Brits across the country face a wave of price increases this weekend as we enter the new tax year.
Organisations, businesses, families and individuals are seeing rising costs due to economic factors.. And data from the Office for National Statistics (ONS) has revealed the scale of inflation - with the Consumer Prices Index (CPI) showing a rate of 10.4 per cent in Feburary, up from 10.1 per cent in January.
We're all feeling it as we shop - but energy, council tax, prescriptions and more are all set to go up too. Read on to find out all the things that will increase in cost this weekend.
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Energy bills
In autumn last year it was announced that the Energy Price Guarantee introduced by the government will be increased from £2,500 to £3,000 from April 1. On February 27, Ofgem confirmed that the price cap will drop from £4,279 a year to £3,280 for the average household.
Nonetheless, as Ofgem CEO Jonathan Brearley put it: “Although wholesale prices have fallen, the price cap has not yet fallen below the planned level of the Energy Price Guarantee. This means, that on current policy, bills will rise again in April. I know that, for many households this news will be deeply concerning.”
Council Tax
The majority of council tax payments will increase by 5 per cent in April, but this may vary depending on where you live. It comes after a change in rules allowing councils to raise their tax prices by up to 5 per cent without a referendum.
It is believed that at least 84 out of 114 local authorities in England will raise their taxes by the maximum amount.
Prescription charges
The Department for Health and Social Care (DHSC) has confirmed that prescription charges will rise at a rate of 3.21 per cent. This means that prescriptions will cost 30p more, going from £9.35 to £9.65.
Meanwhile, the cost of a three-month Prescription Pre-payment Certificate will increase by £1 to £31.23 while the 12-month Prescription Payment Certificate will increase by £3.50 to £111.60.
Water bills
Water bills are set to see their biggest rise in 20 years. On average, households in England and Wales will see an increase of 7.5 per cent.
However, it's important to double-check with your provider as they will ultimately determine how much your bills will increase by.
Mobile and broadband bills
Under current rules, telecom companies can raise their prices in line with inflation plus around 4 per cent, with the Consumer Price Index rate of inflation for December, or Retail Price Index rate for January, expected to be used to calculate this change - this paves the way for rises as high as 17.3 per cent.
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