Seven new money laws and changes coming in June - and one starts in 48 hours

Strikes, new banknotes, cat fines and airport disruption are among the June money dates for your diary. Seven changes are set to be rolled through with people across the country urged to brush up on each of the incoming and imminent new rules.

This month a raft of measures are being rolled out that could affect your finances, from £500 fines for cat owners, to changes in the benefits system. The changes have already started, with new benefit rates from the Department for Work and Pensions or DWP and HMRC confirmed.

There will be major changes to the inflation and interest rates, as well as changes for energy bill customers and even cat owners. According to Sky News Money, experts predict Threadneedle Street isn't likely to lower the rate from 5.25 per cent until August.

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But there's plenty else to look for in the sixth month of the year, too, with BirminghamLive rounding up all the key changes and shake-ups to your pockets, purses and wallets:

1 June onwards - benefit changes

Benefits payments increased by 6.7% from April 8, 2024, for many claimants. But for some Universal Credit claimants, the increased benefit rates will only take effect around June. This is due to the Universal Credit assessment period.

Universal Credit is calculated based on your circumstances each month and these are called your "assessment periods" - if your circumstances change within the assessment period then the amount of Universal Credit you get that month could also change. So if your assessment period started before the April 8 rise, you will have seen the benefits rise in May. However, those whose assessment period started after won't see it until June.

Charity Turn2us sets out an example: If your assessment period started on March 26. It runs for a complete calendar month to 25 April, with a new assessment period beginning on 26 April. Universal Credit payments are paid a week after the last date of each assessment period, so you will receive your payment on 2 May.

But as this assessment period started before April 8, the new rates will not take effect and you will have to wait until your next assessment period (April 26 to May 25) to get the new rate on June 1.

5 June - new banknotes

King Charles III will appear on bank notes entering circulation officially for the first time on June 5. The Bank of England said in a statement: "The portrait of the King will appear on existing designs of all four banknotes (£5, £10, £20, and £50), with no other changes to the existing designs.

"Banknotes that feature the portrait of Her late Majesty, Queen Elizabeth II will remain legal tender and will co-circulate alongside King Charles III notes. The new banknotes will only be printed to replace those that are worn and to meet any overall increase in demand for banknotes. Our approach is in line with guidance from the Royal Household, to minimise the environmental and financial impact of this change."

10 June - £500 cat fines

All cats over 20 weeks old in England must be microchipped by 10 June. You could face a £500 if you miss the deadline and don't get your cat microchipped in the following 21 days. The law does not apply to the rest of the UK.

19 June - inflation data released

This will give us the clearest indication of whether the Bank of England will lower interest rates. The Bank's target is 2% (April's headline rate was 2.3%), so the closer we get to that number the better.

20 June - interest rate decision

The Bank of England's Monetary Policy Committee (MPC) will meet to review its base interest rate. Currently, the rate sits at 5.25% and has been at this level since August last year. At its last meeting on May 8, the MPC voted by a majority of 7–2 to maintain the rate at the same level. Two members voted to reduce Bank Rate by 0.25 percentage points, to 5%.

The Bank bases its decision on the level of inflation in the UK and earlier this month it was revealed that this had dropped to 2.3% in the year to April. This is not far off the Bank's target of 2%. Many believe this should encourage the Bank of England to cut interest rates, however, this drop was not as far as was anticipated. This means the Bank may hold off from cutting rates until inflation drops further. However if it does, the 643,000 people on tracker mortgages will see an immediate cut to their monthly payments,

27 June - doctors' strike

Junior doctors seeking a pay increase of a whopping 35 percent will begin five days of strikes on June 27, in what some have criticised as cynically politically motivated industrial action.

Health Secretary Victoria Atkins blasted the strike as "a highly cynical tactic", and added: "The BMA junior doctors have already received a pay increase of up to 10.3 percent."

During the strikes, those who have time are advised to check their meters as a new energy price cap will fall by £122 annually. It's thought energy providers will automatically make adjustments, but getting a meter reading could help.

30 June - meter readings

By taking a meter reading and sending it in to your supplier either slightly before or on 1 July, you can ensure that you will not be charged the old price cap rate. By submitting a meter reading before the price cap drops on 1 July - ideally the day before, on 30 June - it means your energy company cannot charge you at the higher rate for any units that have been used after that date. So, by taking a meter reading you’re ensuring you’re not overcharged based on your supplier’s estimate.