This Week in UK Money: Rates, Reviews and What Changed

title: "This Week in UK Money: Rates, Reviews and What Changed" category: Weekly Roundup / Insights date: 2026-07-09 tags: [weekly-roundup, uk-finance-news, interest-rates] image: https://picsum.photos/seed/weekly-money-roundup-20260709/2400/1350

A quick round-up of the UK personal finance stories that mattered this week — and what each one actually means for your money.

Bank Rate holds, but the mortgage market didn't wait

The Bank of England held Bank Rate at 3.75% at its last Monetary Policy Committee meeting, with only two of nine members favouring a rise. Lenders didn't wait for further central bank moves — in a single 24-hour window in early July, Nationwide, Virgin Money, BM Solutions, Halifax, Kensington and Lloyds all cut mortgage rates, pushing the best five-year fix down to around 4.46%.

The FCA published its biggest AI review yet

On 6 July, the FCA published the Mills Review — the first review of its kind by any financial regulator globally — setting out how AI is likely to reshape retail financial services through to 2030. The same week, the regulator opened a consultation on making investment fee disclosures simpler, after finding 30% of non-advised platform users don't know what they're paying to invest.

Premium Bonds got more generous

NS&I raised the Premium Bonds prize rate to 3.8%, from 3.3%, and shortened the odds of winning to 22,000 to 1 — the first rate rise in nearly three years, with roughly 322,000 extra prizes going out in the July draw.

Inflation held steady

May's CPI inflation figure came in at 2.8%, unchanged from April, while CPIH (including housing costs) held at 3.0%. Both remain above the Bank of England's 2% target, but the lack of movement supports the case for continued rate stability.

Two deadlines worth diarising

The second Self Assessment payment on account for 2025/26 is due 31 July, with HMRC currently charging 7.75% interest on anything paid late. And from 6 April 2026, self-employed people and landlords earning over £50,000 must follow Making Tax Digital for Income Tax — quarterly digital updates rather than a single annual return.

Employment law: redundancy caps rose, and IR35 thresholds are shifting

From 6 April 2026, the statutory redundancy pay cap rose to £22,530 (weekly pay capped at £751). Separately, the size thresholds determining who decides a contractor's IR35 status are increasing, shifting responsibility back to roughly 14,000 contractors' own companies.

Landlords: the countdown to May is on

The Renters' Rights Act 2025 takes effect on 1 May 2026, ending Section 21 "no fault" evictions and requiring landlords to have a valid Section 8 ground, four months' notice, and — in most cases — a completed first year of tenancy before regaining possession.

What to actually do with this week's news

If your mortgage deal ends in the next six months, it's worth getting a rate comparison now given how actively lenders are competing. If you're self-employed or a landlord, check whether the £50,000 Making Tax Digital threshold or the 31 July payment on account deadline applies to you. And if you hold Premium Bonds or cash savings, compare the new 3.8% prize rate and current top ISA rates against whatever you're actually earning — inflation at 2.8% means anything paying meaningfully less is quietly losing you money in real terms.

Key Numbers

• 3.75% — Bank of England base rate, held
• 4.46% — best 5-year fixed mortgage rate currently available
• 3.8% — new Premium Bonds prize rate
• 2.8% — UK CPI inflation, May 2026
• 31 July 2026 — Self Assessment payment on account deadline
• 1 May 2026 — Renters' Rights Act 2025 takes effect

Sources

• Monthly Economic Review — UK Finance
• UK mortgage rates and product changes — Mortgage Introducer
• FCA publishes Mills Review — Global Regulation Tomorrow
• Premium Bonds prize rate to rise to 3.8% — MoneySavingExpert
• Consumer price inflation, UK: May 2026 — ONS
• Beat the HMRC July Tax Deadline — Brit Finance Guide

Educational content only — not financial advice.