February 2026 Financial Forecast: Key Money Changes Impacting Your Wallet
As we move into February 2026, several pivotal financial adjustments are set to take effect across the United Kingdom, potentially influencing household budgets and personal savings. These changes span from government-imposed duties and tax penalties to shifts in banking policies and consumer service costs, reflecting broader economic trends.
Alcohol Duty Rises Align with Inflation
Starting February 1, 2026, alcohol duty will see an increase of 3.66%, a move that directly ties to the Retail Price Index (RPI) inflation rate. This adjustment is anticipated to add around 11p to the price of a bottle of Prosecco and up to 38p for a bottle of gin, impacting consumers who enjoy these beverages.
Self-Assessment Tax Fines for Late Filers
For self-assessment taxpayers who missed the January 31 deadline, immediate penalties begin on February 1. An initial fine of £100 will be applied, and if the return remains unfiled after three months, additional daily charges of £10 will accumulate, capping at a maximum of £900.
Bank of England Interest Rate Decision
The Bank of England's Monetary Policy Committee will convene for its first meeting of the year on February 5 to deliberate on interest rates. With the current base rate at 3.75%, this decision holds significant weight for borrowing costs and savings returns nationwide.
Nationwide Savings Rate Reductions
Nationwide Building Society is set to lower interest rates on 36 different savings products from February 10. This reduction affects a wide array of accounts, including easy-access options, Individual Savings Accounts (ISAs), and specialized children's savings accounts.
Sky Mobile Bill Increases
Sky Mobile customers will experience a rise in their monthly bills starting February 14, with most users facing an additional £1.50 per month. This translates to an annual increase of £18 for the majority of the provider's mobile subscribers.
Upcoming Inflation Data Release
New inflation figures from the Office for National Statistics (ONS) are scheduled for release on February 18. While the current inflation rate stands at 3.4%, the Bank of England continues to target a long-term reduction to 2%.
Energy Compensation for Smart Meter Issues
From February 23, energy customers may be eligible for £40 in compensation if they encounter delays or problems with smart meter installations. Payments are triggered if an appointment is missed or if a supplier fails to provide a resolution plan within five days.
These updates underscore the ongoing economic adjustments as 2026 progresses. Consumers are advised to review their individual accounts and service providers to fully grasp how these changes might affect their personal finances.
