February 2026 brings several important financial updates that could impact households across the UK. From rising alcohol duties to penalties for late tax filings, staying informed helps manage budgets effectively. Below is a breakdown of the major changes and deadlines to watch.
February 1: Alcohol Duty Increases
Alcohol duties rise by 3.66% on February 1, aligned with Retail Price Index inflation. This adjustment adds 11p to a bottle of 11% ABV Prosecco, 14p to a 14.5% ABV bottle of red wine, and 38p to a 37.5% ABV bottle of gin, according to the Wine and Spirit Trade Association.
February 1: Self-Assessment Tax Fines Begin
Self-assessment taxpayers who missed the January 31 filing deadline face a £100 penalty starting February 1. Additional daily fines of £10 apply after three months, up to £900 maximum. After six months, a charge of 5% of owed tax or £300 (whichever is greater) kicks in, repeating after 12 months. Interest also accrues on any unpaid tax due by January 31.
February 5: Bank of England Interest Rate Decision
The Bank of England holds its first monetary policy meeting of 2026 on February 5 to review the base rate, currently at 3.75%. This rate affects borrowing costs and savings returns. The committee meets every six weeks to adjust as needed based on economic conditions.
February 10: Nationwide Cuts Savings Rates
Nationwide Building Society reduces rates on 36 savings products effective February 10, responding to the recent base rate drop to 3.75%. Affected accounts include easy-access options, ISAs, and children’s savings plans.
February 14: Sky Mobile Price Hike
Sky Mobile raises prices for most customers by £1.50 monthly starting February 14, totaling an £18 annual increase. Some bills may vary slightly higher or lower depending on individual plans.
February 18: Latest Inflation Figures Released
The Office for National Statistics publishes updated inflation data on February 18. Currently at 3.4%, inflation measures price changes over time, with the Bank of England targeting 2%.
February 23: Smart Meter Compensation Available
Customers experiencing smart meter delays or installation issues qualify for £40 compensation from February 23. This covers waits over six weeks for appointments, supplier faults causing failed installations, or lack of a resolution plan within five working days for reported problems.
These updates highlight the need to review personal finances early in the month to avoid surprises and maximize benefits.
