As a brand new month nears, there are key monetary modifications Brits want to concentrate on. From rate of interest bulletins to Costa Coffee membership modifications and updates on inflation, this is what you'll want to know concerning the upcoming occasions.

August 1 - Alcohol Rates

Alcohol obligation charges will rise by 10.1 p.c from August 1, leading to greater costs for some alcoholic drinks. Additionally, a brand new system can be launched that taxes drinks based mostly on their power.

The Wine & Spirits Trade Association (WSTA) say the value of a bottle of wine with an alcohol by quantity (ABV) will improve by 44p, whereas a bottle of port will rise by £1.30.

A smaller variety of drinks will go down in value, together with 14p off a 5 p.c pre-mixed can of G&T and 7p off glowing wine at 12 p.c.

While this implies a rise within the value of sure drinks, resembling wine and port, a number of others will see a lower in value. Pubs can even profit from decreased alcohol obligation charges for beer, cider, wine, spirits, and different fermented merchandise bought on-site.

August 1 - Costa Coffee Loyalty Scheme

Costa Coffee is making modifications to its loyalty scheme on August 1.

From this date, prospects might want to acquire 10 "beans" as a substitute of eight to assert a free drink. This means buying two further drinks or one further drink when utilizing a reusable cup.

August 3 - Interest Rates

The Bank of England will announce whether or not rates of interest can be raised on August 3. This resolution will affect the charges charged by banks and lenders, which in flip impacts the charges you might be charged as a borrower.

Higher rates of interest imply elevated prices for variable price mortgages however doubtlessly greater returns on financial savings.

August 16 - Inflation

The Office for National Statistics (ONS) will launch the inflation price for the 12 months to July on August 16. The Consumer Price Index (CPI) inflation determine signifies the speed at which costs of products and companies have elevated over time. High inflation means costs have risen extra sharply, lowering the buying energy of your cash.

August 25 - Ofgem Price Cap

Ofgem will replace its value cap on August 25, which can affect vitality costs from October 1 to December 31. While the present value cap for a typical family with common vitality use paying by direct debit is £2,074 per yr, analysts predict a possible lower to £1,860 in October.

However, it is necessary to do not forget that the value cap represents what somebody with typical utilization is more likely to pay over a yr, and particular person prices can differ based mostly on vitality consumption and cost methodology.

August 28 - Bank Holiday

England and Wales will observe a financial institution vacation on August 28. If you obtain profit funds, it's possible you'll obtain them on the earlier working day, August 25.

It's important to finances accordingly, as you will have an extended wait till your subsequent profit cost.

August (no set date) - Universal Credit Migration

Throughout August, extra households claiming legacy advantages can be moved to Universal Credit. Universal Credit replaces a number of advantages, and the Department for Work and Pensions (DWP) goals to finish the migration by December 2024. If you obtain income-related ESA and don't obtain Tax Credits, your switch will happen by 2028. You will obtain a migration discover within the submit with a three-month deadline to begin claiming Universal Credit.

The DWP will make contact with individuals within the following areas subsequent month:

West ScotlandDerbyshireSouth LondonStaffordshireWest Yorkshire

August (no set date) - PIP Changes

From August, the DWP is introducing a brand new "light-touch" evaluation for Personal Independence Payment (PIP) claimants. Those with 10-year awards will solely have to fill out a shorter six-page type as a substitute of the same old 16 web page one, and generally, an evaluation with a healthcare skilled will not be required. This change additionally applies to most people above state pension age who're present process evaluation.

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