Several financial changes take effect in February 2026, affecting alcohol prices, savings rates, and mobile bills. Alcohol duty will rise by 3.66% from 1 February, in line with RPI inflation. According to the Wine and Spirit Trade Association, this will add 11p on a bottle of Prosecco, 14p on a bottle of red wine, and 38p on a bottle of gin.
Self-assessment taxpayers who missed the 31 January deadline face an immediate £100 fine from 1 February. If returns remain unfiled after three months, penalties increase to £10 per day up to a maximum of £900. After six months, an additional 5% of tax owed or £300 (whichever is greater) is charged, repeated again after 12 months. Interest also accrues on late payments.
The Bank of England’s first meeting of 2026 will occur on 5 February, where it will decide on the base rate, currently at 3.75%. Nationwide Building Society will cut rates on 36 savings accounts from 10 February, citing the recent base rate reduction.
Sky Mobile customers will see price increases from 14 February, with most bills rising by £1.50 per month (£18 annually). The Office for National Statistics will release January inflation data on 18 February; current inflation stands at 3.4%.
From 23 February, smart meter customers experiencing delays or failed installations may receive £40 compensation if they wait over six weeks for an appointment, the installation fails due to a supplier fault, or the supplier fails to provide a resolution plan within five working days.
