Financial matters

[SteveH]

Three stories this morning that could affect our finances ...............

Property ?extension tax? a possibility in Wales as council taxes undergo biggest shake-up in 20 years
The Welsh Government may also change the 25% council tax discount received by some people who live alone in Wales

Some 58,000 households in Wales could be moved into different council tax bands because they have improved or altered their properties. Plans being considered by the Welsh Government may also see changes to the 25% council tax discount received by some of the half-a-million people who live alone in Wales.

The proposals, part of a shake-up of the council tax system in Wales, include a revaluation of all 1.5 million properties in Wales to ensure valuations are up-to-date and people are paying the right amounts. This would enable different property price bands to be created ? with new tax rates for each band.

Read more https://www.dailypost.co.uk/news/north-wales-news/property-extension-tax-possibility-wales-24934259?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


Dinner after 8pm and don't put on the washing 'to avoid winter blackouts'
Expert believes energy rationing may have to return this winter to avoid the lights going out

Read more https://www.dailypost.co.uk/news/north-wales-news/dinner-after-8pm-dont-put-24929908?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589


Martin Lewis says households still have to pay even if they don't use energy
Regardless of how much you use, people still have to pay a standing charge for gas and electricity

Read more https://www.dailypost.co.uk/news/north-wales-news/martin-lewis-says-households-still-24939620?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[SteveH]

Royal Mail has announced that stamps bearing the image of the Queen will remain valid.

The news comes following the tragic death of Queen Elizabeth II who died on Thursday, September 8. Special stamps already announced will still be issued, although there may be some changes to when they are launched.

A Royal Mail statement said: ?Following the passing of HM Queen Elizabeth II, Royal Mail has confirmed that stamps bearing the image of Her Majesty Queen Elizabeth II remain valid for use. These include definitive stamps ? regular ?everyday? stamps ? and special stamps.

[SteveH]

Anyone still using paper ?20 and ?50 noted have just over three weeks until they will no longer be able to purchase good with their money.

The Bank of England says the banknotes will only be in circulation for a further 24 days

September 30 is the last day that the Bank?s paper ?20 and ?50 banknotes will have legal tender status.

It is encouraging anyone who still has them to use them or deposit them at their bank or a Post Office before the end of September.

https://www.northwalespioneer.co.uk/news/21322693.bank-englands-september-warning-anyone-uses-20-50-notes/

[SteveH]

Which countries are doing the most to tackle energy bills?
Energy bills have been rising for households across Europe in recent months. The price increases are being driven by rising energy demands and worries about gas and oil supplies in the wake of Russia's invasion of Ukraine.

Individual countries, and the European Union (EU), have announced support - worth many billions of pounds - to help people struggling to meet their energy costs.

Here's what they're doing:   https://www.bbc.co.uk/news/61522123


2nd story
Prices are shooting up and millions of people are starting to feel the effects.
The new prime minister has announced some help with energy bills, capping a typical household bill at ?2,500, but many will still be watching their wallets as we head into autumn.

Here are some of the key dates and events in the coming weeks that are almost certain to mean more belt-tightening.

cont https://www.bbc.co.uk/news/business-62568027

[SteveH]

BBC live report on Mini Budget..At a glance: What's in the mini-budget? https://www.bbc.co.uk/news/business-62920969

Posted at 10:3010:30
What has been announced?
- The basic rate of income tax will be cut by 1p to 19p from April 2023

- The 45p tax rate for top earners over ?150,000 will be abolished, also from April next year

- The level at which house-buyers begin to pay stamp duty is doubled from ?125,000 to ?250,000

- First-time buyers will pay no stamp duty on homes worth ?450,000, up from ?300,000

- Planned rise on corporation tax from 19% to 25% is scrapped

- A 1.25% rise in National Insurance to be reversed from 6 Novemnber

- Cap on bankers' bonuses, which limited rewards to twice the salary level, is axed

- Cost of subsidising both domestic and business energy bills will cost ?60bn for the next six months

-Strike action: unions will be required to put offers to members during pay talks

- UK to introduce sales tax-free shopping for overseas visitors

Live report  https://www.bbc.co.uk/news/live/uk-politics-62994747

[Helig]

A typical Tory budget. They talk of Levelling Up, do they mean making the rich even richer? That will be the outcome of this budget. As Nye Bevan said the Tories are, "lower than vermin". That is an insult to vermin.

[SteveH]

We older post war folk, did not need a tough talk, we were grateful for what we got, and realised it was not possible to have more, which is why we worked hard to get what we wanted.    signed Victor Meldrew ! !

Mini-budget: Parents facing tough talks with children over bills    {Not a particular good example}

cont https://www.bbc.co.uk/news/uk-wales-62996411

[SteveH]

The pound has fallen to a record low against the dollar as markets react to the UK's biggest tax cuts in 50 years.

If the pound stays at this low level against the dollar, imports of commodities priced in dollars, including oil and gas, will be more costly.

Other goods from the US could also be considerably more expensive and British tourists visiting America will find that their holiday money does not go as far as before sterling's slide.

There are also concerns that the tax cuts and a surge in government borrowing will stoke high inflation and force the Bank of England to raise interest rates even further. This would raise monthly mortgage costs for millions of homeowners.

cont https://www.bbc.co.uk/news/business-63030208

[Helig]

I watched Sky News this morning and they were talking of another rise in interest rates TODAY. The farce they called a "fiscal event" is inflationary and will cause interest rates to go higher still. I dread to think what the outcome of the enormous levels of government borrowing will be. I do wonder if they are going to create one dreadful mess and rely on Labour getting in next time to sort it all out.

[Ian]

Classic 'poisoning the well' tactic.

[SteveH]

Welsh Government's options for income tax and 'stamp duty' in Wales after 'mini-Budget'
Ministers in Wales have control over the tax on house purchases and some powers over income tax rates

Finance minister Rebecca Evans held meetings over the weekend to discuss how the Welsh Government will respond. She will issue a statement to the Senedd on Tuesday to update what is happening here.

cont https://www.dailypost.co.uk/news/north-wales-news/welsh-governments-options-income-tax-25106550

[SteveH]

Tax on buying homes in Wales has changed - with some paying less and others more
The threshold for paying Land Transaction Tax is being increased from ?180,000

cont https://www.dailypost.co.uk/news/north-wales-news/tax-buying-homes-wales-changes-25118852

[SteveH]

Households urged to take energy meter readings ahead of October 1 price rise
Bills set to soar from next month and consumers are preparing to cut down usage in order to save money

This will prevent firms from estimating usage and charging for energy used before October 1, but at the higher rate. The average household energy bill will rise from ?1,971 to a frozen ?2,500 under the energy price guarantee announced by Prime Minister Liz Truss earlier this month.

cont https://www.walesonline.co.uk/news/uk-news/households-urged-take-energy-meter-25132505?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[SteveH]

I am confused, I thought the maximum anybody would pay is 2,500 pounds, this article is saying you could pay 3,300 pounds, would be grateful for an explanation, please anyone know whats going on ?

Cost of living: Energy bills set to rise but help cushions blow

Energy prices will rise for millions of households on Saturday, but the increase has been cushioned by a government cap on the cost per unit.

It stepped in after an 80% increase in domestic gas and electricity bills was earmarked for the first half of winter.

A typical annual bill will go up from 1,971 to 2,500 but will be further mitigated by cost-of-living payments.

But prices will still be twice as high as last winter, and charities say that will leave many struggling.

The squeeze will be particularly acute for those on prepayment meters, who pay for energy as they use it, and so have largely been unable to smooth out increased bills over the year.

"The most vulnerable, including children, will be cold and hungry as energy prices spiral, despite government support," said Adam Scorer, from charity National Energy Action.

People paying by direct debit tend to build up credit during the warmer, lighter summer months which then funds some of their extra use during the winter.

cont https://www.bbc.co.uk/news/business-63073978

[Hugo]

The price of energy goes up from the 1st October 2022 so I'll take a meter reading and a photo of the reading later this evening.    I'm going to make sure that the units I've used are calculated and paid at the lower rate and not at the new rate