Karl Matchett

Santander is offering new Edge account customers a £100 supermarket voucher through Martin Lewis’s MoneySavingExpert website until 26 August. Customers must open the account through the specified MSE links and spend at least £200 in four separate grocery or supermarket card transactions during each of September, October and November. The voucher can be used at Tesco, Sainsbury’s, Morrisons, Asda or Waitrose, with eligible customers expected to receive a claim email in mid-December. The Edge account costs £3 per month but includes bill cashback and access to savings products offering stated interest rates of 6% and 8%. Customers who received a similar Santander bonus in the previous year are excluded and may affect their eligibility for future switching incentives.

Gordon Brothers is reportedly considering selling Poundland about a year after acquiring the discount retailer and closing 200 stores. Poundland now has around 600 UK locations and employs approximately 12,000 people, but reported a £79 million pre-tax loss for the year to September 2024. Managing director Barry Williams said the company had made significant progress through cost reductions while acknowledging that further work was needed to achieve a sustainable turnaround. Poundland said its recovery plan was improving value and restoring thousands of products to the £1 price point, while Gordon Brothers declined to explain the potential sale.

The article explains how to improve personal finances by creating a realistic budget, separating essential spending from discretionary spending, and building emergency, goal-based and long-term savings. It highlights the effects of compound interest and inflation, recommending savings accounts with rates that exceed inflation where possible. Once sufficient savings are established, readers are encouraged to consider long-term investing through an ISA and retirement planning through personal, workplace or state pensions, while maintaining contributions and taking advantage of employer matching even during periods of financial difficulty. Financial education charities such as StepChange and the Just Finance Foundation are identified as sources of support.

Octopus Energy is asking customers to avoid using appliances such as washing machines, dishwashers and games consoles between 6pm and 8pm during a solar eclipse, when reduced sunlight is expected to cut solar generation by up to 1.3 gigawatts as household electricity demand peaks. The company says the request is voluntary and is offering eligible customers an hour of free energy, alongside a prize draw including free solar-panel installation. National Energy System Operator data indicates renewables now provide about 40 per cent of the UK’s energy mix, while recent solar-generation records highlight the growing importance of solar power to the grid.

Diageo plans to invest almost $1 billion over four years to expand Guinness production, particularly in Dublin, amid strong UK and global demand. New chief executive Dave Lewis is also targeting growth in canned ready-to-drink cocktails using existing brands such as Captain Morgan and Smirnoff. The broader turnaround includes reorganizing brands, reducing duplication and cutting costs by about $1 billion, potentially eliminating thousands of jobs, as the company responds to a 2 per cent annual sales decline and weakness in North America and Africa.

UK savers have access to several high-interest products in August 2026, including newly launched 5% accounts. Sidekick leads easy-access cash ISAs at 4.66%, while Cahoot offers 5% on balances up to £3,000 and Lemfi offers 5% for six months before reducing its rate. Other competitive options include Trading 212, Chip, Chase and Tembo. For fixed-term savings, OakNorth leads one-year accounts at 4.86% and Tandem leads two-year fixes at 4.7%. Savers are advised to check bonus expiry dates, withdrawal restrictions, variable-rate changes and whether long-term cash savings are preferable to investing.

Tom Inskip, a childhood friend of Prince Harry, is preparing to launch Alfred, a membership-based provider of energy and other household services. Customers will pay £195 annually for access to electricity, gas, broadband, mobile and insurance services at purportedly wholesale-linked prices. Alfred claims high-use households could save up to £1,000 a year and promises to refund the membership fee if customers leave because they are not saving. The company aims to reach 50,000 members within three years, its projected break-even point.

Twenty-five-year-old British entrepreneur James Dacombe founded Olix after leaving college at 17 and receiving support from the Thiel Fellowship. The London-based AI-chip company raised $312 million, reaching a $3.3 billion valuation less than two years after its creation, with backing including Arm and Reed Hastings. Olix is developing specialised chips and related infrastructure intended to offer faster and cheaper alternatives to Nvidia's general-purpose AI hardware, with its first manufactured chips expected to reach customers next year. The company has more than 140 employees and offices in the UK and United States. Dacombe also remains involved with brain-monitoring company CoMind and owns Bletchley Industries, while urging the UK to improve policies so high-growth founders do not relocate to the US.

UK petrol prices have reached 160p per litre, their highest level since the Iran conflict began, after Brent crude rose sharply amid Middle East hostilities. Diesel is expected to reach 180p per litre soon and potentially climb to 185p, partly because of the UK’s reliance on imports and increased US demand. Retailers are keeping margins below their usual average and clustering prices just below the psychologically significant 160p threshold. Analysts expect oil prices to remain volatile, potentially fluctuating between $80 and $100 per barrel as the conflict and the Trump administration’s policy evolve. Filling a 55-litre car now costs about £88 with petrol and £99 with diesel.

Analysts expect the Bank of England to keep its base rate at 3.75 per cent at the late-July Monetary Policy Committee meeting, despite uncertainty over whether rates may need to rise later. Slowing wage growth, rising unemployment and weak economic growth support eventual cuts, while renewed conflict involving Iran, higher oil and gas prices, and a projected rebound in inflation argue for caution. Markets are pricing in possible rate rises by early 2027, but economists say the September vote, updated forecasts and voting split will offer clearer signals about the path through 2026. Mortgage pricing may already reflect expected rate changes through swap markets, while savers are advised to compare available rates.

The number of millionaires living in the UK fell by 7% in 2024 to 442,000, the lowest level since the 2008 financial crisis, according to an Adam Smith Institute tracker using inflation- and exchange-rate-adjusted data. The decline is attributed to falling asset prices, weak household saving and high-net-worth individuals leaving or avoiding the UK, although the report’s claims about departures are not supported by HMRC data. The institute urges the government to abolish inheritance tax, phase out capital gains tax and reform non-domicile rules, while warning that wealth taxes could accelerate departures. Critics would question how lost revenue would be replaced, especially as inheritance-tax receipts are projected to rise sharply because of frozen thresholds and changes to pension taxation.

UK mortgage rates have risen to their highest levels in more than a month as renewed hostilities involving Iran and the United States, alongside the closure of the Strait of Hormuz, push up oil prices, energy costs and inflation expectations. Money-market swap rates have consequently increased, with average two-year fixes rising to 5.59% and five-year fixes to 5.61%. More than 100 mortgage deals have been withdrawn or repriced by lenders including Santander, Barclays, HSBC and Halifax. Moneyfacts’ Rachel Springall advised borrowers needing to remortgage to consider securing a deal early and consulting a broker. Barclays data also showed a growing share of solo buyers and falling average deposits, prompting more borrowers to take out higher loan-to-value mortgages.

Shabana Mahmood is widely expected to become chancellor under Andy Burnham, prompting scrutiny of her potential fiscal direction. Markets appear comfortable with her appointment, viewing her as pragmatic on spending and welfare. Her past positions suggest openness to raising the additional income tax rate back to 50 percent, increasing capital gains tax, and potentially tightening windfall taxes on profitable sectors. Experts note that adjustments to frozen tax thresholds continue to push more earners into higher tax bands, creating fiscal drag without explicit tax hikes. Analysts warn that affluent households may face financial pressure depending on forthcoming decisions on tax, spending and borrowing, with market sentiment currently driven more by expectations than clear policy signals.

Andy Burnham’s early policy signals suggest major potential reforms to UK property taxation, including the possible abolition of stamp duty and exploration of a Land Value Tax. Experts note that removing stamp duty could increase housing market activity but replacing it with an annual LVT would create regional disparities and require lenders to revise affordability criteria. Burnham’s past support for the Fairer Share campaign’s property-value-based council tax alternative raises similar concerns about uneven regional effects, particularly higher costs in London and the South East. Additional proposals include greater taxation of land and property relative to income, possible reintroduction of the 50p tax rate for high earners, and exploring a care levy to replace inheritance tax. The overall economic impact of these ideas remains uncertain.

Financial markets are expected to react quickly to Andy Burnham’s anticipated premiership, with perceptions of fiscal discipline likely to influence mortgage pricing before any housing policies are implemented. Experts note that strong fiscal signals could stabilise borrowing costs, while looser expectations may keep rates elevated. Burnham’s record suggests significant intervention in housing, including large-scale council housebuilding and stronger tenant protections, though measures such as rent controls may deter rental investment. Industry groups like Propertymark support increased housing supply but warn against restrictive rental policies. Potential tax reforms, including a Land Value Tax, could affect property values. The central challenge will be balancing state involvement with maintaining private sector investment to expand housing supply and improve affordability.

Analysis of Andy Burnham’s potential economic policies outlines likely impacts on mortgages, taxes and property costs, noting financial market sensitivity to fiscal signals and the importance of his chancellor appointment. Discussions include possible reforms to stamp duty and council tax, proposals for land value taxation, adjustment of income tax thresholds, reintroduction of the 50p top rate and replacing inheritance tax with a social care levy. Market reaction concerns are highlighted, particularly around borrowing costs and public ownership debates, while expert commentary suggests uncertainties over how quickly detailed policy plans could be developed.