Benefit changes, train fare hikes and the spring statement: All the key money dates in March
2 March – train fares rise
It’s not the news anyone wants to start the month off with – but at least it’s one we’ve known about for some time.
An annual price rise will see about 45% of train fares rise by about 4.6% in Britain.
A study in December showed that rail fares in the UK were around two-and-a-half times more expensive than elsewhere in Europe before this latest rise.
20 March – Interest rate announcement
The Bank of England’s Monetary Policy Committee will meet to discuss another potential slash to the interest rate.
In February the Bank brought the cost of borrowing to 4.5% – but a slight jump in inflation could curb hopes of a further cut.
Any decision could also have a slight impact on…
26 March – Spring forecast and inflation
Chancellor Rachel Reeves will look to push her growth agenda in her statement to the House of Commons.
Reeves has been under fire after her previous statement saw a considerable National Insurance hike for employers – which experts say has hurt the prospect of growth.
She’s not expected to tweak policy much, if at all, but all eyes will be on whether there are any tax changes.
We will also get inflation data for February. CPI came in higher than expected at 3% for January – another rise could provide a further headache for the chancellor and those hoping for interest rate falls.
31 March – Various
Firstly, the deadline to apply for household support closes.
The grants help mainly struggling families and pensioners pay for gas, electricity or food, and are paid in cash or vouchers.
Find out if you’re eligible and apply here.
Secondly, it’s the final day to complete a house purchase and avoid higher stamp duty rates.
From 1 April, stamp duty taxes now kick in on any property purchase worth £125,000 or more – halved from the previous threshold of £250,000.
And finally, there are five benefits which are being discontinued, so if you claim any of them, you need to let the government know by applying for Universal Credit.
The affected benefits are:
- Working tax credits
- Child tax credits
- Income-based jobseeker’s allowance
- Income support
- Housing benefit (for those under the State Pension age)
1 April – Price cap rise
It may be just beyond March, but it’s worth knowing that the price cap changes that were announced earlier this week come into effect at the very start of April – so that may affect your March budgeting.
