LIFE

All the price rises families need to be aware of that are coming in 2023

Last modified on Friday 3 March 2023

Families are set to see a host of money changes over the coming weeks, ranging from rail fare rises to energy bill increases... here's the full list

With the cost of living crisis still going strong, families will need to brace themselves for 9 big money changes coming in the following weeks, from rail fare rises to energy bill increases.

Chancellor Jeremy Hunt is due to deliver his Spring Budget on 15 March, and the major policies he announces will likely start of the next financial year from 6 April.

Energy bills will rise by £500 for the average household and mobile, broadband and TV packages will see prices rises, too.

Council tax bills will also be hiked for millions later on in the Spring.

Here's the full list of changes to expect during the coming weeks, as well as what to do to mitigate the impact.

1 Interest rate may rise – 23 March

The Bank of England's Monetary Policy Committee (MPC) is next due to meet and make any announcements on the Bank of England's base rate on 23 March.

And the price of borrowing, including credit cards, loans and mortgage repayments will rise if the bank raises interest rates further.

But the good news is, savings will receive a boost due to banks offering market-leading interest rates.

Anyone due to come off a cheap fixed mortgage deal in the following months should prepare to remortgage early, as lenders often move families onto more expensive SVRs once their deal ends.

And savers who want to boost their nest egg should look to see whether they can find better returns using a different bank or building society.

2 Rail fares – 5 March

Commuters will pay 5.9% more for their train tickets from 5 March, making this the biggest rise in over a decade.

If you regularly travel by train, it may be worth investing in a rail card to save on standard anytime, off-peak, advance and first-class advance tickets.

Cards for 16-25 year olds cost £30 per year or £70 for 3 years.

Remember to always compare costs before you buy and get organised as early as you can to pay less.

3 Household Support Fund applications to close – 31 March

The majority of councils are due to close their applications for the Household Support Fund at the end of March, while others have already closed theirs.

And while the government could announce a further extension in the Spring Budget, this still remains unclear.

Families should get their applications in fast, and check with their local council to find out what's available once applications close.

To find more information on your local council, you can use the the postcode checker on the government website.

4 Energy bill discount scheme comes to an end – 31 March

Families will receive their last £67 discount before the end of March, and it remains unclear whether the government will bring in any more direct energy bill support during the Spring Budget.

How you'll be paid depends on how you already pay for your energy bills.

Most receive the payment automatically, however anyone on traditional prepayment meters will be given a special action message (SAMs) or redeemable energy bill discount voucher during the first week of each month, through email, post or SMS.

Recipients will then need to visit their usual top-up point to claim these.

Families should check with their supplier to find out how they'll get the money.

5 Energy bills – 1 April

Average households will receive a £500 per year rise to their bills, following the Chancellor's announcement that typical bills would increase to £3,000 in April during the Autumn Statement.

However, the exact amount energy bills increase by depends on your usage.

Millions receiving means-tested benefits and Universal Credit will receive a £900 payment.

To qualify for the payment, families need to be receiving one or more of the following:

  • Income Support
  • Pension Credit
  • Income-based Jobseeker’s Allowance
  • Income-related Employment and Support Allowance
  • Tax Credits (Child Tax Credit and Working Tax Credit)
  • Housing Benefit
  • Council Tax Support
  • Social Fund (Sure Start Maternity Grant, Funeral Payment, Cold Weather Payment)
  • Universal Credit

Anyone with certain disabilities are also eligible for an additional £150 cost of living payment.

And if you're struggling, energy suppliers are also offering many energy grants and and schemes to help out.

6 Broadband, mobile and TV price hikes – 31 March to 1 April

Millions of broadband, mobile and TV customers will be met with higher bills during the next couple of months.

However, the amount your bills increase by from spring depends on which type of package you've taken out, as well as the price of it right now.

The best way to save on your telecom bills is to switch contracts once yours is up.

Use comparison sites in the weeks leading up to your contract running out to find out what deals are available.

If you want to stay with your current provider, you can always haggle to receive a better deal.

You can still end up with significant savings if you renew your contract instead of letting it roll onto the tariff you receive once your deal ends.

And if your provider refuses to haggle, it may be worth threatening to leave.

Investigating social tariffs is another good option if you receive certain benefits including income support or disability allowance.

7 National living wage – 1 April

This is good news! The national living wage and national minimum wage are due to rise in April.

Millions should notify their employer if they think they are not receiving the correct amount. If this does not work, you can then file a complaint on the government website.

8 Water bills – 1 April

Households are due to receive the highest rise in their yearly water bills in almost 20 years, once they increase to an average of £448 in spring.

However, the exact amount your bills increase by depends on the area you live, the amount you're charged and the rate it's rising by.

You may be able to save money by moving to a water meter.

However, if your family uses a lot of water, remember your bills could actually increase.

You can find out if you would benefit from a water meter by using the free water meter calculator on the The Consumer Council for Water website.

9 Council tax – 1 April

Millions of homes will receive council tax hikes from April of up to £99 per year, with the amount depending on where you live.

Those on low incomes or receiving benefits like Universal Credit might be able to receive a discount on their council tax.

The schemes are means-tested and normally depend on your income, as well as any kids or adults you live with.

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