Money Box

As the Chancellor, Rachel Reeves, presents her Spring Statement, Money Box Live sifts through the details about what it all means for your personal finances.Changes to the welfare system have already been announced. It will be harder to claim a disability benefit called Personal Independence Payment (PIP) under plans which the government says will get more people into work. We'll analysis any new details on that.The Spring Statement comes ahead of big plans already announced in last year's Autumn Budget such as changes to stamp duty for home buyers and an increase to National Insurance Contributions for some employers, so as well as dissecting new announcements we'll also remind you what else coming in and when.Felicity Hannah is joined by Sarah Pennells, Consumer Finance Specialist at pensions company Royal London; Elsa Littlewood, Tax Partner at the accountancy firm BDO and Mike Brewer, Chief Economist and Deputy Chief Executive of the Resolution Foundation.Presenter: Felicity Hannah Producer: Sarah Rogers Reporter: Emma Smith Editor: Jess Quayle(This episode was first broadcast at 3pm on Wednesday 26th March, 2025)

We report from Parliament as the Minister for Energy Consumers and the regulator Ofgem face questions from MPs about the banned process of back-billing. That's when energy suppliers wrongly send new bills for energy use longer than 12 months ago. We'll get reaction from Labour MP Bill Esterson who is the Chair of the House of Commons Energy Security and Net Zero committee, which sat on Wednesday.And the biggest shake-up to benefits in a decade was announced by the government this week. It hopes the changes will ultimately save it five billion pounds a year from a benefits bill which Work and Pensions Secretary Liz Kendall told Parliament was 'a failing system that is currently not sustainable'. She proposed major changes to some benefits, what will this mean in practice?Presenter: Paul Lewis Reporters: Dan Whitworth and Eimear Devlin Researcher: Jo Krasner Editor: Jess Quayle(First broadcast 12pm Saturday 22nd March 2025)

There will be no compensation for more than 46,000 people who lost thousands of pounds each when the funeral plan firm Safe Hands went bust 3 years ago. The regulator - the Financial Conduct Authority - was told this week it should consider compensating them after a report by Rachel Kent, the Complaints Commissioner, set out the FCA's failings over Safe Hands. In response, the FCA has said it does not accept it was at fault, that it did not regulate the funeral planning firm at the time, and no compensation would be paid. This month the Government has announced plans to scrap new leasehold flats, replacing it with a system called commonhold already used in Scotland where homeowners collectively own the building and the land. But how will the planned improvements to the rights of existing leaseholders work? There's changes to how 'side-hustlers' report their earnings to HMRC, but it's not a tax cut, how will that work?And there's extra money to help pensioners in Northern Ireland with their heating bills.Presenter: Paul Lewis Reporters: Dan Whitworth and Eimear Devlin Researcher: Jo Krasner Editor: Sarah Rogers.(This programme was first broadcast at 12pm Saturday the 15th of March 2025)

Over the past few weeks there's been speculation over the future of ISAs - Individual Savings Accounts. At the moment each saver can deposit up to £20,000 each tax year into an ISA tax-free, but there have been reports that the Treasury is considering making some changes. Things like lowering the limit to £4,000. In a statement to Money Box the Chancellor Rachel Reeves said that while it's important to support people to save, they want to get the balance right. She wants to create "more of a culture in the UK of retail investing." What does that mean and what might change?Some listeners have been experiencing delays after trying to boost their state pension by filling old gaps in their National Insurance record. At the moment a window is open for people who have not yet reached pension age and those already on the new state pension to fill gaps in their record back as far as 2006. But in just a few weeks time that window will close. The government told us that it's processing payments as quickly as possible and that people who at least take the first step by 5 April will still be able to fill those gaps.Are water companies banned from sending out bills for water used more than 12 months ago as energy suppliers are? And more than 35,000 people who were aged 55 or over took out new mortgage loans in the last 3 months of 2024, up 30% on the year before, what's behind the rise?Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Eimear Devlin and Jo Krasner Editor: Jess Quayle(First broadcast 12pm Saturday 8th March 2025)

From April water bills for millions of households in England and Wales will go up by record amounts. Exactly how much more you'll pay will depend where you live but, on average, bills will increase by more than £10 per month meaning a total average cost of over £600 a year. What can you do if you're struggling with those bills?There's just a month left for people in the process of buying a home in England and Northern Ireland to complete the sale before stamp duty rises on April the first. Some estimates suggest there could be tens of thousands of buyers who will miss that deadline by just a few days. What can you do if you're trying to hit that deadline?Train fares in England and Wales will go up on Sunday. At the same time, most railcards, which give you cheaper fares in England Wales and Scotland, will cost you more. We'll have more on that.And energy prices will also go up in April. We’ll take a look at the issue of standing charges. Why do they vary regionally, and how might Ofgem’s proposals to reform them work?Presenter: Paul Lewis Reporters: Dan Whitworth and Haider Saleem Researchers: Eimear Devlin and Jo Krasner Editor: Jess Quayle(First broadcast 12pm Saturday 1st March 2025)

Emily Williams, Director of Residential Research at Savills, and Sarah Tucker, Founder of The Mortgage Mum, share valuable insights on the current housing market. They discuss how rising costs make homeownership daunting, especially for first-time buyers. The conversation covers the challenges of saving for deposits, navigating mortgage processes, and new stamp duty changes that leave some buyers disadvantaged. Their expert advice aims to empower potential homeowners, highlighting real-life stories of perseverance in achieving homeownership dreams.

In this engaging discussion, Tim Jarvis, Director General of Markets at Ofgem, tackles the pressing issue of back billing in the energy sector—highlighting how this illegal practice has affected countless consumers. He urges for urgent reforms and better accountability among suppliers. The conversation also delves into looming inheritance tax changes on unspent pension pots, expected to impact many from 2027. Listeners are encouraged to rethink their financial strategies amidst rising living costs and forthcoming legislation.

People owe more money for gas and electricity bills than ever before. New calculations from the energy consultancy firm Baringa reveal the average typical energy debt is £1,500 - that's up £300 in a year. The total owed to energy companies is 3.8 billion pounds, which is almost double what it was two years ago.Energy prices are also forecast to rise by 5% from April, adding £85 a year to household bills meaning a household using a typical amount of gas and electricity would pay £1823 a year.In this Money Box Live, we're finding out how to manage energy debts and how to avoid getting into the red in the first place.Ruth Alexander is joined by Matthew Sheeran from the free debt advice provider, Money Wellness, and Eleanor Taylor from Baringa.Presenter: Ruth Alexander Producers: Sarah Rogers, Catherine Lund and Neil Morrow Editor: Jess Quayle(First broadcast 3pm on Wednesday 19th February 2025)

In this fascinating discussion, Kate Pender, Chief Executive of Fair For All Finance, sheds light on the troubling practice of back billing in the energy sector. She delves into the urgent need for regulatory oversight and transparency among energy suppliers, following a recent investigation. The conversation also highlights a new low-interest loan scheme from credit unions aimed at helping those drowning in high-interest debt, emphasizing the critical role of consolidation for financial recovery.

We all dream about what we will do when we don't have to work anymore. The perfect retirement looks different for everyone, from travelling the world and luxury holidays to spending more time with family and friends, but the cost of stopping work can be bit of a wake-up call.In this Money Box Live we'll look at how to make the most of the savings you have as retirement approaches to how to start planning for retirement at the start of your career.Felicity Hannah is joined by Sangita Chawla, Managing Director at Standard Life and Zoe Alexander, Director of Policy and Advocacy at the Pensions and Lifetime Savings Association to answer your questions - and offer tips on how to plan for a good retirement.Presenter: Felicity Hannah Producer: Catherine Lund Editor: Jess Quayle(This programme was first broadcast at 3pm Wednesday 12th February, 2025.)