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Featured - ISA allowance
What is the 2024/25 ISA allowance?A new tax-year means a refreshed ISA allowance to allocate. Find out more about the 2024/25 ISA allowance...
Savings
ISAs
Mortgages
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - travel insurance
Travel insurance 2024Discover the best travel insurance policy for your next trip.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Featured - The triple lock explained
Could the value of your state pension rise by more than inflation?
Retirement
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
Previously, the package which provides a £400 non-repayable discount to each home was set to take place over two years.
Chancellor Jeremy Hunt confirmed today that the energy price guarantee will now be in effect until April, after it was previously set to last over a two-year period.
According to the Government, the energy price guarantee will cost the Government £31 billion from October to April. For the full year, the Institute for Fiscal Studies predicted the package would cost £100 billion.
Hunt said that it “would not be responsible” to continue exposing public finances to volatile international gas prices.
“I’m announcing today a Treasury-led review into how we support energy bills beyond April next year,” said Hunt.
The energy support package is a Government scheme designed to support UK households with the rising cost of energy. According to the House of Commons, the price of energy was due to increase by 80% in the year to October, which equates to an average rise of almost £1,600.
This is a result of rising demand as the economy recovers from the pandemic and limited supply due to the war in Ukraine.
However, the Government said that under this guarantee the typical spend of £2,500 will now be 27% above the summer 2022 cap.
Included in this package is a £400 non-repayable discount to all eligible homes, which will be provided in instalments.
In addition, more vulnerable households were due to gain extra support. For example, over eight million pensioner households would receive a one-off payment of £300.
Hunt also reversed other changes made in former Chancellor Kwasi Kwarteng’s mini-Budget speech last month.
These included a U-turn on the plan to cut income tax by 1p, holding it at 20% indefinitely. The 1p cut was set to add an extra £170 into the average worker’s pocket, according to calculations from HM Treasury after the mini-Budget.
Meanwhile, the price of alcohol is set to increase as Hunt removed the tax freeze which was due to take effect from February.
However, the cuts to National Insurance and Stamp Duty are to remain in place.
The abolition of the Health and Social Care Levy, together with the scrapped rise in National Insurance contributions, is set to save businesses on average £9,600 a year. For the average worker this will equate to £330.
The raised Stamp Duty threshold, which has been in effect since 23 September, meant that 200,000 more buyers would not be eligible for this tax at all, according to the Treasury.
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The Financial Conduct Authority is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
The FCA is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
Are the new rules enough to attract high quality companies to the UK?
Are the new rules enough to attract high quality companies to the UK?
With the UK General Election taking place later this week (Thursday 4 July), we examine how some of the main parties’ policies could affect your personal finances if they were to form the next Government.
Find out what the Conservative and Labour Parties have planned for your taxes, savings and pensions.
The Financial Conduct Authority is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
The FCA is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
Are the new rules enough to attract high quality companies to the UK?
Are the new rules enough to attract high quality companies to the UK?
With the UK General Election taking place later this week (Thursday 4 July), we examine how some of the main parties’ policies could affect your personal finances if they were to form the next Government.
Find out what the Conservative and Labour Parties have planned for your taxes, savings and pensions.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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