Sunday, 3 Mar 2024

Summer 2023 finances: Six money changes coming in June, July and August

From high inflation to interest rate changes, the UK’s economic situation has been in a state of flux for some time now.

The cost of living crisis has proved very difficult for numerous households, with many struggling with high energy bills and the cost of food and other essentials.

As such, it’s essential to keep up to date with any and all financial changes on the horizon.

So far this year, we’ve already seen interest rate rises, the start of the next tax year, and other significant financial changes.

More are due to happen in the coming months, and while some will be more consequential than others, staying up to date is essential for future financial planning.  

Here is what you need to know for the coming months.

Money changes coming in June

Potential interest rate rise

Another meeting of the Bank of England’s Monetary Policy Committee (MPC) is set to take place soon, which could result in another increase in the Bank of England’s interest base rate.

The last rise saw a 0.25% increase, taking interest rates from 4.25% to 4.5%.

After the last increase, the BoE’s website stated: ‘We will continue to review how the economy is doing and whether a change in interest rates is needed every six weeks or so.

More information is available on the Royal Mail website.

Due dateJuly 31

Self-employment second payment on accounts deadline

If you’re self-employed and making advanced payments towards your tax bill, the second of two deadlines will be due in July.

You will usually be making these payments if your last tax bill was more than £1,000.

HMRC also state: ‘If you still have tax to pay after you’ve made your payments on account, you must make a ‘balancing payment’ by midnight on 31 January next year.’

Due date: July 31

Money changes coming in August

Second potential interest rate revaluation

The next meeting of the Bank of England’s Monetary Policy Committee after the June meeting is scheduled to take place in early August.

This could see another interest rate rise, depending on the economic situation at the time.

Due date: August 3

Ofgem Energy Price Cap announcement

Ofgem will be making an announcement about their new Energy Price Cap, which will take effect from October.

According to the House of Commons Library, the latest price cap forecasts show it falling well below the EPG level in the second half of 2023. 

Due date: End of August

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