Weekly News:
- Inflation to Hit Two-and-a-Half-Year Low.
- UK Savings Rate Reaches 7%.
- Nearly One-Fifth of First-Time Homebuyers in the UK Are Around 40 Years Old.
- UK Tax Revenue Growth Outpaces Other Rich Countries.
Inflation to Hit Two-and-a-Half-Year Low
Official data shows that as of last month (March), food prices rose by 3.2%.
In addition to the slowing pace of price increases for everyday food items, prices for furniture and household goods are also gradually slowing down.
A decrease in inflation doesn’t mean you’ll see prices drop, but rather that the rate of increase is more gradual.
However, petrol and diesel prices in the UK are rising, which will impact travel costs.
UK Savings Rate Reaches 7%
People living in the UK might want to put some of their income into savings.
If you just deposit money into a regular account, you won’t earn any interest unless you put it into a savings account.
With the UK economy recovering, some banks are offering savings rates as high as 7%.
If you have a habit of saving, it might be a good opportunity to do so soon.
Nearly One-Fifth of First-Time Homebuyers in the UK Are Around 40 Years Old
Recent data from Santander Bank shows that nearly one-fifth of first-time homebuyers in the UK are around 40 years old.
In addition, the oldest first-time homebuyer is 67 years old, leading some to speculate that more people prefer to live with family.
The average age of first-time homebuyers in the UK is 36, and given the persistently high mortgage rates recently, more people may continue to wait and see.
UK Tax Revenue Growth Outpaces Other Rich Countries
According to the latest research data from the Institute for Fiscal Studies (IFS), the rate of tax revenue growth in the UK over the past five years has been significant.
Among these, the growth in corporation tax and windfall taxes on energy companies has been particularly notable, leading to fiscal burdens.
Recently, UK Chancellor, Hunt has indicated that there may be further cuts to national insurance in the future.
Once circumstances allow, this reduction could have a positive impact on the living pressures of UK residents.
