There are a number of important money changes coming up this summer that will affect millions of people. The changes will affect utility bills, household costs and millions of benefit claimants.
It comes as households see a number of changes as early as 2024. These include sweeping changes to universal credit claimants and those claiming Budget Advances announced by Jeremy Hunt in his Budget.
Planned changes for the rest of the summer will affect millions of people as they include an energy price cap announcement, inflation and changes to public holiday pay dates for people on state benefits. Here are all the money changes for the rest of the summer and how they will affect you. To get the latest money stories straight to your inbox twice a week, sign up to our newsletter here.
READ MORE: How anyone can get £160 for free, but you need to act fast
READ MORE: DWP to send important letters to millions of people this month
Bank of England Interest Rate Decision – 20 June
The Monetary Policy Committee (MPC) is due to review the national interest rate on 20 June. It previously decided to keep interest rates at 5.25%, a 16-year high. The bank’s inflation target of 2% fell to 2.1% in April, the lowest since July 2021.
Changes to Debt Relief Orders (DRO) – 28 June
These £90 charges were already removed in April this year and increases to the debt threshold and vehicle value will be implemented next month. The total amount of debt covered by a DRO will rise from £30,000 to £50,000, while the value of the vehicle a person can own when entering a DRO will rise from £2,000 to £4,000.
Read the meter before the new price cap – June 30
People should consider taking a reading before July 1, when the new energy price cap comes into effect. This could prevent overpaying for electricity due to the energy companies’ method of estimating consumption charges. However, utilities don’t require you to do so on the day, and there’s usually a few days to spare after that point.
Letter from HMRC for families receiving Child Benefit – June
Between now and 17 July, parents receiving child benefit should receive a letter from HMRC asking them to confirm whether their child remains enrolled in full-time education or training. Remaining entitled to child benefit depends on whether you have a child under the age of 16 (or 20 if the child is in education or training).
You will receive a QR code which will take you to the gov.uk website to provide this information. If you don’t, you risk losing your payments.
New energy price ceiling – July 1
A new cap on energy prices for a typical household bill will come into effect on July 1. It’s set at this point £1,568 a year for a typical dual-fuel household paying by direct debit a reduction of £122 (7%) per year compared to the previous energy price cap.
But people are being warned that bills could rise again later this year. You can read the complete overview of the price ceiling here.
Deadline for payment to the account – July 31
Self-employed persons must make advance payments for tax invoices by this date.
Inflation announcement – ​​August 14
Inflation for July will be announced, reflecting how much prices have risen.
DWP payment deadline change – 26 August
August 26 will be a bank holiday, which means the DWP will not be sending out normal payments on those days. Labor office offices and help lines will also be closed.
It means that people who receive certain benefits on these days will in most cases get their money earlier. But that means you’ll have to make sure your money lasts longer until your next payment. The exact date changes have not been announced, but it is usually the working day before a bank holiday, which would be Friday 23 August.
Typically, pay dates will change for these benefits:
Join the WalesOnline WhatsApp community
WalesOnline has launched a new WhatsApp community with the latest news and top stories. From the biggest court stories to the latest traffic information, weather warnings and breaking news, it’s a simple way to stay up to date with what’s happening in Wales.
Want to join? All you have to do is click on this link, select ‘Join the Community’ and you’re in the game. We will not spam your feed with constant messages, but you will receive daily updates from us.
If for any reason you decide you no longer want to be in our community, you can leave by clicking on the name at the top of the screen and clicking ‘Exit Group’. We occasionally offer community members special offers, promotions and advertisements from us and our partners. You can read our Privacy Notice here.
Join our WhatsApp community here.