Savings cuts, energy deals, retirement income and motor insurance

The first half of 2016 was a total wipe-out for savers, an analyst has said. Research from Moneyfacts.co.uk shows that, since the start of the year, savers have witnessed a vast number of rate cuts, which have caused rates to plummet to new lows.

For example, the average five-year fixed rate has fallen by 0.63 per cent since January. There have been more than 900 cuts to savings rates since the beginning of the year compared with 111 rate increases.

Savers must brace themselves for ‘tougher times ahead’, Moneyfacts said. There is speculation that the Bank of England will cut rates this week. Energy The Guardian reports that 12 energy providers have pulled fixed-rate tariffs and replaced them with more expensive deals since 23 June, in signs that the pound’s fall in the wake of the Brexit vote could push up household bills. Comparison website uSwitch found a dozen dual-fuel deals had been replaced since the referendum, with new offers costing up to £105 a year more for the average customer.