The Chancellor has announced a major financial change for customers on prepayment meters following fears of rising energy bills.
All the major changes affecting your money in March
28.02.2023 - 19:55 / manchestereveningnews.co.uk
A number of changes affecting the finances of UK households will be implemented from March, as the cost of living crisis continues.
February saw grocery inflation rise to a record high of 17.1 percent, potentially adding £811 to annual household shopping bills. It was also announced that the energy price cap will be reduced from April, from the current £4,279 per year to £3,280 for the average household.
However domestic energy bills are still set to rise by an average of £500 a year as the Government’s support for households becomes more limited. But before we get to April, there are a few major announcements which will be made in March.
READ MORE: Brits hit with extra £800 on annual supermarket shop as grocery inflation hits record high
Among them is the Chancellor's Spring Statement which will set out how he plans to grow the economy. The latest gross domestic product (GPD) figures will also be revealed, measuring whether the economy has grown or shrunk.
Here's a breakdown of all the big money changes and support coming in March.
It will soon get more expensive to travel via train in England. Rail fares will see its largest rise in more than a decade from March 5.
The Department for Transport (DfT) announced that regulated fares in England will increase by up to 5.9%. Season, anytime day, off-peak and super off-peak tickets will be subject to the increase.
Examples of annual season ticket rises based on a 5.9% hike include Liverpool to Manchester (any route), up £169 from £2,864 to £3,033.
Train tickets usually go up in line with the previous July Retail Prices Index (RPI) measure of inflation, which for 2022 stood at 12.3%, but it has been capped for this year.
The latest gross domestic product (GDP) figures
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