Money news: page 44
- November 2022
Which? investigation finds six major banks' numbers spoofable
A Which? investigation has found that phone numbers belonging to six major banks could be spoofed because they were not registered on the industry database designed to block impersonation calls.
Auto-award of Early Learning and School Age Payments begins
Social Security Scotland began on 28 November 2022 paying Best Start Grant Early Learning Payment and School Age Payment automatically to eligible families already receiving Scottish Child Payment.
PSR consultation on mandatory APP scam reimbursement closes
The Payment Systems Regulator's consultation on mandatory reimbursement for authorised push payment scam victims closed on 25 November 2022, with a response published alongside proposals covering payments over £100.
Autumn Statement 2022 delivered by Jeremy Hunt
Jeremy Hunt's Autumn Statement of 17 November 2022 raised taxes, cut energy bill support from April and uprated benefits by 10.1 per cent, with the Resolution Foundation warning of a 7.1 per cent fall in household incomes.
Autumn Statement introduces sunset clause to SDLT relief
Chancellor Jeremy Hunt used the Autumn Statement on 17 November 2022 to add a sunset clause to the stamp duty land tax reduction, ending the relief in March 2025.
Autumn Statement sets benefits uprating at 10.1% and raises benefit cap
The Autumn Statement uprated most benefits by September's 10.1% CPI from April 2023, raised the benefit cap for the first time since 2016 and extended cost of living payments and energy support.
Chancellor announces second round of Cost of Living Payments
The Chancellor announced on 17 November 2022 a second round of means-tested Cost of Living Payments worth up to £900, paid in three instalments across 2023 and into spring 2024.
Energy Price Guarantee to become less generous from April 2023
The Energy Price Guarantee will be scaled back from April 2023, with a typical household bill rising to £3,000, the Resolution Foundation says in its analysis of Jeremy Hunt's Autumn Statement.
New housing element of Pension Credit postponed to 2028
The government has postponed the new housing element of Pension Credit until 2028, meaning pensioners who rent will keep receiving Housing Benefit in the meantime.
irESA migration to Universal Credit delayed until April 2028
The Department for Work and Pensions has delayed managed migration to Universal Credit for most people claiming income-related Employment and Support Allowance until April 2028, while some claimants move sooner.
Automatic payments introduced for Best Start Grant Early Learning and School Age Payments
Social Security Scotland now checks and pays Best Start Grant Early Learning and School Age Payments automatically for families getting Scottish Child Payment whose children meet the age conditions.
Scottish Child Payment set at £28.20 per week for children under 16
The Scottish Child Payment was extended to children aged 6 to 15 on 14 November 2022, with the weekly rate set at £28.20 per child under 16 and paid every four weeks.
Key statistics note published for Cost of Living Bill
The Scottish Government has published key statistics on housing costs, financial vulnerability and fuel poverty that underpinned the Cost of Living (Tenant Protection) Scotland Bill introduced on 3 October 2022.
Remaining provisions of S.S.I. 2022/271 come into force
The remaining provisions of the Council Tax Reduction and Council Tax (Discounts) (Miscellaneous Amendment) (No. 2) (Scotland) Regulations 2022 came into force on 3 November 2022, covering a cost of living payment capital disregard and revocations.
Amendment regulations extend Scottish Child Payment to children aged 6-15
Amendment regulations in force from November 2022 extended the Scottish Child Payment to children aged 6 to 15, and the weekly rate rose to £25 per eligible child.
Autumn Statement announces 2023/24 Cost of Living Payments
The 17 November 2022 Autumn Statement set out Cost of Living Payments for 2023/24, including £900 for people on means-tested benefits, £150 for disability benefit recipients and £300 for pensioners.
Autumn Statement freezes income tax thresholds and lowers top rate threshold
The November 2022 Autumn Statement froze personal income tax thresholds, lowered the top rate threshold, announced a means tested £900 cost-of-living payment and committed to the pensions triple lock.
Chancellor announced cost of living support package
Jeremy Hunt's 2022 Autumn Statement introduced a package of cost of living support, including three payments worth £900 for means-tested benefit claimants and extra help for pensioners and disabled people.
EBSS and EPG pass-through requirement comes into force in England, Wales and Scotland
Regulations requiring landlords, heat network operators and other intermediaries to pass on Energy Bills Support Scheme and Energy Price Guarantee benefits to end users came into force in England, Wales and Scotland on 1 November 2022.
Emergency Budget Review published
The Scottish Government published an Emergency Budget Review on 2 November 2022, identifying around £35 million for cost of living initiatives as inflation peaked at 11.1% in October 2022.
Energy Bills Support Scheme £400 credit begins in Northern Ireland
Households in Northern Ireland began receiving the £400 Energy Bills Support Scheme credit from November 2022, paid automatically through electricity suppliers in six monthly instalments.
FCA published Borrowers in Financial Difficulty (BiFD) report
The Financial Conduct Authority has published its Borrowers in Financial Difficulty report, finding that while some firms delivered good outcomes for borrowers, many fell short of expectations and caused harm.
FCA publishes consultation on simplified advice regime
The Financial Conduct Authority has published a consultation paper seeking a regime for simplified advice on investments into Stocks and Shares ISAs, it told the Work and Pensions Committee.
Full PIP rollout delayed, pausing managed migration of DLA claimants until April 2028
The November 2022 delay to the full rollout of Personal Independence Payment paused the managed migration of legacy Disability Living Allowance claimants until April 2028, saving £0.8 billion over five years.
Government consults on reforming the Consumer Credit Act 1974
The Government has issued a consultation on reforming the Consumer Credit Act 1974, the law covering credit cards, personal loans and most household credit agreements in the UK.
Government support packages lift household incomes relative to no-support scenario
The Office for Budget Responsibility says government support announced since March 2022 lifts real household disposable income per person by 4½ per cent in 2022-23, softening the largest fall on record.
NIESR responds to the 2022 Autumn Statement
The National Institute of Economic and Social Research said the Chancellor should have given households more support, criticising £60 billion of fiscal tightening and a universal energy subsidy.
OBR forecasts record fall in living standards for 2022-23
The Office for Budget Responsibility forecasts real household disposable income per person will fall 4.3 per cent in 2022-23, the largest drop since records began in 1956-57, followed by a 2.8 per cent fall in 2023-24.
Retirement Living Standards 2022 update published, showing the largest annual increases since the RLS began
The Retirement Living Standards for 2022 show the largest annual increases since the measures began in 2019, with all three budgets rising by more than the 9% rate of CPI in the year to April 2022.
Revised Energy Price Guarantee set at £3,000 from April 2023
The Energy Price Guarantee will expire in April 2023 and be replaced by a revised guarantee set at £3,000 for the average household, running until April 2024.