Financial matters

[Hugo]

Council tax in Wales: How much is my bill going up?

Conwy has still not given a proposed figure and is still considering budget savings?         


https://www.bbc.co.uk/news/uk-wales-68278744

[SteveH]

Taking rough figures from the above article North Wales total council debts 65million against South Wales 200million?

[SteveH]

Energy bills will fall in April by nearly ?300 a year for a household using a typical amount of gas and electricity, a leading forecaster says.

Consultancy Cornwall Insight has predicted a 15% drop, taking the typical annual bill to ?1,635 - the lowest in more than two years.

The energy price cap for the three months from April will be announced by regulator Ofgem in one week's time.

Many billpayers are still struggling to make payments.

If the prediction proves to be correct, the annual bill for a household, paying by direct debit, would fall by ?293 a year compared with the current level of ?1,928.

cont https://www.bbc.co.uk/news/business-68316283

[SteveH]

New car tax rates are set to hit petrol and diesel drivers from April 1. Vehicle Excise Duty (VED) increases will mean some drivers could face hundreds of pounds more in charges.

The VED fees will rise in line with the Retail Price Index (RPI) inflation from April 1, 2024. HM Revenue and Customs (HMRC) has said that while rates "will remain unchanged in real terms", the scheme will "impact" vehicle owners.

VED rates are mostly based on how much pollution a car emits. This means those with dirtier petrol and diesel models will be most affected. Everyone who owns a petrol, diesel or hybrid vehicle will have to pay more under the new VED rate rises this spring

Cars registered on or after April 1, 2017, will pay ?10 more with standard rates rising from ?180 to ?190. However, owners who bought brand new cars worth over ?40,000 in the last five years will also face an Expensive Car Supplement.

This will add an extra ?410 to their bill from April, up from ?390 over the financial year. If you've bought a brand-new car in the last year, you might have to pay more tax.

cont https://www.dailypost.co.uk/news/north-wales-news/motorists-could-face-paying-hundreds-28655165

[SteveH]

Chancellor Jeremy Hunt will deliver his 2024 spring Budget on Wednesday 6 March.

He will say how much money the government plans to take in taxes, and what it will spend it on.

This spring there is a lot of focus on whether he will cut taxes ahead of the election.

What is the Budget?.....................  https://www.bbc.co.uk/news/business-68359756

[SteveH]

First class stamp price to rise again to ?1.35, says Royal Mail

cont https://www.bbc.co.uk/news/business-68447820

[SteveH]

A holiday home tax raid could be part of Jeremy Hunt's Budget this week. The Chancellor is expected to bring in a range of new revenue-raising measures in his upcoming Budget in a bid to fund pre-election tax giveaways.

Mr Hunt is under pressure to deliver tax cuts in what could be the last economic set piece from the Conservative UK Government before the next general election, which is widely expected in the autumn. It comes as the tax burden in the UK is reaching record levels.

Part of the efforts to raise income to fund other tax cuts is tipped to be a change to the preferential tax regime for holiday lets. This would be a UK-wide measure but have a major impact on parts of North Wales with high levels of holiday let ownership.

cont https://www.dailypost.co.uk/news/north-wales-news/holiday-owners-could-lose-perk-28745576

[SteveH]

11 key points from Jeremy Hunt's spring Budget and what they mean for you in Wales

Tax cuts, a vape tax, and a clampdown on second home owners were all part of what will be seen as an obviously pre-election Budget

cont https://www.walesonline.co.uk/news/wales-news/11-key-points-jeremy-hunts-28765034?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[Ian]

" Mr Hunt made a number of plays to voters ahead of a likely election in 2024, including pledging ?3.4bn to make IT changes in the NHS (the so-called productivity plan), which he said would unlock more than ?50bn in savings. He said that would "slash" the hours staff waste and would potentially halve form filling by doctors "by using AI"

Over the past few months I've spent rather too much time in hospitals with Eve, and from what I saw there were no hours being 'wasted' whatsoever. Numerous hours being thrown away because of nurse shortages, doctor shortages, ambulance shortages and generally the appalling attitude of the Tories towards the NHS. But the staff never stop.

[SteveH]

Press release
Chancellor delivers ?Budget for Long-Term Growth? in Wales
More tax cuts for working people and more investment in high-potential industries headlined Chancellor Jeremy Hunt?s ?Budget for Long-Term Growth?

From:
HM Treasury, Office of the Secretary of State for Wales, The Rt Hon David TC Davies MP, and The Rt Hon Jeremy Hunt MP
Published
7 March 2024

cont  https://www.gov.uk/government/news/chancellor-delivers-budget-for-long-term-growth-in-wales?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[SteveH]

People are being tricked into buying homes on holiday parks where they have no right to live, the BBC has found.

Buyers told BBC One's Panorama they were cheated out of their life savings after being falsely promised they could live full-time on the sites.

An undercover reporter secretly filmed one salesperson falsely claiming year-round living was permitted on a holiday park in Lancashire.

cont https://www.bbc.co.uk/news/uk-68484190

[SteveH]

Spending on trap subscriptions like repeat services and apps have doubled in a year
Citizens Advice estimate that around 13 million of us have been impacted by taking out accidental subscriptions.

Consumer harm from subscription 'traps' is on the rise, with more than 13 million people paying accidental fees, Citizens Advice has warned. The alarming figure equates to 26% of adults who've accidentally taken out a subscription in the last 12 months, the charity said.

The subscriptions include things like fitness apps, food delivery services, repeat pet food purchases, and magazines. The charity estimated that unused subscriptions cost people ?688m in the last year, rising by ?382m since 2022, yet 40% of those with an accidental subscription said it renewed automatically without them knowing.

It was followed by 39% who subscribed to a free trial but forgot to cancel it and 24% who believed they had made a one-off payment. Citizens Advice said the failure to address the traps could harm businesses and be a risk to consumers, who would be forced to pay more than they had initially agreed upon and possibly more than they could afford.

cont https://www.inyourarea.co.uk/news/spending-on-trap-subscriptions-like-repeat-services-and-apps-have-doubled-in-a-year/

[SteveH]

Food and eating out costs drive fall in inflation
Inflation fell to 3.4% in February, down from 4% in January and edging closer to the Bank's target of 2%.

The drop means the cost of living is rising at its slowest pace since September 2021, when it stood at 3.1%.

Inflation, the rate at which prices rise over time, has been gradually falling since it hit 11.1% in October 2022, its highest rate for 40 years.

The Office for National Statistics (ONS) said slowing food price inflation was the main reason for the drop.

However, prices are not yet falling they are just rising less quickly than they were previously.

Read more https://www.bbc.co.uk/news/business-68597055


Live report.......... https://www.bbc.co.uk/news/live/business-68581526

[SteveH]

WASPI women could find out if they will get compensation today
Women Against State Pension Inequality have been campaigning for justice for up to 3.8m people, writes Ben Hurst

A judgement into a long-fought compensation battle for women who missed out financially due to changes in the pension age is due today (March 21), one Westminster report has suggested. A campaign by the Women Against State Pension Inequality (WASPI) has sought justice for up to 3.8million people whose retirement plans were thrown into chaos.

cont https://www.inyourarea.co.uk/news/waspi-women-could-find-out-if-they-will-get-compensation-today/

[SteveH]

State pension and triple lock: What is it worth and when do you get it?

The state pension will rise by 8.5% in April, under what is known as the triple lock.

Pensioners generally receive an increase in line with rising prices or earnings.

What is the state pension and how much is it worth?...................

The state pension is a payment made every four weeks by the government to people who have reached the qualifying age

and have paid enough National Insurance contributions.

cont https://www.bbc.co.uk/news/business-53082530