A number of important financial changes that will affect households across the UK are coming into effect this month.
From Universal Credit to Sky price increases, it follows a number of cost rises in April as the cost of living crisis continued to worsen.
Last month, energy regulator Ofgem dramatically increased its price cap, meaning households across the country are now paying up to hundreds of pounds more a year for electricity and gas.
READ MORE — Food stylist shares how they make food look better in adverts using odd props
For many, broadband, mobile and mortgage payments have increased as well, as millions of families struggle to make ends meet.
As reported by The Mirror, here is a rundown of some of the most important financial changes coming into effect in May and how they might affect you.
Universal Credit shake-up
As many as 2.6 million people across the UK who are on the old-style legacy benefits are expected to start being transferred over to Universal Credit on May 9.
As a result of the Covid-19 pandemic, the move had been temporarily halted, but now the UK Government is aiming to transfer everyone over to the benefit before 2025.
Those who are due to be moved will receive a "migration notice" at some point over the next few months, which will give them a three-month deadline to claim Universal Credit or else have their benefits halted.
At first, only approximately 500 benefits claimants will be transferred over to Universal Credit, but the Department for Work and Pensions (DWP) is expected to increase the pace after a few months.
The change will affect those who claim the following benefits:
- Working Tax Credit
- Child Tax Credit
- Income-based Jobseeker’s Allowance
- Income Support
- Income-related Employment and Support Allowance
- Housing Benefit
If you receive any of the above payments and wish to be transferred over to Universal Credit as soon as possible, you can request to be moved over now — though you should do research beforehand.
While officials claim that around 55% of claimants will be better off financially after being moved over to Universal Credit, some will be left worse off in the long-term and will not be able to move back to the old-style benefits.
You can use an online benefits calculator from charities such as Turn2Us and EntitledTo to see how the change will affect you.
Sky price increases
Sky landline users will see the cost of making a telephone call with Sky Talk increase by 10% starting this month.
While it previously cost Pay As You Talk customers 20p per minute to make outgoing calls to mobile and home phone numbers, this has now risen to 22p.
International calls, meanwhile, may be priced at different rates, dependent on your tariff.
If you have been left unhappy with the price rise, you could consider seeking a cheaper deal by comparing prices online through Uswitch.com.
While those who have finished their contract can leave for free, those who are still in their contract may have to pay a fee to cancel it.
It may also be worth discussing the issue with Sky, and seeing if they could lower your monthly bill.
Sky will also bring back EU roaming charges from May 3, which will cost £2 per day for holidaymakers who use mobile data, make calls and texts outside the UK.
Voxi introduces EU roaming charges
Mobile network Voxi will introduce mobile roaming charges for both new and existing customers who travel to Europe starting May 27.
Consumers will be required to purchase a European roaming pass in order to make calls, send text messages, and consume data in 49 European countries and destinations.
These will cost
- £2 for a one-day pass
- £4 for a two-day pass
- £8 for a eight-day pass
- £15 for a 15-day pass
The roaming passes will also include unlimited texts and minutes, even if that's not what your UK Sim usually offers.
Tesco Clubcard deadline
Tesco shoppers have only a few weeks left to use £17 million worth of unspent Clubcard vouchers before they expire in May.
The supermarket said the vouchers were issued in May 2020 and must be used by May 31, 2022.
Tesco Clubcard vouchers are issued every three months, in February, May, August and November, and are valid for two years.
The grocer is alerting customers that they can use these vouchers now, to get money off at Tesco.
To get Tesco vouchers through its Clubcard loyalty scheme, customers have to build up points by spending money in stores.
Shoppers get one point for every £1 they spend in store and online, or one point for every £2 spent on fuel.
