Seven major money and Department for Work and Pensions (DWP) adjustments will take effect in July. The upcoming month will bring updates to everything from energy bills to benefits, which are provided monthly by the DWP (the government's benefits department).
Money and DWP Changes Expected This July
July, the 7th month of the year, begins in a few days, and UK households are being cautioned to prepare for upcoming money and cash changes. Attendance allowance, Carer's allowance, Child benefit, and Disability living allowance are among the benefits provided by the DWP.
Energy Bills to Drop Starting July 1
Following a decline in wholesale gas prices, the UK's energy price cap will drop by 7% to £1,568 per year this summer. The cap, set by the energy regulator Ofgem, is based on the average annual dual-fuel bill for 29 million households and will be in place from July to September.
Set quarterly, the cap will drop by £122 in July.
General Election: July 4
The upcoming General Election will bring about a number of changes to the UK's budget. If Labour wins the election, it would stick to Conservative proposals to freeze income tax thresholds, according to the shadow business secretary.
Jonathan Reynolds told the BBC that he needed to be "candid" about Labour's intentions to proceed. stating they amounted to a "tax rise." The personal allowance freeze, which limits how much you may earn before paying taxes, is intended to last until 2028.
His remarks came amid a raging debate over Prime Minister Rishi Sunak's allegation that Labour's plans will result in "£2,000 in higher taxes for every working family in our country."
Inflation: July 17
In the United Kingdom, the Consumer Price Index is the primary measure of inflation. The Office for National Statistics (ONS) publishes this once a month. The first five inflation readings of the year (for January, February, March, April, and May) were issued on February 14, March 20, April 17, May 22, and June 19. Here are the dates for the remainder of 2024:
- 17 July (covers June)
- 14 August (covers July)
- 18 September (covers August)
- 16 October (covers September)
- 20 November (covers October)
- 18 December (covers November)
No Inflation Change: Whole Month
The Bank of England's Monetary Policy Committee meets eight times per year to set the base rate. This occurs generally every six weeks. The meetings are normally held the day prior to the interest rate announcement.
The first, second, third, and fourth interest rate announcements of the year occurred on February 1, March 21, May 9, and June 20. The remaining four meetings are scheduled for the following dates:
- 1 August
- 19th of September,
- 7 November
- 19 December
Benefits: Whole Month
July does not have a bank holiday, so state payments will be disbursed as usual. The next payment date adjustments will take place in August, during a bank holiday that will cause millions of claimants to receive their benefits early because offices and helplines will be closed.
PIP Consultation Ends: July 22
The government has introduced a public consultation on its proposals for the Personal Independence Payment (PIP). PIP helps working-age individuals meet the additional living expenses associated with health problems and impairments. The UK government manages PIP in England and Wales, while the devolved governments of Northern Ireland and Scotland (Adult Disability Payment) administer their respective versions of the benefit.
Everyone in the UK is welcome to provide feedback by July 22, 2024. You do not need to provide your name or any personal information to participate. The government has released a green paper outlining planned modifications to the PIP assessment process, eligibility criteria, and the types of support it intends to provide.
Payment on account deadline: July 31.
Self-employed people must make advance payments on their tax bills by this date.