The Future of Money and Universal Credit

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 30 March 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

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)

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.
0:39.4	BBC Sounds, music, radio podcasts.
0:43.1	Hello, welcome to this Moneybox podcast.
0:46.0	900,000 people will be warned this year that their tax credits will stop
0:50.9	and they should claim universal credit instead, that research finds a fifth might not.
0:57.0	And listeners ask why they're paying more tax on their pensions, indeed,
1:01.0	why they paying tax on them at all.
1:04.0	But first...
1:05.0	February 1971 is the date set for Britain to start the change to decimal coinage.
1:12.3	In other words, from pounds shillings and pence to pounds and new pence only.
1:16.9	Well, older listeners will remember that change, and indeed how we used to speak on the BBC.
1:22.3	But are we at the start of another major change in our currency?
1:26.3	To find out, Dan Whitworth and I went to the city of London
1:29.3	to visit the large imposing building of the Bank of England,
1:32.8	where they set interest rates and sit on 310 tonnes of gold.
1:38.5	Just round the corner from the main entrance is the Bank's Museum,
	...

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