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Money Box: Scottish Budget and Cold Weather Payments

17/12/2022

Scottish Budget and Cold Weather Payments

BBC Radio 4 - Money Box, Scottish Budget and Cold Weather Payments

All you need to know about the Scottish Budget.

Millions of people will be getting a £25 cold weather payment – how does it work and who’s eligible?

We discuss this week's Scottish Budget, from income tax to benefits. Deputy First Minister John Swinney announced that everyone earning more than £43,662 in Scotland will have to pay more income tax next year. It's as the higher rate of tax increases from 41p to 42p in the pound in April, and the top rate from 46p to 47p. We'll get reaction to that from people in Glasgow and analysis from Emma Congreve an economist who is Deputy Director at the Fraser of Allander Institute in Strathclyde.
 
This month, we've seen freezing temperatures which, for millions of households, have triggered Cold Weather Payments. These are paid to some people in low income households who get means-tested benefits to help pay their higher energy bills during a cold snap. Payments of £25 are made automatically when the average temperature in an area is recorded or forecast to be at zero degrees celcius or below for seven consecutive days. We discuss who's eligible and how it works.

Interest rates rose again this week for the ninth time in a row - from 3% to 3.5%, its highest level for 14 years. The decision will increase monthly mortgage payments for some homeowners at a time when many people are struggling with all the other rises in the cost of living. The Bank of England predicted this week that people with mortgages who need to refinance next year to a new fixed rate will face an average monthly increase of around £250 - that's £3000 a year.  What does that mean for you?

Presenter: Paul Lewis
Reporter: Clare Worden and Dan Whitworth
Researcher: Sandra Hardial
Editor: Jess Quayle

(First broadcast 12noon, Saturday 17th December, 2022)

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