The recent General Election and upcoming Brexit negotiations have understandably led to a lot of financial uncertainty in the UK, with many of us wondering how it will impact our personal finances over the coming years.

What could the upheavals mean for you and your money in practical terms over the next year?

We’ve partnered with financial expert Jasmine Birtles, to help provide some clarity on how your money is likely to last in over the next 12 months with this quick and easy-to-use financial calculator.

Of course, no one can predict the exact financial implications of the government’s forthcoming actions, but by using data from the likes of the Bank of England, The Office of National Statistics and the Monetary Policy Committee, this Uncertainty Calculator could help provide some clarity on the possible best, worst and most likely scenarios for you and your money in over the next 12 months.

Mortgage rates are largely dependent on whether the Bank of England Base Rate goes up or down. Of course, even if they move during the next 12 months, if you have a ‘fixed’ mortgage, you won’t be affected until the term ends. We have based our calculations on commentary from The Bank of England and Monetary Policy Committee.

Rents are affected by demand and supply and, we have consulted rental agents and the charity Shelter to forecast which direction these are likely to go in.

Question 1 / 9

Do you have a mortgage or rent?

Please choose an option above

Mortgage rates are largely dependent on whether the Bank of England Base Rate goes up or down. Of course, even if they move during the next 12 months, if you have a ‘fixed’ mortgage, you won’t be affected until the term ends. We have based our calculations on commentary from The Bank of England and Monetary Policy Committee.

Question 2A / 9

How much do you spend monthly on your mortgage?

Mortgage rates are largely dependent on whether the Bank of England Base Rate goes up or down. Of course, even if they move during the next 12 months, if you have a ‘fixed’ mortgage, you won’t be affected until the term ends. We have based our calculations on commentary from The Bank of England and Monetary Policy Committee.

Question 2B / 9
Please choose a mortgage type

Rents are predicted to go up faster than house prices over the next five years according to rental agents. Tax changes for landlords have made it less attractive to go into the buy-to-let market, which could reduce the number of homes available to rent.

Question 2 / 9

How much do you spend monthly on your rent?

As we import a lot of our food, much of the cost is affected by the exchange rate for Sterling. Currently Sterling is down against many other currencies and is expected to fall further. We have used projections from the ONS, British Retail Consortium and Food and Drink Federation to inform our calculations.

Question 3 / 9

How much do you spend monthly on food for your household in total?

The price of clothing, has remained reasonably static since the Referendum. In fact, adult clothing and footwear has even gone down in price slightly. As food prices and the cost of other essentials rise, consumers are cutting back on clothes, which will likely to force retailers to cut prices.

Question 4 / 9

How much do you spend monthly on clothes for your household in total?

Oil prices are primarily affected by the strength of the Dollar against Sterling and by decisions made by OPEC (Organisation of Petroleum Exporting Countries). We have used information from Global Petrol Prices and the World Bank to calculate the future output.

Question 5 / 9

How much do you spend monthly on petrol for your household in total?

Government forecasters expect price of raw gas (to the energy companies) to keep going up over the next couple of years, although not by very much. Reports show that bills could jump as much as 40% if consumers don’t switch provider and find a good fixed tariff deal when their current contract ends.

Question 6 / 9

How much do you spend monthly on your household gas bills?

Electricity prices are looking to increase again. This is partly due to the fact that many of the UK’s electricity generation plants have closed down. Coal fire power stations are targeted by the EU's Large Combustion Plant Directive which is looking to reduce emissions in energy generation.

Question 7 / 9

How much do you spend monthly on your household electricity bills?

Car insurance has already gone up, partly because of rises in the Insurance Premium Tax (IPT). And we think that it is likely to continue to rise.

Question 8 / 9

How much do you spend monthly on car insurance?

Like other insurance products, premiums are on the up… 

Question 9 / 9

How much do you spend monthly on home insurance?

Here's how your personal finances could look for the next 12 months

No one has a crystal ball and, in these uncertain times, all sorts of events could happen over the next year that nobody would predict, and that could give us all a surprise financially. So, we have tried to cover off all bases by showing you how you could potentially be better or worse off in the coming year. This can hopefully help you prepare in advance when it comes to budgeting.

  • Best Case

  • Worst Case

  • Expected Case

  • Best Case Worst Case Expected
  • Best case scenario -

    This figure shows how much better off you could potentially be annually. When interest rates go down, Sterling rallies a bit and the price of oil will also decrease.

  • Worst case scenario -

    This figure shows how much worse off you could potentially be annually. This happens if Sterling drops dramatically, as interest rates will then go up and the price of oil will go through the roof.

  • The most likely scenario -

    This figure shows your most likely financial situation annually, which is somewhere in the middle of the two extremes. For most of us, it could mean a higher cost of living, particularly when it comes to filling up the car with petrol, insuring it and then doing the weekly grocery shop.

Looking for a mortgage?

Compare mortgages in seconds and start saving

Compare now