8 money changes coming in February 2025 from major eBay shake-up to alcohol hike
8 money changes coming in February 2025 from major eBay shake-up to alcohol hike
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January is finally almost over - but with February just around the corner, it’s important to note down all the key changes that could impact your wallet next month. As well as the usual inflation and Bank of England updates, Ofgem will announce its next energy price cap level and there is an important deadline coming up for anyone who has yet to receive their Warm Home Discount worth £150. There is also a big change to alcohol tax coming in February that could make the price of your favourite drink more expensive, plus bad news is coming for anyone who has savings with popular digital bank account Chase.
Alcohol taxes will be increased by RPI at 3.6% from February 1. At the same time, a new system will be introduced that will see wine taxed by strength. Experts at the Wine and Spirit Trade Association (WSTA) estimate the price of a bottle of wine at 14.5% ABV will increase by 54p. The tax on a bottle of gin will increase by 32p from February.
eBay will charge a "buyer protection fee" which will be included in the price of an item when you're buying something from a private seller from February 4. The fee will be a flat rate of 75p per item, plus 4% of the cost up to £300, then 2% of the cost between £300 and £4,000. Another major change eBay is introducing, is delaying when private sellers receive payment until the item is confirmed to have been delivered.
The Bank of England will make its next interest rates announcement on February 6. The base rate is currently at 4.75% after the Bank of England held it at this level during its last meeting in December. The base rate is what the Bank of England charges other banks and lenders - this then affects how much it costs you to borrow money.
