We’re just about halfway through August and there’s still many changes to come for your money.
It’s important for Brits to keep tabs on the changes so they can plan ahead and not get caught out.
There’s amendments to Universal Credit and benefit payments, as well as an energy price cap announcement.
READ MORE: Three in ten Brits worry daily about money – but spend £4,000 a year outsourcing services
It’s also worth noting there is a Tesco Clubcard deadline coming later this month.
And the UK inflation rate for July will be revealed on August 16 by the Office for National Statistics (ONS).
Here are six changes set to come later this month.
(Image: Getty Images/iStockphoto)
1. Universal Credit migration – throughout August
The government will move more households on “legacy benefits”, like tax credits onto Universal Credit.
From August, the Department of Work and Pensions (DWP) will make contact with people in these areas:
- West Scotland
- West Yorkshire
- Staffordshire
- Derbyshire
- South London
There are government plans to move all claimants onto Universal Credit by the end of 2024.
The move, called Managed Migration, began in May last year and came after a successful pilot in Harrogate in July 2019.
You’ll receive a letter then have three months to move over, or risk losing your current benefits.
2. Changes to PIP – throughout August
Three major changes to Personal Independence Payment (PIP) benefits are due to be rolled out over the summer.
The DWP is introducing a new “light-touch” PIP review from August.
It means the new simplified form will be used to assess a long-term claimant’s eligibility for the benefit.
Another major change is the scrapping of face-to-face assessments for those with long-term awards.
3. UK inflation rate – August 16
The UK’s inflation rate for July will be revealed on Wednesday by the Office for National Statistics (ONS).
In June, the inflation rate fell by more than expected to 7.9%, down from 8.7%.
The announcement itself isn’t a change, the July rate is important as it’s used to set the increase in rail fares.
Last year, the July rate came in at 12.3% – but the government capped the rail hike to 5.9% to help commuters.
(Image: Bloomberg via Getty Images)
4. Energy Price Cap announcement – August 25
Energy regulator Ofgem is set to announce the new price cap to come into effect on October 1 until December 31.
In May, the cap fell by £1,206 from £3,280 to £2,074 a year.
But the energy price guarantee is only a cap on unit rates – so if you use more energy, you’ll pay more.
5. Bank holiday benefit payment changes – August 28
Millions of households on Universal Credit and benefits may get their payments earlier due to August Bank Holiday.
If you usually get paid on the 28th, your cash will land a few days before – most likely Friday, August 25.
This impacts the following benefits:
- Attendance Allowance
- Carer’s Allowance
- Employment Support Allowance (ESA)
- Jobseeker’s Allowance (JSA)
- Pension Credit
- Personal Independence Payment (PIP)
- State pension
- Universal Credit
- Working Tax Credit
- Child Tax Credit
- Child Benefit
- Guardian’s Allowance
5. Tesco Clubcard vouchers to expire – August 31
And finally, Tesco warned there are £11.5million worth of Clubcard points due to expire after August 31.
The points, which were first issued in August 2021, have to be redeemed within two years.
Shoppers can use Clubcard vouchers in-store and online to save money on their Tesco shop.
You can also swap vouchers for money off your Tesco mobile bill.
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