A number of changes which could affect your finances are set to take place in August. There are several new rules, upcoming deadlines and extra payments coming into effect this month which could impact millions of households battling the ongoing cost of living crisis.
Millions of people continue to struggle with soaring costs as inflation hits a 40-year high in the UK, amid rising fuel costs, energy bills, supermarket costs and council tax increases. The Bank of England announced on Thursday that it was raising interest rates to 1.75% from 1.25% – the highest level since January 2009. It has also been confirmed that the UK is facing the worst recession since the financial crisis with inflation likely to hit 13% later this year.
Read more: The UK is facing the worst recession since the financial crisis, warns the Bank of England
