Weekly News:
- At the end of this month (April), new fees are causing some imported food prices to soar.
- Over 7 million people in the UK are facing pressure to repay bills.
- UK rent increases expected to outpace wage growth within three years.
- King’s portrait banknotes to enter circulation in June.
New fees are causing some imported food prices to soar
Starting from April 30th, importers must pay £145 to transport goods through the port of Dover or the Eurotunnel.
The new regulations are primarily aimed at covering operational costs for post-Brexit border controls and will not affect individuals carrying goods.
This move has sparked warnings from importers and traders, predicting an increase in food prices.
Undoubtedly, this is another blow to smaller businesses, with consumers likely to see significant price changes.
Over 7 million people in the UK are facing pressure to repay bills
According to recently updated data, over 7 million people in the UK faced difficulties in repaying debts in January this year.
The Financial Conduct Authority (FCA) points out that UK renters, single parents, and residents in the northeast of England are under more repayment pressure.
In the UK, more than the average renters are reporting they are struggling to overcome financial difficulties.
Over one-fifth of renters have missed repayments on at least one bill in the past six months.
UK rent increases expected to outpace wage growth within three years
Currently, the rate of rent increases in the UK is surpassing records and is predicted to exceed wage growth within three years.
Think tanks predict that average rents will increase by 4.2% per year until 2027.
However, by 2027, annual employee income growth is only expected to be 2.4%.
Clearly, in three years, as predicted, all renters will face greater payment pressures.
King’s portrait banknotes to enter circulation in June
This week, King Charles received the first new banknote featuring his portrait and will be in circulation from June.
As the portrait was taken in 2013, the King is not wearing a crown, with a dignified and composed expression.
It is expected to take some time after circulation in June to appear in the public eye.
At that time, Queen Elizabeth banknotes can still be used until worn or damaged.
