The Bank of England Says Households Are Holding Up
The Bank of England published its half-yearly Financial Stability Report on 7 July, and its verdict on UK households and businesses was reassuring: broadly resilient, even in a tougher economy. The banking system is well capitalised and passed the latest stress tests, so lenders can keep lending through a serious downturn.
The Bank was more guarded about the wider picture, flagging stretched global asset prices, rising borrowing across financial markets, and fresh operational risks from the rapid growth of AI. For households the message is steadier than the market headlines suggest. The next move on rates comes on 30 July, with the base rate held at 3.75% since June.
Source: Bank of England - Financial Stability Report, July 2026 | Related: Real Cost of Living Tool
This Is the Last Year Under-65s Get the Full Cash ISA Allowance
The 2026/27 ISA allowance is £20,000, and for now you can put all of it into a cash ISA. That changes on 6 April 2027: savers under 65 will be able to pay a maximum of £12,000 a year into cash ISAs, with the remaining £8,000 of the allowance reserved for stocks-and-shares or other investment ISAs.
The overall £20,000 limit is unchanged, and anyone aged 65 or over keeps the full cash allowance. Under-65s will also be blocked from transferring investment ISAs into cash. If you save mostly in cash and have room this year, 2026/27 is your last chance to shelter the full £20,000 that way.
Source: GOV.UK - ISA reform 2027 factsheet | Related: Compound Interest Calculator, Bed and ISA guide
Making Tax Digital Is Live, and Its Sign-Up Service Is Closed This Weekend
HMRC's Making Tax Digital (MTD) for Income Tax is now in its first mandatory year. Since 6 April 2026, sole traders and landlords whose combined gross self-employment and property income tops £50,000 must keep digital records and send HMRC quarterly updates. The threshold falls to £30,000 from April 2027 and £20,000 from April 2028.
If you are getting ready to sign up, note that HMRC is taking the sign-up service offline for maintenance from 5pm on Friday 10 July until 9am on Monday 13 July. The rules apply UK-wide, Scotland included. Around 780,000 people are caught in this first phase, so it is worth adding up your income to see if you are over the line.
Source: GOV.UK - Making Tax Digital for Income Tax | Related: MTD for Income Tax guide, Self-Employed Tax Calculator
Key Dates
16 July 2026 (Thursday) - ONS publishes UK GDP for May.
22 July 2026 (Wednesday) - ONS publishes June inflation (CPI); the May figure was 2.8%.
30 July 2026 (Thursday) - Bank of England interest-rate decision; the base rate was held at 3.75% in June.
31 July 2026 (Friday) - second Payment on Account due for 2025/26 Self Assessment.