Glaswegians warned of 3 important financial changes happening this April

A lot of financial changes are happening over the next year with many of them set to come into force this month.

Changes during April, such as the change in price to stamps, comes amid the cost of living crisis which has seen bills for millions of households across the UK rise.

It’s not just households that have seen this increase with local Glasgow businesses also feeling the strain and being pulled in many directions when it comes to an increase in bills.

READ MORE: Khloe Kardashian trolled over photo as people call it ‘Glasgow scheme’ vibes

People across the UK, including Glaswegians, have been warned of changes happening this month with Senior Partnerships Manager at thimbl. Joe Lytwyn, breaking down some important financial changes coming this April that Brits should be aware of.

But what are some of these and what do you need to know? Read below to find out more.

Important financial changes happening this April

Energy Price Guarantee

The Governments Energy Price Guarantee aims to protect UK consumers from the ongoing rising energy prices by putting a limit on how much energy suppliers can charge their customers per unit of energy used up until April 2024.

Lytwyn explains: “Although this has meant that the typical household bill would cost no more than £2,500 annually since October 2022, this was expected to increase by 20% to £3,000 this April. It is important to note, however, that this figure is determined by how much energy a household uses – if you use more, you will pay more.”

“Despite this, the Government has recently announced in the Spring Budget that they will be making a U-turn on the scheduled price increase and instead keep the figures at £2,500 for a further three months.”

Benefits

Lytwyn has said that all state benefits are also set to increase in line with inflation this April at a rate of 10.1 per cent wit the Department for Work and Pensions (DWP) announcing measures to help people in line with the rising cost of living.

Lytwyn adds: “One key area that is due to experience this increase is Universal Credit.”

“Those who claim this benefit that are both under 25 and single will see their allowance rise from £265.31 to £292.11 per month, whilst couples under 25 will see this rise from £416.45 to £458.51 per month. Similarly, single persons aged 25 and over will see their Universal Credit jump from £334.91 to £368.74, meanwhile, couples over 25 will receive an increase from £525.72 to £578.82.”

“Some other benefits also due to get a boost include Carer’s Allowance, Disability Living Allowance and Maternity Allowance.”

Stamps and Postage

Lytwyn adds: “Royal Mail are set to hike up their standard stamp prices by 15% from April 3rd, as first-class stamps increase from 95p to £1.10, whilst second-class stamps increase from 68p to 75p. Large-letter stamps will also be hit by this inflation, with first-class stamps rising from £1.45 to £1.60 and second-class stamps rising from £1.05 to £1.15.”

You can read our post about the rises and how to avoid them here.

Commenting on some of the upcoming changes, Joe Lytwyn said: “The cost-of-living crisis has put money at the forefront of many Brits’ minds this year, but with prices constantly on the rise, it can be stressful trying to keep up with all of the new laws and regulations.

“Whether it’s your energy bills, your council tax or your broadband, knowing how these changes could affect you in the coming months may be important to help you stay on top of your finances.”

READ NEXT:

Costco custom cake blunder has shoppers in stitches as request taken literally

Rod Stewart celebrates Celtic win against Rangers with ‘my beloved team’ tattoo

The Glasgow cafe with queues out the door as eatery joins the Barras

Glasgow mums set for new Maternity Allowance payment rates starting this week

Family spooked but left laughing over ‘painting of their son’ found in B&B