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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - Switching deals
In need of a cash boost?Providers often entice new customers with cash incentives for moving current accounts. Compare deals and find out how to make the switch:
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
During this afternoon’s summer statement, Chancellor Rishi Sunak announced a new ‘eat out to help out’ discount for consumers, which will give them 50% off meals eaten out during August on Mondays to Wednesdays to a maximum of £10 per head.
Restaurants looking to take part in the new discount scheme will have to register with the Government. They will be able to claim the money back from the discount and the Chancellor stated that they will receive the refund within five working days.
To further help encourage consumers to spend on food, accommodation and attractions, the Chancellor announced that the Government was cutting VAT on these products and services from 20% to 5%. The 5% VAT will start from Wednesday 15 July 2020 and will last for six months.
During the statement, the Chancellor also confirmed a temporary stamp duty threshold increase to £500,000 in England and Northern Ireland. This stamp duty cut comes into effect immediately and will last until 31 March 2021.
To find out what stamp duty has to be paid on a property, buyers can use our stamp duty calculator.
To help reduce the risk of long-term unemployment among young people, the Chancellor revealed the Government’s kickstart scheme. This scheme will pay businesses the wages and overheads of any employees they take on who are aged 16-24 and at risk of long-term unemployment. The jobs provided must offer a minimum of 25 hours per week paid at least at the National Minimum Wage. The Chancellor stated he expected the first employees under this scheme to start work in October 2020.
The Chancellor also stated that the Government will pay employers £1,000 to take on new trainees. As well as this, to encourage more apprenticeships, the Government will give companies £2,000 per apprentice recruited, with £1,500 given to companies recruiting apprentices aged 25 or over.
In the week leading up to the statement, the Chancellor disclosed a number of initiatives the Government would implement to help the economy recover from the Coronavirus pandemic. These include:
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As predicted, the Bank of England voted 8 to 1 in favour of cutting the base rate to 4.75% in November.
As predicted, the Bank of England cut the base rate to 4.75% in November.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As predicted, the Bank of England voted 8 to 1 in favour of cutting the base rate to 4.75% in November.
As predicted, the Bank of England cut the base rate to 4.75% in November.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.