Martin Lewis has issued urgent Student Loan advice to over 1m people tonight.
21.11.2023 - 14:47 / manchestereveningnews.co.uk
Martin Lewis has issued a warning to anyone looking to put money away in a savings account ahead of major potential changes this week.
Posting on social media, the money saving expert told his followers that chancellor Jeremy Hunt is set to deliver his autumn statement on Wednesday. The annual Budget is used by the government to set out its plans for spending and introduce major reforms and changes to things such as taxes and benefits.
Ahead of the statement, Martin has highlighted to his followers that savers looking for fixed-rate deals should 'wait a couple of days' before moving their money as higher rates could soon be on offer.
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Writing on X, formerly Twitter, he said: "A thought for savers. Short Version: Hold a couple of days before putting any money in fixes as things may change.
"Long Version: Fixed rates are dropping at the moment (as rates aren't expected to rise as high as previously). Yet there are rumours that in tomorrow's autumn statement the Chancellor will ask govt savings institution NS&I to raise more money
"If so it is likely to pump out table-topping fixed rates again as it did a couple of months ago. So I'd wait a couple of days before doing anything."
A wide range of changes are expected in tomorrow statement including major reforms to benefits and schemes aimed at helping first-time buyers land a mortgage. While changes to fixed-rate savings will directly affect savers, potential changes to other economic factors could also change how someone saves cash.
Martin previously noted how the
Martin Lewis has issued urgent Student Loan advice to over 1m people tonight.
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