The DWP currently has a range of financial changes in the pipeline for later this year, which will affect everything from energy bills to the cost of sending mail.
The Department for Work and Pensions has announced a series of financial and regulatory changes that will affect UK households from October 2024. Among these changes is the opening of the Winter Fuel Payment phone lines.
With the new price cap, the average annual energy bill for gas and electricity will rise to £1,717, an increase of £149 from the current level of £1,568, which has been in place since July. The average price cap for standard credit households will increase by £161 to £1,829. Get all the latest and breaking Cost of Living news straight to your inbox by signing up to our newsletter here.
Those who completed a self-assessment return the previous year do not need to register again this year. Although HMRC should send a reminder to complete a return, it remains the individual's responsibility regardless of receiving a reminder. Additionally, stamp prices are set to increase on 7 October. The cost of standard first-class stamps will rise by 22%, exceeding inflation, as confirmed by Royal Mail.
He added, "A complex and extensive network is needed to get every letter and parcel across the country for a single price travelling on trucks, planes, ferries and in some cases drones before it reaches its final destination on foot. We are proud to deliver the universal service, but the financial cost is significant."
The Office for National Statistics is poised to release the latest inflation figures on 16 October. Inflation tracks the changes in price levels over a period. As per the ONS's latest update, inflation held steady at 2.2% in the year up to August, having reached a high of 11.1% in October 2022.
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