Kevin Peachey

United Kingdom

Correspondent at BBC

Cost of living correspondent, BBC News. Covering all aspects of personal finance.

Articles

Arrests made in crackdown by regulators

3 weeks ago | bbc.com | Kevin Peachey

Arrests made in crackdown on finfluencersKevin PeacheyCost of living correspondentGetty ImagesHundreds of social media posts and websites operated by financial influencers are to be taken down following action by the City regulator. The Financial Conduct Authority (FCA) said the move was part of an international crackdown, which has led to three arrests in the UK.
How much is the winter fuel payment and who will get it?

3 weeks ago | yahoo.com | Kevin Peachey

Chancellor Rachel Reeves has confirmed that more people will get the next winter fuel payment after a widely-expected u-turn over eligibility. The government was criticised for its 2024 decision to limit the payment to those receiving pension credit or another means-tested benefit, which meant millions of older people missed out.
Winter fuel payment U-turn in place this year, says chancellor

3 weeks ago | bbc.com | Kevin Peachey

Winter fuel payment U-turn in place this year, says chancellorKevin PeacheyCost of living correspondent, BBC NewsGetty ImagesThe government's partial U-turn on winter fuel payments will be in place so more people receive the allowance this winter, the chancellor has said. Rachel Reeves cleared some uncertainty by announcing that "more people will get winter fuel payment this winter". However, details of how the changes will be made and who will be eligible may not be clear until the autumn Budget.
Lower energy costs make retirement less expensive

3 weeks ago | bbc.com | Kevin Peachey

Lower energy costs make retirement less expensiveKevin PeacheyCost of living correspondentGetty ImagesLower energy prices mean the amount of money needed to meet a basic standard of living in retirement has fallen, a major report has found. But those wanting a better retirement will need a higher income than ever before, the Pensions and Lifetime Savings Association (PLSA) has said.
First-time buyers typically borrowing for 31 years

3 weeks ago | bbc.com | Kevin Peachey

First-time buyers typically borrowing for 31 yearsKevin PeacheyCost of living correspondentGetty ImagesFirst-time buyers are borrowing through mortgages that last an average of 31 years as the affordability of homes remains a stretch. A decade ago, the average mortgage term for those buying a first home was 28 years, according to figures from banking trade body UK Finance. Higher mortgage rates have pushed people to borrow for longer to keep their monthly repayments as low as possible.
Energy price cap: Ofgem expected to confirm fall in prices

1 month ago | bbc.co.uk | Kevin Peachey

Image source, Getty ImagesCost of living correspondentEnergy regulator Ofgem is shortly expected to announce a fall in domestic gas and electricity prices for millions of households from July - the first drop for a year. The regulator's price cap, which is set every three months, affects the amount paid for energy by 22 million households in England, Scotland and Wales. Analysts have forecast a fall of more than £100 in the annual bill for a home using a typical amount of gas and electricity.
Cyber attack threat keeps me awake at night, bank boss says

1 month ago | bbc.com | Graham Fraser |Kevin Peachey

Cyber attack threat keeps me awake at night, bank boss saysGraham Fraser & Kevin PeacheyTechnology reporter & Cost of living correspondentGetty ImagesIan Stuart said the HSBC banking group is spending hundreds of millions of pounds on its IT systemsThe boss of one of the UK's biggest banks has said the threat of cyber attacks "keeps me awake at night".
One in 10 Britons have no savings, UK financial regulator says

1 month ago | bbc.co.uk | Kevin Peachey

Image source, Getty ImagesCost of living correspondentMillions of people are walking a financial tightrope, with one in 10 UK adults saving no money at all, a major report has concluded. This leaves many exposed to economic shocks and vulnerable to rising bills, according to the Financial Conduct Authority's (FCA) Financial Lives survey. Moreover, anxiety and stress levels were relatively high, particularly among those burdened by debt.
When will interest rates go down again and how do they affect mortgages?

1 month ago | businessandamerica.com | Kevin Peachey

Kevin PeacheyCost of living correspondentThe Bank of England has cut interest rates from 4.5% to 4.25% at its latest meeting in May – the second reduction in 2025. Analysts expect the Bank’s Monetary Policy Committee to announce further cuts later in the year. Interest rates affect mortgage, credit card and savings rates for millions of people. What are interest rates and why do they change? An interest rate tells you how much it costs to borrow money, or the reward for saving it.
When will interest rates go down again?

1 month ago | ca.finance.yahoo.com | Kevin Peachey

The Bank of England is widely expected to cut interest rates on Thursday, with further falls expected during the rest of the year. The Bank's Monetary Policy Committee cut rates to the current level of 4.5% in February. Interest rates affect mortgage, credit card and savings rates for millions of people. What are interest rates and why do they change? An interest rate tells you how much it costs to borrow money, or the reward for saving it.