Patrick O'Donnell

5 days ago | gbnews.com | Patrick O'Donnell

Thousands of parents across the UK are set to see their Child Benefit payments stop at the end of this month. The upcoming May 31 cut-off date will affect families whose children are leaving approved education or training. Over seven million families currently claim Child Benefit, which provides crucial financial support for those responsible for children. Child Benefit is currently valued at £26.05 per week for the first child, with £17.25 paid for each subsequent child.

6 days ago | gbnews.com | Patrick O'Donnell

Nationwide Building Society has announced it will make a major change to its range of savings products in the wake of recent actions from the Bank of England. Britain's biggest building society has confirmed it cut interest rates on more than 60 of its savings accounts from June 1, 2025, in a blow to customers. The building society's decision follows the central bank's recent base rate reductions, which has seen the cost of borrowing brought down.

6 days ago | gbnews.com | Patrick O'Donnell

Chancellor Rachel Reeves is facing calls from charities, anti-poverty campaigners and MPs from her own party to reverse her decision to means-test Winter Fuel Payments. Last year, Reeves confirmed that the previous universal benefit for pensioners would now be reserved for those on Pension Credit, a top-up payment for elderly people on low income. Simon Francis, coordinator of the End Fuel Poverty Coalition, has urged the Government to reconsider its Winter Fuel Payment cuts.

6 days ago | gbnews.com | Patrick O'Donnell

The Bank of England has made another dramatic change to UK interest rats but what does this mean for your pensions, savings and mortgage? Earlier today, the central bank's Monetary Policy Committee (MPC) voted with a slim majority of five-to-four to slash the base rate from 4.5 per cent to The base rate sets the cost of borrowing in the UK, impacting how much people will pay towards paying off any debt and mortgages.

6 days ago | gbnews.com | Patrick O'Donnell

More pensioners are being pushed into paying income tax as the personal allowance threshold remains frozen while state pension payments continue to rise. A House of Commons Library report published today breaks down why Britons have growing concerns about this so-called "stealth tax" effect on retirees. The personal allowance has been frozen at £12,570 since 2021/22, while the state pension continues to increase under the triple lock guarantee.