The Department for Work and Pensions (DWP) has announced important half-term payment dates and financial changes for February and March. As people look to recover from the expenses of the festive season and plan their finances for the upcoming months, staying informed about payment dates and money changes is essential. Let’s delve into the key dates and updates that could impact households in the UK.
In February, benefit payments are not expected to be disrupted, with payments scheduled as usual due to the absence of any bank holidays. Various benefits, including Universal Credit, State Pension, Child Benefit, and more, will be issued as per the regular schedule. It’s important to note that the DWP is working towards transitioning all ‘legacy benefits’ to Universal Credit by January 2026, affecting individuals receiving tax credits, income support, jobseeker’s allowance, and housing benefit.
Looking ahead, there are significant money changes set to take place in February. The end of the freeze on alcohol duty for non-draught products will lead to increased rates aligned with the retail price index for inflation. Barclays will reduce interest rates on savings accounts, while Chase will also lower its savings rates later in the month. Additionally, the Warm Homes Discount deadline on February 28 offers eligible individuals a £150 reduction on energy bills, providing crucial support during the colder months.
On February 25, Ofgem will announce the latest energy price cap, with expectations of another increase in energy bills by around 3%. Moving into March, Free Wills Month will allow individuals over 55 to access free will-writing services. Rail fares are set to rise on March 2, with the Welsh Government agreeing to a 4.6% increase in regulated rail fares.
The Economic and Fiscal Forecast report is scheduled for release on March 26, offering insights into future economic conditions. Lastly, changes to stamp duty rates come into effect on March 31, bringing an end to certain relief measures previously introduced. The Household Support Fund, designed to aid low-income families, will also be discontinued at the end of March.
As households navigate these financial changes, staying informed and planning ahead can help mitigate any potential impact on their finances. By understanding the upcoming payment dates and money adjustments, individuals can make informed decisions and manage their budgets effectively. Be sure to stay updated on further developments and seek advice if needed to navigate these transitions smoothly.