October brings several significant financial changes for UK households, including a rise in energy bills, new banking fraud protections, and the Labour government’s first Budget. The most notable shift is the Ofgem price cap increase of 10% from 1 October, adding around £149 annually for typical use households not on fixed tariffs. Energy bills can be mitigated by switching to fixed deals, with some currently cheaper than the cap.
From 1 October, mobile phone companies must notify customers before they start roaming abroad and clarify costs, under new Ofcom rules. This follows the removal of free data roaming by most networks after Brexit, except O2. On 5 October, the HMRC self-assessment registration deadline applies to those with additional income over £1,000, such as from property or side hustles. Failure to register can lead to penalties.
From 7 October, banks must reimburse scam victims up to £85,000 under new fraud rules. However, banks are also required to report suspicious financial activity linked to benefits claimants to the DWP. The same day, Royal Mail increases first-class stamp prices by 30p to £1.65, the second rise in 2024, and the Winter Fuel Payment helpline opens for eligible claimants.
On 16 October, September’s inflation figures will be announced, crucial for the state pension triple lock—pensions will rise in April by the highest of wage growth, inflation, or 2.5%. Currently, a £460 increase is forecast based on wage growth. The paper tax return deadline for HMRC is 31 October, while online returns are due by 31 January.
The month ends with the Labour government’s first Budget on 30 October, which Chancellor Rachel Reeves has described as “painful.” While VAT, income tax, and National Insurance won’t rise, potential targets include capital gains tax, stamp duty, or inheritance tax to address a claimed £22bn shortfall. Mortgage holders will be watchful, recalling the market turmoil after the 2022 mini-budget.
