Money news: page 35
- November 2023
House agrees Ways and Means resolutions for Finance Bill 2023-24
The House of Commons voted on the 37 Ways and Means resolutions behind the Finance Bill 2023-24 on 27 November 2023, dividing on none of them, which allowed the Bill to be introduced.
Leasehold and Freehold Reform Bill introduced to Parliament
The Leasehold and Freehold Reform Bill was introduced to Parliament on 27 November 2023, setting out measures to change lease extension, freehold purchase and service charge rules in England and Wales.
Fair By Design responds to Ofgem consultation on additional debt related costs
Fair By Design has published its response to an Ofgem consultation on additional debt related costs, calling for the removal of energy payment premiums that fall disproportionately on low-income households.
Mortgage Guarantee Scheme deadline extended to 30 June 2025
The government has extended the deadline for new 95% mortgages under its Mortgage Guarantee Scheme to 30 June 2025, updating the scheme's policy paper on 23 November 2023.
Ofgem to announce energy price cap for January to March 2024
Ofgem was due to set the energy price cap for January to March 2024 on 23 November 2023, with analysts forecasting a five per cent rise in the typical household bill.
Tax Information and Impact Note published alongside Autumn Statement 2023 NICs rate changes
A Tax Information and Impact Note covering Class 2 National Insurance contribution changes was published on 23 November 2023 alongside the wider NICs rate changes announced at Autumn Statement 2023.
Autumn Statement 2023 announces Isa rule changes from April 2024
Savers will be able to pay into more than one Isa of the same type each tax year, make partial transfers and keep dormant accounts open from April 2024 under Autumn Statement changes.
Autumn Statement 2023 raises working-age benefits by 6.7% and state pension by 8.5% for 2024-25
Chancellor Jeremy Hunt has raised working-age benefits by 6.7% and the State Pension by 8.5% for 2024-25, while tightening sanctions for claimants who do not look for work.
Chancellor announces cut in main National Insurance rates
Jeremy Hunt used the Autumn Statement on 22 November 2023 to cut the main rate of National Insurance paid by employees and the self-employed, with separate legislation following a day later.
Chancellor to deliver Autumn Statement
The Chancellor was due to deliver the Autumn Statement on Wednesday 22 November, with Ofgem's energy price cap decision the following day and forecasts pointing to higher bills from January.
Chancellor presents Autumn Statement 2023
Jeremy Hunt presented the Autumn Statement 2023 to the House of Commons on 22 November, cutting employee and self-employed National Insurance and abolishing the pensions lifetime allowance.
DWP publishes ad hoc statistics estimating families and individuals benefitting from April 2024 benefit uprating
The Department for Work and Pensions has published ad hoc statistics estimating how many families and individuals in Great Britain receive benefits due to be uprated in April 2024.
Government announces package of pension reform at Autumn Statement
The government has announced a package of pension reforms covering small pot consolidation, a lifetime provider model, Local Government Pension Scheme pooling and a cut to the authorised surplus payments charge.
Energy Bills Support Scheme has ended
The Energy Bills Support Scheme, which gave households £400 off their bills last winter, has ended, the Bevan Foundation said, as energy prices remain high and further rises are forecast.
Main regulations come into force
Regulations 8 to 15 of the Carer's Assistance (Carer Support Payment) (Scotland) Regulations 2023 came into force on 19 November 2023, setting the rules for Scotland's carer benefit.
Consumer Scotland publishes briefing on winter energy bill support options
Consumer Scotland has published a briefing on delivering household energy bill support this winter, setting out options for the Chancellor to consider at the Autumn Statement.
Committee publishes Cost of living support payments report
The Work and Pensions Committee published its first report of the session on cost of living support payments on 14 November 2023, and the Government responded on 12 January 2024.
Consultation launched on restricting ground rent for existing leases
The government has opened a consultation on capping the ground rent that residential leaseholders in England and Wales can be required to pay on existing leases, setting out five possible options.
PRA publishes DP2/23 on the FSCS general insurance limit
The Prudential Regulation Authority has asked for feedback on whether Financial Services Compensation Scheme protection for general insurance should rise from 90% to 100% and on how small business is defined.
£300 Winter Fuel Payment boost began reaching pensioners
An extra £300 was added to the Winter Fuel Payment for 2023 to 2024 and paid automatically to around eight million pensioners from 1 November 2023.
£400 energy discount (EBSS) not repeated for winter 2023/24
The £400 energy discount paid to households in monthly instalments between November 2022 and March 2023 is not set to be repeated this winter, Which? reports.
Autumn Statement 2023 announced ISA simplification changes
The government has set out ISA rule changes announced at Autumn Statement 2023, including allowing more than one ISA of the same type per tax year and widening the Innovative Finance ISA.
Autumn Statement cuts main employee NI rate by 2p
The Chancellor has cut the main rate of employee National Insurance by 2p, the first proper cut to that rate since 1985, with the change taking effect in January.
Autumn Statement extends mortgage guarantee scheme to June 2025 and cuts employee National Insurance by 2p
The Chancellor has extended the mortgage guarantee scheme to June 2025 and cut the main rate of employee National Insurance by 2p, alongside tax and spending measures worth around £17 billion a year.
Autumn Statement papers published with pensions focus
The government published a set of pensions papers alongside the Autumn Statement, covering small pots, a lifetime provider model, collective defined contribution, master trusts and trustee skills.
Carer Support Payment first introduced in Scotland
Carer Support Payment replaced Carer's Allowance in Scotland, piloted from November 2023, rolled out fully from November 2024 and with case transfer completed in Autumn 2025.
Chancellor announces exploration of one pot for life reforms
The Chancellor has announced that the Government will explore reforms to let people choose their own pension scheme for automatic enrolment, and a call for evidence on a "pension pot for life" has opened.
Cold Weather Payment scheme opens for winter 2023-24
The Cold Weather Payment scheme has opened for winter 2023-24, running from 1 November 2023 to 31 March 2024 and paying £25 for each seven-day period of cold weather.
DWP confirms multiple default consolidator plans
The Department for Work and Pensions has confirmed it will proceed with a multiple default consolidator model, under which small inactive workplace pensions are transferred automatically to an authorised consolidator.
DWP consultation on WCA reforms launched ahead of Autumn Statement
The High Court has ruled that the DWP's 2023 consultation on Work Capability Assessment reforms was unlawful, finding it misleading, rushed and unfair, and that cost savings were a primary rationale.