Energy Bills Rise 13% from July 1
The Ofgem price cap increases by around 13% on July 1, raising the average annual gas and electricity bill from £1,641 to £1,862. The cap limits unit rates and standing charges, not total bills, so actual costs depend on usage.
Motability Scheme Overhaul from July 1
New Motability contracts from July 1 reduce the mileage allowance from 20,000 to 10,000 miles per year. Excess miles cost 25p each, up from 5p. Tyre replacements drop from eight to six over a three-year lease, with up to ten for a five-year WAV lease (six for damage). An admin fee now applies, and users must notify RAC when traveling to the EU.
Last Chance to Vote on UK Banknotes by July 3
The Bank of England's consultation on redesigning £5, £10, £20, and £50 notes ends at 11:59pm on July 3. The public can vote on animals representing home nations, replacing historical figures with wildlife and nature themes.
Buy Now Pay Later Regulation from July 15
From July 15, buy now pay later (BNPL) falls under Financial Conduct Authority (FCA) regulation. Providers must conduct affordability checks, provide clear agreement terms, and allow customers to complain to the Financial Ombudsman Service (FOS).
Inflation Data Release on July 22
The Office for National Statistics (ONS) releases latest inflation figures on July 22. Inflation held at 2.8% in May, down from a peak of 11.1% in October 2022.
Bank of England Interest Rate Decision on July 30
The Bank of England announces its next interest rate decision on July 30. The base rate remains at 3.75%, held for the fourth consecutive meeting in June. This rate influences borrowing costs for consumers.
Self-Assessment Payment on Account Deadline July 31
Millions of self-assessment taxpayers must make a 'payment on account' by July 31. This advance payment towards the tax bill is due by midnight; late payment incurs penalties and interest. The first payment is due by January 31 annually.
