A series of financial changes are due to occur in June that could impact your personal budget. Amidst a newly announced general election, some of the alterations include new cost of living payments for individuals residing in specific areas.
Initially, the relief was intended to attract investment in the private rental sector, but a HMRC evaluation of the process found it made no significant difference and was instead leading to abuse of the system. The move has been criticised by private investors who say the change in stamp duty will lead to the value of properties dropping. The chancellor said abolishing Multiple Dwellings Relief will raise around £385 million a year for the Treasury.
New King Charles banknotes enter circulation - June 5 From June 5, King Charles' likeness will grace British banknotes for the first time. His portrait is set to adorn the front of the notes and will also be featured in a cameo within the transparent security window, which can be seen from both sides.
Bank of England interest rate decision - June 20 The Monetary Policy Committee is scheduled to review the national interest rate on June 20. Previously, the Bank had voted to maintain interest rates at 5.25 per cent - a 16-year high. Changes to Debt Relief Orders - June 28 The £90 fees were already removed in April of this year, and increases in the debt threshold and vehicle value will be implemented next month. The total amount of debt covered by a DRO will rise from £30,000 to £50,000, while the value of a vehicle that a person can own when entering a DRO will increase from £2,000 to £4,000.
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