Are you prepared for the money changes coming in the next few months? (Picture: Getty Images)

From high inflation to interest rate changes, the UK’s economic situation has been in a state of flux for some time now.

The cost of living crisis has proved very difficult for numerous households, with many struggling with high energy bills and the cost of food and other essentials.

As such, it’s essential to keep up to date with any and all financial changes on the horizon.

So far this year, we’ve already seen interest rate rises, the start of the next tax year, and other significant financial changes.

More are due to happen in the coming months, and while some will be more consequential than others, staying up to date is essential for future financial planning.  

Here is what you need to know for the coming months.

June 2023

Nationwide £100 boost for eligible customers

Some Nationwide customers may see £100 land in their bank this June, paid between Tuesday, June 13 and Friday, June 30 as part of a special scheme.

Eligible Nationwide customers will receive a special cash bonus (Picture: Getty Images)

It comes as part of Nationwide’s ‘Fairer Share’ scheme that acts as a thank you to specific customers, based on profits accrued by the building society.

However, not every customer will receive the bonus, as there are criteria for eligibility – such as type of account, the account being open on March 31 this year, the amount you have paid in the account, and how many payments you’ve made from it.

To find out if you could be eligible, read Metro.co.uk’s Nationwide payment guide here.

Tesco Clubcard changes take effect

There are two changes coming to the Tesco Clubcard loyalty scheme to be aware of, both coming into effect tomorrow (Wednesday, June 14).

Two major Clubcard changes are coming (Picture: Bloomberg via Getty Images)

The value of Clubcard vouchers when spent with reward partners is changing meaning customers will earn less. You’ll now get twice the amount listed on the voucher to spend – instead of three times the amount.

However, by redeeming reward partner codes before June 14, you can get around this controversial change.

How you’ll earn Clubcard points on fuel purchases will also change from this date.

Instead of getting one point per £2 spent on fuel, you’ll get one point for every two litres of fuel bought.

You can find out more in our Tesco Clubcard changes guide.

£150 Disability Cost of Living Payment paid

Those eligible for the £150 Disability Cost of Living Payment will start to receive the bonus from Tuesday, June 20 to Tuesday, July 4.

Those eligible for the Disability Cost of Living payment will receive it this month (Picture: Getty Images)

To be eligible, you must be in receipt of one of these Department of Work and Pensions (DWP) benefits:

Disability living allowance (DLA)

Personal independence payment (PIP)

Attendance allowance

Scottish disability benefits

Armed Forces independence payment

Constant attendance allowance

War pension mobility supplement

You must have received one of these benefits for April 1, 2023, to qualify for the Disability Cost of Living Payment, according to the government website.

Inflation update from ONS

On Wednesday, June 21, the Office for National Statistics (ONS) is set to give its latest update on UK inflation rates.

Back in May the ONS revealed that the Consumer Price Index (CPI) dropped to single digits in April 2023, falling to 8.1% from March’s 10.1% figure.

However, this was still higher than analysts’ predictions – but there is some good news as inflated food prices have begun to drop.

Not sure what it all means? Here’s our guide to inflation. Or want something to compare the UK’s rate with? Here are the latest inflation figures for European countries.

Potential interest rate rise

Another meeting of the Bank of England’s Monetary Policy Committee (MPC) is set to take place soon, which could result in another increase in the Bank of England’s interest base rate, which is due by June 22.

The last rise saw a 0.25% increase, taking interest rates from 4.25% to 4.5%.

After the last increase, the BoE’s website stated: ‘We will continue to review how the economy is doing and whether a change in interest rates is needed every six weeks or so.

‘If it looks like higher inflation is going to be more persistent, then we may need to increase interest rates further to make sure it comes back down.’

Universal Credit increase on childcare costs

From June 28, families on Universal Credit will be able to claim more back on their monthly childcare costs.

The amount parents can claim back will rise to £951 for one child and £1,630 for two or more children.

This is up from the previous caps of £646 for one child or £1,108 for two or more children.

The rise is part of Jeremy Hunt’s promise in his autumn budget to encourage more Britons back into work by expanding childcare hours and provisions.

July 2023

Energy Price Cap increase

In March of this year, the Energy Price Guarantee (EPG) was extended for an additional three months to the end of June 2023. While the Ofgem Energy Price Cap level is £3,280, the EPG meant that a typical-use household bill was reduced to around £2,500 annually.

From July, the EPG will rise to £3,000 per year. However, the OEPC may fall below that figure, and customers will pay whichever is the lower figure.

Due date: July 1

Stamps without barcodes deadline for use

Royal Mail’s new barcoded stamps will replace older stamps from July 31, after a six-month grace period was introduced in January 2023.

The new barcoded stamps feature a picture of King Charles III. (Picture: Leon Neal/Getty Images)

You can still swap your stamps for new ones using a swap-out form.

However, the Royal Mail website reminds us that ‘Special Stamps with pictures on and Christmas Stamps without a barcode will continue to be valid and don’t need to be swapped out.’

More information is available on the Royal Mail website.

Due date: July 31

Self-employment second payment on accounts deadline

If you’re self-employed and making advanced payments towards your tax bill, the second of two deadlines will be due in July.

You will usually be making these payments if your last tax bill was more than £1,000.

More: Trending

HMRC also state: ‘If you still have tax to pay after you’ve made your payments on account, you must make a ‘balancing payment’ by midnight on 31 January next year.’

Due date: July 31

August 2023

Second potential interest rate revaluation

The next meeting of the Bank of England’s Monetary Policy Committee after the June meeting is scheduled to take place in early August.

The Bank of England will be meeting twice over the next three months. (Picture: Getty Images)

This could see another interest rate rise, depending on the economic situation at the time.

Due date: August 3

Ofgem Energy Price Cap announcement

Ofgem will be making an announcement about their new Energy Price Cap, which will take effect from October.

According to the House of Commons Library, the latest price cap forecasts show it falling well below the EPG level in the second half of 2023. 

Due date: End of August

MORE : Exact dates in June 2023 millions receive money boosts

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