Money news: page 22
- February 2025
Consumer Scotland publishes response to Ofgem energy debt relief consultation
Consumer Scotland has published its response to Ofgem's consultation on a debt relief scheme for energy customers, warning that nearly half of those in energy debt doubt they can clear it.
Government lays legislation confirming new National Living Wage and National Minimum Wage rates from 1 April 2025
The government has laid legislation confirming a National Living Wage of £12.21 an hour for those aged 21 and over, and a National Minimum Wage of £10.00 for 18 to 20 year olds, from 1 April 2025.
Shelter Cymru warns of increased homelessness risk from UK Government housing benefit freeze
Shelter Cymru says the UK Government's freeze on housing benefit levels will leave low-income renting households in Wales facing average shortfalls of £604 a year and raise the risk of homelessness.
Alcohol duty rates change from 1 February 2025 until 1 February 2026
New alcohol duty rates per litre of alcohol apply from 1 February 2025 until 1 February 2026, under rates published alongside the Autumn Budget 2024.
Alcohol duty rises in line with RPI, with a cut for draught products
Alcohol duty rose on 1 February 2025 in line with September 2024 inflation of 2.7%, while duty on draught products below 8.5% ABV was cut by 1.7%.
Flood Re reports 20,000 Welsh properties ceded to the scheme
About 20,000 properties in Wales had been ceded to Flood Re in recent months as of February 2025, with 900 claims made in Wales to date, a Welsh consultation report says.
IFS report warns small pension pots risk being lost or eroded by charges
The Institute for Fiscal Studies has warned that millions of small deferred pension pots risk being lost or eroded by charges, and has recommended automatic consolidation of pots under £1,000.
Transfer process to Pension Age Disability Payment begins
Social Security Scotland will start moving existing Attendance Allowance and Disability Living Allowance claims in Scotland to Pension Age Disability Payment from February 2025, with no reapplication needed.
Universal Credit receipt among clients rises to 41%
Two in five clients seeking debt advice from StepChange in February 2025 were receiving Universal Credit, up from 39% in January 2025 and 37% in February 2024.
Which? responds to FCA Targeted Support pensions consultation opposing the proposals
Which? has told the Financial Conduct Authority it cannot support the regulator's proposed Targeted Support regime for pensions, citing three concerns and making three recommendations.
- January 2025
Two-year ownership rule for lease extension abolished
Leaseholders in England and Wales can now extend their lease or buy their freehold as soon as they own the property, after the two-year ownership rule was abolished from 31 January 2025.
Which? finds only 10 of 76 car insurance policies include breakdown cover as standard
Which? analysis of 76 car insurance policies published on 30 January 2025 found only 10 include breakdown cover as standard, with just two offering a complete package.
Action Fraud replaced by Report Fraud
Government guidance now states that Action Fraud has been replaced by Report Fraud, with suspicious calls to be reported to the new service on 0300 123 2040 or through its online tool.
New bar on tax credit claims for tax year 2025-26 inserted
Northern Ireland regulations have inserted a new rule barring claims for tax credits for the tax year beginning 6 April 2025 and any later tax year, under the Universal Credit transitional provisions.
MaPS reports over half of UK adults do not have a will
The Money and Pensions Service has published survey findings showing 56% of UK adults aged 18 and over do not have a will, including 53% of adults aged 50 to 64.
DWP publishes Abstract of benefit rate statistics 2024
The Department for Work and Pensions has published its annual abstract of benefit rate statistics, covering uprating history, the value of benefits over time and price and earnings indices for Great Britain.
Debt Advice and Information Package required for diligence on the dependence warrants
From 20 January 2025 creditors in Scotland must give a Debt Advice and Information Package before applying for a warrant for diligence on the dependence, under rules covering enforcement against debtors.
Lords committee calls for urgent reform of health-related benefits
The House of Lords Economic Affairs Committee has called for urgent reform of health-related benefits, saying the system is financially unsustainable and that work does not pay for claimants.
High Court rules DWP consultation on Work Capability Assessment reforms unlawful
The High Court has ruled the DWP's 2023 consultation on Work Capability Assessment reforms unlawful, finding it misleading, rushed and unfair for failing to disclose cost savings as a primary rationale.
Route map for phase 1 of Streamlining Welsh Benefits published
The Welsh Government has published a route map for the first phase of its work to streamline Welsh benefits, covering Council Tax Reduction, Free School Meals and the Schools Essentials Grant up to April 2026.
Nationwide introduces payment queueing system after surge on first working day of 2025
Nationwide introduced a payment queueing system on 4 January 2025 after a surge in payments, with around 20,000 direct debits failing and £60 compensation paid to affected customers.
Adult Disability Payment replaces PIP in Scotland
Adult Disability Payment, run by Social Security Scotland, has replaced Personal Independence Payment in Scotland, with existing PIP claimants transferred and DLA claimants moved before 21 March 2025.
The Co-operative Bank acquired by Coventry Building Society
Coventry Building Society bought The Co-operative Bank on 1 January 2025, and now plans to transfer the bank's business, including smile, into the society on 1 January 2027.
Government introduces fraud and error legislation
The Public Authorities (Fraud, Error and Recovery) Bill was introduced to Parliament in January 2025, giving the Department for Work and Pensions new powers to verify eligibility and gather information.
Gwahardd nodweddion casino ar-lein uchel risg
Online casino features that give players the illusion of control, including turbo, slam stops and autoplay, are banned from 17 January 2025 under Gambling Commission measures.
Homeowners Alliance report found material information often missing from listings
A HomeOwners Alliance report in January 2025 found material information was often missing from property listings, as new legislation strengthens what estate agents must disclose.
Insurers paid record £585m for weather damage in 2024
Insurers paid a record £585m in 2024 for weather-related damage to homes and possessions, according to Association of British Insurers data cited by Which?, with a further £322m paid in the first half of 2025.
Legislation for welfare mitigation scheme extension planned
The Minister for Communities has secured agreement to extend Northern Ireland's welfare mitigation schemes, which were due to end on 31 March 2025, by a further three years to 31 March 2028.
Scottish Attendance Allowance transfers to Pension Age Disability Payment begin
People in Scotland receiving Attendance Allowance are being moved automatically to Pension Age Disability Payment, a new Scottish benefit paid at the same two weekly rates.
Which? publishes data showing Sim-swap scam reports to Action Fraud doubled year-on-year
Which? reported that Sim-swap scam reports to Action Fraud doubled year-on-year, and new Cifas figures show unauthorised Sim swaps rose 1,055% between 2023 and 2024.