Advice for savers looking to beat the inflation rises

The independent advice website moneyfacts.co.uk has given the following advice for savers trying to beat the increase in CPI inflation announced today:

  • Basic rate taxpayers need to find a savings account paying at least 3.25% per annum, of which there are about 227 to choose from.
  • Higher rate taxpayers need to find an account paying at least 4.30%. There is only one such account on the market at present.

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Rail fares set to rise by 6.2%

Commuters in England face 6.2% rise in average train fares after a shock increase in the Retail Prices Index measure of inflation. Cars, air fares, clothing and housing are being blamed for the surprise rise in the Consumer Prices Index of inflation.