Changes include rising train fares, changes to Universal Credit and Winter Fuel Payments ending – here’s everything you need to know.
There will be a number of money changes in March which will affect things such as how much we pay for travel and certain benefit payments.
During the month train fares are going up, Winter Fuel Payments are ending and certain legacy benefits are merging into Universal Credit.
There are already predictions about what the Treasury are set to announce next month when Chancellor Rachel Reeves delivers her Spring Forecast.
There are also several key energy support schemes that are coming to an end for this winter, such as an end to Winter Fuel Payments and Cold Weather Payments, reports the Mirror.
Here are 12 things you need to know that will be changing next month.
Train fares and railcards to increase – Sunday, March 2
All regulated rail – such as season, anytime day, off-peak and super off-peak tickets – across England will go up by 4.6% as part of the annual price rise. Most railcards will increase by £5 too.
Unregulated fares – including advance, anytime, off-peak day and first class fares – are set by train companies but are likely to be close to changes in regulated ticket prices. This means the 4.6% increase will only apply to around 45% of ticket prices across England, Scotland and Wales.
Season tickets on most commuter journeys, some off-peak return tickets on long-distance routes, and flexible tickets for travel around major cities will all be impacted by the change.
The rise was announced in the Autumn Budget and the government has said it is the ‘lowest absolute increase in three years’.
Premium Bonds winners announced – Monday, March 3
Winners of March premium bonds will be announced on March 3 – the first working day of the month.
Premium bonds are a savings account issued by National Savings and Investments (NS&I) on behalf of the government. They announce winners of tax-free cash prizes each month, given to people with a Premium Bonds savings account instead of interest.
Prizes range from £25 to £1 million, with the Premium Bond prize fund rate currently sitting at 4%.
The odds of winning are 22,000 to 1 for every £1 bond, with winners worked out using a computerised random number generator.
Bank of England interest rates decision – Thursday, March 20
The Bank of England will announce the new interest rates after announcing another cut in February.
The base rate – how much the Bank of England charges other banks and lenders – is currently at 4.5%. This amount affects how much it costs you to borrow money.
On March 20, The Bank of England and the Monetary Policy Committee will set the new base rate. This rate is the amount charged to smaller high street banks and building societies and impacts savings and mortgage rates.
If the base rates goes down then mortgage prices reduce, but interest rates on saving accounts will also go down.
Because inflation was increased in February, it is unlikely that the base rate will be cut due to higher interest rates encouraging people to save and so slowing price rises.
Ofgem standing charge consultation ends – Thursday, March 20
Ofgem is currently asking for views on the options presented in its standing charges consultation before it closes on March 20.
It is particularly interested in getting opinions from charities, consumer groups and energy supplies about the option of introducing a zero standing charge energy price cap variant.
The consultation comes after Ofgem announced proposals on February 20 which would make every energy supplier in the country required to offer customers payment options that have no, or low, standing charges.
Inflation update – Wednesday, March 26
The latest inflation data from the Office for National Statistics will be released on March 26, revealing a measure of how much prices have changed over time.
Previously, the ONS showed that inflation had risen to 3% – its highest level in ten months – in its latest update.
Spring Budget – Wednesday, March 26
The Spring Forecast will be delivered by Chancellor Rachel Reeves on March 26, revealing the changes that the government plans to make to public spending and tax.
The Treasury has previously said the Chancellor is ‘committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes’ so it is unclear exactly what could be announced on the day.
It is thought Reeves might extend the Tories’ freeze on tax thresholds beyond 2028, and there have been rumours about changes to cash ISAs as well.
Household Support Fund ends – Wednesday, 31 March
The Household Support Fund – a scheme allowing local councils to give specific help to residents on low incomes or behind on bills – will end on March 31.
Normally given in the form of cash grants, or energy and supermarket vouchers, the support does not have to be paid back and is intended to help vulnerable households struggling with the cost of living.
Funding was first provided in October 2021 and has been extended five times.
End of Cold Weather Payment scheme – Monday, March 31
The Cold Weather Payment scheme will end on March 31. Under the scheme, people on low incomes who receive certain benefits have been given a payment worth £25 every time the average temperature where they live hits zero degrees or below for seven or more days.
Universal Credit migration deadline – Monday, March 31
People who receive five of the legacy benefits will need to move onto Universal Credit by the end of the month to make sure their payments are not stopped.
The five benefits effected are: working tax credits, child tax credits, income-based jobseeker’s allowance, income support and housing benefit for those under the State Pension age.
Those affected by the change will have received a final migration notice by the end of December 2024 and need to have applied for Universal Credit by the end of March to make sure payments continue without disruption.
All of the benefits will be discontinued from April.
Last day for stamp duty relief – Monday, March 31
Stamp duty relief will end on March 31, meaning rates will return to normal after this date. Unless you are eligible for first-time buyer’s relief, in England and Northern Ireland you have to pay stamp duty if you are buying a property worth over £250,000.
From April, this will go down to £125,000 – the rate that it used to be before September 2022.
If you are eligible for first-time buyer’s relief you will only pay stamp duty on a property over £425,000 – but this will go down to £300,000 in April.
Deadline to apply for free childcare for April – Monday, March 31
To get free childcare in April, you must apply before March 31. The deadline to apply for free childcare starting in April, you need to have applied between January 1 and March 31.
If you’re starting or returning to work between February 1 and April 30, you can apply up until March 31.
You are entitled to 15 hours a week of free childcare if your child is 9 months to 2 years old and 30 hours a week if your child is 3 to 4 years old.
For more information, visit the gov.uk website.
Winter Fuel Payment deadline for those abroad – Monday, March 31
The deadline to submit a claim for the Winter Fuel Payment in March 31. Payments are worth up to £300 and are paid to people over the state pension age and people in receipt of certain means-tested benefits, such as Pension Credit.
People who are eligible for the payment and living abroad need to submit a claim to receive the payment – but you must have a genuine and sufficient link to the UK.
Most other people will normally receive this payment automatically in November or December. If you should have received the benefit automatically but did not, you have until March 31 to claim it.
You can contact the Winter Fuel Payment Centre on 0800 731 0160.
