Money news: page 36
- November 2023
Energy Price Cap to rise to £1,928 in January 2024
Ofgem's energy price cap will rise to £1,928 for a typical household in January 2024, up from £1,834, adding to winter bills for consumers across Great Britain.
November 2023 Autumn Statement reforms the Work Capability Assessment
The November 2023 Autumn Statement reformed the Work Capability Assessment, removing the mobilising descriptor and amending the substantial risk and getting about descriptors, the Office for Budget Responsibility has recorded.
Welsh council leaders commit to accredited enforcement firms only
All council leaders in Wales have committed to using only accredited enforcement firms to collect Council Tax, making Wales the first UK nation to do so, according to the Welsh Government.
- October 2023
Work Capability Assessment consultation closes on 30 October
The government consultation on changing the Work Capability Assessment closed on 30 October, with any resulting proposals able to be costed in time for November's Autumn Statement.
Government changes work rules for single parents with children aged 3 to 12
The government changed the work-related rules for single parents claiming Universal Credit whose youngest child is aged between 3 and 12, with the change taking effect on 25 October 2023.
Individual earnings threshold for main carers of children aged 3 to 12 based on 30 hours a week
From 25 October 2023 the individual earnings threshold for main carers of a child aged between 3 and 12 in Universal Credit is based on 30 hours a week rather than 35 hours.
JRF publishes briefing on an income safety net
The Joseph Rowntree Foundation has published a briefing proposing reforms to the UK social security system, including a new Essentials Guarantee, to stop people being pushed into destitution.
Ofgem publishes new customer services standards for energy suppliers
Ofgem has published new customer services standards setting out rules energy suppliers must follow when customers contact them and when supporting those struggling with bills.
Five Steps to Better Pensions Final Report published
Pensions UK has published its Five Steps to Better Pensions final report, warning that most people in the UK will retire with inadequate pension income without policy intervention.
Move to UC migration phase starts in Northern Ireland
The next phase of migration from legacy benefits to Universal Credit, known as Move to UC, began in Northern Ireland on 16 October 2023, the Department for Communities has said.
Consumer price transparency consultation closes
The Department for Business and Trade has closed its consultation on consumer price transparency and product information, setting out plans to amend the Price Marking Order 2004 and tackle drip pricing and fake reviews.
Metro Bank holds talks with PRA amid reports of £600m funding raise
Metro Bank held urgent talks with the Bank of England's Prudential Regulation Authority on 5 October 2023 as national media reported it was seeking £600m, sending its shares down 25%.
Chancellor claims halving inflation means a 5p boost to real disposable incomes
Jeremy Hunt said on 2 October 2023 that halving inflation would be a 5p boost to real disposable incomes, a claim Full Fact said holds only against a counterfactual of unchanged inflation.
Council tax in Scotland frozen until April 2025
First Minister Humza Yousaf has announced that council tax in Scotland will be frozen at current levels until April 2025, keeping rates unchanged for around 2.5 million households in 2024-25.
CPI inflation falls to 4.6 per cent in October
UK consumer price inflation fell to 4.6 per cent in October 2023, driven mainly by a reduction in the energy price cap, though core and services inflation stayed higher.
FCA acts against unclear or unfair contract terms of two BNPL firms
The Financial Conduct Authority last used its powers under the Consumer Rights Act 2015 in October 2023 against two buy now pay later firms, according to a Treasury impact assessment published in May 2025.
UK Government launches consultation on bringing BNPL into FCA regulation
The UK Government opened a six-week consultation in October 2023 on draft legislation to bring buy now pay later products inside the Financial Conduct Authority's regulatory perimeter.
Help to Repay findings published
The Money Advice Trust has published findings from October 2023 showing 6.4 million UK adults behind on energy bills, and is leading a coalition of charities calling for a temporary Help to Repay scheme.
Households in serious financial difficulty rise to 4.8 million
The number of UK households in serious financial difficulty rose from 2.8 million in October 2021 to 4.8 million in October 2023, according to a survey tracking household finances.
Move to Universal Credit migration begins in Northern Ireland
The Department for Communities began moving Tax Credit and legacy benefit claimants in Northern Ireland to Universal Credit in October 2023, a process known as Move to Universal Credit.
Ofgem introduces new lower TDCVs from October 2023
Ofgem cut the assumed typical household energy use it uses to express the price cap, lowering gas from 12,000 kWh to 11,500 kWh and electricity from 2,900 kWh to 2,700 kWh from October 2023.
PSR to consult on Draft Direction for Payment Service Providers
The Payment Systems Regulator will consult in October 2023 on a Draft Direction for payment service providers, as part of its new reimbursement requirement for authorised push payment fraud.
PSR to give final legal instruments to Pay.UK
The Payment Systems Regulator will hand final legal instruments to Pay.UK in October 2023, with a further consultation on the instrument for payment service providers, ahead of mandatory fraud reimbursement in 2024.
PSR published PS23/3 and PS23/4 setting the APP reimbursement requirement parameters
The Payment Systems Regulator has set out the detailed parameters for mandatory reimbursement of authorised push payment scam losses through Faster Payments, with the policy starting on 7 October 2024.
PSR publishes consultation on specific direction implementing APP reimbursement requirement
The Payment Systems Regulator has consulted on a specific direction for Faster Payments participants, one of three legal instruments underpinning its authorised push payment fraud reimbursement requirement.
Revised AS TM1 to come into force from 1 October 2023
Revised AS TM1 guidance from the Financial Reporting Council takes effect from 1 October 2023, requiring money purchase schemes to provide pension projections and annualised accrued values through dashboards.
Rollback of remediable service to the legacy scheme takes effect
From 1 October 2023 pensionable service built up between 1 April 2015 and 31 March 2022 is treated as always having been in the legacy scheme, under the public service pensions remedy.
Second 2023/24 Cost of Living Payment issued
The second means-tested Cost of Living Payment of £300 was paid between 31 October and 19 November 2023, the middle instalment of a £900 award for 2023/24.
Supreme Court ruling extends PPI court claim time limit
A Supreme Court ruling has changed the time limit for court claims over mis-sold payment protection insurance, moving the six-year clock to the end of the underlying credit agreement.
New tiered contribution rates proposed from 1 October 2023
The Scottish Public Pensions Agency has consulted on draft regulations that would replace the NHS Scotland pension scheme's single contribution table with two new tables from 1 October 2023.