Several important financial changes are set to take effect in September 2024, affecting households across the UK. From childcare support to energy bills and interest rates, here are the key updates to be aware of.
From September 1, working parents of nine-month-olds will be eligible for 30 hours of free childcare per week, up from the current 15 hours. To qualify, parents must earn at least the equivalent of the national minimum wage for 16 hours a week on average, but have an annual income below £100,000.
The Winter Fuel Payment, worth up to £300, will be paid automatically to most recipients, but some will need to apply by post from September 15 or by phone from October 15. Eligibility is based on age by the end of the qualifying week.
The Office for National Statistics will release the latest inflation data on September 17, following a rise to 3.8% in the previous update. The Bank of England will then announce its next interest rate decision on September 18, with the base rate currently at 4% after a cut in August.
Energy bills are set to rise on October 1, with the price cap increasing from £1,720 to £1,755 per year for the average direct debit household. Households are advised to take a meter reading around September 30 to avoid being charged higher rates for energy used before the change.
