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📈UK Economic Growth (GDP) & BoE Predictions + 💰The rise of unequal inheritance + 📽️ Bridget Jones is back!

📈UK Economic Growth (GDP) & BoE Predictions + 💰The rise of unequal inheritance + 📽️ Bridget Jones is back!

The 99 - 10 February 2025

February 17, 2025

Good afternoon and welcome to The 99: the home of financial news and insights made simple. You can count on accessible, trustworthy, and unbiased news insights every Monday.

This week, you’ll find your usual round-up of must-know financial stories, plus:

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Two community dilemmas:

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Alice & the GFY team x

Partner wants me to pay rent rather than split mortgage

How to deal with stress at work?

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UK Economic Surprise + Rachel Reeves ‘Allegation’

An unexpected rise?

Unexpectedly, the UK economy grew by 0.1% in Q4 2024, following no growth in Q3 2024. (ONS)

In Dec 2024, the BoE had predicted that GDP* may remain unchanged for Q4 2024 i.e., no growth.

Other analysts/economists had predicted a further decline of 0.1% putting the UK economy into a recession. i.e., two consecutive quarters of negative economic growth.

However, it unexpectedly picked up in Q4 2024 driven by a growth in the services sector.

**GDP stands for Gross Domestic Product and is a measure of all the economic activities of people, companies, and the government. It is published quarterly by the Office of National Statistics (ONS).

Image Source: FT

The Chancellor’s Response to the figures…

Responding to the GDP figures, Reeves said: “The growth numbers have come in higher than many expected, but I’m still not satisfied with the level of growth that our economy is achieving. And that’s why I am determined to go further and faster in delivering the economic growth and the improvements in living standards that our country deserves.”

Looking Ahead…👀

Last week, following the cut in interest rate from 4.75% to 4.5%, the BoE also reduced its 2025 growth estimate.

It forecasts UK growth at 0.75%, half the initial 1.5%, due to declining household and business confidence.

However, it upgraded its predictions for 2026 and 2027 to 1.5% from 1.25%.

Other BoE Predictions 📊

Higher energy costs, water bills and the impact of possible US trade tariffs could push inflation above its 2% target.
They expect it to rise to a peak of 3.7% before returning to the 2% target.
Gradual cutting of interest rates to curb persistent inflation.

Rachel Reeves Expenses ‘Allegation’ 🤔

What happened?

According to a BBC investigation, the Chancellor of Exchequer, Rachel Reeves was accused by former employees of being involved in an "expenses scandal" while working at Halifax Bank of Scotland (HBOS) from 2006 to 2009.

However, Jayne Wayper, her former HR business partner for HBOS, said she doesn’t recognise any accusations or claims made against Rachel Reeves.

Her response?

“No one ever raised any concerns about my expenses when I worked for Halifax Bank of Scotland. I submitted, had processed and had my expenses signed off in the proper way as you would expect, and no issues were ever raised during my time at Halifax Bank of Scotland. I was never questioned, never asked to pay back any expenses”.

Previously…

Ms Reeves had faced scrutiny of her online CV on LinkedIn. Her career history was changed after reports from the BBC that the time she claimed to work for the Bank of England was incorrect. She claimed to work from Sep to Dec 2006, however, the BBC established she left in March 2006.

Her team confirmed that the dates on LnkedIn were inaccurate and this was due to an administrative error which has been updated.

Regarding the expenses allegation, the PM, Keir Starmer, gave his full backing to the Chancellor.

Do you have confidence in Rachel Reeves as Chancellor?

The Rise of Unequal Inheritance

(and what disgruntled children can do about it)

What’s happening?

Inheritance disputes are becoming more common, and with many people increasingly dependent on the "bank of mum and dad", being treated unequally in a will can feel like a huge shock.

Last year saw an increase in contentious probate disputes, with 122 cases compared to 117 in 2022. These disputes are often centred around the validity or distribution of a will.

Another 182 cases in the High Court related to dependents feeling entitled to a larger share.

But why are parents making these decisions, and what can be done to avoid the drama? 😠

Differences in inheritance can be driven by all sorts of things.

The amount they stand to receive could relate to the amount of financial support a child has already had in their lifetime, such as university tuition or a house deposit.
It could be down to the parent perceiving one child needing more support than others, due to having a better job, or having married into a richer family.
Within family businesses, particularly on farms, one child might be a more active part of it and therefore inherit a greater share.
And, in its simplest form, inheritance value can obviously boil down to the closest relationships.

Can you challenge a will? 💰

Children can take disputes to court because they are automatically eligible to bring claims against their parents’ estate.

But they’ll need to prove a genuine financial need - like if they require the inheritance to maintain their standard of living or meet specific financial obligations, rather than wanting it for discretionary spending.

"The law doesn't support claims by disappointed or disgruntled beneficiaries, so just thinking it’s unfair won’t be enough." says private wealth dispute lawyer, Scott Taylor.

"You can make any decision that you like - even if you know that not everyone will like it."

What can you do about it? 🤔

Predictably, these situations can cause a lot of bad blood, and it’s not uncommon for parents and siblings to be sued over inheritance disagreements.

As in most situations, communication is key.

For parent - opening up about your will while you’re still around is key. Your decisions will make sense to you, but not necessarily to those you’ve left behind. Clear, honest communication helps everyone understand your choices and avoids conflict after you’ve gone.
Children – if you feel your parent isn’t engaging, or has already died and emotions are running high, a mediator can help. Over 70% of mediations are resolved and the independent process helps to keep things as objective as possible.

Money can be an incredibly tricky and painful subject, particularly in inheritances where you’ve also lost someone so close to you. Seeking help from professionals can make the situation more bearable.

Are there any circumstances where you’d leave your children different amounts?

Bridget Jones’ Property

The Real London Fantasy

📽️ 24 years after the original ‘Bridget Jones Diary’ film, the latest instalment arrived just in time for Valentine's Day. 📽️

Bridget Jones: Mad About The Boy is also the final adaptation of the 4-book series by author / journalist Helen Fielding.

The first 3 films have a combined gross income of over $760m worldwide.

The series chronicles Bridget’s life, work, friendships, and loves, inspired by Fielding’s newspaper columns. There is also inspiration from Pride and Prejudice, in the plot and the character of Mark Darcy (Colin Firth).

What’s the storyline?

In this latest instalment, Bridget (Renee Zellweger) is revisited in her 50s, struggling to deal with the loss of Mark Darcy, raising two young children, navigating a screenwriting career, and dating again where much has changed; dating apps being one example.

One thing that’s always felt less relatable? The property. Her one-bed flat near Borough Market was a stretch on a publishing salary in 2001—now, it’s pure fantasy.

Cost of living in London 💷

In the first film (2001), Bridget lived in a 1-bed flat near Borough Market in London.
At that time, the average price for a flat of similar specification in that area was £186,150.
In 2025, that same flat would be on the market for an average £549,143.

Bridget did well to get on the ladder when she did. Between 2001 and 2005, the average property for a first-time buyer in the UK rose from £89,207 in 2001 to £227,212 in 2025.
Bridget, however, has since moved to Hampstead, North London, where she lives with her two young children.
The average market price of a home in that area of London is £1,548,278.

Bridget’s other love interest from the original book / film was Daniel Cleaver (played by Hugh Grant, who also makes a return in Mad About The Boy).

His luxurious warehouse-style apartment from the first film was also a short walk from Borough Market. The apartment used for filming was on sale in 2007 for £3.2m, but in 2025, similar apartments sell for more than £6m.

The fourth film, released on February 13^th 2025, had a positive pre-sale period, particularly for over the weekend of Valentine’s Day. It is expected to continue to attract cinema-goers in the UK in the coming weeks.

The book series has also had longevity. The first book was a best-seller in the UK in 1996, and since then has sold 15 million copies across 40 countries.

A year ago, someone in the GFY community shared their own frustrations with their spending habits and posted this query in the GFY community forum.

They made a plea for tips and the comments section did not disappoint. In this mini-guide, we summarise the best tips, breaking them down into categories

Mindset Shifts & General Tips

Hindsight is your best friend – Look at things you’ve bought in the past that ended up being a waste. Before making a purchase, ask yourself: "If I spend on this now, what am I denying myself later?"
Start small & don’t deny yourself everything – Focus only on the next four weeks and see how you go. Give yourself a ‘boujee budget’ for things that make you happy—after your bills are covered—so you don’t feel deprived.
‘Must Haves’ vs ‘Nice to Haves’ – Reframing your mindset can help you cut down on unnecessary spending.
Sinking Funds – Save a small amount each month towards a specific expense, so when the time comes, you’re not hit with a big financial burden.
Think of a cause – Having a bigger reason (e.g., reducing waste, avoiding fast fashion) can make it easier to say no to unnecessary purchases.
The ‘Cost Per Use’ Rule – Before buying something, consider how often you’ll use it. A £100 coat worn 50 times costs £2 per wear, while a £50 top worn twice costs £25 per wear.

Food & Eating Out

The ‘One Takeaway Rule’ – If takeaways are a habit, limit yourself to one per week or month and make it a treat rather than a default.
DIY ‘Fakeaways’ – Recreate your favourite restaurant meals at home for a fraction of the cost.
Hello Fresh / Gusto – These can be cheaper than buying ingredients for individual meals and help you cook at home more often.
Schedule a fixed weekly food delivery – It’s quicker than supermarket trips and helps you stick to a budget by avoiding impulse buys.
Batch cooking – Prepping 2-3 meals at once can save money and reduce food waste.
Set a specific food budget – This allows for occasional treats while keeping spending in check.
Plan social events strategically – If a plan looks out of budget, suggest coffee and lunch instead of dinner or drinks.
Don’t wait until you’re hungry to prepare food – You’ll be more likely to order in.
Delete food delivery apps – Removing easy access to takeaways makes it less tempting.

Clothing & Shopping Smarter

Capsule Wardrobe – Invest in fewer, high-quality staple items that can be mixed and matched rather than buying trendy pieces.
Shop second-hand or upcycle – It still gives the buzz of new items but saves money and is better for the environment.
Rent or borrow for special occasions – Instead of buying a new outfit for every event, check rental services or borrow from friends.
Unfollow temptation – Follow financial advice accounts instead of influencers who encourage unnecessary spending.
Unsubscribe from marketing emails – This reduces impulse purchases from sales or discount codes.
Use cashback apps – If you need to buy something, these apps can help you get a small percentage of your money back.

Impulse Buying & Spending Control

Make a list and check it twice – Add things you want to buy to a list with their prices, then step away. If you forget about them after a few days, you don’t need them.
Wait 48 hours before making a purchase – Once the impulse subsides, you can see more clearly whether you truly need the item.
Don’t save card details online – Manually entering your payment details each time gives you an extra moment to reconsider.
Use the ‘Out of Sight, Out of Mind’ Trick – Move money into a separate savings account labelled “Future Holiday” or “House Deposit” so it’s less tempting to spend.

Do you have a career dilemma or money question? Or want to start a conversation? Join the GFY community forum and get support from over 1800 supportive community members:

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