Money news: page 41
- March 2023
Energy Bill Support Scheme payments ended
The Energy Bill Support Scheme, which gave households £400 off energy bills between October 2022 and March 2023, ended in March 2023, with no repeat announced in the Spring Budget.
Energy companies agree to stop force-fitting prepayment meters in vulnerable customers' homes
All energy companies have said they will stop force-fitting prepayment meters in vulnerable customers' homes, according to the government, and magistrates have temporarily stopped signing off warrant applications.
FCA expects Consumer Duty rules implemented by March 2023
The Financial Conduct Authority expects firms to have its Consumer Duty rules implemented by March 2023, after a consultation that closed in February 2022 and a policy statement due by 31 July 2022.
UK food price inflation peaks at 19.2%
Scottish Government analysis puts annual food price inflation at 19.2 per cent in March 2023, the highest rate of increase in food prices since 1977, as overall UK inflation eased to 10.1 per cent.
FPC recommends minimum resilience levels for LDI funds
The Bank of England's Financial Policy Committee has recommended that The Pensions Regulator set minimum resilience levels for the LDI funds and mandates that pension scheme trustees can invest in.
Government shelves plans to bring state pension age to 68 sooner than planned
The government has shelved plans to bring the state pension age to 68 sooner than planned, confirming the rise to 67 will go ahead between 2026 and 2028.
Help to Buy scheme closed in England
The Help to Buy equity loan scheme in England closed at the end of March 2023 after ten years, with an official evaluation later finding it supported first-time buyer sales but also pushed up prices in some areas.
Low Pay Commission opens consultation on 2024 minimum wage rates
The Low Pay Commission is consulting on minimum wage rates for April 2024 and beyond, running from 23 March to 9 June 2023, with recommendations to the Government due in October.
March 2023 Budget increases UC childcare support
The March 2023 Budget raised the Universal Credit childcare element to £951 for one child and £1,630 for two children from July 2023, and paid the first month of childcare costs upfront for parents moving into work.
NIESR underlying inflation hits series high
The National Institute of Economic and Social Research said its trimmed-mean measure of underlying UK inflation rose to a series high of 9.9 per cent in March 2023, as food inflation reached a 45-year high.
Pensions Minister announces reset of the Pensions Dashboards Programme
The Pensions Minister announced in March 2023 that the Pensions Dashboards Programme would be reset, allowing more time to build the digital architecture and connect pension providers and schemes.
Silicon Valley Bank and Credit Suisse collapse sparks FSCS review
The Bank of England is reviewing the deposit guarantee scheme after the March 2023 collapses of Silicon Valley Bank and Credit Suisse, including whether to raise the £85,000 protection limit.
Spring Budget 2023 pension tax changes incorporated into relief forecasts
HMRC's December 2024 tax relief statistics confirm that official forecasts for pension tax relief now include the abolition of the Lifetime allowance and the Annual allowance increase announced at Spring Budget 2023.
Spring Budget announces expansion of free childcare and Universal Credit childcare cap increase
The Chancellor has announced a phased extension of free childcare in England to working parents of children from nine months old, alongside higher Universal Credit childcare caps paid upfront.
StepChange advises 17,267 new debt advice clients in March 2023
StepChange advised 17,267 new debt advice clients in March 2023, 7% more than in February 2023 and 15% more than a year earlier, with 26% citing the cost of living as their main reason for debt.
Support for Mortgage Interest waiting period reduced
The waiting period for Support for Mortgage Interest is to be cut from nine months to three months in spring 2023, alongside changes to the zero earnings rules, according to a benefits timetable.
Top-up deadline moved to 31 July 2023
HMRC has given people until 31 July 2023 to top up National Insurance credits, extending a deadline that had been due to fall on 5 April.
- February 2023
HMRC warns of fake tax refund email scam
Fraudsters are sending fake tax refund emails that use HMRC branding and a claim link, and HMRC has issued a warning about the scam, according to Which?.
Tenth JRF report finds 29.1% of UK individuals below MIS in 2020-21
The Joseph Rowntree Foundation's tenth Minimum Income Standard report estimates 19.2 million people, including 5.7 million children, lived in households below the benchmark in 2020-21.
HM Treasury publishes consultation on draft BNPL legislation
HM Treasury has opened a consultation on draft legislation that would bring interest-free Buy-Now Pay-Later products under Financial Conduct Authority regulation, with responses due by 11 April 2023.
Fair By Design responds to Ofgem's call for evidence on prepayment meter rules
Fair By Design has responded to Ofgem's call for evidence on prepayment meter rules and protections for domestic consumers, calling for more targeted bill support and reform of standing charges.
Bereavement Support Payment eligibility extended to unmarried cohabiting parents
Eligibility for Bereavement Support Payment was extended on 9 February 2023 to unmarried cohabiting parents bereaved on or after 6 April 2017, with backdated claims possible to 30 August 2018.
Extension to cohabiting couples comes into force
The extension of the definition of "partner" to include cohabiting couples who were not in a legal union when one of them dies came into force on 9 February 2023.
Schedule 4ZA temporarily modified by the Stamp Duty Land Tax (Temporary Relief) Act 2023
The Stamp Duty Land Tax (Temporary Relief) Act 2023 modified Schedule 4ZA of the Finance Act 2003 from 8 February 2023, changing the higher rates of stamp duty land tax for additional dwellings.
Stamp Duty Land Tax (Temporary Relief) Act 2023 receives Royal Assent
The Stamp Duty Land Tax (Temporary Relief) Act 2023 received Royal Assent on 8 February 2023, putting higher SDLT thresholds into law until 31 March 2025.
Bank of England and HM Treasury publish digital pound consultation paper
The Bank of England and HM Treasury have published a consultation paper on a digital pound, setting out proposals for a new form of money for households and businesses.
Bill to legislate for 2023/24 Cost of Living Payments introduced in Commons
The Social Security (Additional Payments) (No. 2) Bill 2022-23 was introduced to the House of Commons on 7 February 2023 to legislate for two Cost of Living Payments in 2023/24.
Parliament committee publishes report on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published its Thirteenth report, Scam reimbursement: pushing for a better solution, on authorised push payment fraud reimbursement.
FCA to write to firms on Consumer Duty expectations and risks
The Financial Conduct Authority is to write to firms setting out its expectations for implementing the Consumer Duty, alongside regional events, after reviewing firms' implementation plans.
Alternative Fuel Payment to be made automatically into electricity accounts in February for off-gas-grid GB households
Households in Great Britain that have an electricity supplier but no gas grid connection will receive the £200 Alternative Fuel Payment automatically in February, the government has confirmed.