#money explainers

What is the Bank of England base rate and are interest rates going up?

THE BANK of England will make a decision on whether to hike interest rates this week. If the central bank raises the rate, you might find that your finances are impacted. 1 Headquarters of the Bank of England in London, the UK government’s bank that prints moneyCredit: Getty The Bank of England (BoE) base rate, which will be reviewed on Thursday, May 5, impacts high street bank interest…

Hockey 50p coin: how much is it worth?

A RARE Hockey 50p coin could be hiding in your spare change – so don’t puck about. There are 29 Olympic 50p coin designs in total, each featuring a different sport. But if you have the Hockey 50p piece, here’s how much you can expect to score. 2 Sporting fans may be looking to get their hands on this piece 2 Some people have taken to eBay to flog their spare shrapnel The Royal Mint released a…

What is the Right to Buy scheme?

WITH a cost of living crisis in full swing, getting on the property ladder may appear harder than ever. But there are schemes like Right to Buy that could help make buying your own home a reality. 1 Former Prime Minister Margaret Thatcher introduced the scheme over 40 years ago through the Housing Act 1980Credit: Getty What is the Right to Buy scheme? Right to Buy is a government scheme that…

Five ways to save on hiking from free walking apps to deals on boots

WANT some free bank holiday fun? Try getting out into nature for some exercise. Recent studies suggest that middle-aged people should be aiming for 12,000 steps a day, rather than the 10,000 target that has been touted for years. 6 Want some free bank holiday fun? Try getting out into nature for some exercise. With spring in full swing, get fit for less with these fab free walking…

Why has my tax code changed?

WORKERS should check their payslips to make sure they’re not paying too much tax. It’s worth finding out whether you’re on the right tax code or you could end up hundreds of pounds out of pocket. 1 Your tax code is a mixture of numbers and letters used by your employer to work out how much tax you need to pay If you’re employed full-time or part-time, or receiving a private pension, you’ll have…

Universal Credit: when will I be moved from legacy benefits including tax credits and ESA?

ANYONE making a new claim for benefits gets Universal Credit automatically. But there are still millions of people who are already claiming legacy benefits, like working tax credits. 1 Around 2.6million people will move to Universal Credit over the next two yearsCredit: Alamy Eventually everyone will be moved from the older welfare system on to Universal Credit. But when will you be moved and…

How to get a fast-track passport renewal

SUMMER’S on the way – and with it the rush for holiday bookings – but demand for passports is the highest it’s ever been. Fast-track applications offer an alternative if you need one fast. Here’s all you need to know about applying, its cost, and how long it takes. 1 Fast-tracking offers a marked reduction in the time it’ll take to get your hands on a passportCredit: Home Office How do I get a…