As autumn approaches, there are several important dates related to the Department for Work and Pensions (DWP) and money matters that you should mark in your calendar. These dates include Labour’s first budget, updates on the energy price cap, and potential adjustments to the base rate and interest rate.
Labour’s first budget is set to be unveiled on October 30, with Chancellor Rachel Reeves expected to announce tax changes. This budget will not include rises in VAT, national insurance, or income tax. Stay informed about how these decisions could impact your finances.
One crucial date to keep in mind is September 10, when the latest wage figures will be announced. This announcement can affect state pensions, which are linked to the triple lock system. Understanding the average earnings increase and inflation figures is key to predicting state pension adjustments.
On September 18, the Bank of England’s Monetary Policy Committee (MPC) will convene to discuss the base rate, which influences savings and loan interest rates. Subsequent meetings on November 7 and other key dates will provide further insights into future monetary policy decisions.
October 1 marks the implementation of the new energy price cap, affecting households’ energy bills. Similarly, the October 16 inflation announcement is essential for calculating state pension adjustments and working age benefit upratings. If you need to register for self-assessment, remember the deadline of October 5 to avoid penalties.
Lastly, the post-deadline self-assessment filing is on October 31, impacting around 500,000 individuals. Being aware of these key dates and understanding their implications can help you better manage your finances in the upcoming months.