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Explainers in Finance
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Finance
Interest
How interest works: the price of borrowing money, why it grows your savings and your debts, and what a rate…
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Finance
Inflation
What inflation is, how the UK measures it, why prices keep rising, who aims to keep it at 2%, and why falling…
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Finance
How banks work
How a bank works: why your balance is a promise rather than a pile of cash, how banks lend, what stops them…
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Mortgages
How a repayment mortgage works: what each payment covers, why the first years are mostly interest…
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Credit scores
What a UK credit score is, how Experian, Equifax and TransUnion work it out, what affects it, and why there…
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Finance
Tax
How UK income tax works: the personal allowance, the tax bands, why only the slice above each threshold is…
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Pensions
How UK pensions work: the state pension, workplace pensions with automatic enrolment, and personal pensions…
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Stocks and shares
What a share is, how companies sell them, why share prices rise and fall, what dividends are, and why a good…
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Finance
Where money comes from
Where money comes from: how banks create most money when they lend, what the Bank of England and Royal Mint…
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Finance
Exchange rates
What an exchange rate is, why the pound rises and falls against the euro and dollar, what drives it, and why…
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Finance
Bank transfers
How a UK bank transfer works: why no money physically moves, how Faster Payments, Bacs and CHAPS differ, and…
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Finance
Coins and notes
How UK coins and banknotes are made and why they are hard to forge: the polymer notes, the 12-sided pound…
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Why prices end in .99
Why shops price things at £2.99: how the left-digit effect makes the price look lower, what research shows…
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Finance
Bitcoin and crypto
What Bitcoin is, how a shared ledger replaces a bank, how new coins are created, why the supply is capped…
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Why a pound was 240 pennies
Why a pound used to be 240 pennies: the medieval system of pounds, shillings and pence, where £sd comes from…