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News round up

Money news round-up

According to the BBC, 2017 is in the top three warmest years on record, and money news is heating up too, with lots of us finding out we'll have exra money in out pockets, while others are going to miss out thanks to the base rate rise. We've covered everything you need to know in this week's news round-up.

 

Voluntary living wage rise

Those who work for companies that have signed up to the voluntary living wage rate are about to get a pay rise. The voluntary rate, which is promoted by the Living Wage Foundation campaign group is to rise by 30p an hour to £8.75. For those living in London, the rate will rise by 45p to £10.20 an hour. This is separate to the government's compulsory National Minimum Wage and the National Living Wage.

 

Rising rates

The big news this week was the Bank of England increasing the base rate of interest to 0.5% - the first time in a decade there has been a rise. While some people with mortgages will see an increase in their repayments, this could be good news for savers.

Millennials and money

Young people are not saving enough for retirement, but changes to pension policy are not enough to overcome the barriers they face. Research by Royal London found housing costs and a lack of secure employment made it hard for millennials to save regularly.

Not in the habit

A quarter of UK adults have not been able to save at all in the last year, according to the Lloyds Bank Quarterly Savings Report. A further three in five people are not satisfied with the savings they currently have.

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