Money Box

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Money Box Live: Will Tariffs Affect your Finances? May 07, 2025

Show notes

US Trade tariffs, stock market ups and downs, economic uncertainty. What do they all mean for your money?

Since last Wednesday, when Donald Trump announced huge increases in tariffs for goods being imported by the USA, global stock markets have been in turmoil. Money Box Live is discussing what these events might mean for your personal finances, over the short, medium, and longer term.

Felicity Hannah is joined by Russ Mould of AJ Bell, and Kirsty Stone of The Private Office. And they'll be taking questions from listeners.

Presenter: Felicity Hannah Reporter: Eimear Devlin Producer: Neil Morrow Editor: Jess Quayle

Investments and Carers Allowance May 03, 2025

Show notes

Stock markets around the world have plunged in reaction to the import tariffs imposed by President Trump and then the retaliation of China which responded with its own tariffs on American goods. Economists have warned that this trade war could seriously damage the world economy, and make all of us poorer. By the end of Friday shares traded in London had fallen nearly 5% in price. What does that mean for investments?

The earnings limit on Carer’s Allowance is to rise this week. From 7th April working carers can earn up to £196 per week after certain deductions, the equivalent of 16 hours at the National Living Wage, and continue to claim Carer’s Allowance. That's an increase of £45 compared to the previous earnings threshold. But what, if anything, does that mean for the thousands of carers who're in debt because they unwittingly got overpayments of the benefit?

Last year we tapped our cards 19 billion times in shops, pubs, cafes, and retail outlets without using our PIN. At the moment the upper limit for contactless card payments in person is £100, but regulators are considering raising it or even scrapping it altogether. What would that mean in practice?

And, a reminder to get your postage stamps before the cost of them goes up.

Presenter: Paul Lewis Reporter: Peter Ruddick and Dan Whitworth Researchers: Eimear Devlin and Jo Krasner Editor: Jess Quayle

(First broadcast at 12pm Saturday 5th April, 2025)

April Bills and Child Benefit Apr 26, 2025

Show notes

The cost of just about everything we need to run a home will be more expensive for millions of households from Tuesday. Switching on the lights, turning on the heating, turning on the tap, calling your mum or your best friend, logging on to emails, will all cost more with rises usually well above the rate of inflation. We'll have tips on how to tackle those bills if you're struggling to pay them.

A payment service provider for hundreds of schools has decided to cease trading in the UK. What does this mean for parents who still have money on their accounts?

And hundreds of thousands of better off parents who claim Child Benefit should soon have a simpler way of paying the tax they owe on it. Some higher earners who’ve had to register for self-assessment to pay something called the ‘High Income Child Benefit Charge’ will soon be able to pay it via PAYE. What does the announcement, which was in the Spring Statement, mean in practice?

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Eimear Devlin and Jo Krasner Editor: Jess Quayle

(First broadcast at 12pm Saturday 29th March, 2025)

Money Box Live: Spring Statement Apr 23, 2025

Show notes

As the Chancellor, Rachel Reeves, presents her Spring Statement, Money Box Live sifts through the details about what it all means for your personal finances.

Changes to the welfare system have already been announced. It will be harder to claim a disability benefit called Personal Independence Payment (PIP) under plans which the government says will get more people into work. We'll analysis any new details on that.

The Spring Statement comes ahead of big plans already announced in last year's Autumn Budget such as changes to stamp duty for home buyers and an increase to National Insurance Contributions for some employers, so as well as dissecting new announcements we'll also remind you what else coming in and when.

Felicity Hannah is joined by Sarah Pennells, Consumer Finance Specialist at pensions company Royal London; Elsa Littlewood, Tax Partner at the accountancy firm BDO and Mike Brewer, Chief Economist and Deputy Chief Executive of the Resolution Foundation.

Presenter: Felicity Hannah Producer: Sarah Rogers Reporter: Emma Smith Editor: Jess Quayle

(This episode was first broadcast at 3pm on Wednesday 26th March, 2025)

Back Bills and Benefits Apr 19, 2025

Show notes

We report from Parliament as the Minister for Energy Consumers and the regulator Ofgem face questions from MPs about the banned process of back-billing. That's when energy suppliers wrongly send new bills for energy use longer than 12 months ago. We'll get reaction from Labour MP Bill Esterson who is the Chair of the House of Commons Energy Security and Net Zero committee, which sat on Wednesday.

And the biggest shake-up to benefits in a decade was announced by the government this week. It hopes the changes will ultimately save it five billion pounds a year from a benefits bill which Work and Pensions Secretary Liz Kendall told Parliament was 'a failing system that is currently not sustainable'. She proposed major changes to some benefits, what will this mean in practice?

Presenter: Paul Lewis Reporters: Dan Whitworth and Eimear Devlin Researcher: Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 22nd March 2025)

Funeral Plan Compensation and Leasehold Reform Apr 12, 2025

Show notes

There will be no compensation for more than 46,000 people who lost thousands of pounds each when the funeral plan firm Safe Hands went bust 3 years ago. The regulator - the Financial Conduct Authority - was told this week it should consider compensating them after a report by Rachel Kent, the Complaints Commissioner, set out the FCA's failings over Safe Hands. In response, the FCA has said it does not accept it was at fault, that it did not regulate the funeral planning firm at the time, and no compensation would be paid.

This month the Government has announced plans to scrap new leasehold flats, replacing it with a system called commonhold already used in Scotland where homeowners collectively own the building and the land. But how will the planned improvements to the rights of existing leaseholders work?

There's changes to how 'side-hustlers' report their earnings to HMRC, but it's not a tax cut, how will that work?

And there's extra money to help pensioners in Northern Ireland with their heating bills.

Presenter: Paul Lewis Reporters: Dan Whitworth and Eimear Devlin Researcher: Jo Krasner Editor: Sarah Rogers.

(This programme was first broadcast at 12pm Saturday the 15th of March 2025)

ISAs Future and Later Life Mortgages Apr 05, 2025

Show notes

Over the past few weeks there's been speculation over the future of ISAs - Individual Savings Accounts. At the moment each saver can deposit up to £20,000 each tax year into an ISA tax-free, but there have been reports that the Treasury is considering making some changes. Things like lowering the limit to £4,000. In a statement to Money Box the Chancellor Rachel Reeves said that while it's important to support people to save, they want to get the balance right. She wants to create "more of a culture in the UK of retail investing." What does that mean and what might change?

Some listeners have been experiencing delays after trying to boost their state pension by filling old gaps in their National Insurance record. At the moment a window is open for people who have not yet reached pension age and those already on the new state pension to fill gaps in their record back as far as 2006. But in just a few weeks time that window will close. The government told us that it's processing payments as quickly as possible and that people who at least take the first step by 5 April will still be able to fill those gaps.

Are water companies banned from sending out bills for water used more than 12 months ago as energy suppliers are? And more than 35,000 people who were aged 55 or over took out new mortgage loans in the last 3 months of 2024, up 30% on the year before, what's behind the rise?

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Eimear Devlin and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 8th March 2025)

Water Bills and Stamp Duty Mar 29, 2025

Show notes

From April water bills for millions of households in England and Wales will go up by record amounts. Exactly how much more you'll pay will depend where you live but, on average, bills will increase by more than £10 per month meaning a total average cost of over £600 a year. What can you do if you're struggling with those bills?

There's just a month left for people in the process of buying a home in England and Northern Ireland to complete the sale before stamp duty rises on April the first. Some estimates suggest there could be tens of thousands of buyers who will miss that deadline by just a few days. What can you do if you're trying to hit that deadline?

Train fares in England and Wales will go up on Sunday. At the same time, most railcards, which give you cheaper fares in England Wales and Scotland, will cost you more. We'll have more on that.

And energy prices will also go up in April. We’ll take a look at the issue of standing charges. Why do they vary regionally, and how might Ofgem’s proposals to reform them work?

Presenter: Paul Lewis Reporters: Dan Whitworth and Haider Saleem Researchers: Eimear Devlin and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 1st March 2025)

Money Box Live: Home Ownership Dreams Mar 26, 2025

Show notes

Politicians, banks and builders all talk about the dream of homeownership, but it's not easy to get on the property ladder.

New figures given to Money Box Live show that, even though the Bank of England has reduced interest rates, it's now more expensive for a first-time buyer with a 10% deposit than it was two years ago.

In this Money Box Live we hear from someone trying to save enough for a deposit, someone trying to navigate through conveyancing to complete their sale - and someone who overcame the obstacles and challenges to move into their dream home.

Felicity Hannah is joined by Sarah Tucker, Director and Founder of the broker the Mortgage Mum and Emily Williams, Director, Residential Research at the estate agent Savills.

Presenter: Felicity Hannah Producers: Sarah Rogers and Catherine Lund Editor: Jess Quayle

(First broadcast at 3pm on Wednesday 26th February 2025)

Ofgem Back Billing and Pensions and IHT Mar 22, 2025

Show notes

The energy regulator Ofgem says suppliers must take urgent action to find out how widespread a problem back billing is. It's when suppliers send out new bills for electricity and gas from longer than 12 months ago, a practice that was banned in 2018. The development follows Money Box's investigation which discovered thousands of people have wrongly been receiving back bills. Paul Lewis interviews Tim Jarvis, Director General of Markets at Ofgem.

And unspent pension pots will be subject to inheritance tax from 2027. This change, announced by Rachel Reeves in the Autumn Budget, means most unused pension funds will be included within the value of a person’s estate for Inheritance Tax purposes from 6th April 2027. Money Box has been getting lots of emails from listeners who're now reconsidering their financial planning and are worried and upset about the new rules. The Treasury told us it continues to incentivise pensions savings for their intended purpose of funding retirement instead of them being openly used as a vehicle to transfer wealth. But how will the new rules work?

Presenter: Paul Lewis Reporters: Dan Whitworth and Sarah Rogers Researcher: Eimear Devlin Editor: Jess Quayle

(First broadcast 12pm Saturday 22nd February 2025)

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