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Money Box: April Changes:  National Living Wage, ISAs and Energy

30/03/2024

April Changes:  National Living Wage, ISAs and Energy

BBC Radio 4 - Money Box, April Changes:  National Living Wage, ISAs and Energy

What will rises in the national minimum wages mean for workers?

Is there still time to boost your tax-free savings - and what's changing this year?

April brings many changes for our money, and this programme has all you need to know.

From Monday 1st, there will be higher pay for people on the various minimum wages. For the first time 21 and 22 year olds join people aged 23 and over in getting what's called the National Living Wage. It's going up to £11.44 an hour, a near 10% rise. 18 to 20 year olds get a bigger boost with minimum wage up nearly 15% to £8.60 an hour, while 16 and 17 year olds and those on apprenticeships get the largest increase of more than 21%, taking their minimum hourly pay to £6.40. 

On the same day, the Energy Price Cap set by the regulator Ofgem will fall reducing the typical annual bill in England, Scotland, and Wales by 12% to £1,690 per year. That is the lowest it has been for two years.  So will it be worth switching suppliers for a new fixed deal?

It's 25 years since the introduction of tax-free ISAs. You have just a few days to make use of this year's allowance and there are some big changes next tax year.  we’ve got all you need to know.

Plus, what’s changing next week for childcare, why some people need to do a meter reading, and how to save money on stamps.

Presenter: Paul Lewis
Reporter: Dan Whitworth
Researchers: Sandra Hardial and Jo Krasner
Editor: Jess Quayle

(First broadcast 12pm Saturday 30th March 2024)

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