The Bank of England (BoE) interest rate rise made a splash in the headlines last year. However, the subsequent announcement that inflation continues to increase, and has since hit a six-year high, is one of the biggest causes for concern for savers.

As a result of the rate rise, many banks and building societies have increased their interest rates on both mortgages and savings accounts. Though most have chosen to increase the rates on interest paid to them, by a larger amount than on savings accounts where interest is paid out.

However, ...

November 2017 saw inflation hit 3.1%; the highest it has been since 2012, as reported through the Consumer Price Index (CPI).

As 2018 gets underway, thousands of households will be feeling the squeeze and looking for ways to combat the shrinking value of their income or capital.

What is inflation?

According to the Office of National Statistics (ONS), inflation is “The rate at which the cost of goods and services rises year on year.”

Over time, goods and services increase in price, if income and capital fails to grow at the same rate, h...

Every Budget has winners and losers; with some people faring better than others.

So, how did you fare? Read on as we reveal whether you are a winner or a loser after Philip Hammond’s second Budget of 2017.

Winners

First-time buyers

Those buying a home for the first time will now benefit from the abolishment of Stamp Duty on homes up to the value of £300,000. To ensure that this can help first-time buyers in high value areas, such as London, the first £300,000 will be exempt from Stamp Duty on homes above this value to a maximum of £50...

The Chancellor, Philip Hammond rose to his feet at 12.38 to deliver his second Budget of the year.

The days leading up to the Budget have been dominated by talk of housing, Universal Credit and, most surprisingly, rail cards.

Mr Hammond started in a bullish and optimistic mood, saying: “I report today on an economy that continues to grow, continues to create more jobs and continues to confound those who seek to talk it down.” He then turned to Brexit, saying that the UK will be prepared for every possible outcome of the current negotiatio...

It’s taken more than 10 years, but it’s finally happened.

The Bank of England has decided to increase interest rates with the Monetary Policy Committee (MPC) voting by 7-2 to increase base rate from 0.25% to 0.5%, principally in response to inflation hitting 3%.

The rise was modest, not that you would have thought so from the acres of coverage it got, and only takes rates back to where they were in August last year. However, with inflation stubbornly above target, it is probably a sign of things to come.

As the hysteria dies down, it’s ...

Should you invest in Buy to Let when you retire?

New research from Retirement Advantage shows that 13% of over-50s are considering investing in Buy to Let when they finish working. Resulting in a potential surge of 1.3 million new landlords across the UK.

Why the sudden interest in property?

22% of 50-somethings who are adding property investment into their retirement plans are doings so because they already have experience as a successful landlord. Meanwhile, almost one in five (18%) have an underlying interest in property and believe ...

It may seem like the ultimate first world problem.

However, saving too much into a pension could cost you tens of thousands of pounds in unnecessary tax.

We all need to prepare for retirement. In fact, according to the Government, 45% of us aren’t putting enough away (Source: The Pensions Advisory Service). However, those that are taking their retirement planning seriously are in danger of falling foul of an often-overlooked allowance, that limits the amount that can be paid into a pension.

As with most things in the financial world, k...

Do Critical Illness Cover plans pay out when you make a claim?

The media loves a story involving refusal to pay out on insurance claims. Those cases are highlighted to cause a reaction and as a result, the public perception of Critical Illness Cover has been distorted. Fortunately, the media’s portrayal of insurance not paying out is more myth than fact.

In 2016, statistics provided by the Association of British insurers (ABI) showed that a record 15,646 Critical Illness Cover claims were successful last year.

What is Critical Illness ...

Inheritance Tax (IHT) is a controversial issue which leaves many people wondering how they can reduce the amount that will be lost to the government when they die.

The good news is that IHT only affects estates worth more than £325,000. The bad news is that it is easier to breach this threshold than you might think. Your home alone could be worth more than that amount.

It may be possible to reduce your estate’s worth and avoid paying high amounts of IHT by gifting amounts to family, friends and charity before you die. Plus, seeing the im...