Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
After 47 years of membership, and almost four of arguing about it, our departure date from the European Union is here. The UK will officially leave the EU at 11pm tonight. What will be different when we wake up tomorrow? Well, not much. Most EU laws will stay in place until December, when we’re hoping to have our own trade agreement in place with the bloc.
Brexit affects our personal finances (paywall) although many of the impacts won’t be felt yet. Sterling has rallied since December’s general election, but its future hinges on the deal that’s negotiated this year with the EU. The property market has also seen a bounce since our Brexit date was settled, but there’s uncertainty about what it’ll do next.
In Mark Carney’s last interest rate meeting as Governor, the Bank of England has decided to hold the base rate at 0.75%. There had been speculation of a rate cut to help the floundering economy, but recent data suggest that growth is recovering. A low base rate means lower returns for savers but cheaper payments for borrowers.
The Chancellor is expected to focus on his ambition to “level up” skills across the country in his March budget, and we’ll get further details on the £3 billion ‘skills fund’ promised in the Conservative manifesto. He’s expected to announce extra funding for further education colleges, apprenticeships, and in-work training.
Black tea is under threat as slowing sales mean Unilever is considering selling beloved brands PG tips and Liptons. The traditional builders brew is facing increasing competition from rising demand for herbal teas and cold infusions, which are now worth almost 10% of the tea market.
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