With the cost of living rising, several significant financial changes are set to impact Welsh bank accounts and wallets in the coming days. These include bank closures and several key announcements to watch out for.
The news precedes the autumn budget announcement from UK Labour chancellor Rachel Reeves, which you can read more about the here. The changes could result in potential losses or gains for a range of individuals, including bank account holders, grocery shoppers, homeowners, savers, and benefits claimants.
We’ve outlined the main changes below to help you stay on top of your finances and plan ahead. For money-saving tips, sign up to our Money newsletter here
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Bank branches closing- Tuesday, September 16
Bank branches started closing on Monday, September 1. In the last week, NatWest have closed their Cwmbran, Llangefni and Llanishen branches. More closures are planned over the next month for both NatWest and Halifax stores.
Here’s a full list of the closures happening in Wales:.
NatWest
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Canton, Cardiff – September 16
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Prestatyn – September 29
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Abergele – September 29
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Welshpool – September 29
Halifax
Wage figures – Tuesday, September 16
The Office for National Statistics (ONS) will release its wage figures for September on the 16th of the month.
The triple lock will be used to determine the state pension for next April.
Latest inflation figures released – Wednesday, September 17
In mid-September, we’ll get the latest inflation figures for August. According to forecasts from the Bank of England, it’s expected to keep rising, with a peak of 4% anticipated in September.
Base rate announcement – Thursday, September 18
The Bank of England is set to announce its latest review of the interest rate in mid-September.
This will influence a range of interest rates utilised by banks and lenders.
An increased base rate could lead to higher payments on mortgages and loans.
Previously, the bank agreed to lower the base rate from 4.25% to 4%.
