Financial matters

[SteveH]

DWP errors mean thousands of pensioners are due ?5k payment
Aine Fox and Ben Hurst say the department has pledged to pay the cash back to every pensioner who missed out on an average of ?5,000

More than 200,000 pensioners have lost out on cash totalling ?1.3billion, with around ?8.2billion overpaid in benefits in the last financial year, according to a watchdog report. The Public Accounts Committee (PAC) said the errors were 'unacceptably high', and the DWP has pledged to pay the cash back to every pensioner who missed out on an average of ?5,000.

PAC said the extent of fraud and mistakes over benefit spending 'remains unacceptably high' and raised concerns that the DWP does not believe this would return to pre-pandemic levels until 2027 to 28. PAC chair Dame Meg Hillier accused the department of being 'asleep at the switch', with residents left short of what they are owed

cont https://www.inyourarea.co.uk/news/dwp-errors-mean-thousands-of-pensioners-will-land-5k-payments/


PS
Welcome to the British Gas Energy Trust
Struggling with the rising price of energy? Support is available no matter who your energy supplier is.

If you?re struggling with money and energy debt, you are not alone. We?re an independent charitable trust set up to support families and individuals who are struggling to pay their bills across England, Wales and Scotland.

How we help
Free resources to help make sure you?re getting the support and benefits you may be entitled to
We fund frontline advice services in local communities providing free 1-2-1 money, benefits, and energy efficiency advice
We also run a direct access energy debt programme ?  awarding grants to households that remove energy debt and fund emergency fuel credit

cont https://britishgasenergytrust.org.uk/

[SteveH]

Phone, TV and broadband customers must be told about any mid-contract price rises at the point of sale and "in pounds and pence" under new plans.

Telecoms regulator Ofcom said it was concerned contracts were not providing "sufficient certainty" to customers due to many firms including mid-contract price hikes linked to inflation.

The move comes following a review by the regulator in February.

Millions of customers have been hit by bill increases due to high inflation.

Companies often set out in contracts that monthly charges will go up in line with inflation, which is the rate overall prices are rising across the economy.

But high rates of inflation over the course of the past year have led to customers being charged much higher amounts than in previous years. Ofcom said its data suggested that as of April 2023, four in 10 broadband customers and about 36 million mobile customers were on contracts subject to inflation-linked price rises.

cont https://www.bbc.co.uk/news/business-67680327

[SteveH]

UK economy falls unexpectedly in October as higher rates bite

The UK economy shrank by more than expected in October, as higher interest rates squeezed consumers and bad weather swept the country.

The economy fell 0.3% during the month, after growth of 0.2% in September.

Household spending has been dented by rate rises as the Bank of England tries to tackle inflation. It is due to make its next rate decision on Thursday.

Meanwhile, retail and tourism were hit by severe weather in October as Storm Babet lashed the UK.

Most economists had predicted that the economy would shrink by just 0.1%, but the services, manufacturing and construction sectors all contracted.

cont https://www.bbc.co.uk/news/business-67690287

[Hugo]

Map shows where ?81m worth of unclaimed Premium Bonds prizes are
It's usual for prizes to be paid automatically, but a holder's latest contact details might have got lost

I've checked mine but unfortunately I'm not one of the 77,467 unclaimed prizes in Wales     



https://www.dailypost.co.uk/news/north-wales-news/map-shows-81m-worth-unclaimed-28282322

[SteveH]

Households face paying extra on energy bills to cover customers' bad debts under plans by the industry regulator.
Ofgem is proposing lifting the energy price cap by ?16 between April next year and March 2025.

It estimates that debt levels for energy customers has risen to ?2.9bn.

Last month, Ofgem announced it would raise the energy price cap, which limits the amount that companies can charge per unit of gas and electricity, from January.

It means the typical household will pay ?1,928 a year for gas and electricity, up from the current ?1,834 for a dual-fuel home.
cont https://www.bbc.co.uk/news/business-67725424


Russian energy giant Gazprom earned ?45m (?39m) from its gas field in the North Sea last year, accounts show.
Gazprom has been producing gas from the Sillimanite field, which is spread across UK and Dutch waters, since 2020.

Sir Ed Davey, leader of the Liberal Democrats said it was "totally unacceptable" that gas from UK territory was supporting "Putin's illegal war against Ukraine".
cont https://www.bbc.co.uk/news/business-67720198

[SteveH]

If you use the NHS, go to the library, drive on the road, enjoy a trip to the museum or just appreciate your dustbin being collected, then this budget is likely to have a big impact on the services in Wales you need or enjoy.

There is an expectation of cuts to funding in Tuesday's announcement, by Finance Minister Rebecca Evans, of the Welsh government's 2024-25 spending plans.

Ministers have already had to balance the books this year and find hundreds of millions of pounds to prop up the health service and keep the trains running.

It now says that its budget for next year is worth ?1.3bn less in real spending power than when it was set three years ago, because of the impact of inflation.

Just over 80% of the Welsh government's ?20bn budget comes from the UK government at Westminster - which Welsh ministers decide how to spend.

The rest comes from taxes, including income tax.

cont https://www.bbc.co.uk/news/uk-wales-politics-67717440

[SteveH]

Attacks on commercial ships in the Red Sea risk pushing up the price of oil and other goods, analysts have warned.

Several firms have paused shipments through the route after vessels were attacked by Houthi rebels in Yemen.

The world's second largest shipping line, Maersk, said on Tuesday that it will reroute some of its vessels around Africa's Cape of Good Hope.

The disruption has led the US to launch an international naval operation to protect ships in the Red Sea route.

Countries joining the security group include the UK, Canada, France, Bahrain, Norway and Spain.

cont https://www.bbc.co.uk/news/business-67758126

[SteveH]

Two articles this morning.................

Pubs, shops and restaurants in Wales face a rates hike after Welsh Government fails to match the support in England. The retail, hospitality and leisure (RHL) support package has been in place since the pandemic hit.

Previously, this was a 75% discount on rates bills up to a maximum of ?110,000 ? matching the same scheme in England. At the UK Government Autumn Statement last month, Chancellor Jeremy Hunt announced the 75% discount would be extended in England for another 12 months at the same level.

But from next April, the Welsh Government will reduce the discount to 40%. It will still cost the Government ?78m but less than they would have faced if fully matched.
cont https://www.dailypost.co.uk/news/north-wales-news/pubs-shops-restaurants-face-rates-28317851


BBC report
Wales budget: Pubs and shops face tax hike to prop up NHS....cont https://www.bbc.co.uk/news/uk-wales-politics-67748243

[SteveH]

Metric measurement rules to stay after Brexit review

The government has confirmed it is not planning to change the rules on selling in imperial measures after Brexit.

Ministers looked at changing laws inherited from the EU that mean traders can use Britain's traditional weighing system only alongside the metric one.

But they have now decided not to, after nearly 99% of respondents to an official consultation said they were happy with kilos and litres.

However, post-Brexit changes are on the way for wine sold in shops.

Legislation to be tabled in the new year will allow still and sparkling wine to be sold in "pint-sized" 568ml bottles for the first time.

It will also allow still wine to be sold in 200ml containers, potentially paving the way for an expansion in the canned wine market.

cont https://www.bbc.co.uk/news/uk-politics-67795075

[SteveH]

Dŵr Cymru Welsh Water customers are set to get a ?10 rebate following an investigation into the company's leakage performance. The company announced the rebate in May this year, after an internal review found leakages were higher than originally stated and consumption per head was lower.

Customers should see the re-payment credited to their account soon, with some reporting it on December's bill, reports WalesOnline. Every customer will get the payment and it will be automatically credited to each registered household/business account.

cont https://www.dailypost.co.uk/news/north-wales-news/welsh-water-begins-giving-customers-28364253

[SteveH]

Homeowners can enhance their EPC rating during the winter months: "On average, draught-proofing your home can save up to 15-20 points on your EPC."

Sealants and adhesive tapes
Reflective materials, such as sealants or adhesive tapes/strips, play a crucial role in bouncing back radiant heat, preventing its escape through walls or surfaces. Homeowners can start by sealing spaces around electrical fixtures, the loft hatch, ceiling-to-wall joints, and window frames - the key areas where heat tends to escape. "Don't forget to tape any gaps surrounding pipework that runs outdoors as this helps to keep your pipes cosy and warm, reducing the risk of them freezing,?
cont https://www.inyourarea.co.uk/news/you-need-to-sort-your-epc-out-if-youre-selling-your-home-in-2024/


PS
How will the UK economy compare to other countries in 2024?
Rising prices, stagnant incomes, and flatlining growth raising fears of recession: 2023 was tough.

But with a pre-Christmas surprise drop in inflation, will the dawning of 2024 - likely to be an all-important election year - ring in a brighter, less pressured phase?

And how does the UK experience compare to elsewhere?   
cont plus stats https://www.bbc.co.uk/news/business-66269947

[SteveH]

Mortgage lending set to fall in 2024 as arrears grow
UK Finance anticipates a decrease in lending for house purchases from ?130bn to ?120bn in 2024

Getting a mortgage is expected to become more challenging next year and more people may find it tough to manage their loan repayments, according to UK Finance. The trade association representing the UK banking and finance industry says affordability pressures are peaking due to the ongoing challenges in the mortgage market, leading to an increase in cases of arrears and repossessions.

While it will take some time for financial pressures on households to ease, the association said they foresee a better situation by 2025. Looking ahead to the next year, UK Finance anticipates a decrease in lending for house purchases from ?130bn to ?120bn.

cont https://www.inyourarea.co.uk/news/mortgage-lending-set-to-fall-in-2024-as-arrears-grow/

[SteveH]

Hacks to save money in every area of your life during 2024
The start of a new year is a good time to take stock of your finances

cont https://www.dailypost.co.uk/news/north-wales-news/hacks-save-money-every-area-28376404

[SteveH]

SORRY............

These are the household bills you can expect to rise in 2024
Neil Shaw shares the details on everything from rent and council tax to TV licences and car insurance

A personal finance expert has set out which bills will likely rise in 2024 after households faced another squeeze on their budgets over the past year. Inflation has recently started showing signs of easing, and Alice Haine, from Bestinvest, the DIY investment platform, has some predictions for the new year..............

cont https://www.inyourarea.co.uk/news/these-are-the-household-bills-you-can-expect-to-rise-in-2024/


ALSO
Martin Lewis lists 10 urgent deadlines in 2024 which could save you thousands
Hitting these dates could make you money and big savings the Money Saving Expert founder says

cont https://www.dailypost.co.uk/news/cost-of-living/martin-lewis-lists-10-urgent-28389725

[SteveH]

When can I retire? Check here to see how long you've got left with our pension calculator
It's complicated! But Richard Ault is here to help work it out for you thank to his clever pension calculator

We all dream of taking a step back from work one day and spending our later years unwinding, but the retirement age is creeping up. The state pension age, the earliest you can begin claiming state pension, is 66 at present, but it will climb to 67 between 2026 and 2028 and hike to 68 by 2046.

cont plus calculator https://www.inyourarea.co.uk/news/when-can-i-retire-check-here-to-see-how-long-youve-got-left-with-our-pension-calculator/