Money news: page 46
- October 2022
NIESR underlying inflation measure hits new series high
The National Institute of Economic and Social Research said its measure of underlying inflation, which strips out the largest and smallest price changes, reached a new series high of 8.8 per cent in October 2022.
PLSA publishes five-step pension reform proposals and opens consultation
The Pensions and Lifetime Savings Association has published five pension reform proposals, including raising automatic enrolment contributions from 8% to 12%, and opened a consultation on them.
PSR consults on requiring full reimbursement of APP scam victims over Faster Payments
The Payment Systems Regulator has set out plans to require banks and payment firms to reimburse victims of authorised push payment scams made over Faster Payments, splitting the cost between sending and receiving firms.
PSR publishes PS22/3 directing around 400 PSPs to implement CoP
The Payment Systems Regulator has directed around 400 payment service providers to implement Confirmation of Payee name checking, in two groups with deadlines of October 2023 and October 2024.
Social care reforms delayed to October 2025
Social care funding reforms for England, including a lifetime cap on personal care costs and higher capital limits, were delayed from October 2023 to October 2025 and then dropped altogether.
Warm Home Discount to rise to £150 in England and Wales
The Warm Home Discount will be worth £150 in England and Wales from October 2022, with a Scottish consultation proposing the same rate and 50,000 more eligible households.
- September 2022
FCA publishes Dear CEO letter on cost-of-living expectations for insurance firms
The Financial Conduct Authority has written to insurance chief executives setting out what it expects on fair value, premium finance, vulnerable customers and claims handling during the cost of living crisis, and warned of multi-firm reviews.
Welsh Government announces changes to main residential LTT rates and bands
The Welsh Government announced on 27 September 2022 that main residential rates of Land Transaction Tax would change on 10 October 2022, raising the starting threshold from £180,000 to £225,000.
Chancellor announces £45 billion of tax cuts
The Chancellor announced £45 billion of tax cuts on 23 September 2022, with analysis suggesting the richest five per cent gain 5.5 per cent while the poorest fifth lose 2 per cent.
Chancellor announces SDLT threshold increases
Kwasi Kwarteng announced on 23 September 2022 that stamp duty land tax nil rate bands would rise, cutting the tax for many buyers in England and Northern Ireland until March 2025.
Mini-budget triggers sharp fall in the pound
The pound fell sharply after Kwasi Kwarteng's mini-budget on 23 September 2022, with lenders pulling hundreds of mortgage deals and the Bank of England intervening to buy government bonds.
SDLT nil-band threshold change reflected in guidance
HMRC has updated its Stamp Duty Land Tax relief guidance to reflect the nil-band threshold change that took effect on 23 September 2022, covering first-time buyers and multiple dwellings.
New SDLT rates introduced on 23 September 2022
HMRC added worked examples to its leasehold Stamp Duty Land Tax guidance on 23 September 2022, showing the residential rates that took effect in England that day.
Government announced removal of 2% standard rate band and raised FTBR thresholds
The government announced on 22 September 2022 that the 2% standard rate of stamp duty land tax on the portion of a residential property price between £125,000 and £250,000 no longer applies.
BEIS announces £100 alternative fuels payment and EBSS extension
The UK government set out further detail on the Energy Price Guarantee on 21 September 2022, including a £100 payment for some off-gas-grid households and an extension of the £400 Energy Bills Support Scheme discount.
Consumer Scotland responds to CAP and BCAP consultation on mid-contract price rise ads
Consumer Scotland has welcomed proposed advertising guidance on mid-contract price rises in broadband and mobile ads, while raising points on prominence, inflation terminology and variable contracts.
Scottish Ministers make council tax reduction and discount amendment regulations
Scottish Ministers have laid amending regulations for council tax reduction and council tax discounts in Scotland, changing how non-dependants, disability premiums and cost of living payments are treated.
PIP award extension period increased
From 6 September 2022, existing Personal Independence Payment awards waiting for review have their automatic extension period raised from three months to twelve months.
Scotland introduces temporary private rent freeze and eviction ban
The Scottish Government introduced a temporary rent cap and eviction ban for most tenants from 6 September 2022, initially running until at least 31 March 2023.
Basic rate income tax cut announced then cancelled
Kwasi Kwarteng announced in September 2022 that the basic rate of income tax would fall from 20% to 19%, but the cut was cancelled the following month before it took effect.
Chancellor brings forward £45 billion package of tax cuts in first fiscal statement
The Chancellor has brought forward a £45 billion package of tax cuts, described as the biggest for 50 years, with gains concentrated among higher earners and in London and the South East.
Committee report calls for consensus on retirement adequacy and reforms to auto-enrolment
The Work and Pensions Committee has called for a consensus on retirement adequacy and legislation on the 2017 auto-enrolment review, with higher minimum contributions and action on self-employed saving.
Cost of living increase becomes most cited reason for debt among StepChange clients
StepChange says 22% of clients who sought debt advice in September 2022 named a cost of living increase as their main reason for debt, the most cited cause.
Emergency Budget Review published
The Scottish Government published an emergency budget review in September 2022 after high inflation eroded the value of the Scottish Budget, with the Finance Minister estimating it was worth around £1.7 billion less than in December 2021.
First tax credits Cost of Living instalment paid
The first instalment of the £650 Cost of Living Payment for households on Child Tax Credit or Working Tax Credit was paid in September 2022, with a second instalment due at the end of November.
FPC withdraws mortgage affordability test
The Bank of England's Financial Policy Committee has withdrawn its mortgage affordability test, which required lenders to check borrowers could still pay if rates rose by 3 percentage points.
Government announces Energy Price Guarantee intervention in the energy market
The government's Energy Price Guarantee, announced in late August 2022, will substantially reduce the inflation shock facing households this winter, though private renters still face sharply rising rents.
Growth Plan announced £45 billion a year of tax cuts
The Growth Plan's £45 billion a year of tax cuts, £2 billion of which have since been cancelled, have worsened the fiscal outlook and put April 2023 benefit uprating in doubt.
Impossible choices briefing published
The Money Advice Trust has published a briefing calling on the Government and regulators to uprate benefits, support people in arrears and introduce a social tariff for energy.
UK inflation reached 10.1%, the highest since 1982
UK inflation reached 10.1% in September 2022, the highest since 1982, a Scottish Government report said, setting out almost £3 billion of devolved cost of living measures.