UK Inflation rate now 2.5%

In July UK inflation rose to 2.5% after holding steady at 2.4% in the previous three months. The cost of transport and computer games has increased. It was the first jump in the consumer prices index (CPI) since November and was in line with forecasts from the Bank of England. The Retail Prices Index (RPI) measure of inflation fell to … Continue reading

Life insurance – How much do you need?

Life insurance is a protection policy. The policy, if written as a term assurance, will pay out a lump sum should you pass away during the life of your plan. This lump sum will be paid to your loved ones or whoever you elect to be a beneficiary. Losing a loved one can cause both an emotional strain and financial … Continue reading

Bank of England raises UK Interest rates for the second time in a decade

On Thursday the Bank of England made the decision to raise interest rates by a quarter of a percentage point from 0.5% to 0.75% which is the highest level since March 2009 According to the BBC this move will increase the interest costs of more than three-and-a-half million residential mortgages that are on either variable or tracker rates. This is … Continue reading

FCA – Basic Savings rate to boost returns

Banks could be forced to set a minimum interest rate on their savings accounts, the financial conduct authority (FCA) has suggested. The FCA advised that they are concerned that savers who are loyal to their bank or building society and stay with them for a long period of time are likely to get poor returns of their savings. Some banks … Continue reading