Seven money changes coming in July that will affect DWP benefits, energy bills, and shopping

The seventh month of the year will see changes to everything from energy bills to benefits
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A series of changes affecting the cost of living and personal finances are due to come into effect next month. There are seven key alterations in July that everyone should be aware of, ranging from energy bills to benefits.

Benefits provided by the Department for Work and Pensions (DWP) include Attendance Allowance, Carer's Allowance, Child Benefit, and Disability Living Allowance.

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

Given the multitude of dates to remember, we've compiled a list of the main changes to keep an eye on, reports Yorkshire Live.

Energy bills are set to decrease from July 1

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

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

General Election - July 4

An impending General Election signifies numerous changes for UK finances. If Labour wins the election, it will uphold 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.

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.