As March comes to an end, April marks the start of a new financial year for many and with that comes price increases.
The rate of inflation has hit 6.2 per cent, the highest in 30 years, and Bank of England warns that in the coming months it could reach a record breaking 7.4 per cent, forcing food prices up.
This is due to a concoction of factors including the coronavirus pandemic, Brexit, energy and fuel costs. The Russia - Ukraine war has also caused oil and fuel prices to rise again and future rates are uncertain due to the conflict.
READ MORE - Martin Lewis urges everyone to do three things by Friday as energy prices rise
The big increase the UK will see is energy after Ofgem announced that the price cap will rise by 54 per cent from April 1.
But sadly that is not all that is rising, and while the national living wage is going up, experts warn it simply won't be enough.
Here is everything that is going up in price.
Broadband companies rising prices on March 31
Although some already started rising their costs on March 1, in line with Consumer Prices Index (CPI) rate of inflation, broadband firms announced they would be increasing their prices.
As reported by Which?, here is what you can expect from the major internet providers.
- BT: 9.3 per cent (from 31 March)
- EE Broadband: 9.3 per cent (from 31 March)
- John Lewis Broadband: 9.3 per cent (from 1 March)
- Plusnet: 9.3 per cent (from 1 March)
- TalkTalk: 9.1 per cent (from 1 April)
- Vodafone: 9.3 per cent (from 1 April)
Energy bills go up on April 1
From 1 April, the cap will rise from £1,277 to £1,971 for a household on average usage. That means a £693 per year increase for the average customer. Prepayment meter customers will see an increase of £708 from £1,309 to £2,017.
These are average rises though, so use more and you'll pay even more.
Money Saving Expert Martin Lewis is urging people to submit a meter reading by March 31, as he says it will "draw a line" in the sand. Those that do not submit a reading risk some of their energy being charged on the new higher unit price which is around £693 more expensive a year.
Justina Miltienyte, head of policy at Uswitch.com, told The Mirror: “It is recommended that anyone who does not have a smart meter should take a meter reading on March 31st and submit it to their supplier. This gives your supplier proof of how much energy was used before 1st April, when the new rates come into effect, and will ensure your bills are accurate.
“You could leave it until later in the afternoon or evening to submit your reading, to ensure as much of your energy use as possible from 31st March is calculated under the old rates.
"While there is nothing you can do to reduce the actual cost of energy, regularly submitting meter readings to your supplier is a good habit to get into, as it can help to ensure you are only paying for the amount of energy you are using.”
Jonathan Brearley, chief executive of the energy regulator Ofgem, said: “We know this rise will be extremely worrying for many people, especially those who are struggling to make ends meet, and Ofgem will ensure energy companies support their customers in any way they can.”
Council tax rising and £150 rebates begin - April 1
New council tax rates come into force from April, affecting almost all households - unless you are exempt.
Glasgow City Council announced they would rise the council tax by 3 per cent.
However a council tax rebate has been issued, subtracting £150 off the yearly bill on bands A-D.
National living wage increase - April 1
Paid to staff over 23 years and over, the living wage is currently £8.91 an hour – but this will increase to £9.50 from Friday, April 1, 2022. This means employees will receive 6.6 per cent more, amounting to an extra £1,074 a year before tax. That works out to around an extra £90 per month.
The minimum wage for people aged 21-22 is set to rise from £8.36 to £9.18 an hour.
The Apprentice Rate will also slightly increase from £4.30 to £4.81 an hour.
If you’re under 23, you are only entitled to the National Minimum Wage, which varies based on your age.
Water bills are changing - April 1
Water and sewerage prices depend on your council tax band and are covered by what's called a "combined service charge".
Households in Scotland will see these water and waste charges increase by an average of 4.2 per cent from April.
First and second class stamps going up in price - April 4
Royal Mail has announced a hike in prices for first and second class stamps from April 4, 2022. First class stamps will cost 95p, 10p more than the current price, while second class options will rise by just 2p to 68p.
If you're a regular stamp-buyer, it's worth getting your purchase in before the prices rise.
Air passenger duty - April 6
From April 2022, the rate of APD for a one-way flight of up to 2,000 miles is £13, or £26 in a 'standard rate' flight and £78 in a higher rate flight.
Standard rate applies on any flight where the seat pitch (distance between seats) is at least 40 inches - that generally applies in anything business class or over but varies from flight to flight. Higher rate planes are anything over 20 tonnes with fewer than 19 seats.
The rate for flights over 2,000 miles are £84, or £185 standard rate and £554 higher rate.
National insurance - April 6
From April 6, 2022 to April 5, 2023, National Insurance will increase by 1.25 percentage points. This will be spent on the NHS, health and social care in the UK.
However, not everyone will have to pay it as the Chancellor has just raised the NI threshold. Currently, most workers start paying National Insurance contributions when their income hits £9,568. They pay 12 per cent of earnings between £9,568 and £50,270, then 2 per cent on any earnings above £50,270.
However the latest tweak means from April, National Insurance will only have to be paid by those earning over £12,570 a year - the same level as income tax starts being paid. In short, that means anyone earning less than about £35,000 a year will pay less National Insurance.
State pension - April 11
There will be a 3.1 per cent increase in the full new state pension in 2022/23 - with the rise to take effect on April 11. How much you will receive is based on your national insurance record when you reach state pension age and you will only get the full amount if you have a minimum 35 full qualifying years of contributions.
Someone on the full old state pension will increase to £141.85 per week and anyone on the full rate of new state pension will increase to £185.15.
