January has passed, and with the arrival of February, there are noteworthy financial updates to keep in mind. Among them is an increase in alcohol prices and a reduction in savings rates for Nationwide customers. For those who missed the January 31 deadline for self-assessment tax returns, be prepared for immediate £100 fines starting today.
In the upcoming month, announcements on inflation and interest rates are expected. Alcohol duty will climb by 3.66% on February 1, corresponding to RPI inflation, resulting in price hikes for various beverages. Self-assessment taxpayers facing late filings will incur fines escalating up to £900 for prolonged delays.
The Bank of England’s initial meeting of 2026, scheduled for February 5, will determine the future of interest rates, currently standing at 3.75%. Nationwide will implement rate cuts on multiple savings accounts from February 10 in response to the Bank of England’s rate adjustment. Additionally, Sky Mobile plans to raise prices from February 14.
On February 18, the Office for National Statistics will release the latest inflation data, currently at 3.4%. Customers experiencing delays or issues with smart meter installations may be eligible for £40 compensation starting February 23. Stay informed with the Daily Mirror as your ‘Preferred Source’ on Google News for timely updates.