Weekly News:
- Popular UK seaside destinations consider introducing a tourist tax.
- HMRC received an estimated £5.8billion in overpaid tax.
- Five major banks raise mortgage rates.
- Pound hits five-month low as US dollar gains strength.
Popular UK seaside destinations consider introducing a tourist tax
As summer approaches in the UK, councils in some popular tourist spots are considering implementing a tourist tax to alleviate local pressures.
If the idea goes ahead, it will cover several areas including Kent, encompassing 16 seaside resorts and bays.
Local councils indicate that progress is uncertain at this stage, but summer visitors may face unforeseen costs.
HMRC received an estimated £5.8billion in overpaid tax
UK taxpayers are once again urged to check their tax codes on their pay slips as this could affect the amount of tax you pay.
HM Revenue and Customs (HMRC) recently revealed that it received £5.8 billion in overpaid taxes due to significant tax errors.
While HMRC sends out simple assessment letters each year, quickly engaging in self-check mode could save you more time.
Five major banks raise mortgage rates
This Monday, NatWest, Barclays, Accord, Leeds Building Society, and HSBC announced rate hikes.
Previously, it was forecasted that the UK would start reducing interest rates in June of this year, followed by further reductions by the end of the year.
Clearly, this mortgage rate hike indicates a more uncertain outlook, as lenders become more cautious.
Additionally, property agents urge clients to transact early to avoid continued interest rate rises.
Pound hits five-month low as US dollar gains strength
The pound is currently a global reserve currency and one of the world’s more resilient currencies.
Recently, the pound fell to a five-month low against the US dollar, continuing its downward trend.
Experts attribute the current situation to the strength of the US dollar, as the Federal Reserve’s interest rate cuts have been better than expected.
As a result, ING analysts predict the pound to fall to 1.31 against the dollar by June and return to 1.36 by the end of the year.
