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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.
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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
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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
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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?
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Regular pay rises may still be of concern for policymakers.
When accounting for inflation, UK regular pay between February and April fell 2.2% compared to the previous year, the Office for National Statistics (ONS) announced today.
“If you exclude bonuses, pay in real terms is falling at its fastest rate in over a decade,” said Sam Beckett, Head of Economic Statistics at the ONS.
When taking bonuses into account, this figure changes to a rise in pay of 0.4%.
“The high level of bonuses continues to cushion the effects of rising prices on total earnings for some workers,” she said.
While regular pay fell compared to the previous year, employees received an average regular pay increase, which excludes bonuses, of 4.2% between February and April this year.
This will be of particular concern for policymakers, like the Bank of England [BoE], due to rising inflation, according to Paul Craig, Portfolio Manager at Quilter Investors.
“Earlier this year, Andrew Bailey [Governor of the Bank of England] went as far as to urge workers not to ask for big pay rises in the face of spiralling inflation. Ultimately, this all translates to people’s earnings not keeping up with inflation and hampering people’s purchasing power,” he explained.
For Sarah Coles, Senior Personal Finance Expert at Hargreaves Lansdown, this wage increase is not sustainable in the long-term due to inflation.
“Rising inflation will pile the pressure on even more, and over time effective pay cuts are likely to spread. Already, not every company is boosting pay to keep pace with inflation,” she said.
Despite wages failing to keep pace with inflation, unemployment figures released today made for kinder reading.
“On the face of it, unemployment figures look rosy. The overall level continued to drop in the three months to April, and has finally fallen below the pre-pandemic level,” said Coles.
The latest data has estimated the UK’s employment rate at 75.6%, 0.2% higher than the previous three-month period.
Still, Beckett does highlight some cause for concern.
“Moreover, although the number of people neither in work nor looking for a job has fallen slightly in the latest period, that remains well up on where it was before COVID-19 struck,” she said.
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With Chancellor of the Exchequer, Rachel Reeves, delivering a Labour Government's first Budget in almost 15 years, find out the potential impact on savers, mortgage borrowers and pensioners.
With Chancellor of the Exchequer, Rachel Reeves, delivering a Labour Government's first Budget in almost 15 years, find out the impact on your finances.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
Temporary first-time buyers’ relief is expected to end on 31 March 2025 and will affect those in Southern England the most. Find out more.
Temporary first-time buyers’ relief is expected to end on 31 March 2025 and will affect those in Southern England the most.
With Chancellor of the Exchequer, Rachel Reeves, delivering a Labour Government's first Budget in almost 15 years, find out the potential impact on savers, mortgage borrowers and pensioners.
With Chancellor of the Exchequer, Rachel Reeves, delivering a Labour Government's first Budget in almost 15 years, find out the impact on your finances.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
Temporary first-time buyers’ relief is expected to end on 31 March 2025 and will affect those in Southern England the most. Find out more.
Temporary first-time buyers’ relief is expected to end on 31 March 2025 and will affect those in Southern England the most.
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