The UK is one of the largest donors for humanitarian aid, behind Germany and the US as Statista reports.
With so many causes of humanitarian aid there are calls for help from countries with the largest economies.
In 2023 the UK spent around £15.4bn on foreign aid which is 0.58% of its gross national income. This was an increase of 20.2% from 2022.
The gross national income is the value produced by the country over the year, this could be from domestic production or from overseas.
In 2023 a majority of foreign aid money was sent to Ukraine, Afghanistan, Sudan following the coup, Turkey and Syria after they suffered from earthquakes.
Since 2022 the UK has sent around £12bn to Ukraine and a further 2.5bn has been promised for 2024/25.
This included £7.1bn of military assistance with training programmes set in place with over 30,000 Ukrainians trained so far.
The UK has sent food and shelter supplies such as tents to Gaza since October 2023.
The UN’s Sustainable development goals were set in 2015 to fight hunger, poverty and climate change by 2030. Only 15% of these targets are on track with plans being halted through COVID, the Ukraine war and other conflicts.
The UN set a target for countries to spend 0.7% of their Gross National Income on Official Development Assistance.
The United Nations report estimates around 575m people will still be living in extreme poverty in 2030 and 84m children will be out of school with 300m children in school leaving without being able to read or write.
In 2021 whilst the world was facing the battle with COVID-19, the UK cut funding from 0.7% to 0.5%. This meant disaster for many who rely on help, with various support programmes being cut.
Global Citizen states the consequences of foreign aid cut as, The Malawi Violence Against Women and Girls Prevention and Response Programme was cancelled. Female empowerment projects in Nigeria and Afghanistan were closed. Peace-building work in South Sudan ended. Education programs were cut. Around 72 million people were expected to miss treatment for neglected tropical diseases. Specialist work on conflict prevention lost millions allocated to the Middle East. Over 40,000 Syrian children lost out on an education.
The 2024 Budget failed to restore the aid budget to previous figures so these problems will only increase.
When a team is relegated in the Premier League, this is one of the biggest financial hits a team could take in the world of football.
When a club is relegated this not only affects the teams reputation and standing in the world of football but there are also financial losses that occur.
The club loses out on a large amount of money when relegated mostly including the broadcasting revenue. The club has to stay afloat somehow and aside from the parachute payments which support them they often have to make cuts.
Many employees of clubs have lost jobs when their club is relegated often those in the ticket boxes and hospitality areas.
A club will often sell players, likely the most expensive and therefore some of the best performers in order to make money for the club.
Season ticket prices are going up in price for many clubs and those who are relegated could put their prices up even more.
When a club is relegated and takes a financial hit the Premier League will support them through this through set payments. This helps the club stay afloat and encouraged continued and new investments.
The parachute payments cover the club for three years if they remain delegated and the amounts decrease each year.
For the first year the club will be paid 55% of the broadcasting revenue which every club receive after an equal split. For the second club this decreases to 45% and for the third year 20%. After three years, the club will no longer receive payment even if they are still relegated.
Due to the value of the TV rights cycle parachute payments are worth at least £79.2m, this would be £43.6m in the first season, £35.6m for the second and £15.8m in the third.
In the 2019 season Cardiff were relegated and their parachute payments made up for 95% of their entire turnover for that season. This shows how important these payments are for the clubs.
On average the Premier League provided £233m which was £33m per club who receive payment over the 2020-21 season.
When a club wins the premier league there is a financial win as well as the pride and reputation.
In the 2022-23 season, Manchester City collected £176.2m for winning the title which was a 15% increase on the previous season win.
Southampton finished at the bottom of the table and won £103.6m, this is earned through the equal split from TV broadcasting, facility fees depending on TV coverage and then merit payments which are distributed based on place on the board.
The financial loss of being relegated can plummet a club into further financial debt and create more struggle to pull themselves through.
Your mortgage should be your top priority debt over any other forms as missing or falling behind on payments could result in serious consequences.
Most lenders will allow for 3 missed payments before they start taking action.
If you have taken out a mortgage and are now struggling to pay back the full amount then you could be in danger of being taken to court to have your property repossessed.
The mortgage lender will take possession of your property so they can sell it and cover the costs of your repayments with the value of the house. You will no longer own your house and could only buy the house back by making a lump payment
The UK property market has seen sky rocketing prices including rising mortgage rates making it more difficult for people to get on the property ladder. House prices have been falling slowly even in places like Manchester.
East of England, South East and South West have seen the largest price falls in the last year with the average home costing £344,000.
This is still +30% above the UK average.
Zoopla has recorded that there is currently an increase in sales and demand for house meaning on either side of the transaction this could be getting easier
There is 15% more property sales agree than in 2023.
An 11% uplift in buyer demand as buyers return to the market.
There are also 21% more homes for sale which is increasing the choice for buyers.
London will always win the top spot and currently the average price here id £523,400 which is almost two times more than the UK Average.
The war in Gaza has now been going on since October 2023 with millions of people injured, relocated or having died from the conflict. Those who are lucky have been able to be evacuated from Gaza but there are millions more who are still trapped in the dangerous climate.
The cost for any individual to claim passage through this route is $5000 (£4000) for each adult and $2500 for each child wanting to travel.
Hala Consulting and tourism have become the only way for people to gain access to the border.
The prices on this route have surged since the war began and many are calling out the Egyptian authorities for this advantageous price increase.
Egypt is offering a route out of Gaza from Rafah, the southernmost city in Gaza.
Egyptian authorities have reported around 83,000 people having left Gaza since the beginning of the war.
This region only had a population of around 28,000 people before the war began, now the population is about 1.7 million people trying to obtain safe passage. Many here will be without the correct documentation to travel with friends and family desperately searching for a way for them to escape.
Many people are trying to escape Gaza and the conflict however with the high prices and need for multiples forms of documentation as well as the weeks of waiting whilst violence and danger still surrounds them makes the route incredibly difficult
In January 2024 the UK, working with Qatar sent 17 tonnes of tents to provide shelter for those families who are displaced by the conflict.
In February 2024 the UK, working with Jordan delivered 4 tonnes of aid to Tal Al-Hawa Hospital. Included in this package was medicines, fuel and food for patients and staff.
In March 2024 the UK Royal Air Force airdropped over 10 tonnes of food to the northern Gaza coastline.
The United Nations will be distributing aid including blankets and more tents.
The World Food Programme is distributing more than 2000 tonnes of UK-funded food aid which will be the largest delivery of aid from the UK.
If you feel yourself often giving into impulse buying this could be hurting your finances and cutting off your savings. Most people give into impulse buying at least a few times a month and regret it quickly afterward. If you are trying to save, reducing your impulse buys could help you do this.
Avoid impulse buying by avoiding email reminders from retailers and deleting any shopping app you may have on your phone. By planning your purchases in advance you can avoid picking up unwanted buys.
Know how impulse shopping can trap you so you can avoid this.
HSBC data shows that 54% of people in Britain have had the same current account for over a decade and 2 in 5 remain at their same bank for over 15 years.
This is despite 64% of people reporting they receive no benefits at their current bank.
Switching your bank account is a personal decision and many people are happy to remain with their existing account for the simple reason of convenience. If you want better interest rates so you can earn on your savings then it could be beneficial to shop around for better deals.
Be careful not to switch too many times as this could affect your credit score!
When applying for new bank accounts they will run a check on your file which leaves a trace on your credit report which other lenders later on could see.
With multiple checks on your file leaving a mark this could reduce your chances of being accepted.
When applying to a bank they will either run a hard or soft credit check, make sure to avoid too many hard credit checks as these leave a noticeable trace on your file.
If you plan on taking out a loan e.g. getting a mortgage within the next 12 months then you should wait before you switch bank accounts as the file will not have recovered from the credit check yet.
Inflation is when the price of an item increases over time and the cost of living becomes more and more expensive.
Inflation will mean than the worth of a £1 decreases the more inflation goes up and this is why it becomes difficult to maintain a standard of living when prices go up overall.
High inflation means prices are rising quickly and low inflation means prices are rising slowly over time.
So despite Inflation rates falling, unfortunately your weekly shops won't cheaper, the supermarkets are experiencing a decrease in inflation and prices are still rising but slower than before.
There are many causes of inflation including rising productions costs and rising wages.
If a carton of orange juice cost £1 and then a year later the same orange juice cost £1.05 this would be an inflation rate of 5%.
When inflation happens this means that you could have £50 to buy a new microwave, but if you wait a year to buy it you could need £60 to buy the same microwave as the prices have increased and your money needs to be stretched further.
ONS reported that those on a lower income will experience higher than average inflation rates and will be more affected by the high food and energy costs than those from a higher income household.
In a survey from February and March 2024, it was found that 46% of adults reported an increased cost of living compared to previous months.
Trussell Group food charity found they had provided 1.5, emergency food parcels in April-September of 2023 which is a record for that period,
Citizens advice reveal that in February 2024 they had helped 46,640 people with debt advice.
The Office for National Statistics have released their data and revealed that inflation rates are falling slowly and have reached the lowest level since November 2021 at 3.2%
Inflation levels falling does not mean items will be significantly cheaper when you go into the shops, just that they are rising slower than before.
Prices in the supermarkets are driving this inflation drop.
Most items of food have had the rate of inflation fall between February to March with items such as, chocolate, biscuits and other bakery items falling the most. There have been smaller increases in bread and cereals too.
The price of meat, particularly pork leading the way is having a big contribution to the falling inflation which fell by 0.5% between February and March compared to 1.4% the year before for meat.
With the rate of inflation slowing down this could put us on the right track towards meeting the Bank of England’s target of 2%. Once this target is met and stable, the Bank of England will be able to cut inflation rate from their current 5.25%. This has pushed the mortgage interest rate up and made borrowing money too expensive to many households.
As well as the rising prices of mortgages, the price of fuel has also been slowly increasing. So with decreasing inflation in some areas this doesn’t mean costs are being cut.
With the rate of inflation slowing just below the predicted 3.1% and the Bank of England’s hope to bring inflation down to 2% we can hope for more changes to come and prices to start rising more gradually.
When you are trying to save money it is best to find the right type of account to keep it safe and this could be a savings account or an ISA.
An ISA is an effective way to save large sums of money and be a secure account to keep the money from being used daily.
There are different forms of ISA’s including, Cash, Stocks and shares and lifetime which you can set up depending on what your purpose is.
Having a savings account is essential for savers and the most common way to save. This could be with a bank of your choice and will give you an easy way to put money away.
There are different forms of savings accounts including, easy access, fixed term and notice accounts.
Opening an ISA is popular for longer-term savings such as for buying your fist home whereas a regular saving account is great for short-term savings when you need flexibility.
Often you will be able to earn better interest rates with a regular savings account as most people don’t reach the threshold for paying tax on earned interest.
You could also open both an ISA and regular savings account to help you save.
No matter what stage of life you are in at the moment, saving money is always beneficial, even if you are saving small amounts at a time.
There are so many ways to start saving money that can help you begin including, budgeting apps, learning the 50-30-20 rule and more. You will be able to find a method that works for you and your finances.
It is important to have a separate savings account before you start so you can keep your savings safe and you could even earn interest.
It’s time to fill in your self assessment tax forms again after the last financial year ended on April 5.
To ensure that the HMRC are up to date with your finances, you can send over your self assessment form online or request a paper form.
If you use the online service you will need to sign in with a Government Gateway user ID and password, which can be asked for and sent to you by email if you do not currently have what is a 12 digit code.
Additionally you will also need your 10 digit Unique Ta Reference number, which you can find in any of your previous tax statements or on the HMRC app.
It will also be necessary to have your national insurance number handy to complete the assessment.
The vast majority of the time it would be the SA100 tax return form that would need to be completed.
The deadline to tell the HMRC that you need to fill out a form if you have not done this before is October 5.
While a paper tax return is due for October 31, and any online submissions must be completed by midnight on January 31 next year.
There is a penalty of £100 for any tax return that is filed up to three months late, which is raised if it is any later.
You would need to fill out a self assessment form is if you are a self employed person, or more specifically a “sole trader” whose has earned over £1,000.
Other reasons include if you had a taxable income for the last financial year of more than £150,000.
Also if you are involved in a business partnership then it is necessary to fill out a self assessment form.
If you have sold or disposed of something that has increased in value, that would make you liable for capital gains tax and would need to be disclosed.
You may have to pay the High Income Child Benefit Charge if your or your partner’s salary is over £60,000 and you receive child benefit.
Or if someone else gets child benefit for a child that is living with you and they contribute an equal amount towards the child’s upkeep, for both situations a self assessment is necessary.
If you are currently renting out a property where the income from that was more than £2,500 then you need to declare this to the HMRC, or call them if the proceeds were between £1,000 and £2,500.
All earnings from other sources, for example from tips or commissions also need to be revealed to the HMRC via a self assessment.
Furthermore all income from savings, investments and dividends must be declared.
Plus any income that has been earned overseas must also be acknowledged to the HMRC.
You will need to be aware of what the limits are before you start to pay any income tax and national insurance on your earnings.
For the financial year that has just expired the personal allowance before you are liable for income tax is £12,570, and the government has said that this figure will remain the same for the 2024/25 financial year.
As for national insurance for the 2023/24 tax year class 2 contributions were £3.45 per week if your profits were above the £12,570 threshold.
While class 4 contributions were charged at 9% on profits between £12,570 and £50,270, and at 2% on profits over £50,270.
This financial year all class 2 contributions have been scrapped, and class 4 national insurance will be paid at the rate of 6% on profits between £12,570 and £50,270 and
2% on profits over £50,270.
The deadline to pay your tax bill is usually January 31 for the previous tax year.
If you do not meet this deadline then you will incur a penalty interest charge.
You can also set up a budget repayment plan, where you can make weekly or monthly payments towards your next self assessment tax bill.
This means that you will have less to pay in one go at the payment deadline.
If your circumstances are more serious where you cannot pay your outstanding tax bill, then a payment plan known as “Time to Pay” could be set up with HMRC agreement.
Recently the HMRC made a huge u-turn after it had announced that it was to close the self assessment helpline between April and September every year.
After listening to feedback it has halted the plans, but it has said that it will continue to encourage a transition to its online services to iron out any problems.
The number to call is 0300 200 3310, and the helpline is open between Monday and Friday starting at 8AM and closing at 6PM.
