Retail therapy for UK economy

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.

January shopping spree

Retail sales (excluding fuel) jumped 1.6% in January. That’s the biggest rise in almost two years. Fashion retailers enjoyed the juiciest month-on-month increase, seeing eager shoppers buy 3.9% more clothes and shoes. The best bit? The growth was double what economists had predicted, suggesting consumer confidence is up.

Worm food

Spend a twenty today, and it’ll help grow your food. In the biggest cash replacement operation in UK history, two billion paper twenties bearing the face of economist Adam Smith are being taken out of circulation and will be turned into...compost. The old bank notes are being replaced with shiny new polymer versions. You can still use the paper notes - we’ll get a six month warning ahead of when they’re no longer valid.

Council tax rises

In 90% of local authorities, council tax is set to go up in April (paywall). The average increase for a band D property will be £70, an increase of 4% which is well above inflation. Despite the tax rises, councils said that they face a £19.1 billion funding gap by 2025 which is putting them under pressure to cut services.