Ofgem Price Cap Rise Takes Effect July 1
The Ofgem price cap increased by approximately 13% on July 1, pushing the average annual gas and electricity bill from £1,641 to £1,862—a rise of £221. Households paying by direct debit will see electricity charges climb from 24.67p to 26.11p per kilowatt hour, while gas charges rise from 5.74p to 7.33p per kWh. The surge is largely driven by a spike in global energy wholesale prices linked to the Middle East conflict, according to Ofgem.
Great Summer Savings Scheme Offers Discounts Through September
Families can take advantage of reduced prices on attractions and dining via the Great Summer Savings Scheme, launched June 25 and running until September 1. Chancellor Rachel Reeves announced a VAT cut on tickets for theme parks, zoos, and museums from 20% to 5% over the summer holidays, part of a package to ease cost-of-living pressures from the Iran war. Discounts apply to children's menu meals, children's and family cinema tickets, theatre, concerts, shows, exhibitions, and admission to amusement parks, fairs, museums, zoos, soft play centres, circuses, adventure parks, nature reserves, wildlife parks, and observation attractions.
Motability Scheme Changes Effective July 1
The government announced changes to the DWP Motability Scheme from July 1. VAT will now apply to advance payments—extra fees for choosing a more expensive vehicle. Additionally, Insurance Premium Tax will apply to all new leases. The DWP stated these changes aim to save taxpayers £1 billion by 2030 while protecting disabled people's access to cars, scooters, and powered wheelchairs.
£9,000 Heat Pump Grant Available from July 21
Thousands of households in England and Wales using heating oil are eligible for a £9,000 grant from July 21 to switch to a heat pump, saving on energy bills. The Boiler Upgrade Scheme grant increases by 20% from £7,500 to £9,000, targeting rural households. The government has sent leaflets to 200,000 eligible homes with information on claiming the extra funding, aiming to electrify heating and protect against fossil fuel price spikes.
Inflation Data Release July 22
The Office for National Statistics will publish the latest inflation figures on July 22. In May, inflation held steady at 2.8%, defying expectations of a rise. At its peak in October 2022, inflation reached 11.1%.
Bank of England Interest Rate Decision July 30
The Bank of England will announce its next interest rate decision on July 30. The base rate remains at 3.75%, held steady for the fourth consecutive meeting in June. This rate influences borrowing costs for consumers and businesses.
Self-Assessment Payment on Account Deadline July 31
Millions of self-assessment taxpayers must make a “payment on account” by July 31—an advance payment towards their tax bill, typically for self-employed workers or those with untaxed income. Two payments are due each year: the first by January 31 and the second by July 31. Late payments incur penalties and interest on outstanding tax.
