Most expensive day today

The most expensive day of the year falls today as bills and a Bank Holiday overspend collide, according to research.

The conclusion may surprise those who find Christmas the time most traditionally associated with a lack of liquidity.

But the combination of a weekend of excess spending and a glut of household bills is set to seriously dent bank accounts across the country, home phone company TalkTalk claims.

TalkTalk found that as one in five (21 per cent) homeowners on a fixed rate mortgage say their deal expired in April, and as most mortgage payments come out at the start of the month, thousands are facing a more expensive day than usual.

In addition, higher energy bills paid by direct debit will be coming out, as will council tax payments and with annual TV licences falling at the same time, costs are shooting up.

And all these bills come hot on the heels of the busiest shopping day of the month (the Saturday following the end of month payday) and a Bank Holiday weekend.

Dominic Stinton, marketing director at TalkTalk said: "Having taken into account the fact that several large bills are stacked up for payment straight after a payday, and a Bank Holiday weekend of heavy consumer spending, we’ve calculated that May 6th is the year's most expensive day."

While the long weekend may have encouraged Brits to splash out, the study shows that 26 million Brits (75 per cent) are already taking steps to cut back on expenses in light of the current climate of economic uncertainty.