Financial matters

[DaveR]

Energy bills rocketing again. Who was it that promised energy bills would fall by £400 if Labour won the last election?

[Ian]

I don't know. Who was it?

[SteveH]

Martin Lewis' three warnings as Ofgem announces 6.4% energy hike from April 1

Money expert Martin Lewis has three quick warnings for the millions of households on the standard or standard variable energy tariffs following this morning's announcement by Ofgem. The energy regulator has revealed the price cap is set to rise by an average of 6.4% from April 1 to June 30.

Ofgem says the rise, which will raise the average bill for households in England, Scotland and Wales from the current £1,738 a year to £1,849, follows a recent spike in wholesale prices. For a typical household, this will add £9.25 a month to their energy bills — this equates to an increase of £111 per year............ https://www.inyourarea.co.uk/news/martin-lewis-three-warnings-as-ofgem-announces-6-4-energy-hike-from-april-1?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[Hugo]

The seven bills due to go up in April             
Energy costs are one of a number of bill rises which will come into force at the start of what some commentators have described as "awful April".

The exact amount you pay will depend on your individual circumstances, and where you live

https://www.bbc.co.uk/news/articles/cvg18pvz7kko

[Hugo]

HMRC tax-free personal allowance increases to more than £14,000 for some couples
This can be applied to up to four separate tax years if the claim is backdated.

https://www.dailypost.co.uk/news/north-wales-news/hmrc-tax-free-personal-allowance-31120553

[SteveH]

Poundland's owner has said it is considering putting the chain up for sale after warning tax changes coming in April will put more pressure on the business.

The discount chain has 825 UK stores but sales were down this January and February, its Polish owner Pepco Group said.

A rise in employer National Insurance (NI) contributions announced in the Budget start in April and Pepco says these will "add further pressure" to Poundland's costs.

A host of High Street brands have warned of shop closures, job losses and price rises as a result of rising costs, but Chancellor Rachel Reeves has defended the NI increase as "the right decisions in the national interest"............. https://www.bbc.co.uk/news/articles/ckg8jqw3wx9o

[Hugo]

Anglesey's council tax premium on second homes branded 'legalised extortion'
In response, the council's leader said it was 'only right' for people own two homes to help those struggling to get onto the property ladder



https://www.dailypost.co.uk/news/north-wales-news/angleseys-council-tax-premium-second-31156352

[Robert2020]

We have family who own a second home in the town, rates are a 'd' which for 24/25 were £2320, they have owned it for many years even before the second home premium was introduced.

The new  rates  25/26 will be 'd' plus 150% and the increase of 9% on all of it which means a bill of around £6000 for a semi on Westshore.

They are not complaining but I do wounder where all this money goes, the police don't get their cut of the money, the council keep it all

[SteveH]

Changes might be made to the State Pension system which would cause turbulence for many pensioners throughout the UK. Pensions minister Torsten Bell said 'tough decisions' need to be made on the State Pension during the annual investment conference in Edinburgh.

Mr Bell indicated that the Government must 'integrate thinking about both State and Private Pensions'. He said these changes would be 'an economic risk' but indicated they would be necessary to address numerous issues facing Britons and added that not doing it is also a risk.

https://www.inyourarea.co.uk/news/dwp-shake-up-for-state-pensioners-may-be-on-the-cards?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[Hugo]

Fury over Welsh Water boss' £892k earnings with 'it's not fair' message given
North Wales Live readers have been reacting to the news that the chief executive of Dwr Cymru / Welsh Water, Peter Perry, was given a total remuneration package of £892,000 in 2021.

Welsh Water is a 'not-for-profit company' which has been owned by Glas Cymru since 2001. Welsh Water does not have shareholders, and any financial surpluses are reinvested in the business for the benefit of customers.
With remuneration about 4 times that of the UK  PM  it stinks as much as some of the rivers he is in charge

https://www.dailypost.co.uk/news/news-opinion/fury-over-welsh-water-boss-31191921

[SteveH]

The Bank of England is expected to keep interest rates on hold when policymakers announce their latest decision on Thursday.

The Bank rate heavily influences the cost of borrowing for households, businesses and the government, as well as returns for savers.

It was cut from 4.75% to 4.5% following the last meeting of the Bank's Monetary Policy Committee (MPC) in February.

While no change is expected when the announcement comes at 12:00GMT, many analysts are forecasting two further cuts by the end of the year.............. https://www.bbc.co.uk/news/articles/ckgz82838l8o

[DaveR]

Council Tax bill has arrived, a sizeable increase on last year.

Starmer promised before the election that, if Labour was elected,  there would be no rise in Council Tax bills.

Gas and electric bills are going up again in April.

Starmer promised before the election that, if Labour was elected, that gas and electric bills would fall.


Whether you vote Labour or Tory, they are both liars who will say anything to get elected. Neither party represents working people in Britain anymore.

[SteveH]

Chancellor Rachel Reeves has ruled out "tax and spend" policies, signalling that she will neither raise taxes nor government budgets in her critical Spring Statement next week.

Speaking in a BBC documentary, The Making of a Chancellor, Reeves also warned that the government could not afford the kinds of spending increases seen under the last Labour government.

She is expected to make cuts to some government departments on Wednesday. More money has already been allocated to defence by reducing the aid budget.

"We can't tax and spend our way to higher living standards and better public services. That's not available in the world we live in today," she said.
https://www.bbc.co.uk/news/articles/c78eg7dp9ypo

[Hugo]

Rachel Reeves hands more snooping powers to HMRC for tax dodger crackdown
Today she said she had gone further by investing in technology to help HMRC launch a crackdown on tax avoidance.

While tax avoidance and evasion are separate things - avoidance is legal and helps reduce tax liabilites, while evasion is illegal - she is looking to crack down on both to close the tax gap.
Tax avoidance is legal and helps wealthy people like George Osborne and David Beckham avoid paying millions of pounds in tax.  Until the Government introduce legislation to prevent this type of thing happening then the UK will continue to lose millions of pounds in lost revenue.     Evasion is illegal but the Black Economy is thriving so we'll have to see how these new measures are going to work

https://www.thisismoney.co.uk/money/tax/article-14539195/Rachel-Reeves-hands-snooping-powers-HMRC-tax-dodger-crackdown.html



However I am slightly cynical because not a single company has been charged with tax evasion under stronger HMRC powers


https://www.thebureauinvestigates.com/stories/2024-01-20/hmrc-charges-no-companies-for-tax-evasion-in-six-years

[SteveH]

It's at this time of year that council tax bills are dropping through letterboxes and households assess how to work the charge into their ever-escalating list of monthly costs. Set by local authorities, the charge covers the cost of funding local services and is measured against the value of a domestic property.

However, that is not the value today. Properties fall into bands; for England, the bands are A to H, and the value is based on house prices on April 1, 1991. For Wales, the value is set according to house prices on April 1, 2003, and across bands A to I.

READ MORE...https://www.inyourarea.co.uk/news/how-to-challenge-your-council-tax-demand-if-you-think-its-wrong?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589&utm_source=inyourarea.co.uk&utm_medium=email&utm_campaign=dnl&utm_keyword=dailynewsletter&utm_content=dnl_news_article_referral_main