Latest news with #AwfulApril
Daily Mirror
20-05-2025
- Business
- Daily Mirror
Brits issued urgent 50p warning and told to act now to save £1,100 for summer
Brits still grappling with the financial wrath of 'Awful April' have been urged to start a new money-saving challenge as soon as possible - and you only need 50p to begin Cash-strapped Brits are being encouraged to start a new savings challenge, allowing them to stash away more than £1,000 in two months. With soaring energy bills, increased council tax, higher road tax, and even a more expensive TV Licence fee - households up and down the nation are struggling more than ever. In fact, the wrath of ' Awful April ' has thought to have cost Brits £360 more in bill hikes, something that is set to unravel over the next 12 months. Earlier in May - the Bank of England also announced its decision to cut the base rate (the interest rate that it charges other banks and lenders when they borrow money_ from 4.5 per cent to 4.25 per cent. The move might have been received by those with a tracker mortgage but may sting those who have managed to put money away in their savings account. Several banks have already confirmed upcoming cuts to their interest rates following the announcement - including Monzo and Ulster Bank. However, savings are essential to deal with those unpredicted circumstances life throws at you. If your washing machine breaks, or car fails its MOT - being able to dip into your savings can help alleviate the worry. And sometimes, savings are purely for joy - allowing us to finally book that dream trip during the summer holidays, or to splash out on a new bag we've been window shopping for. In a statement sent to the Mirror, Rajan Lakhani, a personal finance expert over at Plum, recommends starting the 50p challenge. "You might think a 50p challenge won't do much for your savings, but this savings challenge can easily rack up £1,189.50 in just two months," he said. Naturally, to start the challenge you just need to save 50p. Then, each day you need to increase the amount you save by 50p (so, day two would require you to save £1, and day three would be £1.50). Over two months (roughly 60 days) you will have saved £1,189.50 if you don't miss a single day. "Obviously, this challenge requires you to put aside a lot of money towards the end," Rajan added. "But to make this savings goal more attainable, you could take part with your partner (so you can divide the contributions between you) and put funds in a joint account, or even take it in turns to contribute with friends for a joint holiday fund." Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. If you're looking for a more long-term strategy, it might be worth checking whether you're eligible for to open a Help to Save Account. Backed by the government, this offers savers a 'jaw-dropping' 50 per cent boost - but isn't available for everyone. "In a nutshell, you have to be on Universal Credit, working, and have earned at least £1 in the last month," money-saving guru Martin Lewis explained. "Crucially, that's the situation you have to be in to open the account - if things change, you can keep the product." For example, if you match the criteria for a Help To Save account and open one - but then end up coming off Universal Credit or stop earning at least £1 from work, you will not have to close the account. As previously reported, Help to Save offers Brits to earn a 50p bonus for every £1 they manage to save over four years. However, there are limits on how much you can stash away every month. "You can save between £1 and £50 each calendar month [but] you do not have to pay money in every month," GOV UK states. "You can pay money into your Help to Save account by debit card, standing order or bank transfer and can pay in as many times as you like, but the most you can pay in each calendar month is £50." If you save the maximum amount every single month, you will have saved £2,400 over four years - plus a generous £1,200 in interest. After four years, your Help to Save account will close, and you will not be able to reopen the account (even if you remain eligible)
Daily Mirror
24-04-2025
- Business
- Daily Mirror
TV Licence holders urged to make one phone call to get bill slashed to £0
Thousands of struggling Brits grappling with the wrath of 'Awful April' have been urged to make one simple phone call that could wipe their £174.50 BBC TV Licence fee down to zero A quick call could save thousands of cash-strapped Brits a staggering £174.50 a year. ' Awful April ' has seen a slew of household bills - including Council Tax, Road Tax, and energy cost - drastically rise, with the average person now £360 worse off. The TV Licence fee, which is currently mandatory for anyone who records or watches live TV, as well as people who access content on BBC iPlayer, also rose by £5 this month. Those found watching live TV or BBC iPlayer without a licence could end up with a fine of up to £1,000 (or £2,000 if you live in Guernsey). As previously reported, you technically cannot be jailed just because you haven't paid your TV Licence. However, fee dodgers do risk imprisonment for not paying fines that have been imposed by the court. Per Birmingham Live, if you're aged 74 or older and you or your partner receive Pension Credit, you can actually apply for a free TV Licence. This covers everyone who lives with you at the same address. You can apply for the subsidised fee online but will need to provide proof of your age. This can be in the form of a passport copy, UK driver's licence, UK birth certificate, or EU/EEA national identity card. You'll also need proof that you're in receipt of Pension Credit and your current TV Licence number. "If you think you're eligible for a free licence but can't apply online, please call 0300 790 6117 and speak to one of our advisors to request an application form (our lines are open between 8.30am and 6.30pm, from Monday to Friday)," TV Licensing said. "Once we've received your application it may take a few weeks to process. If there are any problems we'll write to let you know. We may also call you if you have given us your phone number." Earlier this year, it was revealed that there were a whopping 425,000 people over the age of 75 whose income levels meant they qualify for Pension Credit - who had yet applied for the benefit. The BBC later faced calls to start automatically enrolling those who are eligible for a free TV Licence - rather than making them apply for the discount. Back in February, the BBC didn't explicitly answer if it was considering such a measure. A spokesperson for TV Licensing told the Mirror: "Anyone aged 75 and over who receives Pension Credit can apply for a free TV Licence and we would urge anyone who has not yet applied to do so. In 2023/24 around 775,000 free licences for over 75s were funded by the BBC and more information about the application process can be found on the TV Licensing website or via our customer service team." Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. Following a staggering £80 million drop in revenue from swathes of households cancelling their subscription, the BBC has been discussing alternative methods to fund itself. Last month, the broadcaster's chairman Samir Shah hinted the fee could become part of a household bill - like council tax. "Why should people who are poor pay the same as people in wealthy households?" he said, implying a 'sliding scale' could be soon implemented. "It gets rid of the enforcement issue, which is a problem. The idea that not paying the licence fee is a criminal offence seems too harsh." Samir quashed ideas of creating a Netflix-style subscription fee, and dismissed the concept of a hybrid licence, where Brits could pay a smaller fee for basic TV services such as the news, but would then be charged a higher amount to access content such as entertainment. It appears advertisements are also not on the table, due to the BBC wanting to stay 'independent of commercial interests'.
Bloomberg
01-04-2025
- Business
- Bloomberg
Ailbhe Rea: How Was Your Terrible Tuesday?
It's been dubbed 'Awful April' and 'Terrible Tuesday' — today is the day the UK is hit with a flood of household bill increases on everything from water, electricity and broadband bills to train fares and council tax. Bloomberg calculates that households face nearly £600 of extra costs on average with these combined hikes — spelled out in grim detail in the piece. That sharp 26% rise in water bills, in particular, will infuriate people who are already all too aware of sewage spills, systemic mismanagement and under-investment in British water infrastructure, and now find themselves footing the bill for it.
