Money news: page 26
- August 2024
Living Standards Outlook 2024 projects weak income growth and rising poverty without policy change
The Resolution Foundation projects 3 per cent income growth in 2024-25 but weak growth thereafter, with child relative poverty rising by 1.5 million to 4.6 million by 2029-30.
ONS releases Household Costs Indices for April to June 2024
The Office for National Statistics said the all-households Household Costs Index annual rate fell to 2.5% in the year to June 2024, down from 4.5% in March 2024.
Essential expenditure section amended following Ofgem energy price cap announcement
The Accountant in Bankruptcy has amended section 6.8 of its Common Financial Tool guidance on essential expenditure after Ofgem's energy price cap announcement, changing the evidence threshold for gas and electricity spending.
More travellers with medical conditions not declaring them when buying travel insurance
A third of travellers with pre-existing medical conditions say they will not declare all of them when buying travel insurance this summer, up from a quarter in the spring, according to research from insurer AllClear.
Carer Support Payment launches in seven further areas
Carer Support Payment opened for new applications in seven more Scottish council areas on 19 August 2024, ahead of national rollout, with official figures later showing 48,090 applications by 31 March 2026.
Corrections to 2021 to 2022 personal allowance and England, Northern Ireland and Wales bands
HM Revenue & Customs has corrected the 2021 to 2022 personal allowance to £12,570 and the basic and higher rate band figures for England, Northern Ireland and Wales.
Latest DWP Move to UC statistics released
DWP figures released on 13 August 2024 show 34.4% of people sent a migration notice did not claim Universal Credit in time, as notices shift from Tax Credit to DWP benefit claimants.
Qualifying date for automatic Warm Home Discount rebate set
Households receiving Pension Credit or certain means-tested benefits on 11 August 2024 qualify for the automatic £150 Warm Home Discount rebate on electricity bills in winter 2024/25.
ABI reports motor premiums fell for the first time in two years
The Association of British Insurers reported that average comprehensive motor premiums fell to £622 in the second quarter of 2024, the first quarterly decline in two years.
Alcohol duties frozen until August 2024
Alcohol duties are frozen until August 2024, following a simplification of the way alcohol is taxed that took effect in summer 2023, according to Which?.
Cifas data shows identity fraud on the rise in first half of 2024
More than 214,000 cases were filed to the Cifas National Fraud Database in the first half of 2024, up 15% on 2023, with identity fraud the most commonly reported type.
Consultation launched on extending APP scam reimbursement to CHAPS participants
The Payment Systems Regulator has consulted on proposals to require banks and other firms using the CHAPS payment system to reimburse customers who are victims of authorised push payment scams.
FCA launches Pure Protection Market Study
The Financial Conduct Authority launched its Pure Protection Market Study in August 2024 to establish whether the protection market offers fair value to customers, examining four product areas.
Government launches pensions investment review
The government has launched a pensions investment review led by Minister for Pensions Emma Reynolds, aiming to boost investment, increase saver returns and tackle waste in the pensions system.
Pensions Investment Review launched by the Labour government
The Labour government launched a Pensions Investment Review in August 2024, and the Pension Schemes Bill 2024-25 that followed it was introduced on 5 June 2025 with second reading scheduled for 7 July 2025.
PLP sends pre-action letter to DWP on behalf of Work Rights Centre over automated Universal Credit systems
The Public Law Project has sent a pre-action letter to the Department for Work and Pensions on behalf of the Work Rights Centre, raising eight potential grounds of challenge over automated decision-making in Universal Credit.
- July 2024
Consumer Duty applies to incidents from this date
From 31 July 2024 the Financial Ombudsman Service may consider the Consumer Duty when looking at complaints about incidents that happened on or after that date.
Healthy Start extension application guidance first published
The Department of Health and Social Care has published guidance setting out who can apply for the extended Healthy Start scheme and how applications are made.
Chancellor announces English social care reforms dropped
Chancellor Rachel Reeves cancelled planned reforms to social care funding in England on 29 July 2024, dropping a lifetime cap on personal care costs and changes to council funding thresholds.
Winter Fuel Payment announcement linked payments to Pension Credit
Linking Winter Fuel Payment to Pension Credit from 29 July 2024 drove a surge in claims, and official figures published in February 2026 show applications falling back a year later.
HMRC figures show two million more higher-rate taxpayers since 2021-22
HMRC figures show the number of higher-rate income taxpayers in England, Wales and Northern Ireland rose from 4.43 million in 2021-22 to 6.31 million in 2024-25, a 42% increase.
FCA publishes access to cash rules
The Financial Conduct Authority published final rules on 24 July 2024 requiring designated banks and building societies to assess and fill gaps in local cash provision, with the rules taking effect on 18 September 2024.
Leaseholder contribution caps guidance updated for in-force protections
The government has updated its guidance on leaseholder contribution caps for building safety remediation, reflecting amendments to the leaseholder protections that are now in force in England.
New analysis shows low-income drivers pay up to 48% more for car insurance
University of Bristol analysis for Fair By Design finds drivers in the most deprived areas pay 29 to 48 per cent more for car insurance, with monthly payment and area ethnicity also raising quoted premiums.
Chancellor launches Pensions Investment Review
The Chancellor launched the Pensions Investment Review on 20 July 2024 to tackle fragmentation in workplace pensions and the Local Government Pension Scheme, with the final report published on 29 May 2025.
Global IT outage disrupts UK banks and other services
A faulty Crowdstrike software update caused a worldwide IT outage on Friday 19 July that disrupted UK banks, airports, railways and GP surgeries, with some bank customers still reporting problems the following Monday.
Amended legal instruments for APP scams reimbursement published
The Payment Systems Regulator has published amended legal instruments for authorised push payment scam reimbursement and confirmed the policy start date of 7 October 2024.
Consumer Scotland publishes response to Ofgem consultation on acquisition-only tariff ban
Consumer Scotland has published its response to Ofgem's statutory consultation on the future of the ban on acquisition-only tariffs, setting out its position on the rules that govern energy deals.
Consumer Duty rules to extend to closed products by July 2024
The second phase of the Financial Conduct Authority's Consumer Duty takes effect for closed products and services from 31 July 2024, extending rules already in force for new and on-sale products since July 2023.
Current Government will not introduce planned social care charging changes
The Government elected in July 2024 has said it will not bring in the previous Government's planned cap on care costs or changes to the financial assessment rules in England.