UK Households: UK financial changes coming in October 2024: What you need to know

UK households will face significant financial changes starting next month. These adjustments include increased energy bills, new mobile roaming rules, and changes to Royal Mail stamp prices.
As per the BristolPost, the Winter Fuel Payments phone line will be opening soon. These payments, up to £300, will be distributed automatically to most eligible individuals, with some needing to apply.
From October, energy bills will rise due to a 10 per cent hike in the energy price cap, set by the industry regulator.The average annual energy bill will increase to £1,717, up from £1,568. Standard credit households will see their average price cap rise to £1,829.
The Warm Home Discount Scheme will reopen in October, offering £150 towards energy bills for the UK’s lowest earners.
Mobile roaming rules starting October 1 will require providers to alert customers when they begin roaming and provide clear information about costs. Cristina Luna-Esteban of Ofcom stated, “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.”
The self-assessment registration deadline is October 5 for the tax year ending April 5, 2024. Those who have registered previously need not do so again, though reminders from HMRC are expected.
Royal Mail will increase first-class stamp prices by 22 per cent, from £1.35 to £1.65, starting October 7. Royal Mail’s Nick Landon explained, “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.”
New fraud rules for banks will also be enforced from October 7. The Payment Systems Regulator will make refunds mandatory with a new compensation cap of £85,000. Rocio Concha from Which? criticized the change, saying, “The regulator has shamefully sidelined scam victims.”
The Office for National Statistics (ONS) will release the latest inflation figures on October 16. The current inflation rate is 2.2 per cent, compared to a peak of 11.1 per cent in October 2022.
Chancellor Rachel Reeves will present Labour’s first Budget on October 30. She has indicated difficult decisions on taxes and spending will be necessary.
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