Money news: page 33
- March 2024
Government consults on raising standards in the tax advice market
The Government has opened a consultation on raising standards in the tax advice market, setting out three possible models for regulating advisers in a sector where anyone can currently practise without qualifications.
Government published draft rules on account termination notice
The government has published draft rules that would require banks to give 90 days' notice before closing an account and to explain the reason, with the rules intended to be in force by the end of 2024.
HICBC threshold raised and taper halved at 2024 Spring Budget
The 2024 Spring Budget raised the High Income Child Benefit Charge threshold from £50,000 to £60,000 and halved the taper, so entitlement is now fully withdrawn at £80,000 a year.
Ofgem publishes Call for Input on affordability and debt in the domestic energy market
Ofgem published a Call for Input on affordability and debt in the domestic energy market in March, as energy debt and arrears in Great Britain reached a record high above £3bn.
Private rental inflation peaked at 9.1%
Private rental inflation peaked at 9.1% in March 2024 and averaged 8.7% across the year, the Joseph Rowntree Foundation has said, with rents up nearly 8% since the last general election.
UK redundancy rate hits highest level since 2021
The UK redundancy rate rose to 4.6 per thousand people in the three months to January 2024, the highest since 2021, with around 133,000 redundancies over the period.
UK regulators publish joint debt collection statement
The FCA, Ofgem, Ofwat and Ofcom published a joint debt collection statement in March 2024 setting out four outcomes they expect firms to deliver, as energy debt in Great Britain reached a record level.
Scam text reports to 7726 lead to removal of more than 60,000 malicious websites
Increased reporting of scam texts to the 7726 service led to more than 60,000 malicious websites being removed in March 2024, according to figures shared by Action Fraud.
Scottish tenant protection measures expired
Scotland's temporary rent cap and eviction moratorium, introduced in 2022 under the Cost of Living (Tenant Protection) (Scotland) Act, ended on 31 March 2024, with rent adjudication modified for one year afterwards.
Universal Credit surplus earnings threshold extension ends
The £2,500 surplus earnings threshold in Universal Credit, above which excess earnings can be carried into a later assessment period, was extended until March 2024, after which the higher limit lapses.
- February 2024
Resolution Foundation publishes briefing note on household debt in the cost of living crisis
The Resolution Foundation finds consumer debt at its lowest share of household income since 1999, while arrears on gas and electricity bills reach their highest level since 2012.
NAO reports on progress in implementing Universal Credit
The National Audit Office says the Department for Work and Pensions is on track to move most legacy benefit claimants to Universal Credit by the end of 2024, but has extended the timetable and raised costs.
Amendment regulations widen Best Start Foods eligibility
Amendment regulations in force from 26 February 2024 removed income thresholds from some qualifying benefits for Best Start Foods and added Working Tax Credit as a qualifying benefit in its own right.
Best Start Foods amendment regulations come into force in Scotland
Scottish regulations amending Best Start Foods came into force on 26 February 2024, setting the basic weekly rate at £4.95 and widening eligibility to partners, dependants and children under three.
Best Start Foods eligibility changes come into force
Best Start Foods eligibility rules change on 26 February 2024, removing income limits, extending help to younger parents and altering how applications and payments are handled in Scotland.
Ofgem announces lasting solution to eliminate prepayment meter premium
Ofgem has announced a lasting solution to remove the extra cost of paying for energy by prepayment meter, while a premium for customers who pay on receipt of bill remains.
Finance Bill 2023-24 receives Royal Assent
The Finance Bill 2023-24 received Royal Assent on 22 February 2024, becoming the Finance Act 2024 and enacting tax measures announced in the Autumn Statement.
ERC research shows retirement confidence falling sharply
An Equity Release Council survey of 5,000 people found 46% are not confident about their future finances, up from 35% in 2021, with the sharpest fall among retirees aged 65 to 74.
PLSA raises required retirement income figures
The Pensions and Lifetime Savings Association has raised its estimate of the income a single person needs for a moderate retirement by £8,000 to £31,300 a year, as cost of living pressures and family support push up required spending.
DWP confirms changes to CMS enforcement sanctions
The Department for Work and Pensions has confirmed that the Child Maintenance Service will be able to impose enforcement sanctions directly, without applying to the courts, and will scrap its £20 application fee.
Labour's Financial Services Plan pledges national financial inclusion strategy
Labour's Financial Services Plan pledged a national financial inclusion strategy to address financial exclusion, a commitment welcomed by the anti-poverty charity Fair By Design in a statement dated 11 February 2024.
Supreme Court refuses permission to appeal in AT case
The Supreme Court refused the Secretary of State permission to appeal the AT Court of Appeal judgment on 7 February 2024, making the decision final for Housing Benefit and Universal Credit claims by EU nationals with pre-settled status.
Finance Bill 2023-24 passes third reading
The Finance Bill 2023-24, which carries the National Insurance cuts and the abolition of the pensions lifetime allowance, passed its Commons third reading by 283 votes to 39 on 5 February 2024.
Charities say an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter
Age UK analysis published by a charity coalition estimates an energy social tariff would have lifted 2.2 million households out of fuel poverty this winter, a reduction of around 65%.
Best Start Foods income limit removed
The income limit for Best Start Foods was removed in February 2024, widening eligibility for the Scottish benefit that helps with the cost of healthy food during pregnancy and early childhood.
Cost of living schemes discontinued in FYE 2024
The Energy Support Scheme, Council Tax rebate schemes in Great Britain and the Alternative Fuel Payment ended in the financial year ending 2024, while three Cost of Living Payments continued, official figures show.
Final £299 cost of living payment sent to means-tested benefits claimants
The final £299 cost of living payment was sent to around eight million means-tested benefits claimants between 6 and 22 February 2024, completing a £900 package.
Final cost of living payments made in February 2024
The last cost of living payments were made in February 2024, the Joseph Rowntree Foundation reports, with no further support announced and benefit rates rising 6.7% in April.
Improved private rental and second-hand cars indices introduced into the HCIs
The Office for National Statistics introduced improved private rental and second-hand cars indices into the Household Costs Indices in February 2024, alongside a correction to earlier CPI comparisons.
Third £299 Cost of Living payment paid in February 2024
The third instalment of the 2023/24 Cost of Living Payment, worth £299, was paid to most eligible households between 6 and 22 February 2024, completing a £900 total for the year.