18 June, 2021
Food shopping falters
Spending in supermarkets dipped in May as people piled into restaurants and pubs rather than cooking at home. Retail sales suffered a shock drop of 1.4% - they’d been predicted to keep growing. They’re still well above pre-pandemic levels though, thanks to last month’s bumper 9% rise.
Stamp duty deadline
Frazzled home buyers are cutting corners* to try and complete before the stamp duty deadline at the end of June. Conveyances say some are skipping essential surveys that check for flood risks and Japanese knotweed - problems that could cost thousands down the line. If they can complete before 30th June, they stand to save up to £15,000 - but experts are warning that many won’t make it.
British food and drink exports to the EU fell by £2 billion in the first 3 months of 2021, with dairy exports plummeting by 90%. Just a blip? Not according to the Food and Drink Federation (FDF) which calls the loss a disaster and says its a structural issue with Brexit rather than just teething problems.
More borrowers are using their lockdown savings to reduce the interest they pay on their mortgage. Brokers are reporting a spike in applications* for offset mortgages, which save you interest in the same way as making overpayments does without tying up cash savings.