Business rates are a tax charged on most commercial properties, such as shops, offices, pubs, and warehouses.Credit: Getty
At the time, the Government proposed raising business rates on the biggest retail properties with values over £500,000.
This would allow for a discount on rates for small retail and hospitality premises to be permanent.
The government has not yet set the rates, but changes are due to take effect in April 2026.
But the Co-op is now urging the Government to commit to the maximum levels of relief for smaller stores in the upcoming Autumn Budget on November 24.
Research conducted by the supermarket found one in eight small high street business owners will be at risk of shutting down if reforms are not delivered.
A further 10% of small said they would need to lay off staff.
Shirine Khoury-Haq, Co-op group chief executive, said: “The proposed system would improve the financial situation of 99% of retailers.
“How much they are protected from tax rises depends on decisions made in this Budget. To boost local economies, create jobs and provide community cohesion, we need inclusive growth.”
“That means supporting the businesses on the corners, in the precincts, on the parades and the high streets of every community.
” In order for them to not only survive, but to thrive, the government has to commit to the maximum levels of relief.”
JD Sports Shuts 13 Stores Amid Sales Slump: What’s Next for the High Street?
It comes as many larger retailers have voiced concerns over plans to increase business rates on larger stores, arguing the move could make them unprofitable or lead to price hikes.
In August, a letter signed by Morrisons, Aldi and JD Sports, warned that further tax rises on businesses could result in the Labour government breaking its manifesto pledge to provide “high living standards”.
It reads: “As retailers, we have done everything we can to shield our customers from the worst inflationary pressures but as they persist, it is becoming more and more challenging for us to absorb the cost pressures we face.”
Many businesses have already seen their labour costs rise thanks to the rate of employer national insurance being increased in last year’s Budget.
The Treasury expects the new rates system will only impact the top 1% of properties.
A Treasury spokesperson said: “We are creating a fairer business rates system to protect the high street, support investment, and level the playing field by introducing permanently lower tax rates for retail, hospitality, and leisure properties from April that will be sustainably funded by a new, higher rate on less than 1% of the most valuable business properties.
“Unlike the current relief for these properties, there will be no cash cap on the new lower tax rates, and we have set out our long-term plans to address ‘cliff edges’ in the system to support small businesses to expand.”
RETAIL PAIN IN 2025
The British Retail Consortium has predicted that the Treasury’s hike to employer NICs will cost the retail sector £2.3billion.
Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April.
A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024.
Three-quarters of companies cited the cost of employing people as their primary financial pressure.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”
Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”
AN ICONIC Norwegian-style house featured in a TV show watched by millions – but do you recognise it?
Nestled in the picture postcard landscape of the Wye Valley in Hertfordshire, the wooden home appeared in a hit Netflix series.
7
This iconic Norwegian house featured in a hit TV show on NetflixCredit: Knight Frank
7
It can be found nestled on the slopes of the Wye Valley in HertfordshireCredit: Not known, clear with picture desk
7
The property featured in high school comedy drama Sex Education
7
It features prominently throughout the popular series
The Edwardian building features in Netflix’s high school comedy drama, Sex Education, which first aired in 2019.
It features prominently throughout the series and fans may have recognised it as the home of high schooler Otis Milburn and his mum Jean, played by Gillian Anderson.
The Scandinavian inspired property has room for 10 people and is located near the Forest of Dean with cycle trails and a river nearby for canoeing and fishing.
Fans will recognise certain rooms in the house from many of the scenes between Otis and Jean.
Built in 1912, it was initially used as a fishing lodge and also featured in Extraordinary Escapes on Channel 4.
With five bedrooms over three floors, the property has breathtaking panoramic views of the valley.
And the main bedroom can be found at the top of the house, spanning the entire floor.
As you approach the Norwegian-inspired home, you are immediately struck by it’s distinctive exterior.
It’s comprised of red wooden slats and white detailing amidst the expansive greenery on the slopes overlooking the River Wye.
It has a winding drive lined with trees leading up to a garage.
JD Sports Shuts 13 Stores Amid Sales Slump: What’s Next for the High Street?
Viewers had the chance to own it in 2023 where it hit the market for an eye-watering £1.5 million.
It was renovated in 2002 that saw the conservatory dining room extended and a bespoke painted wood kitchen installed alongside a contemporary bathroom and shower rooms.
It was done in such a way that it blends effortlessly into the rest of the house.
Move outside and you’ll notice it’s beautiful gardens where there are steps that lead straight down to the river.
It also has a decked balcony where a Swedish hot back and stone pizza oven can be used as you take in the spectacular views.
The property’s 4.5 acres of land includes two greenhouses, a stone and tile outbuilding and an orchard.
It’s currently a private residence but fans used to be able to rent the whole house for £75 per person a night – but you can still admire its beauty from afar.
THIS terraced house may look normal from the outside but one disgusting feature has left potential buyers flabbergasted.
Much of the three-bedroom property looks pleasant and welcoming enough but one feature may be too much to bear.
7
This terraced house may look normal from the outside but a disgusting feature lies withinCredit: Jam Press/Moving You
7
The open-plan utility room has a surprising additionCredit: Jam Press/Moving You
7
A toilet has been plonked in the utility room next to typical kitchen appliancesCredit: Jam Press/Moving You
The family home in Brislington, Bristol, has a bewildering bathroom and kitchen setup that will leave prospective buyers thinking again.
The open-plan utility room may seem perfectly normal at first glance but look a little closer and you’ll find an unwelcome addition.
A surprise toilet can be found alongside the room’s typical kitchen appliances and items – and it’s the butt of jokes online.
The room is home to a washing machine, a fridge-freezer, a sink and even a coffee machine laid out on a cabinet.
But despite food and drink being stored there, there is nothing to separate the toilet from the rest of the room.
The room has been described as the “utility/downstairs WC”.
Listing images were shared on social media, where viewers were left “flabbergasted” by the arrangement, as reported by Luxury Property News.
One person commented: “I get that’s a utility room but… Imagine having your fridge in a windowless room where someone just had a rough time on the throne.
“Or your washing. Either settle for one toilet or put a small cubicle in.”
“This new trend of open plan s***ters has to stop,” another joked.
Award-winning Grand Designs & I’m a Celeb home faces ‘immediate threat’ of crumbling into the sea after huge landslip
Someone else wrote: “That’s got to be breaking some health and safety regulations surely?”
“Oh that’s grim, and right next to a kettle and stuff. Imagine how many airborne poop particles are in that fridge and cooking area,” commented another viewer.
Thankfully, the rest of the terraced home looks perfectly ordinary.
It has three bedrooms, a spacious lounge, a dining room, kitchen which opens out onto the back garden and a fully family bathroom upstairs.
And you’ll be pleased to know that there are no other surprise lavatories throughout.
It is currently on the market for £400,000 with Moving You.
It’s not the only property on the market that has some unwelcome additions either.
The Sun recently reported on a perfectly normal looking house that’s hit the market for £435,000 – but it’s hiding a sci-fi surprise inside.
The unique four-bedroom house is certainly bigger on the inside than it appears on the outside.
HOUSEHOLDS across the country are being warned to brace for a financial squeeze as the cost of government borrowing skyrockets to levels not seen since 1998.
This now directly threatens to push up mortgage rates and could usher in a new wave of tax hikes.
1
The rise in government borrowing costs is putting serious pressure on household budgets in two key waysCredit: Getty
The pound has tumbled in response to the growing unease, highlighting investor concern over the UK’s economic stability.
At the heart of the issue are government bonds, known as “gilts,” which the government issues to borrow money.
These bonds offer investors a return, referred to as the “yield.”
In recent weeks, gilt yields have been rising rapidly, making it more expensive for the government to borrow.
This morning, yields soared further, with 30-year gilts reaching 5.72% – the highest level in nearly 30 years – while 10-year gilts climbed to 4.85%.
This spike signals that investors are nervous.
They are demanding a higher return to lend to the UK, worried about stubborn inflation and a gaping £51billion hole in the nation’s finances.
The rise in government borrowing costs is putting serious pressure on household budgets in two key ways
Firstly, it’s driving up mortgage rates.
The link between government gilt yields and mortgage rates is direct and unavoidable.
Lenders use “swap rates,” which closely track gilt yields, to set the prices of fixed-rate mortgage deals.
As these rates climb, fixed mortgages become more expensive.
Since August 1, two-year swaps have risen from 3.56% to 3.74%, while five-year swaps have gone from 3.63% to 3.83%.
Major lenders like Barclays have already started increasing rates, and even a small rise can add significantly to monthly payments on a typical £200,000 mortgage.
With swap rates continuing to rise in recent weeks, experts warn that mortgage rates are likely to increase further.
Separately, Chancellor Rachel Reeves faces a difficult challenge in her Autumn Budget, scheduled for November.
Higher borrowing costs are eating into public funds, and many economists believe tax increases will be necessary to fill the financial gap.
Although the government has promised not to raise income tax, national insurance, or VAT for “working people,” other tax measures are reportedly being considered.
One proposal is applying National Insurance to rental income, which critics fear could result in landlords passing on the cost to tenants through higher rents.
Another idea being debated is replacing stamp duty with an annual property tax, which could affect homeowners.
There are also rumours of reducing pension tax relief or cutting the tax-free lump sum, moves that could generate billions but might hurt savers.
Plus, there’s speculation about lowering the VAT threshold, which would bring more small businesses into the tax system.
This could increase their costs and potentially lead to higher prices for consumers.
Reeves is expected to make economic growth the centrepiece of her next Budget, warning that Britain’s economy is “stuck” and in need of bold solutions.
What can you do about it?
None of the proposed changes have been confirmed yet, and the government hasn’t ruled them out either.
However, any new measures won’t take effect until after the Budget in November.
It’s important not to make rash decisions based on speculation.
If changes are announced, you’ll have time to act and protect your finances before they come into effect.
For instance, if stamp duty is replaced by an annual property tax from a certain date, you could move house before the deadline to avoid the extra cost.
Similarly, if the government introduces capital gains tax on high-value properties, you might consider downsizing to a smaller home before the change is implemented.
Rob Morgan, chief analyst at Charles Stanley, said: “Taking pre-emptive action can outright backfire.
“Last year some people were concerned about restrictions around taking tax free cash from pension and took withdrawals they wouldn’t have otherwise made.
“This removed the money from a tax-efficient environment and potentially stored up tax issues that will come back to haunt them.
“Instead, it’s best to wait to see what happens, consider the consequences, and take advice as required before acting.”
Most of the proposed measures are likely to affect only the very wealthy, so you may not be impacted at all.
If you’re concerned, there are steps you can take to prepare and safeguard your finances.
Check your financial health
If you are worried about your finances then you should speak to a financial adviser.
They will be able to offer you advice about your situation and explain if any of the measures will affect you.
You can find one using unbiased.co.uk – but remember, you will pay a fee.
It’s good practice to sit down and take stock of your finances every six months and work out a plan.
Work out all your bills and outgoings and what income you have and factor in any changes, such as bills going up or new income streams.
Think about what you need to do to make the most of your money. For example, do you need to prioritise paying off debts or saving for a house deposit.
If your mortgage deal is coming to an end soon, act now.
Locking in a fixed rate could shield you from rising rates and market uncertainty.
Aaron Strutt, of mortgage broker Trinity Financial, said “For the moment there have not been significant price hikes but it’s probably worth locking in a mortgage rate if you are buying somewhere or due to remortgage, to try and keep away from any market turbulence.”
If you are coming to the end of a fixed deal, most lenders let you lock in a new rate up to six months beforehand, which can be worth doing.
If rates fall after you agree a new deal, some lenders will let you sign a new one at a lower rate.
How to get the best deal on your mortgage
IF you’re looking for a traditional type of mortgage, getting the best rates depends entirely on what’s available at any given time.
If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You’ll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.
The average bank customer has around £10,000 in savings, according to Raisin.
If that £10,000 is kept in an easy access account earning 1.5% interest, it would generate just £150 in interest each year.
But switching to Cahoot’s 5% easy access account would boost that to £500, earning you an extra £350.
If your savings account pays less than the current inflation rate of 3.8%, it’s time to look for a better deal.
How can I find the best savings rates?
WITH your current savings rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.
Research price comparison websites such as Compare the Market, Go.Compare and MoneySupermarket.
These will help you save you time and show you the best rates available.
They also let you tailor your searches to an account type that suits you.
As a benchmark, you’ll want to consider any account that currently pays more interest than the current level of inflation – 3.4%.
It’s always wise to have some money stashed inside an easy-access savings account to ensure you have quick access to cash to deal with any emergencies like a boiler repair, for example.
If you’re saving for a long-term goal, then consider locking some of your savings inside a fixed bond, as these usually come with the highest savings rates.
FAMILIES living in the shadow of two “humungous” warehouses say the buildings have destroyed their view and devalued their properties.
The colossal steel frames, which residents have likened to cruise ships, are part of a 350,000 sq ft industrial site that is dwarfing homes nearby.
7
The huge warehouses have been erected directly behind homes in WiganCredit: SWNS
Residents in Tyldesley, Wigan, described being alarmed by the scale, and some are even considering moving.
Plans from developer PLP show the massive site will eventually be home to four vast warehouses, with the council agreeing to a maximum height of 18.3m (60ft) for two of those buildings.
Delivery giant Whistl has already snapped up one of the huge sheds, signing a 15-year deal on a 140,000 sq ft unit.
A council boss insisted landscaping would help soften the appearance, adding that the project followed proper planning processes.
But residents argued the final approved plans from were far bigger than had been originally designed.
They worried about the effect on property values, arguing there was limited consultation before building started.
John Peters, 71, a retired teacher, has lived on the estate since 1978. He said: “It’s a total shock when you walk out of the door.
“The enormity of the thing just strikes you. It shouldn’t be there.”
He said his dreams of a peaceful retirement were “shattered” by the arrival of the structure so close to his home.
A campaign group has been set up to rally neighbours and fight the development, with more than 200 people in attendance at a recent meeting.
Josie Gibson embarks on Grand Designs style makeover to transform her rustic West Country home into a 21st century eco-friendly dream
Mr Peters claimed the way residents were informed about the project left many feeling blindsided.
He said: “A letter was sent out to 90 residents, but I don’t know how they selected those residents because some of the people who back onto the site didn’t get anything.
“It was just completely random.”
Paula Boardman, 47, lives with her husband and two kids in a house that backs onto the imposing warehouse.
She said: “It’s quite upsetting, because we used to have such a lovely view.
“We knew this was going to be built, but we thought it was going to be a lot smaller.
“As soon as the framework went up, everyone realised the height of it – it’s humungous. I’m worried it’s going to take all our sunlight.
“It’s like a cruise ship at the back of our garden. Even if we wanted to move, I think the value of the house has gone down.”
She raised concerns about damage in her home that she fears could be related to the warehouse’s size and proximity of construction work.
She said: “I noticed a dip in the flooring back in February and a big crack in the wall.”
Steve Retford, 69, said he no longer sits in the garden because of the structure that stands just 30m away – describing the impact as “profound”.
The retired police officer said: “It’s just dreadful. We feel this sense of injustice.
“I don’t profess to be a planning expert, but when you look at the sheer enormity of this, it’s not right.
“It must have taken tens of thousands of pounds off the value of our houses. Every time I think about it, I feel sick.”
Care worker Danielle Edwards, 38, fears the warehouse could make it difficult to sell her home in the future.
Home upgrades that add the most value to a house
The best renovation to add value totally depends on your property, the local market and your potential buyers.
Zoopla shared a list of upgrades that will instantly add value to your home.
Loft conversion – increase of 15%
Off-street parking – adds £50,000 to property price
New kitchen – increase of 15%
Garage conversion – increase of 15%
Cellar or basement conversion – increase of 10-15%
Open plan living space – increase of 3-5%
New bathroom – increase of 3-5%
She said: “It’s awful. We bought this house because we’re a young family wanting to stay in the area.
“It would be very difficult to move. I can see it from my back garden. We thought they were going to be low-rise industrial units, but they’re not.”
Retired project manager Eric Earnshaw, 79, has lived in the Tyldesley area all his life but is now preparing to leave for the Lake District.
The keen dog walker said it’s because he’s had enough of constant building work.
He added: “There are walks that take me along fields in the area where there are plans for thousands of homes.
“All the green space around here is disappearing.”
Aidan Thatcher, director for place at Wigan Council, told The Sun: “This planning application went through our planning consultation and committee process.
“The final plans include landscaping which will help to screen and soften the appearance, and mitigate the impact on nearby properties.
“We will continue to monitor the site throughout construction, ensuring this development bringing new jobs and investment to the area is delivered properly.”
A spokesperson for PLP said they would not comment.
7
Some of the residents say they worry their homes will be completely blocked from daylightCredit: SWNS
7
The residents claim they knew about the structure but didn’t realise it would be so hugeCredit: SWNS
7
One resident said it’s ruined his retirementCredit: SWNS
7
Some have noticed damage to the house since the work beganCredit: SWNS
7
Paula Boardman, 47, lives with her husband and two kids and this is her garden view nowCredit: SWNS
7
Delivery giant Whistl has already snapped up one of the huge sheds, signing a 15-year dealCredit: SWNS
IF you’re wondering where your money’s going each month, it might not be big bills or bad luck to blame but small, repeated mistakes that add up fast.
From letting your savings sit in low-interest accounts, to underestimating the real cost of long mortgage terms, financial experts warn that common habits could be quietly emptying your bank accounts.
2
Small, repeated mistakes could be the reason your bank balance is dwindlingCredit: getty
2
Money experts revealed the biggest habits that are keeping people poorCredit: Getty
We asked money experts and behavioural scientists to reveal the biggest habits that are holding people back.
1. Not knowing what’s coming in and going out
It’s hard to feel in control of your money when you don’t know where it’s actually going.
Many people assume they have a rough idea, but the reality is that forgotten subscriptions, auto-renewing services and small daily purchases quickly add up.
Without visibility, your budget can slowly unravel, and by the time you realise, you’ve slipped into the red.
Vix Leyton, consumer expert at Thinkmoney, says the fix starts with routine: “Take time to know what your outgoings are and what is coming in.
“Some apps, like Thinkmoney, offer a snapshot of what you’re spending, and can even ringfence bill money for you so you don’t accidentally end up facing penalties and late fees.”
Even a five-minute weekly check-in can help avoid nasty surprises and highlight where cutbacks are needed.
2. Living without a savings buffer
It’s hard to save money – but not having a buffer can leave you exposed to high credit when you need cash quickly.
Whether it’s a broken boiler, a car that won’t start or a sudden cut in hours at work, not having a cushion means falling back on credit cards or payday loans just to stay afloat.
The result is a constant feeling of stress, and a budget that can be thrown off by the smallest shock.
Thomas Mathar, behavioural researcher and host of The Money:Mindshift Podcast, says a little slack goes a long way.
He said: “Even a modest buffer, like one month’s rent, can give you the breathing space to make better decisions and avoid high-cost debt.
“It’s not just about the numbers, it’s about having mental and financial slack when life throws you a curveball.”
3. Letting debt pile up month after month
More and more people have credit card debt, which means it can be easy to think it’s business as usual, especially when the minimum payments are low.
But ultimately, you’re paying interest to the bank instead of putting that money toward your own goals. Over time, that can add up to hundreds or even thousands of pounds in lost savings.
“Too many people accept credit card debt as a normal state of affairs. It’s not,” says Mathar.
I’ve made over £56k with a side hustle anyone can do – skint people must stop being scared and should try something new
“Paying down high-interest debt quickly is one of the most powerful things you can do for your long-term well being. It’s buying yourself back freedom, and peace of mind.”
If you’re juggling multiple debts, focus on the most expensive ones first and look into 0% balance transfer options if your credit score allows.
4. Having psychological armour to support you
In the age of side hustles and flashy online success stories, it’s tempting to ditch steady work for riskier pursuits.
But without a reliable income it’s hard to build long-term security.
Inconsistent earnings often mean falling behind on bills, using credit to bridge the gap, and struggling to plan ahead.
Mathar warns that it’s important to have some sort of regular income, even if you’re pursuing other hustles on the side.
He says: “A steady income isn’t just about covering bills, it’s psychological armour.
“When you’re living month-to-month or under-earning compared to your potential, the stress compounds.
“You don’t need to chase big money, but you do need income that’s ‘good enough’ to support a resilient, happy life.”
5. Leaving savings in a dead-end account
You might feel good about putting money aside, but if it’s sitting in an easy-access account earning barely any interest, your savings are losing value in real terms.
With inflation still high, the cost of leaving cash in low-yield accounts is higher than many realise.
Adam said: “The likes of HSBC, Lloyds Bank, Santander, NatWest and Barclays all have easy access accounts paying around 1.1 to 1.2 per cent interest, far below the typical returns savers could expect, which is currently 3.51 per cent.”
The top performing options can pay even more, and shopping around and switching accounts only takes a few minutes online.
How to effectively manage your money
Kara Gammell, finance expert at MoneySuperMarket, gives tips on how to get a handle on your finances so you have more left for saving,
If you’re struggling to get a grip on your finances, the way to start is to do a proper inventory.
Try Emma, the money management app, which uses open banking to combine information from all your bank accounts, savings accounts and credit cards, plus investments. The app then highlights any wasteful subscriptions and costly debt and helps streamline your savings.
What’s more, it analyses your personal finances and recommends ways to conserve money so that you can get on track financially more easily than ever.
If you want to have a deep dive into your spending habits, go through your bank statement at the end of each month and give every purchase a rating of one, two or three.
Mark with a ‘one’ any purchases that didn’t make you feel good; give a ‘two’ rating to things that felt ‘sort of good but indifferent’; and mark with ‘three’ any purchases that you would make all over again in a heartbeat.
You’ll be surprised by what you learn.
Monitor your credit report
From overdrafts to loans, credit cards, mobile phones and mortgages, it can be hard to keep track of your finances, and it can be all too simple to find yourself in the dark about how much debt you have in total.
But this information forms your credit score, which is used by lenders to determine whether you’ll be offered competitive rates and offers for financial products, or even whether you will even be accepted when you make an application.
I’m automatically notified when my credit report is updated monthly, which can be a huge help in avoiding any financial problems from spiralling and means I always know what my overall financial situation is.
The tool also suggests ways to improve your credit score, so you’re more likely to be offered competitive interest rates, which helps you save money in the long run.
6. Not making the most of your ISA allowance
More savers than ever are being hit with tax bills they could have avoided.
Frozen tax thresholds mean that even modest savers can end up over the personal savings allowance, paying tax on any interest they earn.
That means, if you’re not using your ISA allowance, you’re potentially giving money away for free.
French explains: “Saving and investing are some of the best ways to build wealth over time.
“But it’s important that savers are aware of their tax liability on any profits they make – which can add up over the course of a few years.
Plenty of savers can avoid this tax bill by making use their yearly ISA allowances.
You can save or invest up to £20,000 a year tax-free, and every pound sheltered from tax is a pound that keeps working for you.
7. Only saving for retirement, and nothing else
Putting money into a pension is smart, but it shouldn’t be your only savings plan.
Many people now take career breaks, retrain, care for relatives or start businesses, and those transitions need funding too.
Mathar says ignoring this reality can leave people exposed.
“We don’t live three-stage lives anymore – education, work, retirement… A ‘transition fund’ – even just a few months’ salary – makes those big life pivots possible without financial panic.”
8. Being too harsh on yourself when things go wrong
Money mistakes happen. But too often, people fall into a cycle of guilt and avoidance, especially if they’re already struggling.
That mindset can stop you from facing your finances or reaching out for help, which only makes things worse in the long run.
Mathar believes the solution starts with self-empathy. “Here’s the truth: we’re all a bit messed up when it comes to money.
Our brains are wired for short-term wins, not long-term planning.
The goal isn’t to be perfect with money; it’s to build enough slack, mental and financial, so that one mistake or setback doesn’t knock you flat.”
9. Not overpaying your mortgage when you could
With mortgage rates still high and household budgets under pressure, many borrowers are choosing longer terms to keep monthly payments manageable.
But unless you’re also making overpayments, that strategy can come at a serious long-term cost.
French says small changes now can lead to huge savings later: “Overpaying by £200 per month on that same £250,000 40-year mortgage could shave almost 13 years off the mortgage term, saving them around £123,000 in interest payments.
“This is all without being tied to having to consistently make higher payments every single month – boosting the flexibility of their budget and their financial resilience.”
Most lenders allow up to 10 per cent overpayment each year.
Even £50 a month can help you become mortgage-free sooner and pay far less in interest overall.
Top tips for becoming an ISA millionaire
SAVING into a stocks and shares ISA can help you build wealth faster over the long term than cash savings. Dan Coatsworth, investment analyst at savings platform AJ Bell, gives his advice…
Start as early as you can
Time in the market is important, not just so you can ride the market ups and downs but also to let your wealth build up.
Not everyone can afford to invest the full £20,000 ISA allowance each year, particularly younger people who might be on a lower salary.
The trick is to start as early as possible with what you can afford to invest. Increase your contributions as you get older, such as when you get a pay rise.
Maximise your contributions
Try to invest as much as you can each month once you’re sure all the essentials are covered.
Create a budget so you can pay bills in full and clear any expensive debt, such as personal loans or credit cards.
The remaining money can be used to fund your lifestyle and to top up your ISA.
Be consistent with contributions
Feeding your account on a regular basis means you get into the habit of squirrelling money away for your future.
After a while you get accustomed to that money going into your ISA that you may not even think about alternative uses for it, such as going shopping or down the pub with your friends.
Keep an eye on costs and charges
Costs can add up over time and eat into your returns. Try not to fiddle too much with your portfolio as trading in and out of investments incurs transaction charges.
It is important to be patient with investing, especially for someone hoping to be an ISA millionaire as the journey to build up this wealth could last for decades.
Having a diversified portfolio is good practice for any investor and essentially means keeping different types of investments to help balance out the risk.
Then if something goes wrong with one of your investments, you’ve got the rest to hopefully act as a cushion to minimise the pain.
Diversification can involve investing in different industry sectors, geographies and asset types. For example, a diversified portfolio might have exposure to shares, funds and bonds from around the world.
Companies and funds often pay dividends every three to six months.
Think of these as rewards for taking the risk of owning their shares or fund units. While it can be tempting to pocket that income stream to spend on yourself, history suggests one of the biggest contributors to investment returns is reinvesting dividends back into your account to grow wealth faster.
TV property show presenter Kirstie Allsopp, said: “This is tenant bashing under the guise of landlord bashing. It’s like having the economy run by Baldrick.”
Ben Beadle, of the National Residential Landlords Association, said: “This will hit the very households the Government wants to protect.”
They would be clobbered twice — first by an inflation rate increase in business rates in April, then by a Rachel Reeves surcharge, experts said.
Business rates are the property tax that companies must pay just to occupy their shops, pubs, factories and offices.
The Tories warned thousands of struggling firms would be crippled.
Shadow Housing Secretary James Cleverly said: “Once again, Labour is hammering the high street. Raising business rates for thousands of hard-working small businesses across England was one of Labour’s first acts in office.
“And despite our opposition to it, and clear evidence of the damaging impact it will have, they have pressed ahead — consequences be damned.”
The first squeeze would come in April when bills rise automatically with inflation.
Raising taxes will kill off growth, Reeves warned as she pledges to rip up business red tape
The Bank of England expects the rate will hit four per cent next month.
Global tax firm Ryan said that would add £1.11billion to business rates across England.
The second blow would come when Chancellor Ms Reeves introduces a supplementary multiplier on larger premises next year.
2
Reeves is considering putting National Insurance on rental incomeCredit: Getty
This town in East Ayrshire, Scotland, has been named one of the most affordable places to live in the UK, with locals praising its vibrant shopping scene and friendly atmosphere
This Scottish town is filled with independent boutiques and beautiful green spaces(Image: Getty Images)
An historic town in East Ayrshire has been crowned one of the UK’s most affordable places to live, with locals praising its bustling shopping scene and welcoming atmosphere. Property website Rightmove has ranked Kilmarnock as Scotland’s top spot for first-time buyers, offering average house prices significantly below the national average.
Rightmove reports that homes in Kilmarnock have sold for an average of £154,688 over the past year. Flats have been snapped up for an average of £75,868, while semi-detached properties have commanded £161,391 and terraced houses £115,793.
Kilmarnock offers low housing costs and a rich mix of culture(Image: Getty Images)
Home to over 47,000 people, Kilmarnock’s housing costs are more than five times lower than London, where the average flat will set you back a whopping £590,543. The town’s blend of cultural heritage, green spaces and retail options has made it a popular choice for homebuyers.
Kilmarnock is home to a wealth of cultural landmarks, including Scotland’s largest Burns Monument, the Dick Institute and the Palace Theatre. The town centre boasts a range of independent shops as well as popular high street brands, reports the Daily Record.
The tourism board Visit Scotland has described Bank Street as: “a charming cobbled street in the historic core, with the elegant John Finnie Street boasting one of the best examples of provincial Victorian architecture in Scotland.”
The board also spotlighted Dean Castle and Country Park as “a fantastic day out for all the family” and commended the Burns Monument Centre’s picturesque location in Kay Park.
For many locals, the town’s charm and easy access are its main attractions. Andrew Reith, 41, who runs Zenith Coins and has been working in Kilmarnock for five years, said: “The town has some nice parks, and there are a few spots for public entertainment. The shopping area is quite popular, and both tourists and locals enjoy wandering around it.
Kilmarnock is “experiencing a resurgence” according to some(Image: undefined undefined via Getty Images)
“What I feel is that the town could benefit from a couple of large organisations, such as factories, to create more job opportunities for people living in the area.” However, not everyone shares this positive view. One local told The Express: “Many people in Kilmarnock rely on Government benefits and lack ambition and zeal to work.
“Most people are looking to send their children to the schools in Troon which is around 15 to 20 minutes away from Kilmarnock and is home to some of the most affluent people in the town.” While some streets offer homes priced between £75,000 and £84,000, others feature properties worth £500,000.
Tracey Oakley, a property adviser with Donald Ross Residential, noted: “Kilmarnock is a huge area and it would not be right to say that the houses are cheap [everywhere] here. The town is not very far from Glasgow and has a lovely shopping centre. “The properties which are put on the market are being sold in just two to six weeks, showing its popularity among the buyers.”
East Ayrshire Council says the town’s energy is being enhanced by regeneration initiatives. David McDowall, head of economic growth, said: “We are happy to see Kilmarnock is featuring as one of the more economical places to live.
“Over the past 15 years, our Regeneration and Business Support teams have attracted investment to enable the redevelopment of the town centre…breathing new life into the town’s conservation area.”
He added that Kilmarnock has “weathered the storm of closures of the mass industries such as whisky bottling, shoe making, carpet making, textiles and heavy engineering” and is now “experiencing a resurgence” with new small and medium enterprises.
