Key June Payments and Deadlines That Will Affect Your Finances

Here are six crucial financial dates in June that every UK resident should note, from Universal Credit payment increases to important changes in energy billing and mortgage support schemes. Staying aware of these deadlines can help you manage your finances more effectively.

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June brings several significant financial changes for many Britons, affecting areas such as Universal Credit payments, energy bills, mortgage options, and inflation updates. These developments follow a challenging April, during which inflation reached a year-long high due to rising energy costs and new fiscal measures.

According to DevonLive, millions of households will need to be aware of deadlines and adjustments that could influence their personal finances in the coming weeks.

Universal Credit Payment Boost on June 12

An increase in Universal Credit payments is scheduled to take effect for many recipients around June 12. The exact timing depends on each individual’s monthly assessment period. Those whose assessment periods began after April 7 may have already seen the higher payments reflected in May.

For others, the increase will appear in their bank accounts approximately a month later. This phased rollout means the payment boost is not uniform but follows the timing of each claimant’s assessment cycle.

Inflation Update on June 18

The latest inflation review on June 18 showed inflation at 3.5%, down significantly from the historic peak of 11.1% in 2022 but still exerting pressure on household budgets.

This inflation rise was partly driven by the energy bill surges experienced during what has been called “Awful April’s bill” and adjustments introduced in the Autumn Budget by Chancellor Rachel Reeves.

The government has mandated the Bank of England to reduce inflation to its target of 2%, primarily by adjusting central interest rates to influence spending and borrowing behaviors.

Bank of England Interest Rate Decision on June 19

On June 19, the Bank of England will announce its decision regarding the base interest rate. This rate directly affects mortgage repayments, credit card interest, and savings returns.

A potential decrease in the rate could ease borrowing costs for households and businesses. However, lower interest rates may reduce returns for savers, which could affect those relying on interest income. This dual impact means the decision will have differing effects across various groups.

End of the RTS Meter Reading System on June 30

Approximately 300,000 homes in the UK still rely on the outdated radio teleswitch service (RTS) for heating control. This system will be permanently switched off on June 30 after several deadline extensions. Liberal Democrat MP Alistair Carmichael, representing Orkney and Shetland, stated:

A number of extensions have been made to the deadline, but that switch-off can be delayed no longer. The outdated technology is quite literally falling apart.

Homeowners using RTS meters who do not upgrade to a smart meter risk experiencing malfunctioning heating systems, which may either remain off or operate continuously. Identification of an RTS meter can be done by checking for a “teleswitch” or “radio telemeter” label next to the electricity meter.

Energy providers strongly advise affected customers to transition to smart meters promptly to avoid service issues.

Mortgage Guarantee Scheme Ends on June 30

The Mortgage Guarantee Scheme, which provided government-backed support to lenders offering mortgages to buyers with small deposits, will end on June 30.

The scheme has faced criticism for offering higher interest rates compared to standard mortgage products, limiting affordability for some borrowers.

Its conclusion may reduce available mortgage options for first-time buyers or those with smaller deposits. However, some financial institutions are expected to continue providing similar mortgage products independently, without government backing.

Energy Meter Reading Day on June 30

To ensure households benefit from the upcoming reduction in the energy price cap, customers without smart meters must submit their meter readings by June 30.

The revised cap, effective from July 1, will lower the average annual energy cost from £1,849 to £1,720, representing an average saving of around £129 per year for affected households. This change will impact more than 22 million homes on standard variable tariffs.

Customers with smart meters do not need to take any action, as meter readings are automatically transmitted to suppliers. Submitting accurate meter readings on time helps ensure bills reflect the new, lower cap and avoids charges at the previous higher rate.

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