Articles
UK inflation rate news: Prices continue to rise
In the year to April 2024, the price of goods in the UK rose by just 2.3%.1 It’s good news in that this is the lowest rate since September 2021. However, it’s still higher than the 2% target set by the Bank of England. The question is, will the Bank of England raise interest rates, or not?
Who gets 15 and 30 hours of free childcare?
The average cost of full-time childcare in the UK for 2024 is £15,709.1 The exact cost will depend on where you live and how many hours of childcare you need. This figure is estimated to be nearly half of the average full-time worker’s pay.1
To help parents, the government has introduced a new scheme, entitling parents to 15 hours a week of free childcare. At present it applies to children under two, the government hopes to extend this to children under five from 2025.
More than 7 million adults still struggling to pay bills
According to recent surveys, a staggering 7.4 million UK adults are still struggling to pay bills due to the high cost of living.1
The positive news is that the number is lower than last year. However, many households are feeling heavily burdened and as many as one in nine adults have missed a bill or credit payment in the six months up to January 2024.1
National minimum wage increase: How much do we earn
The national minimum wage was first introduced in 1999. At the time, it was set at £3.60 for anyone over 22 and £3 for those between 18-21.1 It’s increased periodically by the government to help people maintain a reasonable standard of living.
National Insurance cut: How much do we save
The government recently announced it will cut National Insurance by 2%, taking the rate of NI payable down from 10% to 8%. That should be good news, a rate cut usually means more money in your hand.
