Money news: page 42
- April 2023
Northern Ireland Managed Migration Trial commences
Northern Ireland began inviting people on legacy benefits to claim Universal Credit in April 2023 under a Managed Migration Trial, with Tax Credit claimants among the first to receive notices.
SMI qualifying period cut to three months and zero earnings rule removed
From April 2023 the Support for Mortgage Interest qualifying period for Universal Credit claimants fell from nine months to three, and working claimants became eligible for the first time.
- March 2023
Energy Price Guarantee scaled back from April 2023
The Energy Price Guarantee is being scaled back from April 2023, capping typical household energy bills at £3,000 rather than £2,500, alongside a package of Cost of Living Payments.
Government announces delay to State Pension Age increase
The government has delayed the increase in State Pension Age, prompting the International Longevity Centre to warn that the decision leaves future governments facing difficult choices on tax or spending.
Government announces Great British Insulation Scheme extending grants to council tax bands A-D
The government has announced the Great British Insulation Scheme, extending insulation grants to households in council tax bands A to D and adding 300,000 homes to the eligible pool.
£301 Cost of Living Payment eligibility and payment dates published
The government has published the qualifying dates and payment dates for the £301 Cost of Living Payment for people receiving low income benefits, with most payments due between 25 April and 17 May 2023.
FOS responds to HM Treasury consultation on reforming the Consumer Credit Act 1974
The Financial Ombudsman Service has told HM Treasury it broadly backs its five principles for reforming the Consumer Credit Act 1974, but wants an "effective" principle added and protections for green finance kept.
Which? reports Ofcom findings that nine in 10 people have encountered online scams
Which? has reported Ofcom research showing nine in 10 adult internet users have encountered online scams, and called for stronger consumer protections in the Online Safety Bill.
Budget announces childcare expansion, pension tax changes and higher benefits conditionality
The March 2023 Budget expanded free childcare, abolished the lifetime limit on tax-free pension savings and raised benefits conditionality, requiring 800,000 more people to work.
Chancellor announces first Budget with Energy Price Guarantee extension and childcare reforms
Jeremy Hunt's first Budget extends the Energy Price Guarantee to the end of June, restructures Universal Credit childcare payments and scraps Work Capability Assessments.
Government freezes pension commencement lump sum limit at £268,275 and removes Lifetime Allowance charge
The Government has removed the Lifetime Allowance tax charge and frozen the pension commencement lump sum limit at £268,275 across all pension arrangements, effective from 6 April 2023.
Health and Disability White Paper published alongside Budget
The Health and Disability White Paper, published with the Spring Budget on 15 March 2023, proposes abolishing the Work Capability Assessment for new Universal Credit claims by disabled people.
Spring Budget 2023 announced
The Chancellor's Spring Budget 2023 set out measures under four priorities, Employment, Education, Enterprise and Everywhere, including changes to childcare support, Universal Credit conditions and the Energy Price Guarantee.
Spring Budget announces £4bn free childcare expansion and upfront UC childcare payments
The Spring Budget of 15 March 2023 set out a £4bn expansion of free childcare, upfront payment of childcare costs for benefit claimants and tougher Universal Credit sanctions.
Consumer Scotland publishes response to Ofgem call for evidence on prepayment rules
Consumer Scotland has published its response to Ofgem's call for evidence on prepayment meter rules, citing survey data on the harms reported by households using the meters.
FCA publishes guidance for firms supporting mortgage borrowers affected by living costs
The Financial Conduct Authority published finalised guidance on 10 March 2023 setting out how firms should support existing mortgage borrowers affected by rising living costs.
Welsh Government publishes evaluation of removing imprisonment sanction for Council Tax non-payment in Wales
Welsh Government research published on 8 March 2023 finds higher Council Tax collection rates in Wales than England and Scotland after the imprisonment sanction for non-payment was removed.
Government announces Dormant Assets Scheme can support financial education and capability
The government has said it will examine whether the Dormant Assets Scheme can fund financial education and capability, alongside £76 million already allocated for affordable credit.
ISA Regulations amended for Dormant Assets Act 2022, recognised schemes, investment trusts and junior ISA manager rules
The Treasury has amended the ISA Regulations 1998 with effect from 6 April 2023, changing dormant account definitions, recognised scheme status, investment trust share rules and junior ISA manager withdrawal.
Annual CPI inflation falls to 10.1 per cent
Annual CPI inflation fell to 10.1 per cent in March 2023 from 10.4 per cent in February, a seventh consecutive month of double-digit inflation, while food inflation reached a 45-year high.
Budget sets out OBR forecast of falling living standards
The Office for Budget Responsibility's Budget forecast shows living standards falling this year and next and not returning to pre-pandemic levels until the back end of the decade, with mortgagors facing the largest income falls.
Consumer Scotland recommends continuing the pause on prepayment meter installations
Consumer Scotland has recommended that the pause on prepayment meter installations continue until Ofgem is confident that individual suppliers are complying with their licence conditions.
Debt adviser redundancies increasingly likely at Citizens Advice
A leaked Citizens Advice e-mail says a recruitment freeze has failed to deliver the savings needed, making compulsory redundancies of debt advisers increasingly likely as Money and Pensions Service funding falls.
Energy Bill Support Scheme payments ended
The Energy Bill Support Scheme, which gave households £400 off energy bills between October 2022 and March 2023, ended in March 2023, with no repeat announced in the Spring Budget.
Energy companies agree to stop force-fitting prepayment meters in vulnerable customers' homes
All energy companies have said they will stop force-fitting prepayment meters in vulnerable customers' homes, according to the government, and magistrates have temporarily stopped signing off warrant applications.
FCA expects Consumer Duty rules implemented by March 2023
The Financial Conduct Authority expects firms to have its Consumer Duty rules implemented by March 2023, after a consultation that closed in February 2022 and a policy statement due by 31 July 2022.
UK food price inflation peaks at 19.2%
Scottish Government analysis puts annual food price inflation at 19.2 per cent in March 2023, the highest rate of increase in food prices since 1977, as overall UK inflation eased to 10.1 per cent.
FPC recommends minimum resilience levels for LDI funds
The Bank of England's Financial Policy Committee has recommended that The Pensions Regulator set minimum resilience levels for the LDI funds and mandates that pension scheme trustees can invest in.
Government shelves plans to bring state pension age to 68 sooner than planned
The government has shelved plans to bring the state pension age to 68 sooner than planned, confirming the rise to 67 will go ahead between 2026 and 2028.
Help to Buy scheme closed in England
The Help to Buy equity loan scheme in England closed at the end of March 2023 after ten years, with an official evaluation later finding it supported first-time buyer sales but also pushed up prices in some areas.