Money news: page 54
- April 2022
Government announced Warm Home Discount changes for the UK
The government has announced changes to the Warm Home Discount that will extend eligibility to 750,000 more households, including people receiving housing benefit, and has opened a consultation on the scheme in Scotland.
Government responds to Warm Home Discount consultation with expanded scheme
The government has published its response to the Warm Home Discount consultation, extending the scheme, raising the rebate to £150 and lowering supplier thresholds, though disability benefit claimants are set to lose out.
National Insurance contributions increased
National Insurance contribution rates rose by 1.25 percentage points from April 2022 under the health and social care levy, adding to household costs alongside energy and council tax increases.
National Insurance rates rise and Income Tax thresholds frozen
National Insurance rates rose and Income Tax thresholds were frozen in April 2022, with the Resolution Foundation saying higher inflation makes the threshold freeze a bigger tax rise than planned.
National Insurance rise implemented between April and November 2022
Full Fact has examined Labour's claim of 25 tax rises since 2019, finding the party's list omits a National Insurance rise implemented between April and November 2022.
National Minimum Wage and National Living Wage rates rise
The National Living Wage rose to £9.50 an hour on 1 April 2022, with new statutory minimum rates for all age groups and apprentices, benefiting around 2.5 million UK workers.
Negative budgets among new StepChange clients rose to 32%
StepChange's April 2022 client data shows 32% of new debt advice clients were in a negative budget, up from 29% a year earlier, with cost of living cited by 15%.
Pension credit rates to rise from April 2022
Pension Credit rates rise from April 2022, with guarantee credit up to £182.60 a week for a single person and £278.70 for a couple, as official figures show £1.7 billion went unclaimed.
Prospective remedy regulations come into force and legacy schemes close to future accrual
Regulations bringing the first phase of the 2015 public service pension remedy into force took effect on 1 April 2022, moving all active members to reformed schemes and closing legacy schemes to future accrual.
Scammers target households with fake £150 council tax energy rebate calls
The Local Government Association has warned that cold calls, texts and emails offering a £150 council tax energy rebate are scams seeking bank details from households.
Scottish low income benefits uprated by 6% in April 2022
Scottish low income benefits rose by 6% in April 2022 while most reserved benefits rose by 3.1%, a gap the Scottish government later cited in its analysis of the cost of living crisis.
Senedd sets Welsh rates at 10% for 2022-23
The Senedd set the Welsh rates of income tax at 10% across all bands for 2022-23, leaving total rates paid by Welsh taxpayers matching UK rates at 20%, 40% and 45%.
Social rents set to rise by up to 4.1 per cent, the largest rise in a decade
Social rents in England can rise by up to 4.1 per cent from April 2022 under the CPI plus 1 percentage point cap, the largest increase in a decade, adding £202 a year for the average social renter family.
Third instance of undelivered statutory communications identified and reported
The Pensions Regulator has reported that NOW: Pensions identified a third failure to deliver statutory member communications in April 2022, with 30,919 communications unsent, and that both operating entities were later fined.
Triple lock temporarily suspended for 2022/23
The triple lock on the State Pension was suspended for 2022/23, the only year it has not applied since it began in 2011/12, after volatile earnings growth following the coronavirus pandemic.
Universal Credit and benefits due to rise by 3.1% in April
Benefits including Universal Credit are due to rise by 3.1 per cent in April 2022, a figure the charity Gingerbread says should be 6 per cent to match projected inflation.
Warm Homes Discount extended and Energy Company Obligation funding confirmed
The government has extended the Warm Homes Discount to 2025/2026 and confirmed £1 billion a year for the Energy Company Obligation until 2026, alongside energy bill support worth over £9.1 billion.
- March 2022
All active teachers now in career average scheme
The Teachers' Pension Scheme final salary section closed to new contributions on 31 March 2022, so from 1 April 2022 all active teachers build up pension in the career average scheme.
English councils' Household Support Fund schemes close
English councils' Household Support Fund schemes closed on 31 March 2022, the same day the fund was reported to have been extended in England to March 2023.
Transitional protection for free school meals in England ended
Transitional protection that kept free school meals for some pupils in England after their households stopped qualifying has ended, with eligibility now based on receiving an eligible benefit.
Remaining universal credit provisions brought into force
The remaining provisions of the Welfare Reform Act 2012 and the equivalent Northern Ireland Order were brought into force on 30 March 2022, completing the statutory framework for universal credit.
Spring Statement 2022 announces National Insurance threshold rise, Fuel Duty cut and Household Support Fund increase
The Chancellor raised the National Insurance threshold to £12,570 from July, cut Fuel Duty by 5p and added £500 million to the Household Support Fund in the Spring Statement.
NIESR publishes February 2022 inflation analysis showing underlying inflation above 5 per cent
NIESR reports UK headline consumer price inflation of 6.2 per cent for February 2022 and underlying inflation of 5.1 per cent, and forecasts inflation will average 7 per cent over 2022.
Disability Assistance for Working Age People (Scotland) Regulations 2022 come into force
Regulations establishing Adult Disability Payment for working age people in Scotland came into force on 21 March 2022, setting out eligibility rules, components and rates for the devolved benefit.
Right to claim PIP extinguished for most people in Scotland as adult disability payment launches
From 21 March 2022 most people in Scotland aged 16 or over who can apply for adult disability payment can no longer claim personal independence payment, under regulations phasing the change in by area.
NAO publishes investigation into BSPS pension transfer advice and redress
The National Audit Office published a value for money investigation into the British Steel Pension Scheme on 18 March 2022, finding that 47% of the advice given to transferring members was unsuitable.
Quinquennial Review of the Fund (2020) published
The Government Actuary's Department has confirmed that the most recent long-term review of the National Insurance Fund, published on 17 March 2022, projected the Fund would be exhausted by 2085.
Consultation on draft Pensions Dashboards Regulations 2022 closes
The Department for Work and Pensions consultation on the draft Pensions Dashboards Regulations 2022 closed at 11:45pm on 13 March 2022, after running from 31 January 2022.
Report projects worst parliament on record for income growth
The Resolution Foundation projects that 2019-20 to 2024-25 will be the worst parliament on record for income growth, with the median falling 2 per cent as inflation outpaces pay and benefits.
DWP report shows £1.7 billion of pension credit went unclaimed in 2019/20
Department for Work and Pensions figures show £1.7 billion of pension credit went unclaimed in 2019/20, with as many as 850,000 families missing out on the benefit.