Elsewhere, Battery Electric Vehicle (BEV) registrations were up 19.8% to 17,294 cars, which comprised 13.1% of new registrations. Nina Skero, chief executive at Cebr, said: The latest edition of the Health, Wealth and Happiness Index shows that 2022/23 was a tough period for households. It found: On Friday 23 September, Kwasi Kwarteng MP, Chancellor of the Exchequer, will deliver a mini-Budget setting out how the government plans to tackle the cost of living crisis in general and the impact of rising energy bills in particular. The government is adhering to the triple lock, which means pensions and benefits will rise next April by 10.1% Septembers measure of inflation. The best month ever for zero emission vehicles is reflective of increased consumer choice and improved availability but if EV market ambitions and regulation are to be met, infrastructure investment must catch up. The Office for Budget Responsibility, in its Economic & fiscal Outlook published to support the Autumn Statement, includes a statement that fuel duty may increase by 23% in March 2023, estimating that this would add 12 pence to the price of a litre of motor fuel. The government says it wants regulators to work at pace to guarantee markets are working properly.. Second, we also include links to advertisers offers in some of our articles. He also confirmed that the Energy Price Guarantee will be extended for 12 months from April 2023, but that typical annual bills will rise from the current level of 2,500 to 3,000. Meanwhile, nearly 48% of vulnerable customers who remortgaged felt they werent given the product they required. This will save average consumption prepayment customers around 45 a year when it comes into effect later this year. The FSB says that businesses have now reverted back to paying the peak prices they were charged last year, which could be three or four times more than they paid when the Relief Scheme was in place. At the other end, registrations of executive and luxury saloon cars fell by 15% and 6% respectively. I am passionate about personal finance issues and helping consumers navigate the world of insurance, credit, savings and pensions. How is the interest income from POMIS taxed? What needs to happen now, though, is for policymakers to get serious about public recharging infrastructure and incentives for private chargers, with both anecdotal experiences and hard data painting a clear, unappetising picture: we dont have enough chargers, and we urgently need more., Commenting on the new data, Lisa Watson of Close Brothers Motor Finance said: One in 10 Brits are set to buy an electric car next, and more than one in five will move to hybrid. make it as easy to switch or cancel products as it was to take them out in the first place, provide helpful and accessible customer support, not making people wait so long for an answer that they give up, provide timely and clear information that people can understand about products and services so they can make good financial decisions, rather than burying key information in lengthy terms and conditions that few have the time to read, provide products and services that are right for their customers. Kwasi Kwarteng MP, Chancellor of the Exchequer, has taken to Twitter to announce a reversal to a key element of last months mini-Budget the abolition of the additional rate of tax of 45p for those earning 150,000 a year will not now take place. In September 2022, consumers spent 12% more on motor fuel and electric vehicle charging, 11% more on mortgage payments and 8% more on rent than they did in September 2021. If you open a single account under this monthly income saving scheme, then the maximum amount limit you can deposit is INR 4.5 lakh. There is also little clarity on how EVs will be made affordable for private buyers as we edge ever closer to 2030. The UKs Competition and Markets Authority (CMA) has found drivers have been short-changed by weakened competition at the forecourts since 2019, particularly among supermarkets although it concedes that these retailers remain the cheapest places to fill up. The expanded free childcare offer will be rolled out gradually from April 2024, starting with 15 hours free childcare for two-year-olds, followed by 15 hours for children aged 9 months to three years in September 2024. The UKs financial regulator has finalised tougher rules for the marketing and promotion of high-risk investments, writes Andrew Michael. He will be determined not to see the bond market run amok again, threatening the countrys financial stability. 3,00,000 back. The monthly income scheme is different from mutual funds and Insurance monthly income plans-. Claims, warrants and repossessions of mortgaged homes all steadily increased throughout last year, although they remain lower than pre-covid 2019 levels. Richard Donnell, executive director at Zoopla, said: A chronic lack of supply is behind the rapid growth in rents which are increasingly unaffordable for the nations renters, especially single-person households and those on low incomes.. The EPG will remain in place until the end of March 2024, rising to 3,000 on 1 July. 1000 and in multiple of Rs. Lets see how unique the Monthly income Scheme is from the national saving certificate and Bank Fixed deposit. Non Residential Indians are not allowed to open an account under this monthly income scheme in the Post Office. The 3% SDLT loading which applies to the purchase of additional properties such as holiday homes or buy-to-let will remain. The FCA says the new environment should foster innovation and competition. Under the Monthly income scheme, you have to invest a definite amount of money and earn interest on it per month. Despite electric vehicles (EVs) growing in popularity, experts say more needs to be done to speed up the transition to electric cars in order to meet the governments zero emission vehicle mandate, which requires 22% of each car manufacturers registrations to be BEV registrations by 2024. Non-profit, educational or personal use tips the balance in favor of fair use. Basic rate of income tax to fall from 20% to 19% next April, a year ahead of schedule. Under new rules providers will have to give consumers key information about their loans and issue credit that is genuinely affordable.. Credit union loans often feature low rates and are designed to provide a financial lifeline for those on lower incomes who are less well served by the mainstream lending sector. Starting your investment in this plan requires only Rs.1,500. Mortgage approvals for house purchase rose significantly in March, according to the Bank data, reaching 52,000, up from 44,100 in February. The move will save someone earning 40,000 around 560 a year, Additional tax rate of 45% on earnings over 150,000 per annum to be scrapped from April, benefiting an estimated 630,000 taxpayers. Politics latest: BBC star claims 'deeply concerning' - as minister Account holders must be aged 18 or above to independently manage their investments, ensuring a certain level of financial maturity and understanding of the investment process. The summer also saw the Environment Agency announce that the performance of Englands nine water and sewerage companies had fallen to its lowest level since its assessments began in 2011, prompting it to call for action such as higher fines for deliberate pollution. Nathan Long, senior analyst at the investment platform Hargreaves Lansdown, said: With a sharp focus on understanding consumer behaviour, the FCA is introducing pragmatic rule changes to clamp down on retail investors buying high risk investments., Long added: The attention has rightly been placed on improving consumer understanding at the point of their decision making.. These are expected to follow the same approach as those for other high-risk investments. What is the difference between HLTAID001 and HLTAID009? In 2022 alone, this totalled 900m. In addition, during March, households deposited 3.5 billion into National Savings and Investment (NS&I) accounts. The Bank said that like other central banks around the world it has increased interest rates to help slow down price rises. BlueCruise uses cameras and radars to monitor the environment, including traffic, road markings, speed signs and the position and speed of other vehicles, to allow drivers to take their hands off the steering wheel. The Draught Relief Scheme, introduced in 2021, cut duties on draught beer and cider by 5%. This will set out further details of the governments rules for managing its finances, including ensuring that debt falls as a share of gross domestic product in the medium term. The Post Office Monthly Scheme, also known as Post Office MIS or POMIS, is a government-backed deposit scheme that offers monthly returns in the form of interest payouts. You can invest up to Rs 4.5 lakh individually or Rs 9 lakh jointly in the Post Office Monthly Income Scheme. And the planned introduction of an income tax levy to fund health and social care in April 2023, which would have replaced the temporary NICs hike, will no longer happen (see story below). Income tax on dividends was increased by 1.25 percentage points in April 2022 so that those receiving dividend income also helped fund health and social care. To know more lets know what the Post office Monthly Income Scheme is and how Post office monthly income interest rates work. These products can incorporate high fees, while the former often charge high interest rates, making it easy to spiral into debt if repayments are missed. According to the Competition and Markets Authority (CMA), the increases are not solely driven by external factors. Todays announcements come in the wake of several significant reversals of policy that themselves were only announced in the mini-Budget. Of this group, around 13 million either did not get what they needed or are unsure they did. The Chancellor met with the Governor of the Bank of England and the Head of the Debt Management Office last night to brief them on theseplans.. There is no limit on the value of pension savings that can be built up by an individual, but if the LTA is exceeded, the balance is subject to a charge known as the lifetime allowance charge. The maximum deposit limit fixed on single MIS accounts is INR 9 lakh, and INR 15 lakh for joint accounts. Your email address will not be published. The important points of Monthly Income scheme in Post Office are mentioned below-, Here is the list of documents required to open an account under Monthly income scheme in Post office, The steps to open an account under Monthly Income scheme are given below, please read carefully, The post office monthly income scheme interest rate explained with example-. There is no definite number of single/joint accounts one can hold under the monthly income scheme in post office but it is subject to the total balance deposited in each account. Nearly 70% of Black adults are struggling to afford their energy bills, compared to almost 60% of Asian adults and 44% White adults. Senior citizens can invest their money in the Senior Citizens Savings Scheme (SCSS) which . This is the first time there has been a rise since Q1 in 2021 a reflection of increased financial stress among borrowers. On average, the deceaseds family must find an additional 1,870 to cover costs. In its report, the Financial Conduct Authority (FCA) said it carried out 69 assessments across 65 businesses which highlighted failings in the treatment of distressed borrowers. It will also update on key developments in its ongoing crackdown on misleading consumer practices. It is not just food costs that remain extremely high. Chancellor Jeremy Hunts Autumn Statement extended the freeze on income tax thresholds until 2028, meaning more people will pay higher levels of tax as their earnings increase. It usually depends on the returns received by the government. Alice Hayne, personal finance analyst at Bestinvest, said: The good news is that Britons with gaps in their National Insurance record no longer need to panic about running out of time to make up a gap and receive the full pension income they are entitled to. The UKs nuclear industry will be expanded, with the aim of reaching 25% of electricity production being nuclear by 2050. The continued fall in funeral costs may, in part, be down to certain trends from the days of lockdown remaining popular, even after the pandemic. The government is also doubling to 200 the amount to be paid to households that use alternative fuels, such as heating oil, liquified petroleum gas, coal or biomass, to heat their homes. Explaining his decision to overhaul the energy support programme, the Chancellor said that it would be irresponsible of the government to continue exposing the public finances to unlimited volatility in international gas prices. Drivers were overcharged for fuel to the tune of nearly 1 billion last year, according to new official figures announced alongside plans to force fuel stations to make their prices public. Among some of the biggest annual price rises for non-food products are over-the-counter medicines such as cold and flu drink powder sachets (23%), washing-up liquid (18%), bleach (22%) and kitchen roll (33%), plus childrens clothing including sports trainers (21%) and girls coats (15%). He must balance this, however, with the appropriate support if he is to restore the public confidence. Falling asleep and crashing the car, for example, would put them at fault. Citizens Advice found people claiming Universal Credit (UC) were worst hit by rising bills, and were six times more likely to give up their broadband access than non-claimants. In the North West, the figure was 10%, compared with just 6% in the more affluent South East and South West of England. Jeremy Hunt, Chancellor of the Exchequer, has pushed back the governments medium-term fiscal plan announcement from next Monday, 31 October, to 17 November, writes Andrew Michael. Someone earning 200,000 a year will save around 4,300, Exemption from Stamp Duty in England and Northern Ireland will apply to first 250,000 of property value, up from 125,000, First-time buyers will be exempt from Stamp Duty on first 425,000, up from 300,000, First-time buyer property value to be eligible for exemption up from 500,000 to 625,000, As announced, Energy Price Guarantee will limit average household energy bills to 2,500 per annum for two years from 1 October 2022, Every household in the UK will receive a 400 discount off their electricity bills between October and March 2023, Energy Bill Relief Scheme will provide equivalent relief to businesses, charities and public sector organisations such as schools and hospitals, Planned alcohol duty increases will be scrapped, VAT-free shopping for tourists to the UK will be introduced via a digital scheme. Monthly interest= (Total invested amount x Rate of interest) / 12. With millions of individuals forced to skip monthly payments, the FCA is urging anyone struggling to afford bills or credit payments to get in touch with their provider as soon as possible. Q6. At the time of writing, Mr Sunak is expected to retain Jeremy Hunt as his Chancellor. Now it seems like a poisoned chalice and a tarnished one at that, writes Kevin Pratt. Nationwides Spending Report, published alongside the research which collects data from 208 million debit card, credit card and direct debit transactions, showed that essential spending was 12% higher in February than 12 months before, at 3.97 billion. Diesel registrations fell by 22% to just 6,000 vehicles. Post Office Monthly Income Scheme (POMIS) is designed as a long-term investment with a maturity period of 5 years. Monthly Income Scheme in Post Office: Interest Rate, The Post Office Monthly Income Scheme Interest Rate in previous years, Points to note under Post Office Monthly Income Scheme. High yields on gilts already in circulation are bad news for the government because they mean it has to offer competitive, higher rates of interest when issuing new gilts, pushing up its cost of borrowing. Meanwhile, the months 76,207 new fleet registrations figure was up by more than 20,000 on May 2022. 26% reported being unable to save money as usual, 18% stated that they had to use savings to cover living costs, 17% said they had less money available to spend on food. The 30 hours free childcare scheme was introduced in September 2017, covering registered nurseries, childminders and nannies, registered after-school clubs and play schemes and home care workers from a registered home care agency. The share option plan limit will also double in April 2023, from 30,000 to 60,000 per individual director or employee. Helen Dickinson, chief executive of the BRC, said: We should start to see food prices come down in the coming months as the cuts to wholesale prices and other cost pressures filter through.. the annual investor limit will double to 200,000. To check the amount of money that you will get on a monthly basis out of the POMI scheme, you can even use the Post Office Monthly Income Scheme calculator. Post Office Monthly Income Scheme 2023: Check Interest Rate and Eligibility May 15, 2023 May 15, 2023 by Vishal Sinha If you are worried about your retirement then the post office authorities have come up with the post office monthly income scheme 2023 which is the best five-year investment plan with a maximum ceiling of rupees 4.5 lakh for a . The most likely forms of cover to be dropped were legal expenses insurance, travel and gadget cover. Direct cremations [cremations with no accompanying funeral service], for instance, are a cheaper alternative, and became necessary during COVID-19. We will cut taxes. The Ofcom Communications Affordability Tracker showed three in 10 households roughly eight million reported struggling to pay for their phone, broadband, pay-TV or streaming bills. Achieving your goals just got easier Invest Now Features of Post Office Monthly Income Scheme Regular payments: Regular monthly interest payments are made to the investors. Deposits can be made by debit card, standing order or bank transfer and there is no limit on withdrawals, although withdrawing funds could affect the overall bonus payment. But a governments economic policies such as large-scale unfunded tax giveaways la Kwasi Kwartengs ill-starred mini-Budget on 23 September make money markets edgy. It is an apt scheme for those who want a regular income from their investments. The event will be upgraded to a full Autumn statement designed to demonstrate stability and engender confidence in the UKs financial prudence under new prime minister, Rishi Sunak. The Chancellor, Jeremy Hunt MP, says UK inflation will fall from its present level of 10.1% to 2.9% by the end of the year. The government announced the creation of 12 investment zones outside London, including in the West Midlands, East Midlands, Greater Manchester, Liverpool, the North East, South Yorkshire, Teeside, West Midlands and West Yorkshire, plus at least one each in Scotland, Wales and Northern Ireland. The least energy suppliers should do is to allow small businesses who signed up to fixed tariffs last year to blend and extend their energy contracts, so that their bills are closer to current market rates. Save my name, email, and website in this browser for the next time I comment. If you have neither withdrawn the money nor reinvested it, the account will keep earning interest for a period of 2 years from the date of maturity at the interest rate applicable for post office savings account. First-time buyers, who currently do not pay SDLT on the first 300,000 on homes costing up to 500,000, will see the nil-rate band extended to 425,000 on homes costing up to 625,000.