June brings several important financial updates for millions across the UK. After a challenging April, when inflation rose sharply due to energy price hikes and tax changes from Chancellor Rachel Reeves’s Autumn Budget, households now face a mix of relief and key deadlines.
Universal Credit claimants may see a payment increase this month. Benefit rates were raised by 1.7% in April, but the timing depends on individual assessment periods. Those whose assessment periods started after April 7 may have already received higher payments in May; others may wait until around June 12 for the boost to hit their accounts.
On June 18, the Office for National Statistics will release the latest inflation figures. In the previous update, inflation rose to 3.5%, driven partly by April’s bill and price hikes. The Government has set the Bank of England a target of 2%, and the central bank will announce its next interest rate decision on June 19. The current base rate stands at 4.25% after a cut in May. A further cut could relieve borrowers but may reduce savings returns.
Around 300,000 homes still rely on Radio Teleswitch Service (RTS) meters for heating. These meters are being switched off on June 30. Users must upgrade to a smart meter to avoid heating failures. Energy suppliers are urging affected households to act quickly.
The Government’s mortgage guarantee scheme, which helped first-time buyers with 5% deposits, ends on June 30. While criticised for higher interest rates, its closure may limit options for low-deposit buyers, though some lenders may continue similar products.
Finally, households are encouraged to submit meter readings by June 30 to benefit from the 7% drop in the energy price cap, effective from July 1. Ofgem’s new cap will lower the average annual bill from £1,849 to £1,720, saving typical households around £129 a year.
