Fuel and travel costs are pushing prices up again
Thursday 5 November 2026
Inflation has risen to 3.1%, meaning everyday spending is getting more expensive just as household budgets are already under pressure.
Key term
What it means
An estate is the money, property and possessions someone leaves when they die. Debts and relevant exemptions are considered when working out its taxable value. Inheritance Tax may be due if that value exceeds the applicable tax-free amount. Usually, the people handling the estate pay any tax due from the estate before the inheritance is passed on. Some gifts made while someone is alive can also matter under the rules. Inheriting something does not automatically mean the person receiving it must pay the tax personally.
Example
Someone leaves a home and savings. The people dealing with their estate work out its value, check debts, gifts and applicable tax-free amounts, and pay any Inheritance Tax due before distributing the remainder. No tax amount can be worked out from the home's price alone.
Why it matters
It helps distinguish the value left behind from the amount a beneficiary receives, and keeps discussions of gifts and inheritances grounded in the actual rules.
Also known as
IHT
Related terms
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Capital gains tax
A tax that may be due on the gain when someone sells or otherwise gives up an asset that has risen in value.
Read more -
Intergenerational wealth transfer
Money or other wealth passed from an older generation to a younger one.
Read more -
Net worth
The value of what someone owns, minus what they owe.
Read more -
Wealth tax
A proposed or existing tax on the value of wealth someone owns, often after subtracting debts.
Read more
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News
Highlights from about the UK economy, the UK government and the UK public sector.
Mortgage relief will have to wait a little longer
Wednesday 4 November 2026
Interest rates are staying at 3.75%, so households with mortgages and other borrowing may have to wait longer for costs to come down.
Energy bills are going up as winter approaches
Wednesday 4 November 2026
A higher energy price cap means many households will be paying more to heat and power their homes during the colder months.
Guides and insights
Analysis
Clear, accessible analysis of the economic issues shaping everyday life
Living standards
What does a day’s work buy?
Comparing the cost of everyday life across generations, from bread and beer to buying a home.
Food & prices
The journey behind your grocery bill
How farming, energy, transport and supermarket competition shape the price on the shelf.
Prices & inflation
Inflation is falling. What happens next?
What slower price rises mean for wages, purchasing power and economic recovery.
Shared prosperity
What would shared prosperity look like?
Beyond GDP: how we could measure economic success through security, opportunity and living standards.
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