Yesterday, Sky News presenter Wilfred Frost told minister Angela Eagle that this week would be a “tough one” for the Labour government.
That’s because, starting on April 1, there will be a rise in the cost of several bills.
Here’s which ones will, or are likely, to go up, and by how much:
1) Energy bills
The average household’s annual electricity bill is set to rise by £111 a year to £1,849 starting this week, or £9.25 a month.
That’s a 6.4% rise from before this week.
Ofgem, the energy regulator, say that “A recent spike in wholesale prices is the main driver of today’s price rise, accounting for around 78% of the total increase.
“A small increase in policy costs and associated inflationary pressures make up a further 22%,” they add.
Ed Miliband, the energy secretary, said this is “worrying news for many families” and added the best way to bring prices down “for good” is “to make Britain a clean energy superpower – with homegrown clean power that we in Britain control.”
2) Water bills
Different water companies will impose different price hikes.
On average, though, Water UK says we can expect to see price rises of about £123 (or 26%), roughly a tenner a month. That puts the projected average water bill at £603 a year.
You can find out how much your provider’s water bills will rise by here.
3) Council tax
Again, this depends on where you live.
Councils that have social care responsibilities for their residents can always raise the price of council tax by 4.99% in a year without having to have a review or vote.
But some areas, like Birmingham, Somerset, and Windsor have been given the go-ahead to go above that 4.99% limit.
Rates in Scotland had been frozen but will now rise by as much as 15%.
Northern Ireland, which uses a domestic rates system, will see price hikes from all councils.
4) Car tax
If your car was registered after April 2017, the RAC says your tax will rise by £5 a year to £195.
Electric vehicles will qualify from tax from today on, too.
You can see how much your specific type and year of car will affect your tax by looking at RAC’s site.
5) Stamp duty
The previous government reduced stamp duty, so we’ve actually been working at a discounted rate until now.
The Labour government have put the threshold at which home-buyers pay tax back to where it was (£300,000 for most first-time buyers) rather than what it has been until recently (£425,000 for most first-time buyers).
The cost of your home, as well as whether you’re a first-time buyer and how many properties you already own, will affect how much you have to pay. There’s a stamp duty calculator here.
6) TV licenses
These will go up by £5 annually to £174.50 a year.
Black and white TVs will cost £58.50 a year as of today, a price hike of £1.50.
7) Sneaky freezes that have real-term tax implications
They’re not explicitly a price hike. But some taxes, like income tax and National Insurance Contributions, have been frozen rather than matched to inflation.
“This set of threshold freezes means nearly four million additional individuals will be expected to pay income tax, three million more will have moved to the higher rate, and 400,000 more onto the additional rate,” the Office For Budget Responsibility write.
#Bills #April
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