Covid lost taxpayers billions?

Fraud and error

Taxpayers could lose tens of billions to fraud and error with coronavirus support measures. A committee of MPs found that a lack of scrutiny on schemes such as the business bounce back loans have meant up to £27 billion could have been given away wrongly. HMRC has launched 13,000 probes to investigate businesses that might have abused the support measures.

Saving spree

Brits went on a saving spree in the first three months of 2021, as lockdown shut off spending. The savings rate jumped to 19.9%, the second highest on record after April-July 2020. The savings rate is calculated as a proportion of disposable income, which is the amount left over after essential costs like rent.

Mortgage switching slumps

Borrowers could be paying thousands extra in interest by sticking with the same lender* when their fixed rate deal ends. 150,000 product transfers were sold in January - the highest on record. These are deals offered by your existing lender with no need for a new affordability check: good news for anyone furloughed or earning less. But brokers warn that sticking with the same lender could mean missing out on the best deals.

Green list islands

Malta, Madeira, the Balearic islands all joined the UK travel green list this morning at 4am, meaning people can go on holiday there without needing to quarantine on the way home. They’re joined by far-flung islands including Bermuda, the Caymans, and Barbados. They’ll be under constant review though - and could be moved back to amber at any time.