The Budget has dominated the headlines this week, but it has certainly not been the only piece of money news. So take a moment to catch up on what the Budget means for you and the rest of the week’s personal finance news.
1. The Budget
New technical qualifications, tax changes if you’re self-employed or have shares in a company. These were the main headlines from Chancellor Philip Hammond’s Budget this week.
2. Lost bank accounts
Money lying forgotten in dormant bank accounts could be given to charities and community projects, say the Independent Dormant Assets Commission. There is a potential £2 billion in unused bank accounts, insurance policies, pensions and investment portfolios.
3. Cost of retirement
Over 40s drastically underestimate the cost of retirement, according to Saga Investment Services. On average, they believe a £244,000 pension pot will see them through, but this works out at just £13,200 a year, well short of the £18,600 a year estimated for a comfortable retirement.
4. The bank of Gran and Grandad
We’ve all become familiar with the Bank of Mum and Dad. But almost one in ten first time buyers rely of the Bank of Gran and Grandad for a deposit, according to research by Santander.
5. Record switching
More than 415,000 people switched energy supplier in February, according to trade body Energy UK. This follows news last week from regulator Ofgem that 2016 saw a record 7.7 million switches.
6. Not switching
Meanwhile three quarters of people see broadband as an essential utility but one in three has never changed provider.
We’ve all got a taste for the fizz apparently. A record 40 million bottles of sparkling wine were sold in shops and supermarkets across the UK in the run-up to Christmas, according to The Wine and Spirit Trade Association.