Seven money and DWP changes coming in July 2024 - from PIP to deadline

Seven key money and Department for Work and Pensions changes are coming in July. The seventh month of the year will see changes to everything from energy bills to benefits, which are paid out by the DWP - the government benefits department - monthly.

The seventh month of the year, July, kicks off in days with UK households warned to brush up on the money and cash changes which are imminent. DWP benefits include Attendance allowance and Carer’s allowance as well as Child benefit and Disability living allowance.

Other benefits paid out by the DWP monthly include Employment and support allowance, Income support and Jobseeker’s allowance. Pension credit and Personal independence payment (PIP) are also paid out, as are State pension and Tax credits.

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Universal Credit completes the list.

Energy bills to fall - July 1

The energy price cap in Great Britain will fall 7% to the equivalent of £1,568 a year this summer after a drop in wholesale gas prices. Set by the energy regulator Ofgem, the cap reflects the average annual dual-fuel bill for 29m households and takes effect from July until the end of September.

Set quarterly, the cap will fall by £122 in July.

General Election - July 4

A General Election is coming and means a raft of changes for UK finances. Labour will maintain Conservative plans for income tax thresholds to remain frozen if it wins the election, the shadow business secretary has said.

Jonathan Reynolds told the BBC he needed to be “candid” that Labour would continue with the plans. saying they amounted to a "tax rise". The freeze on the personal allowance - the amount of money you can earn before any tax starts to be paid - is already set to continue until 2028.

His comments come amid a continuing row about Prime Minister Rishi Sunak's claim that Labour's plans would mean "£2,000 in higher taxes for every working family in our country".

Inflation - July 17

In the UK, the main measure of inflation is the Consumer Price Index. The Office for National Statistics (ONS) releases this once a month. The first five inflation readings of the year (covering January, February, March, April and May) were released on 14 February, 20 March, 17 April, 22 May and 19 June. These are the dates for the rest of 2024:

• 17 July (covering June)

• 14 August (covering July)

• 18 September (covering August)

• 16 October (covering September)

• 20 November (covering October)

• 18 December (covering November)

No inflation change - whole month

The Bank of England’s Monetary Policy Committee meets eight times a year to set the base rate. This takes place roughly every six weeks. The meetings usually happen the day before the interest rate announcement.

The first, second, third and fourth interest rate announcements of the year took place on 1 February, 21 March, 9 May and 20 June. The remaining four meetings will take place on the following dates:

• 1 August

• 19 September

• 7 November

• 19 December

Benefit payments - whole month

There are no bank holidays in July meaning that state benefits will be sent out as normal. The next changes to payment dates will be in August when there is a bank holiday meaning millions of claimants will get their benefits earlier due to offices and helplines being closed.

PIP consultation ends - July 22

The government has launched a public consultation into its proposals for Personal Independence Payment (PIP). PIP helps working-age adults cover the extra living costs that come with health conditions and disabilities. The UK government is responsible for PIP in England and Wales, while the devolved governments of Northern Ireland and Scotland (Adult Disability Payment) handle their versions of the benefit separately.

Everyone in the UK is welcome to share feedback by 22 July 2024. You don't need to give your name or any other personal details to take part. The government has published a green paper which details the proposed changes to the PIP assessment process, eligibility criteria and the type of support it plans to offer.

Payment on account deadline - July 31

Self-employed people need to make advance payments towards their tax bill by this date.