all travellers, including babies, will be photographed and have digital records created.

The checks may be done with a border officer or at an automated machine, “depending on where people travel to”, said the BBC.

Flight passengers will register at their destination airport, but checks will occur in the UK for travellers crossing the English Channel by ferry from Dover, taking the Eurotunnel shuttle to France, or getting the Eurostar train.

The machines will scan each passport and take fingerprints as well as a photo. There will be four questions to answer about your trip, “such as confirming where you will be staying and that you have enough money”. Each member state can set their own criteria for how much money a traveller must have.

Plus, while EES itself does not make travel insurance mandatory, said the Association of British Insurers, “border officials or EES kiosks may inquire about it” and some countries, such as France, may require proof of adequate medical coverage for entry.

Registration is valid for a rolling three-year period or until a passport expires.

What is next for EU border checks?

EES will be followed by the introduction of the European Travel Information and Authorisation Scheme visa waiver, said EuroNews, with another transitional grace period of at least six months, “meaning it won’t be mandatory until 2027”.

Once introduced, ETIAS will cost €7 (£6) per person, which is cheaper than the US Electronic System for Travel Authorization.

Travellers aged under 18 and over 70 won’t need to pay the fee, said The Times, “but will still need to apply”.

How will ETIAS work?

Visitors will need to complete an online application form on the official ETIAS website or app and upload a photo of their passport.

Travellers will need to provide passport information and respond to “background questions”, about criminal records and medical conditions, said the BBC.

The visa waiver will last for three years or until your passport expires, if sooner, and allows an “unlimited number of visits”.

Watch out for scams, though, warned The Times. Websites offering information and forms have already appeared, but the official website is “the most reliable resource to use”.

This isn’t a punishment for Brexit, added The Independent. The UK asked to be subject to “all the extra red tape that everyone already knew was on the horizon” so “Brussels is delivering exactly what we asked for”.

Homeowners are counting the cost of the latest storm to hit the UK, with insurers expecting an increase in claims for damage to properties.

Storm Éowyn brought weather warnings last week with "very strong winds and heavy rain" in parts of the UK, said the Met Office. Gusts of 100mph were recorded in Drumalbin in Scotland – the highest wind speed since the Met Office started naming storms in 2015.

After the "fierce impact" of Storm Éowyn, said Yahoo News, more weather warnings have been issued regarding Storm Herminia, which is "set to bring more flooding and transport disruption".

Train delays and cancellations are predicted and most rail companies offer an "automatic compensation service", said the BBC, although a claim still needs to be made.

But beyond the travel hassle, the "howling winds and torrential rain" can also cause "serious damage to our homes", said MoneySuperMarket.

Is storm damage covered by home insurance?

Storms and extreme weather can cause damage such as "broken roofs, frozen pipes, falling trees and loss of power", said Which? Insurers may pay out for "cleaning up and repairing your property", replacing contents or even temporary accommodation.

Trade body the Association of British Insurers has said firms will be "ready to help and support" policyholders in the wake of Storm Éowyn. This is because insurance is there to protect you "when the worst happens", said MoneySavingExpert, but what’s included as standard "can vary between policies".

Storm and wind damage is "usually covered" in most policies, said Go.Compare, but weather damage to fences and gates is "usually excluded", as is "any damage caused as a result of wear and tear or negligence".

Can insurers reject a storm damage claim?

There are a few caveats when making a claim, said Which? You may not be covered if the damage is a result of "general wear and tear" such as if water enters your home through a poorly maintained roof.

Insurers will want evidence of damage as well, said MoneySuperMarket, "to prove that the damage wasn't pre-existing due to wear and tear". This distinction is "crucial" in determining the validity of your claim.

You may even need accidental damage coverage for some claims such as water damage from a leaking roof. Standard policies may not cover this, "leaving you to foot the bill for repairs".

There is also a "storm damage definition", said MoneyWeek, that insurers can use to reject claims, known as the "55mph rule".

A storm is only "technically declared" when there are wind speeds with gusts of at least 48 knots or 55mph where you live. So an insurer may reject your claim if its data shows the wind speed where you lived was "below the 55mph definition".

What happens if an insurer rejects your claim?

Claims are usually rejected and complaints arise due to dispute over "what a storm actually is", said the Financial Ombudsman Service, and "whether the damage was caused by a storm".

Your insurer has eight weeks to deal with a complaint and you can then complain to the Financial Ombudsman Service if you are unhappy.

A Financial Ombudsman Service spokesperson told MoneyWeek: "During these difficult times, we expect insurers to treat consumers fairly and settle claims without unnecessary delays".

The spokesperson said getting a "fair answer" on a claim dispute is "free and easy".

Your savings account might not be just for a rainy day, but instead to put money away to pay for special occasions such as holidays, or a specific goal like buying a car. It essentially helps separate "the money we need right now and the funds we need later on", said Unbiased, plus you can earn interest and see your funds grow.

The average easy-access savings interest rate is now 2.92%, according to Moneyfacts, but some accounts pay up to 5%.

While the savings market has been "sweetened" over the past year by higher interest rates, said The Times Money Mentor, after more than a decade of "rock-bottom" deals, those with "bigger cash piles" could soon face tax implications.

This is because the interest rates on offer could take savers above the personal savings allowance (PSA).

Tens of thousands of savers could be "caught out" and face fines from HMRC, said the Financial Times, if they don't pay any tax owed.

Savings tax rules

Interest on savings accounts is paid by banks and building societies in recognition of the fact that they "hold (and have use of) your money", said the Low Incomes Tax Reforms Group.

But there may be income tax to pay at your marginal rate to HMRC for the interest earned, depending on your other income and what types of investments you hold.

Most savers can earn "some interest" without paying tax, said Willis Owen, and there are allowances that may reduce "or even eliminate" any tax due.

Personal allowance

The basic personal allowance that all adults can earn before paying tax is currently £12,570 for the 2025/26 tax year.

This can also be used for savings interest, said Which? "if you have not used it up on your wages, pension or other income".

What is the personal savings allowance?

The personal savings allowance (PSA) was launched by then-chancellor George Osborne in April 2016.

It gives basic rate taxpayers a £1,000 allowance that can be earned from cash savings accounts tax-free, dropping to £500 for higher rate taxpayers.

HMRC declared at the time of the PSA introduction that around 85% of savers would no longer pay tax on their savings, said This Is Money, but the PSA "hasn't budged" since and has failed to move in line with the cost of living.

This could put savers in a position they "might not have anticipated in recent years" – paying tax on savings interest.

Starting rate for savings

There is a different savings allowance for lower earners with total income below £17,570, known as the starting rate for savings.

Savers can earn up to £5,000 in savings interest completely tax-free in addition to personal income tax allowance and personal savings allowance.

How to pay savings tax to HMRC

Banks tell HMRC how much interest they have paid you, said The Times Money Mentor, "so the taxman will know how much you have to pay".

The way you pay tax on your savings interest, said Money.co.uk, depends "on how you work". The self-employed have to declare interest earned on savings through their self-assessment tax return.

Things are "slightly different" if you are employed and taxed under PAYE. HMRC will change your tax code "so you pay the tax automatically".

How to avoid paying tax on savings

It may be worth considering a cash ISA, said Rest Less, as you can save up to £20,000 each year and "won't have to pay any tax on your returns". Cash ISA rates have been "pretty poor" in the past, but they are catching up with standard savings accounts, although it is important to note they won't beat inflation.

You could also put more money into your pension, said MoneyWeek. There is the "downside of not being able to access it until later in your life" but you also get tax relief on contributions.

Another option is Premium Bonds, said This Is Money, as "any money won from Premium Bonds prizes is tax-free".

The third Monday in January, "Blue Monday", is said to be the most depressing day of the year and, for many, this negative mood is tied to their finances.

After a December "full of expensive festive celebration", many families will "start the new year already in debt" and may have "fears" about how to escape, said MoneySuperMarket.

But, while January can be "one of the hardest months of the year" for those struggling with their finances, Blue Monday can actually serve as the perfect opportunity to make the financial changes that will make spending and saving easier for the rest of the year.

Cut unnecessary costs

January may be rolling on but it's definitely not too late to reduce your planned outgoings in 2025. In fact, "it is worth going through your bank statements" as soon as possible – "three months' worth would suffice" – to review all your bills, said Interactive Investor.

By analysing how much money is leaving your bank account and for what purpose, you will be able to "identify any unnecessary charges" or subscriptions you no longer need. These can then be cancelled or eliminated to save money, or you could "contact service providers to negotiate better deals" or discounts.

Understand your spending

Before you draw up a financial plan of action, you need to think about your personality, as this often affects "your relationship with money and debt", said Money.ca

Those who are cautious by nature are likely to have "little debt to begin with", while those who are "more of a risk-taker" may be open to assuming more debt – by making investments, for example – in hope of a "greater payoff" later. If you're in the latter camp, it could "put you at higher risk of getting in financial trouble".

Be especially wary at this time of year if you know you're an "emotional spender". Retailers are known to "capitalise on the concept" of Blue Monday to encourage emotional spending "to beat the blues" – and help their bottom line, said The Star.

If you've noticed you tend to spend more "during periods of low mood", make a promise to yourself only to spend intentionally and "mindfully", rather than getting carried away and regretting unneeded purchases later.

Get saving

If you miss the "burst of dopamine" your brain releases when you're buying something, you could try channelling that rush into meeting your savings goals instead, said MoneySuperMarket.

Achieving "financial milestones", whether big or small, can recreate a similar "rewarding" feeling as a shopping trip. Research whether a typical savings account or an ISA or other investments would work best for your money, and understand that investment typically carries risk.

But "you don't have to forgo treats completely" to save. Instead, you could build a longed-for purchase into your savings plan, waiting until you are confident your finances will allow you to purchase that item without worry.

This kind of "act of delayed gratification" can be "just as satisfying" as buying on impulse – with far less risk.

Investigate free activities

It can feel like it's hard to leave the house without having to spend something but there are activities "that cost little to nothing", and you'll soon find something that can effectively "combat Blue Monday blues", said Edinburgh Evening News.

Try visiting your local museum or going for a walk or, if the weather's grim, "journaling or meditating". All will "improve your mood without putting a dent in your wallet".

You can even turn saving itself into an activity, by following one of the saving challenges that are designed to make putting money away more fun.

Stay calm

While it may feel bleak, it's important to know that Blue Monday has "no scientific basis", said Interactive Investor. Neither mental health nor finances are "determined by a specific date in the year".

So, stay calm and stop yourself from making any snap decisions about your finances, as this could lead to "unnecessary anxiety" and "impulse actions". Instead, use the day to plan: an "analysis of your own circumstances" is the first step to achieving a better financial outcome by the end of 2025.

Average house prices returned to growth in 2024 but it is less clear how well the market will fare in 2025.

House prices are a "British obsession", said ThisIsMoney, and while property values may rise in the long term, "short-term sluggishness" can affect those needing to buy or sell.

Experts are predicting house price increases of between 1% and 4% during 2025, said the HomeOwners Alliance, but "no one has a crystal ball and the experts often get it wrong".

What happened to house prices in 2024?

House prices experienced a "decent recovery" in 2024, said MoneyWeek, with buyer confidence "boosted" by interest rate cuts in August and November.

The property market was "surprisingly resilient" in 2024 despite high mortgage pricing, said Nationwide.

The building society's latest house price index showed typical values were up 4.7% annually in December, "just below the all-time high recorded in summer 2022".

However, the latest Halifax House Price Index for December 2024 was less bullish, and put annual growth at 3.3%.

It also suggested that average prices fell by 0.2% in December 2024, as the "return of rising borrowing costs squeezed buyers" in the aftermath of tax rises announced in the Autumn Budget, said The Times.

Will house prices rise in 2025?

House price records are "set to be smashed in 2025", said The Big Issue, amid a race to secure deals before stamp duty thresholds drop in April.

But Robert Gardner, chief economist for Nationwide, said this could "generate volatility", as buyers bring forward purchases to avoid the additional tax, making it "more difficult to discern the underlying strength of the market".

There is also pressure after experts "scaled back" the number of interest rate cuts expected in the coming months, said MoneyWeek, due to tax rises in the Budget and new inflationary pressures, which could hit demand and hamper price growth.

Despite these pressures, property listings website Rightmove is predicting that asking prices will rise by 4% this year, as mortgage rate cuts "help to stimulate activity".

When it comes to sold prices, estate agency brand Savills predicts UK house prices will rise by 4% on average, helped by "lower levels of homeworking and the need to return to commuter hotspots near major employment hubs".

Property website Zoopla's forecasts are lower at 2.5%, with a regional divide.

Price growth will be lower in southern England and faster elsewhere, said Zoopla, "down to the relative affordability of housing across the country and how much house prices have risen relative to household incomes".

However, these predictions are all subject to change.

Recessions or unexpected inflation spikes could "disrupt" house price forecasts, said The HomeOwners Alliance, while government policy changes "may impact buyer confidence and market activity".

Whether you love it or hate it, working from home is undeniably a way to save money. By staying under your own roof for your working hours, you can skip the cost of the commute, a lunch out when you run out of time to pack one or a dog walker to give your pup a potty break during your eight-hour (or longer) workday.

Already, the return to the office has begun, bringing back those associated costs — and it is only expected to ramp up in 2025. This year, "thousands of workers face an unsettling reality: after years of working from the comfort of home, they must return to the office full-time for the first time since the coronavirus pandemic or look for new work," said ABC News. This pool of people ranges from "employees at Amazon, AT&T and other companies," who have been "called back to the office five days per week," to federal workers, who President-elect Donald Trump has "vowed to fire" if they "don't show up to do their jobs in-person," said the outlet.

Even if you do not have a choice in whether you stay at home or head into the office, you can at least help protect your budget a bit in the shift.

1. Tap any employee benefits

"Some employers offer benefits that will help you reduce your commuting costs," which is worth exploring if you are concerned about this particular cost associated with your office return, said Alliant Credit Union. For instance, some companies offer workers in "large urban areas" the option to buy a "public transit pass with pre-tax dollars," while others may "pay for or reimburse you for parking."

2. Ditch the solo drive

While hopping in your own car based on your own timing may be the most convenient, it is not the most cost-effective way to commute. "If your company isn't open to flexible work, consider other options to cut commuting costs, like rideshare, carpooling or even biking to work," said The Penny Hoarder, a financial blog.

For those times you do have to do the drive solo, make sure to "sign up for fuel rewards programs or use a rewards credit card that offers fuel purchases as a rewards category to save money," said GOBankingRates.

3. Ask friends or family members for help

You might need to ask for help to avoid incurring extra costs while you are in the office, particularly if you have pets and kids.

For pets, "if it's convenient, consider asking an animal-loving friend or family member who works from home (or is at home most of the day) if you can drop off your pet with them several times per week on your way to work," said GOBankingRates. When it comes to kids, "consider asking neighbors, friends or even colleagues with kids if they want to start a child care co-op," said The Penny Hoarder.

While it may feel uncomfortable to ask these favors, keep in mind you can "offer to do something for them in return each week, such as pick up their grocery order on the way home from work and help out with other tasks they have on their to-do list," said GOBankingRates.

4. Advocate for your needs

While there is a lot you can do yourself to ease your transition, remember you can talk to your employer, too. "It's best to have an honest conversation with a manager about any personal needs," said ABC News, citing Amy Dufrane, CEO of the Human Resource Certification Institute.

See what resources your company has to offer, such as help with childcare costs, and if there is anything they can do to help make the return to office smoother for you. For example, if you are concerned about commuting or childcare costs, you might ask about shifting your hours. Coming in and getting off earlier could make it possible for you to meet your kids off the school bus or beat rush-hour traffic.

You might also consider asking for additional compensation. After all, said The Penny Hoarder, "you're absorbing additional costs to come back into office," so it is "not out of line to ask to be reimbursed for some of what you're paying."