Money Box

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Money Box Live: childcare Apr 10, 2024

Show notes

New arrangements for childcare payments come into force in April in England. How will the new arrangements affect parents? Are they going to be better or worse off?

The Chancellor Jeremy Hunt announced extended support for parents of pre-school children in 2023. But many parents say the payments are still too low or that there aren’t enough places available.

Felicity Hannah is joined by Ellen Broome of the children's charity Coram, and Jonathan Broadbery, Director of Policy at the National Day Nurseries Association.

Presenter: Felicity Hannah Producers: Will Harris and Neil Morrow Editor: Beatrice Pickup

Frozen Tax Thresholds and Bailiffs Apr 06, 2024

Show notes

The Chancellor has delivered his Spring Budget for 2024 announcing a 2p National Insurance cut for millions of working people under the age of 66. Jeremy Hunt says this will save the average worker £450 a year.

But, analysis by the Office for Budget Responsibility says maintaining a freeze on the personal tax allowance - the amount earned before tax is paid - will mean 3.7 million extra people paying income tax by 2028, when the freeze comes to an end. So will you be better or worse off? We'll be looking at the numbers.

What would you do if you got a letter through your door asking for almost £2000 owed by a complete stranger? That's what happened to one of our listeners who spent weeks trying to sort it out with a debt recovery company. We hear from a senior MP calling for tougher regulation.

And an investigation into car finance agreements taken out before February 2021 could eventually lead to compensation for millions of motorists. Discretionary commission agreements meant some lenders allowed car dealers to adjust interest rates on finance deals. The Finance and Leasing Association told us: "In practice, having discretion to move the interest rate often meant that dealers lowered it to be more competitive."

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Sarah Rogers

(First broadcast 12pm Saturday 9th March 2024)

Money Box Live: Budget Special Apr 03, 2024

Show notes

As Chancellor Jeremy Hunt presents his Spring Budget, Money Box Live sifts through the details - and the impact on all our finances.

Expectations included a 2p cut in National Insurance contributions but will that look like on your payslip? Money Box reporter Dan Whitworth answers those key questions.

Felicity Hannah is joined by Sarah Coles, Head of Personal Finance at Hargreaves Lansdown; Simon Gammon, Managing Partner at the mortgage broker Knight Frank Finance, and Dawn Register, Tax Partner at the accountancy firm BDO.

Presenter: Felicity Hannah Producers: Craig Henderson, and Kath Paddison Reporter: Dan Whitworth Researcher: Eimear Devlin Editor: Sarah Rogers

(This episode was first aired on Wednesday the 6th of March at 3pm on Radio 4)

The Future of Money and Universal Credit Mar 30, 2024

Show notes

Money Box gets a special look at a new exhibition at the Bank of England Museum about the future of money. Paul Lewis picks up a gold bar, sees the new King Charles money, and finds out more about the consultation for a new digital pound.

The pensioners getting in touch to ask why they’re soon to start paying tax on their pensions. We'll discuss that with the Low Incomes Tax Reform Group.

And, there are calls this week for the government to slow down the speed at which its moving existing benefits claimants onto Universal Credit. The Child Poverty Action Group says it is seeing cases of people struggling to claim, or missing the deadline as they are unsure what’s required of them. The Department for Work and Pensions told us the vast majority of Tax Credit claimants have successfully moved to Universal Credit, and that there is a range of support available to help people move. Presenter:: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 2nd March 2024)

Hannah and Seagull: Learning Money Mar 27, 2024

Show notes

How do schools teach children and teenagers about money?

Learning about money is part of the curriculum but more than three-quarters of teachers say young people are leaving school without the money skills they need for adulthood.

We’re going back to school to hear from pupils at Trinity Academy Cathedral School in Wakefield who are learning about money in special classes. We’ll listen in to find out how the experts teach children about credit cards, pensions, budgeting and more.

The government says its reformed the curriculum and invested substantially over £100 million in its Maths Hubs programme.

Felicity Hannah presents alongside the broadcaster, maths teacher and University Challenge alumni Bobby Seagull. They’ll be finding out how it all works from the school’s headteacher Anna Gillinder and Stephanie Fitzgerald, Head of Young People Programmes at The Money Charity.

Presenters: Felicity Hannah and Bobby Seagull Producers: Kath Paddison and Sarah Rogers Reporters: Tamzin Kraftman Researcher: Eimear Devlin Editor: Jess Quayle

(This episode was first broadcast at 3pm on Wednesday 28th February 2024)

Energy Debt and Annuities Mar 23, 2024

Show notes

As many as two million of the poorest households have seen the amount they owe their energy suppliers double over the past year. This new analysis of debt figures has been given to Money Box by the consultancy firm Baringa. It says people who've fallen behind on their payments are now £1,100 in the red, an amount that has doubled in a year. Energy UK, which represents suppliers, say they're doing all they can - and we'll hear more about Ofgem's plans to help tackle debt in the industry.

Twenty financial advice firms have been told that they must provide the regulator with details of the services they provide customers when they charge them for what is called “ongoing advice”. The Financial Conduct Authority has written to the companies as part of its enforcement of the new Consumer Duty. What will this mean for consumers?

And, an annuity is a contract with an insurance provider which converts your savings or pension pot into a guaranteed income for your retirement. As annuity sales rise, we'll discuss what they are and how they work.

Presenter: Paul Lewis Reporter: Sarah Rogers Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 24th Feb 2024)

Money Box Live: Co-parenting Finances Mar 20, 2024

Show notes

There are approximately four million children in Great Britain whose parents are separated.

When couples break up they cut their finances apart, but for parents there's that ongoing relationship that comes with supporting those children - emotionally but also financially. So how do you manage that?

Sometimes, of course, it breaks down and a parent has to ask the state to step in and make their ex pay support. We'll discuss some changes coming to how that's enforced.

And we hear from parents who are sharing care and finding ways to make the finances and the new circumstances work.

Joining Felicity Hannah is Leah Caldwell who is the Director of Mediation First and treasurer on the board of the Family Mediators Association and also Gemma Hope who is a solicitor at Family Law Partners.

Presenter: Felicity Hannah Producers: Kath Paddison and Izzy Greenfield Editor: Jess Quayle

(This episode was first broadcast at 3pm on Wednesday 21st February 2024)

Probate Delays and Pension Charges Mar 16, 2024

Show notes

When someone dies and leaves a property in their own name, or has significant savings or investments, the executors must apply for probate - a legal document which gives them the right to deal with the dead person's estate and distribute their assets. The Ministry of Justice says probate should be granted within 16 weeks, but some bereaved families have been facing delays of nearly a year. Why is that?

A new report shared exclusively with Money Box suggests many of us know very little about the charges being taken out of our pensions. People's Partnership carried out a survey which found that out of a thousand people who'd transferred their pension in the past two years without getting advice beforehand - 72% didn’t know exactly what the fees for their old pensions were, or what they were being charged for their new one. What should you look out for?

And for the first time the percentage people in England who're married or in a civil partnership has fallen below 50 percent. If you live with someone and share your money - what do you need to know?

Presenter: Paul Lewis Reporters: Dan Whitworth and Jo Krasner Researcher: Sandra Hardial Editor: Jess Quayle

(First broadcast 12pm Saturday 17th February 2024)

Money Box Live: When Can You Retire? Mar 13, 2024

Show notes

When do you think you'll be able to retire?

Perhaps you can't wait to pick up your last pay check or maybe you love your job so much you want to work for the rest of your life.

For those who do hope to retire, the latest research suggests we'll all need an an extra £8,000 a year for a so-called moderate retirement according to the Pensions and Lifetime Savings Association.

Meanwhile, the International Longevity Centre reckons we'll need to raise the state pension age to 71 by 2050.

On this Money Box Live we're getting to the bottom of how realistic that is and what it all means.

We'll hear from someone working well into their 70s as well as a super saver hoping to retire in her 40s!

Felicity Hannah is joined by Helen Morrisey, Head of Retirement at financial services company Hargreaves Lansdown and Dr Emily Andrews, Deputy Director for Work at the Centre for Ageing Better charity to answer your questions and comments.

Presenter: Felicity Hannah Reporter: Eimear Devlin Producer: Sarah Rogers Editor: Jess Quayle

(This episode was first broadcast at 3pm on Radio 4 on the 14th of February 2023).

Citizens Advice Closure and Investment Platforms Mar 09, 2024

Show notes

Dozens of Citizens Advice centres are at risk of closing because local councils which support them are running out of money. That warning came this week by the senior Labour MP Clive Betts in an exclusive interview with Money Box. He is also the Chair of Parliament's select committee on Levelling Up, Housing and Communities. Dan Whitworth visits one of those citizens advice services at risk in Mansfield. The government says up to £64 billion has been made available to local authorities in England, an increase of 7.5% on the previous year which will allow local authorities to support communities and reform services to help them prepare for the future.

The cost of a comfortable retirement in Britain has jumped by nearly £6,000 to just over £43,000 a year for a single person and £59,000 for a couple. Every year the Pensions and Lifetime Savings Association publishes figures worked out by Loughborough University for the amount of money you'd need to afford certain lifestyles in retirement. How is it calculated and how can you prepare for your retirement?

And, investment platforms and providers of personal pensions, have just a few weeks left to make sure the way they treat customers' cash balances fits in with new rules called their Consumer Duty. In December the Financial Conduct Authority wrote to 42 firms after concerns that some of them were keeping some or all of the interest they earn on customers’ cash balances. And with rates of 4% or more that's meant big returns. If you invest, what might that mean for you?

Presenter: Paul Lewis Reporters: Dan Whitworth and Sandra Hardial Researcher: Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 10th February 2024)

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