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A number of money and benefit changes will come into effect in the coming weeks as UK households face a series of new rules from next month. People can expect to notice some differences in their energy bills, Royal Mail stamps, and more.
Most people are now aware that Labour plans to restrict Winter Fuel Payments to those on specific means-tested benefits in a bid to plug some of the £22bn black hole left by the previous government. Winter 2024 will be the first time pensioners in England and Wales will not automatically receive the payments, which were were created in 1997 to help all pensioners with their winter heating bills, with people aged 66 and over eligible for up to £600 of financial support.
The cash will be made available only to those on benefits and Pension Credit, the Chancellor said. As well as this, there are a number of other money changes people will soon notice, as reported by Birmingham Live.
Ofgem energy price cap rises – October 1
Energy bills will jump up again in October after the industry regulator announced a 10% increase in its cap on energy prices. Under the new price cap, the average annual energy bill will rise to £1,717 a year for gas and electricity, up £149 from its current level of £1,568, which has been in place since July.
The average price cap for standard credit households will go up by £161 to £1,829. This is £5 less than the same time last year, when the cap sat at £1,834 for typical usage.
New mobile roaming rules – October 1
Ofcom is introducing new protections to make sure all mobile phone customers have the information they need, when they need it. From Tuesday, October 1, network providers must notify customers when they start roaming. Providers also need to provide clear, free to access information so customers can make informed decisions about whether, and how, to use their mobile phone abroad.
Cristina Luna-Esteban, Ofcom’s director of telecoms consumer policy, said: “The last thing holidaymakers want when returning from a trip abroad is an unexpected mobile phone bill. At the moment, some customers aren’t getting clear information from their provider to help them manage their mobile use and plan their spend.
“Our new protections will mean you’re told what it’ll cost when you start roaming, so you can be confident that there won’t be any surprises when it comes to your mobile bill while on holiday”.
Stamp prices rise again – October 7
The cost of standard first-class stamps will rise by an inflation-busting 22% from Monday October 7, Royal Mail has confirmed. If you use them regularly, it could be worth buying them at their current price now, as you’ll still be able to use them after prices go up.
Nick Landon, chief commercial officer at Royal Mail, said: “We always consider price increases very carefully. However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases.
“A complex and extensive network is needed to get every letter and parcel across the country for a single price. Travelling on trucks, planes, ferries and in some cases drones before it reaches its final destination [delivered] on foot. We are proud to deliver the universal service, but the financial cost is significant.”
New fraud rules for banks – October 7
Most high street banks voluntarily give money back to customers who are tricked into sending to scammers, but from the above date these refunds will become mandatory, as announced by the Payment Systems Regulator (PSR). The watchdog has also said a cap of £85,000 would cover more than 99% of claims.
It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money.
Inflation – October 16
The latest inflation data from the Office for National Statistics (ONS) will be released on October 16, indicating how prices have changed over time. In the latest update from the ONS, inflation was revealed to have stayed unchanged at 2.2% in the 12 months to August. At its highest point, inflation reached 11.1% in October 2022.
Budget – October 30
Chancellor Rachel Reeves will deliver Labour’s first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve “difficult decisions” on tax, spending and benefits. However, her speech at the Labour Party conference was more optimistic about the future of the economy.
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