The New Year has ushered in a raft of financial changes that could hit your pocket. Energy bills have risen for millions of households as have broadband and mobile phone bills. Meanwhile council tax increases are being rubber stamped in every part of the country.
In April things will change again as we usher in the new financial year. The Department for Work and Pensions (DWP) will increase universal credit, PIP and attendance allowance for millions at the end of March. You can read the full list of payments affected here.
But before then there are seven other financial changes to come before the end of this financial year. For money-saving tips, sign up to our Money newsletter here
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Money changes and key dates coming in February and March
Warm Homes Discount deadline – February 28
The Warm Homes Discount deadline will pass on February 28. The gives those who qualify an extra £150 off their energy bills. It is available to those on most energy firms in the UK, such as British Gas, EON, EDF, Scottish Power, Scottish Gas, Utilita, Octopus and more.
Eligible individuals should have received a letter by the end of January, but you need to contact the Warm Home Discount Scheme helpline if you haven’t had one yet.
February 25 – Ofgem price cap announced and energy bills rise
On February 25, energy regulator Ofgem will announce the latest price cap. Based on Cornwall Insight predictions there will likely be another increase, with money expert Martin Lewis advising that bills are likely to increase again by roughly another 3%, or £47 a year. It will be the third time in a row that Ofgem has chosen to increase prices. It would set the new rate at £1,791 a year for a typical use average household.
Free wills month
Each year in March and October, Free Wills Month allows people over the age of 55 to get a simple will written or updated for free. Many charities and hundreds of solicitors across the UK take part.
Rail fares to rise – March 2
Rail fares will increase from March 5. In Wales, the Welsh Government agreed to an increase in regulated rail fares of 4.6%, with the rise to take place on March 2. This is in line with the increase already announced for fares controlled by the UK Government.
However, Transport for Wales will be applying different increases to each regulated product. Anytime Day Single fares will increase by 3%, 7-Day Season ticket fares will increase by 3.5% and Anytime Day Return fares and Off Peak Return fares will both increase by 6%.
Economic and Fiscal Forecast – March 26
According to recent government announcements, the next “Economic and Fiscal Forecast” is scheduled to be published on March 26. This is a report that predicts future economic conditions and will be produced by the Office for Budget Responsibility.
More stamp duty to pay – March 31
At the end of March, there will be a change to stamp duty rates. In September 2022 the threshold at which this tax had to be paid was increased to £250,000 from £125,000.
The threshold for first-time buyers was also raised from £300,000 to £425,000 and the maximum amount a property is worth to benefit from the relief was increased to £625,000 from £500,000. But from March 31, all of these measures will be scrapped.
Household support fund to end – March 31
The Household Support Fund was introduced during the cost of living crisis to help low-income families. It is set to be scrapped on March 31. It gave councils extra money to help vulnerable households with everyday living costs.
