Kevin Peachey

United Kingdom

Correspondent at BBC

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

Articles

Energy price cap: Ofgem expected to confirm fall in prices

2 weeks 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

2 weeks 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

3 weeks 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?

3 weeks 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?

4 weeks 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.
Cut expected by the Bank of England

1 month ago | bbc.com | Kevin Peachey

Interest rates expected to be cut by Bank of EnglandKevin PeacheyCost of living correspondentGetty ImagesInterest rates are widely expected to be cut on Thursday, with further falls predicted for later in the year. Analysts say a cut to 4.25% from 4.5% by the Bank of England is highly likely, although no change or a bigger reduction remain possibilities. Such a move would make borrowing money by businesses and individuals less expensive, but there are likely to be lower returns for savers.
When will interest rates go down again and how do they affect mortgages?

1 month ago | bbc.com | Kevin Peachey

When will interest rates go down again? Kevin PeacheyCost of living correspondentBBCThe 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?
Half of first-time buyers helped by Bank of Mum and Dad, says Savills

1 month ago | bbc.com | Kevin Peachey

Bank of mum and dad 'helps half of first-time buyers'Kevin PeacheyCost of living correspondentGetty ImagesMore than half of first-time buyers received financial help from their family to make house purchases last year, according to estimates by estate agency Savills. An average of £55,572 was given in loans and gifts by the so-called bank of mum and dad to buyers, it said. Young buyers faced relatively high mortgage rates in 2024, while also seeing the cost of renting increase.
Uber now accepts cash for fares outside London

1 month ago | bbc.com | Kevin Peachey

Digital powerhouse Uber now accepts cash for faresKevin PeacheyCost of living correspondentGetty ImagesTaxi app giant Uber is now allowing passengers across most of the UK to pay in cash. Following trials, the cash payment option was this week extended to all UK cities, except London, where it is being reviewed. But individual drivers can still opt out of accepting notes and coins, partly if they are worried about safety of carrying them in their vehicles.
Shops could be forced to accept cash in future, report says

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

Cost of living correspondentShops and services may have to be forced to accept cash in the future to help protect vulnerable people who rely on it, MPs have said. A Treasury Committee report into cash acceptance stopped short of recommending a change in the law, but said the government had to improve its monitoring of the issue.