In the wake of January’s end, many are relieved with their fresh paychecks, but as February unfolds, financial changes are on the horizon. Starting from February 1, alcohol prices are set to rise by 3.66%, in alignment with the Retail Price Index (RPI) inflation rate. This increase will translate to 11p more for a bottle of Prosecco with 11% alcohol by volume (ABV), 14p for a bottle of red wine with 14.5% ABV, and 38p for a bottle of gin with 37.5% ABV, according to the Wine and Spirit Trade Association (WSTA).
For those who missed the January 31 deadline for self-assessment tax filing, be prepared for an immediate £100 fine starting on February 1. Failure to file after three months will result in daily fines of £10, up to a maximum of £900, and after six months, a penalty equivalent to 5% of the tax owed or £300, whichever is higher. This cycle repeats every 12 months, with additional interest accruing on outstanding tax payments after January 31.
On February 5, the Bank of England will convene for its first meeting of 2026 to deliberate on the future of interest rates, currently pegged at 3.75%. This base rate impacts borrowing costs and savings interest rates and is reviewed every six weeks by the Bank of England.
Nationwide customers will experience rate cuts on 36 savings accounts starting February 10, following the Bank of England’s rate reduction to 3.75%. Various products, including easy-access accounts, ISAs, and children’s savings accounts, will be affected by these changes.
Sky Mobile subscribers should anticipate price hikes from February 14, with most users seeing a monthly increase of £1.50, totaling an annual rise of £18. Some customers may face higher or lower adjustments to their bills.
The Office for National Statistics (ONS) will release the latest inflation data on February 18, with the current inflation rate at 3.4%, exceeding the Bank of England’s 2% target inflation rate.
From February 23, customers experiencing delays or failed installations of smart meters could be eligible for £40 compensation. Compensation will be provided for delays over six weeks for an appointment, failed installations due to supplier faults, or unresolved issues reported to suppliers within five working days.