All money changes still to come in 2023 – from interest rates to energy bills
While inflation rates may have fallen slightly in recent months prices on essentials remain stubbornly high – and with the current energy price cap due to end in July many will be worried about their electricity and gas bills going up even more.
With that in mind, many will want to keep tabs on the latest changes in benefits, interest rates and bills which may affect us all between now and the end of the year.
What money changes can we expect between now and the end of 2023?
June 2023
Potential interest rate rise
The Bank of England’s Monetary Policy Committee (MPC) will meet in June – which could result in another rise in the base interest rate, following the most recent rise in May which saw rates go 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.
‘If it looks like higher inflation is going to be more persistent, then we may need to increase interest rates further to make sure it comes back down.’
Due date: June 22
Energy Price Cap increases
The Energy Price Guarantee (EPG) was extended for an additional three months to the end of June 2023.
While the Ofgem Energy Price Cap level is £3,280, the EPG meant that a typical-use household bill was reduced to around £2,500 annually. However, from July this will rise to £3,000 per year.
Due date: July 1
Deadline to use stamps without barcodes
Royal Mail’s new barcoded stamps will replace older stamps from July – you’ve got until the end of the month to use any old ones.
Due date: July 31
August 2023
Second potential interest rate revaluation
Due date: August 3
Ofgem Energy Price Cap announcement
Ofgem will be making an announcement about their new Energy Price Cap – which is due to take effect from October.
According to the House of Commons Library, the latest price cap forecasts suggest it will drop well below the EPG level in the second half of the year.
Due date: End of August
September 2023
Third potential interest rate revaluation
The Bank Of England’s Monetary Policy Committee will meet again in September – and once again this could lead to a rise in interest rates, depending on the economic situation.
Due date: September 21
October 2023
Energy price cap rises
The new energy price cap, which Ofgem are due to confirm in August, will come into effect.
The Energy Price Guarantee will ensure that bills are kept at around £3,000 per year for the average household – although current forecasts suggest the price cap could drop below that level in the latter half of the year, potentially meaning lower bills for millions.
Due date: October 1
November 2023
Start of energy help schemes
Those who need help with their energy bills will be able to claim the Warm Home Discount, if you receive the Guarantee Credit element of Pension Credit or you are on a low income and have high energy costs
You’ll also be able to claim Winter Fuel Payments of up to £300 depending on your circumstances, as well as the Pensioner Cost of Living payment if you are eligible – which could give you up to £600 towards your bills.
Find out if you are eligible for this at gov.uk.
Finally, Cold Weather Payments also kick in in November, giving those on certain benefits £25 for each seven-day period of very cold weather between November 1 and March 31.
Again, check gov.uk to see whether you meet the criteria for this.
Due date: November 1
Fourth potential interest rate revaluation
The Bank Of England’s Monetary Policy Committee will meet again in November to assess the current interest rate – which could once again lead to a rise.
Due date: November 2
Ofgem Energy Price Cap announcement
Another announcement on the energy price cap will be forthcoming from Ofcom, which will kick in from January 1 2024.
Due date: late November
December 2023
Fifth potential interest rate revaluation
The Bank of England’s Monetary Policy Committee will have their final meeting of the year to assess the current interest rate.
Due date: December 14
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