April Changes: National Living Wage, ISAs and Energy

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 27 April 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

April brings many changes for our money, and this programme has all you need to know.

From Monday 1st, there will be higher pay for people on the various minimum wages. For the first time 21 and 22 year olds join people aged 23 and over in getting what's called the National Living Wage. It's going up to £11.44 an hour, a near 10% rise. 18 to 20 year olds get a bigger boost with minimum wage up nearly 15% to £8.60 an hour, while 16 and 17 year olds and those on apprenticeships get the largest increase of more than 21%, taking their minimum hourly pay to £6.40.

On the same day, the Energy Price Cap set by the regulator Ofgem will fall reducing the typical annual bill in England, Scotland, and Wales by 12% to £1,690 per year. That is the lowest it has been for two years. So will it be worth switching suppliers for a new fixed deal?

It's 25 years since the introduction of tax-free ISAs. You have just a few days to make use of this year's allowance and there are some big changes next tax year. we’ve got all you need to know.

Plus, what’s changing next week for childcare, why some people need to do a meter reading, and how to save money on stamps.

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 30th March 2024)

Transcript

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0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio podcasts.
0:43.1	Hello, welcome to this Moneybox podcast.
0:46.2	Higher pay, cheaper energy and more free childcare from April 1st.
0:51.1	No, it's not an April Fool.
0:53.2	April the 1st really is the day of many changes in our finances in this Need to Know Moneybox podcast. Energy bills fall for most households. What action should you take now? More help with childcare and is there time to boost your tax-free savings. But first, higher pay for people on the various minimum wages
1:12.5	begins on Monday, April the 1st. For the first time, 21 and 22-year-olds, join people aged 23
1:19.3	and more in getting what's called the National Living Wage. It's going up to £11.44 an hour,
1:25.6	a near 10% rise more for the younger ones.
1:28.6	18 to 20-year-olds get a bigger boost with a minimum wage up nearly 15% to £8.60 an hour.
1:35.4	16 and 17-year-olds and those in the first year of an apprenticeship get the largest increase of
1:40.5	more than 21%, taking their minimum hourly pay to £6.40. Money Watch reporter
1:47.0	Dan Whitworth's been to Tetherington Sixth Form College in Macclesfield in Cheshire to hear what
1:51.8	students there think of the changes. I'm Anya. I'm 16 and I currently work in a noodle shop.
1:57.8	I'm Amalie. I'm 17 years old and I currently work in both a cafe and a restaurant
2:03.2	local to my house. I'm Fiona. I'm 18. I'm not working currently having the past and I will be
	...

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