THE UK has officially entered its “worst ever” recession on record – we look at how to best protect your finances. It comes as Chancellor Rishi Sunak warned “hard times” are here after the ec…
Now could be a good time to check your finances after the UK officially entered into a recessionNew figures from the Office for National Statistics showed gross domestic product fell by 20.4 per cent between April to June.
So, for example, if prices are rising too fast, the BoE could increase that rate to try to slow the economy down. But it might hold off if GDP growth is slow.Base rate cuts means mortgage borrowers now typically benefit from lower rates, but at the other end of the scale savers earn less on their savings.Do a thorough check of your finances so you know exactly where your money is going each month.
"One tip is to write down all your monthly expenses and do some research to see if you can get better deals and cancel any unnecessary subscriptions."
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK coronavirus cases rise by 1,148 and another 102 dieNEW coronavirus cases in the UK have risen by 1,148 and another 102 people have died. Overall, a total of 312,789 cases has now been confirmed by the Government, with 46,628 Brits killed by the vir…
Read more »
Coronavirus - all you need to know as UK is officially in recessionNearly one million jobs have been lost since the start of the pandemic, and experts are warning there is worse to come after the pandemic sent the economy plunging by a record 20.4% between April and June
Read more »
Support funds for UK authors hit by pandemic are running outThe Society of Authors, which raised £1.1m for writers struggling but ineligible for government help, says money is low but crisis remains acute
Read more »
'It's a Herculean effort': UK theatre festivals adapt for summer of CovidFrom Brighton to Belfast, socially distanced performances are popping up in unexpected spaces, including the beach, a shopping centre and a church
Read more »
Boris Johnson: UK could change laws to stop 'stupid and dangerous' migrant crossingsSky News has seen migrants on boats attempting to cross the English Channel into the UK this morning. Sky's AliFortescue says some of those on board one of the boats described the journey as difficult but were excited about coming to the UK. Read more:
Read more »
UK consumer spending approaches levels last seen before coronavirusSunny weather and reopening of shops boost sales, but GDP figure expected to confirm recession
Read more »