Money changes in July: DWP payments, energy bills, interest rates, general election and more

Jon Macpherson & James Rodger

25 June 2024 at 7:58 am·3-min read

A raft of changes impacting the cost of living and personal finances are set to kick in from next week.

There are seven key shifts in July that everyone needs to be clued up on, spanning from energy bills to benefits. From Department for Work and Pensions (DWP) payments to energy bills, interest rates to the general election, there's a lot to keep track of.

Fortunately, we've broken down some of the major changes taking place. The DWP dishes out a range of benefits including Attendance Allowance, Carer's Allowance, Child Benefit, and Disability Living Allowance.

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Other monthly DWP benefits cover Employment and Support Allowance, Income Support, and Jobseeker's Allowance. Pension Credit and Personal Independence Payment (PIP) are also doled out, along with State Pension, Tax Credits, and Universal Credit.

Benefit payments will be made throughout the month while the government has initiated a public consultation on its proposals for Personal Independence Payment (PIP).

Here are a list of the main changes to watch out for:

Energy bills are due to drop from July 1

The energy price cap in Great Britain is set to fall by seven per cent to an equivalent of £1,568 annually this summer, following a dip in wholesale gas prices. The cap, determined by energy regulator Ofgem, represents the average annual dual-fuel bill for 29 million households, as reported by Birmingham Live.

This change will be in effect from July until the end of September. Set quarterly, the cap will decrease by £122 next month.

General Election - July 4

The upcoming General Election signals numerous changes for UK finances. If Labour clinches the election, it will stick to Conservative plans for income tax thresholds to remain frozen, as stated by the shadow business secretary.

Inflation - July 17

In the UK, the primary indicator of inflation is the Consumer Price Index (CPI), which is released monthly by the Office for National Statistics (ONS).

The first five inflation readings for the year, covering January to May, were published on February 14, March 20, April 17, May 22 and June 19. The remaining dates for 2024 are as follows:

July 17 (for June)
August 14 (for July)
September 18 (for August)
October 16 (for September)
November 20 (for October)
December 18 (for November)

There will be no change in inflation for the entire month.

Interest rates

The Bank of England's Monetary Policy Committee convenes eight times a year, approximately every six weeks, to set the base rate. These meetings typically occur the day before the announcement of the interest rate.

The first four interest rate announcements of the year were made on February 1, March 21, May 9 and June 20. The remaining four meetings are scheduled for:.

August 1
September 19
November 7
December 19

DWP benefit payments

Benefit payments will be made throughout the month. There are no bank holidays in July, so state benefits will be distributed as usual.

The next changes to payment dates will occur in August due to a bank holiday, meaning millions of claimants will receive their benefits early as offices and helplines will be closed.

The PIP consultation will conclude on July 22

The government has initiated a public consultation on its proposals for Personal Independence Payment (PIP), a benefit that assists working-age adults with the additional living costs associated with health conditions and disabilities.

While the UK government oversees PIP in England and Wales, the devolved governments of Northern Ireland and Scotland manage their own versions of the benefit, known as Adult Disability Payment.

All UK residents are invited to provide feedback by July 22, 2024. Participation does not require disclosure of personal details such as names.

The government has released a green paper outlining the proposed changes to the PIP assessment process, eligibility criteria, and the support it intends to offer.

Payment on account deadline - July 31

For self-employed individuals, the deadline for payment on account is July 31, which is when advance payments towards their tax bill are due.

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