Money news: page 40
- April 2023
JROC publishes roadmap for next phase of Open Banking
The Payment Systems Regulator and fellow members of the Joint Regulatory Oversight Committee published a roadmap in April 2023 setting out three phases of delivery for open banking, with a full set of open banking payments targeted for 2025.
Large pension schemes to connect to dashboards digital architecture from April 2023
The Government's draft Pensions Dashboards Regulations propose that the largest occupational pension schemes connect to the dashboards digital architecture between April 2023 and September 2024.
Managed Migration started in Northern Ireland
Managed Migration to Universal Credit began in Northern Ireland in April 2023, initially inviting only Tax Credits only claimants, after the process had already been running in England and Wales.
Minimum wage rise of almost 10 per cent takes effect
The minimum wage rose by almost 10 per cent on 1 April 2023, with 1.7 million workers gaining directly, according to the Resolution Foundation.
Most Scottish councils raise council tax bills by at least 5% for 2023-24
Most Scottish councils raised council tax by at least 5% for 2023-24, with Orkney Islands up 10%, and ministers have proposed letting councils double bills on second homes from April 2024.
Move to UC begins for tax credit claimants
The Department for Work and Pensions began moving tax credit claimants onto Universal Credit in April 2023, a process the Office for Budget Responsibility says enabled the tax credit system to close in April 2025.
National Minimum Wage and National Living Wage rates rise on 1 April 2023
All National Minimum Wage rates rose on 1 April 2023, with the National Living Wage for workers aged 23 and over increasing 9.7 per cent to £10.42 an hour.
Northern Ireland Managed Migration Trial commences
Northern Ireland began inviting people on legacy benefits to claim Universal Credit in April 2023 under a Managed Migration Trial, with Tax Credit claimants among the first to receive notices.
SMI qualifying period cut to three months and zero earnings rule removed
From April 2023 the Support for Mortgage Interest qualifying period for Universal Credit claimants fell from nine months to three, and working claimants became eligible for the first time.
- March 2023
Energy Price Guarantee scaled back from April 2023
The Energy Price Guarantee is being scaled back from April 2023, capping typical household energy bills at £3,000 rather than £2,500, alongside a package of Cost of Living Payments.
Government announces delay to State Pension Age increase
The government has delayed the increase in State Pension Age, prompting the International Longevity Centre to warn that the decision leaves future governments facing difficult choices on tax or spending.
Government announces Great British Insulation Scheme extending grants to council tax bands A-D
The government has announced the Great British Insulation Scheme, extending insulation grants to households in council tax bands A to D and adding 300,000 homes to the eligible pool.
£301 Cost of Living Payment eligibility and payment dates published
The government has published the qualifying dates and payment dates for the £301 Cost of Living Payment for people receiving low income benefits, with most payments due between 25 April and 17 May 2023.
FOS responds to HM Treasury consultation on reforming the Consumer Credit Act 1974
The Financial Ombudsman Service has told HM Treasury it broadly backs its five principles for reforming the Consumer Credit Act 1974, but wants an "effective" principle added and protections for green finance kept.
Which? reports Ofcom findings that nine in 10 people have encountered online scams
Which? has reported Ofcom research showing nine in 10 adult internet users have encountered online scams, and called for stronger consumer protections in the Online Safety Bill.
Budget announces childcare expansion, pension tax changes and higher benefits conditionality
The March 2023 Budget expanded free childcare, abolished the lifetime limit on tax-free pension savings and raised benefits conditionality, requiring 800,000 more people to work.
Chancellor announces first Budget with Energy Price Guarantee extension and childcare reforms
Jeremy Hunt's first Budget extends the Energy Price Guarantee to the end of June, restructures Universal Credit childcare payments and scraps Work Capability Assessments.
Government freezes pension commencement lump sum limit at £268,275 and removes Lifetime Allowance charge
The Government has removed the Lifetime Allowance tax charge and frozen the pension commencement lump sum limit at £268,275 across all pension arrangements, effective from 6 April 2023.
Health and Disability White Paper published alongside Budget
The Health and Disability White Paper, published with the Spring Budget on 15 March 2023, proposes abolishing the Work Capability Assessment for new Universal Credit claims by disabled people.
Spring Budget 2023 announced
The Chancellor's Spring Budget 2023 set out measures under four priorities, Employment, Education, Enterprise and Everywhere, including changes to childcare support, Universal Credit conditions and the Energy Price Guarantee.
Spring Budget announces £4bn free childcare expansion and upfront UC childcare payments
The Spring Budget of 15 March 2023 set out a £4bn expansion of free childcare, upfront payment of childcare costs for benefit claimants and tougher Universal Credit sanctions.
Consumer Scotland publishes response to Ofgem call for evidence on prepayment rules
Consumer Scotland has published its response to Ofgem's call for evidence on prepayment meter rules, citing survey data on the harms reported by households using the meters.
FCA publishes guidance for firms supporting mortgage borrowers affected by living costs
The Financial Conduct Authority published finalised guidance on 10 March 2023 setting out how firms should support existing mortgage borrowers affected by rising living costs.
Welsh Government publishes evaluation of removing imprisonment sanction for Council Tax non-payment in Wales
Welsh Government research published on 8 March 2023 finds higher Council Tax collection rates in Wales than England and Scotland after the imprisonment sanction for non-payment was removed.
Government announces Dormant Assets Scheme can support financial education and capability
The government has said it will examine whether the Dormant Assets Scheme can fund financial education and capability, alongside £76 million already allocated for affordable credit.
ISA Regulations amended for Dormant Assets Act 2022, recognised schemes, investment trusts and junior ISA manager rules
The Treasury has amended the ISA Regulations 1998 with effect from 6 April 2023, changing dormant account definitions, recognised scheme status, investment trust share rules and junior ISA manager withdrawal.
Annual CPI inflation falls to 10.1 per cent
Annual CPI inflation fell to 10.1 per cent in March 2023 from 10.4 per cent in February, a seventh consecutive month of double-digit inflation, while food inflation reached a 45-year high.
Budget sets out OBR forecast of falling living standards
The Office for Budget Responsibility's Budget forecast shows living standards falling this year and next and not returning to pre-pandemic levels until the back end of the decade, with mortgagors facing the largest income falls.
Consumer Scotland recommends continuing the pause on prepayment meter installations
Consumer Scotland has recommended that the pause on prepayment meter installations continue until Ofgem is confident that individual suppliers are complying with their licence conditions.
Debt adviser redundancies increasingly likely at Citizens Advice
A leaked Citizens Advice e-mail says a recruitment freeze has failed to deliver the savings needed, making compulsory redundancies of debt advisers increasingly likely as Money and Pensions Service funding falls.