Money news: page 30
- April 2024
Minimum wage equalised for 21- and 22-year-olds
From April 2024 the minimum wage for 21 and 22 year olds was raised to the same rate as older workers, ending a lower pay floor for that age group.
Minimum wage hourly pay to rise by 10 per cent in April
The Resolution Foundation says minimum wage hourly pay will rise by 10 per cent in April, as housing costs drive the squeeze on household finances.
National Living Wage age threshold lowered from 23 to 21
The age threshold for the National Living Wage was lowered from 23 to 21 in April 2024, the second reduction in three years, extending the adult minimum wage rate to younger workers.
Ofgem begins review of prepayment premium
Ofgem is reviewing how to remove the prepayment meter price premium permanently, with the work beginning in April 2024, after the temporary premium ban that started in July 2023.
Ofgem confirms new bad debt allowance funded by £28 a year on typical bills
Ofgem has confirmed a new allowance for bad debt in the domestic energy market, funded by temporarily adding £28 a year to the typical household bill from April 2024.
Online state pension top-up tool launched by HMRC and DWP
HMRC and the Department for Work and Pensions have launched an online tool letting people under state pension age check National Insurance gaps and pay voluntary contributions without phoning.
PAWHP to replace Winter Fuel Payment in Scotland from winter 2024/25
The Scottish Government is replacing the UK Winter Fuel Payment in Scotland with Pension Age Winter Heating Payment, administered by Social Security Scotland, with payments due from winter 2024/25.
Prepayment meter standard tariff poverty premium removed
The extra charge that prepayment meter customers on standard tariffs paid compared with other payment methods was removed from 1 April 2024, ending a premium that had reached £46 for dual fuel customers in 2022.
Regulations amended for migration of tax credit claimants to universal credit
Regulations amending tax credit income rules and universal credit payment provisions took effect from 6 April 2024, as part of the managed migration of tax credit claimants to universal credit.
Standard credit price cap level cut by £261 from 1 April 2024
The standard credit energy price cap level fell to £1,796 on 1 April 2024, a £261 or 13% decrease, while households paying by direct debit saw their cap fall to £1,690.
Statutory maternity and parental pay rates set at £184.03 weekly from April 2024
Statutory maternity and parental pay rose to £184.03 a week from April 2024, as a survey of 1,039 mothers found money worries and debt rising during maternity leave.
StepChange debt advice demand up 11% year on year
StepChange says 16,046 clients sought debt advice in April 2024, 11% more than the 14,512 who did so in April 2023, as demand for advice continues to rise.
New Style JSA payment rates for April 2024 to March 2025
New Style Jobseeker's Allowance pays up to £71.70 a week for under 25s and up to £90.50 a week for those aged 25 or over from April 2024 to March 2025, according to Mencap.
New system applies to pension contributions from 2024-25 tax year
A new system applies to pension contributions made from the 2024-25 tax year, giving low earners in net pay workplace pensions a top-up payment from HMRC.
Third £299 means-tested cost of living payment due in spring 2024
The final instalment of the £900 means-tested cost of living payment, worth £299, is due to be paid by spring 2024, following two earlier payments in 2023.
Universal Credit surplus earnings threshold of £2,500 extended for another year
The £2,500 surplus earnings threshold for Universal Credit will be extended for another year until at least April 2025, instead of falling to £300 as previously planned.
Which? reveals Revolut fraud complaints outstrip all banks
Which? published Financial Ombudsman Service data showing that fraud complaints about Revolut in 2023 outstripped those about every bank, as the firm remains an e-money institution without a UK banking licence.
Working age benefits to be uprated by September CPI of 6.7%
Working age benefits will rise by 6.7% from April 2024, the September CPI rate, while pension age benefits rise by 8.5% under the triple lock and the Local Housing Allowance freeze ends.
- March 2024
Mortgage approvals for house purchases reach highest level since September 2022
Bank of England data show net mortgage approvals for house purchases rose to 61,300 in March 2024, the highest since September 2022, while remortgaging approvals fell and the rate on new mortgages eased.
Universal Credit managed migration letters under way with end-2024 target
The government is sending Migration Notice letters to households still on legacy benefits, telling them to claim Universal Credit by the deadline on the letter or lose their payments.
General code of practice in force from 28 March 2024
The Pensions Regulator's general code came into force on 28 March 2024, setting out duties for pension scheme governing bodies on governance, internal controls and mitigating the risk of scams.
Which? and DNS Research Federation find more than 2,000 copycat bank website URLs reported in 2023
Research published by Which? and the DNS Research Federation found more than 2,000 web addresses imitating UK bank brands were reported to a phishing blocklist in 2023.
New pensions dashboards timeframes published with October 2026 connection deadline
New connection timeframes for pensions dashboards set a 31 October 2026 deadline for all 3,000 pension providers and schemes, with larger schemes starting from April 2025.
National Insurance Contributions (Reduction in Rates) Act 2024 receives Royal Assent
The National Insurance Contributions (Reduction in Rates) Act 2024 became law on 20 March 2024, cutting employee Class 1 contributions to 8% and self-employed Class 4 contributions to 6% from 6 April 2024.
Treasury makes consequential Class 2 NICs regulations
The Treasury made regulations on 14 March 2024 amending National Insurance law to reflect the end of Class 2 contributions for self-employed earners, coming into force on 6 April 2024.
Chancellor announces 2p National Insurance cut in Spring Budget
Jeremy Hunt used his Spring Budget on 6 March 2024 to announce a further 2p cut in National Insurance for employees and the self-employed, a change worth nothing directly to pensioners.
Consultation announced on household-based child benefit charge
Jeremy Hunt has announced a consultation on moving the high income child benefit charge to a household-based system by April 2026, alongside a rise in the individual earnings thresholds from April 2024.
Policy paper published on changes to First-time Buyers' Relief rules
HMRC has published a policy paper and draft legislation changing the rules for claiming Stamp Duty Land Tax First-time Buyers' Relief, covering leases held through nominees or bare trustees and the definition of a first-time buyer.
Spring Budget 2024 announces changes to the High Income Child Benefit Charge thresholds
Jeremy Hunt's Spring Budget raised the income threshold at which the High Income Child Benefit Charge starts, from £50,000 to £60,000, and the point at which Child Benefit is fully clawed back, from £60,000 to £80,000.
Spring Budget 2024 announces further two percentage point NICs cut and £3.4 billion NHS IT investment
The Spring Budget 2024 announced a further two percentage point cut in National Insurance Contributions and £3.4 billion for NHS IT, with NIESR calling it low-key and the NIC cut regressive.