Money news: page 31
- March 2024
Pension credit application deadline for final cost of living payment
Nearly 880,000 households could receive the final £299 cost of living payment if they apply for pension credit by Tuesday 5 March 2024, the Department for Work and Pensions has said.
Legal & General closes Investment Accounts and Stocks & Shares ISAs
Legal & General closed its Investment Accounts and Stocks & Shares ISAs on 4 March 2024, telling holders who have not heard from it to get in touch to discuss their options.
Energy bill arrears reach highest level since records began in 2012
Resolution Foundation research published on 3 March 2024 finds UK consumer debt at its lowest since at least 1999, but energy bill arrears at their highest since records began in 2012.
Resolution Foundation research finds UK consumer debt at lowest level since at least 1999
Resolution Foundation research published on 3 March 2024 finds UK consumer debt at its lowest level since at least 1999, down from 23% of household disposable incomes in the mid-2000s to 13%.
Cost of living schemes other than the three main Cost of Living Payments discontinued in FYE 2024
The Office for National Statistics says cost of living schemes including the Energy Support Scheme, Council Tax rebates and the Alternative Fuel Payment ended in the financial year ending 2024, while three payments continued.
Energy Price Guarantee ends in March 2024
The Energy Price Guarantee, which capped domestic energy bills from October 2022, ended in March 2024 after falls in the Ofgem price cap meant it was no longer needed to set maximum prices.
Government consults on British ISA allowing extra £5,000 UK equity investment
The government is consulting on a British ISA that would add £5,000 a year of tax-free UK equity investment on top of the existing £20,000 ISA allowance.
Government consults on raising standards in the tax advice market
The Government has opened a consultation on raising standards in the tax advice market, setting out three possible models for regulating advisers in a sector where anyone can currently practise without qualifications.
Government published draft rules on account termination notice
The government has published draft rules that would require banks to give 90 days' notice before closing an account and to explain the reason, with the rules intended to be in force by the end of 2024.
HICBC threshold raised and taper halved at 2024 Spring Budget
The 2024 Spring Budget raised the High Income Child Benefit Charge threshold from £50,000 to £60,000 and halved the taper, so entitlement is now fully withdrawn at £80,000 a year.
Ofgem publishes Call for Input on affordability and debt in the domestic energy market
Ofgem published a Call for Input on affordability and debt in the domestic energy market in March, as energy debt and arrears in Great Britain reached a record high above £3bn.
Private rental inflation peaked at 9.1%
Private rental inflation peaked at 9.1% in March 2024 and averaged 8.7% across the year, the Joseph Rowntree Foundation has said, with rents up nearly 8% since the last general election.
UK redundancy rate hits highest level since 2021
The UK redundancy rate rose to 4.6 per thousand people in the three months to January 2024, the highest since 2021, with around 133,000 redundancies over the period.
UK regulators publish joint debt collection statement
The FCA, Ofgem, Ofwat and Ofcom published a joint debt collection statement in March 2024 setting out four outcomes they expect firms to deliver, as energy debt in Great Britain reached a record level.
Scam text reports to 7726 lead to removal of more than 60,000 malicious websites
Increased reporting of scam texts to the 7726 service led to more than 60,000 malicious websites being removed in March 2024, according to figures shared by Action Fraud.
Scottish tenant protection measures expired
Scotland's temporary rent cap and eviction moratorium, introduced in 2022 under the Cost of Living (Tenant Protection) (Scotland) Act, ended on 31 March 2024, with rent adjudication modified for one year afterwards.
Universal Credit surplus earnings threshold extension ends
The £2,500 surplus earnings threshold in Universal Credit, above which excess earnings can be carried into a later assessment period, was extended until March 2024, after which the higher limit lapses.
- February 2024
Resolution Foundation publishes briefing note on household debt in the cost of living crisis
The Resolution Foundation finds consumer debt at its lowest share of household income since 1999, while arrears on gas and electricity bills reach their highest level since 2012.
NAO reports on progress in implementing Universal Credit
The National Audit Office says the Department for Work and Pensions is on track to move most legacy benefit claimants to Universal Credit by the end of 2024, but has extended the timetable and raised costs.
Amendment regulations widen Best Start Foods eligibility
Amendment regulations in force from 26 February 2024 removed income thresholds from some qualifying benefits for Best Start Foods and added Working Tax Credit as a qualifying benefit in its own right.
Best Start Foods amendment regulations come into force in Scotland
Scottish regulations amending Best Start Foods came into force on 26 February 2024, setting the basic weekly rate at £4.95 and widening eligibility to partners, dependants and children under three.
Best Start Foods eligibility changes come into force
Best Start Foods eligibility rules change on 26 February 2024, removing income limits, extending help to younger parents and altering how applications and payments are handled in Scotland.
Ofgem announces lasting solution to eliminate prepayment meter premium
Ofgem has announced a lasting solution to remove the extra cost of paying for energy by prepayment meter, while a premium for customers who pay on receipt of bill remains.
Finance Bill 2023-24 receives Royal Assent
The Finance Bill 2023-24 received Royal Assent on 22 February 2024, becoming the Finance Act 2024 and enacting tax measures announced in the Autumn Statement.
ERC research shows retirement confidence falling sharply
An Equity Release Council survey of 5,000 people found 46% are not confident about their future finances, up from 35% in 2021, with the sharpest fall among retirees aged 65 to 74.
PLSA raises required retirement income figures
The Pensions and Lifetime Savings Association has raised its estimate of the income a single person needs for a moderate retirement by £8,000 to £31,300 a year, as cost of living pressures and family support push up required spending.
DWP confirms changes to CMS enforcement sanctions
The Department for Work and Pensions has confirmed that the Child Maintenance Service will be able to impose enforcement sanctions directly, without applying to the courts, and will scrap its £20 application fee.
Labour's Financial Services Plan pledges national financial inclusion strategy
Labour's Financial Services Plan pledged a national financial inclusion strategy to address financial exclusion, a commitment welcomed by the anti-poverty charity Fair By Design in a statement dated 11 February 2024.
Supreme Court refuses permission to appeal in AT case
The Supreme Court refused the Secretary of State permission to appeal the AT Court of Appeal judgment on 7 February 2024, making the decision final for Housing Benefit and Universal Credit claims by EU nationals with pre-settled status.
Finance Bill 2023-24 passes third reading
The Finance Bill 2023-24, which carries the National Insurance cuts and the abolition of the pensions lifetime allowance, passed its Commons third reading by 283 votes to 39 on 5 February 2024.