Financial matters

[SteveH]

DWP may get powers to check your bank and track benefits spending
In an effort to curb fraud, DWP agents may also get search, seizure and arrest powers

Agents would be granted powers of search and seizure, meaning they would be allowed to enter your home and seize your phones and laptops. They could gather information on how you spend your cash, and they may also ask banks and other agencies to share details about you with the Department of Work and Pensions (DWP), reports WalesOnline.

The DWP said the majority of people thought the powers were acceptable, except for the gathering of information on where claimants spend their cash. They would allow agents to take action without a criminal investigation beginning ? so they would be able to check your spending habits simply because they suspect fraud.

cont https://www.inyourarea.co.uk/news/dwp-may-get-powers-to-check-your-bank-and-track-benefits-spending/

[Helig]

I trust that HMRC will be able to obtain similar powers with regard to tax fraud? This costs the country far more than benefit fraud but the Tory government doesn't want to give HMRC enough staff to crack down on that.

[Hugo]

If the DWP is checking up on how claimants are spending their benefits then it could be that the claimants are being pid too much in the first place
The money is there for a purpose to help with a persons needs and not to be spent on non essential things like manicures, hair extensions or other cosmetic treatment.     If you see some of the younger people on TV that go to foodbanks you will see where the benefit money has gone.

With regard to your point on HMRC,   you are spot on with your comments.    I just wish that they would abolish all these loopholes with tax avoidance,  I'd like to see Boris' tax return too,  he's lied to the British Parliament and to the British public but would he lie to HMRC too?       That's the only way that the US got Al Capone put in prison

[Helig]

I wouldn't trust Boris as far as I could throw him.

There has never been any genuine approach to tackling tax avoidance. I started in what was the Inland Revenue in 1974. There was talk of doing something about offshore companies and other tax avoidance/evasion. The system still allows people to avoid (and evade) tax by using offshore companies now. There is a black list of countries which are allowing this and money laundering too. The non dom situation has never been changed and there is a massive tax loss due to this. People are allowed to choose their country of domicile and this is rarely challenged. It can result in them no paying any tax in the UK.

[SteveH]

Married couples are being urged to check they are not missing out on up to ?252 a year.

HM Revenues and Customs (HMRC) is encouraging anyone in a marriage or civil partnership to spend 30 seconds to see if they can claim Marriage Allowance.

Marriage Allowance saves couples money by allowing the lower or non-earner to reduce the amount of tax their partner pays.

Most people have a Personal Allowance, normally ?12,570 ? the amount of income they do not have to pay tax on.

cont https://www.northwalespioneer.co.uk/news/23909455.hmrc-marriage-allowance---eligible-252-boost/

[SteveH]

Martin Lewis shares car and home insurance trick that slashes cost of new quotes

Martin Lewis has shared a surprising car insurance hack which could save you hundreds of pounds. It is all to do with when you check for quotes.

cont https://www.dailypost.co.uk/news/north-wales-news/martin-lewis-shares-car-home-28076734?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[SteveH]

The UK economy failed to grow between July and September, figures show, after a succession of interest rate rises.

The chancellor said higher rates were hitting growth, but added that the economy had performed better than expected this year.

Forecasters suggest the economy is set to be stagnant for several months yet.

Last week, the Bank of England said the UK was likely to see zero growth until 2025, although it is expected to avoid a recession.

Up until September, the Bank of England had raised interest rates 14 times in a row to try to tame soaring price rises.

However, while raising rates can reduce inflation - the pace at which prices rise - it also affects economic growth by making it more expensive for consumers and businesses to borrow money.

cont https://www.bbc.co.uk/news/business-67370315

[SteveH]

Your water bill may fall as failing firms are forced to pay ?70m back to customers
Anna Wise explains how companies that have failed to meet targets must lower their bills

Most water firms must pay their customers a net total of ?70m via lower bills after failing to meet their performance targets, industry regulator Ofwat has confirmed. Ofwat has outlined the amount customers will see slashed from their bills between 2024 and 2025 via fines issued to underperforming suppliers.

Ofwat discovered that most firms had failed to meet key targets covering pollution, leakages and supply interruptions. The regulator assesses the performance of water suppliers across England and Wales each year against the 'stretching' targets it set in 2019 for five years until 2025.

cont https://www.inyourarea.co.uk/news/your-water-bill-may-fall-as-failing-firms-are-forced-to-pay-70m-back-to-customers/

[Hugo]

The North Wales winners and losers from council tax reform mapped
The Welsh Government is planning an overhaul of the current system for the first time in almost 20 years


I remember Wales getting a revaluation all those years ago and my house was rebanded upwards and I appealed against it and after some words with the HMRC Valuation officer I won the appeal and my Tax Banding was put back to what it was,
That was a long time ago when Wales revalued the property but why do it again when England as far as I am aware has never had the housing market revalued.
They certainly won't do it this year especially as the General Election is nearing




https://www.dailypost.co.uk/news/north-wales-news/north-wales-winners-losers-council-28116184

[SteveH]

Ofgem to look at energy standing charges as bills continue to rise
Households currently pay a daily charge of around 83p a day - no matter how much energy they use

Ofgem is to consider alternatives to energy standing charges amid predictions that household bills will keep rising until the middle of next year. The regulator said it was the ?right time? to look at standing charges again as wider cost of living pressures left customers continuing to struggle with bills.

Every household pays the same daily standing charge no matter how much energy they use, around 83p since the start of October. This has risen from 74p a year ago. This means that a small household and a big household both have to pay about ?303 per year, up by about ?33 on a year ago.

cont https://www.dailypost.co.uk/news/cost-of-living/ofgem-look-energy-standing-charges-28117590?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[SteveH]

How to dodge Christmas delivery disasters and what to do if it happens to you
Consumer rights expert Martyn James chats about delivery nightmares and how to protect yourself if your gifts go astray

Ever lost a parcel in transit? Had one arrive late? Got nowhere when you went to complain? Consumer champ Martyn James feels your pain - and frustration. With millions more parcels zipping their way around the UK due to Christmas, getting things delivered can make us nervous.

Citizens Advice is due to announce the results of its annual parcel delivery firm league table in the coming weeks. Last year, not one single delivery company scored higher than three out of five stars. According to the Mirror, half of all people who reported a problem with a delivery experienced further difficulties when trying to sort things out. Blimey!

So we asked Martyn to unwrap the the reasons behind the chaos and shine a light on what your rights are if it happens to you.

cont https://www.inyourarea.co.uk/news/how-to-dodge-christmas-delivery-disasters-and-what-to-do-if-it-happens-to-you/

[SteveH]

Why the change of message on Autumn Statement tax cuts?

It looks like the Autumn Statement will now include at least one crowd-pleasing personal tax cut - so why the change of message and which tax could be cut?

When I spoke to Jeremy Hunt 10 days ago, just after it was confirmed that the UK economy was not growing, I suggested to him that personal tax cuts might help.

He said there were "no shortcuts" and clearly signalled that his focus was on growth-enhancing business tax cuts.

He'd previously declared personal tax cuts "virtually impossible".

A week on, I spoke to the chancellor again, at a hydrogen energy facility in Sheffield. The caution on such cuts had gone. And the prime minster has now suggested the time has come to cut tax.

For Rishi Sunak, last Wednesday's drop in inflation was a clear turning point in Britain's recent economic story.

During his time as chancellor and as prime minister - most of the past four years - the UK and most of the world have been hit by an unprecedented series of geopolitical crises that have led to big spending and rolling inflationary shocks.

cont https://www.bbc.co.uk/news/business-67473404

[SteveH]

What the autumn statement means for your finances
Chancellor Jeremy Hunt delivered his autumn statement aimed at boosting the economy

There were significant changes announced for pensioners, workers and people on benefits.

cont https://www.dailypost.co.uk/news/north-wales-news/what-autumn-statement-means-your-28155813


Energy price cap will rise in January adding pressure on households
Household energy prices will rise in January putting more financial pressure on billpayers at the coldest time of year.

Energy regulator Ofgem said the typical annual household bill would go up from ?1,834 to ?1,928, a rise of ?94 or 5%.

It said the rise in bills would be "worrying" at a difficult time for many people, but was the result of higher wholesale costs faced by suppliers.
Analysts have predicted that prices will fall back in March.

cont https://www.bbc.co.uk/news/business-67484090


The hidden tax rise in the Autumn Statement
Tax cuts were the main theme of the chancellor's Autumn Statement, but the policy decisions will not prevent taxes staying at their highest level on record.

A big part of that is due to a so-called "hidden" tax rise, one which can have a bigger impact on household incomes than others, known to economists as fiscal drag.

It sounds rather technical and dull, but it impacts millions of people.

The term describes a process in which more people are "dragged" into paying a larger amount of tax on their personal income - without tax rates going up at all.
cont https://www.bbc.co.uk/news/business-67484100

[SteveH]

Interest rates: Why there is more pain still to come

A run of 14 consecutive interest rate rises has brought worry and financial pain for mortgage holders - but it has also boosted savers' bank balances.

Millions of people in the UK are both borrowers and savers (while some are one, or neither), so the balance - or imbalance - between the two is important for our money.

Documents published after the chancellor's Autumn Statement on Wednesday give a fascinating insight as to which way the scales are shifting.

This year, according to the UK's official economic watchdog the Office for Budget Responsibility (OBR), the benefit of better returns on savings has outstripped the hit of higher mortgage rates. Our real household disposable income - put simply, the money we have to spend or save - has risen slightly in 2023.

Last year, everyone took a hit from rapidly rising prices. Next year, an estimated 1.6 million homeowners will see their current mortgage deal expire and so will move on to a much more expensive loan.

In short, there is more pain to come.

The OBR's view is a forecast, and it may ultimately prove to be wrong, but the OBR is the official body that marks the Treasury's homework and its predictions carry significant weight.

cont https://www.bbc.co.uk/news/business-67518829

[SteveH]

Cash use has grown for the first time in 10 years as shoppers keep a close eye on their budgets while prices rise, retailers have said.

The British Retail Consortium said 19% of purchases were made with notes and coins last year, echoing a report by banks showing a slight rebound.

The figures come as the financial regulator is set to consult on a plan to help people access cash.

Ministers say banks will be fined if money cannot be withdrawn or deposited.

Under government rules, free withdrawals and deposits will need to be available within one mile for people living in urban areas.

In rural areas, where there are concerns over "cash deserts", the maximum distance is three miles.

cont https://www.bbc.co.uk/news/business-67636571