March 2025 is set to bring significant financial changes affecting millions across the UK. From train fare hikes to adjustments in benefits and policy updates, these shifts will impact daily expenses and financial planning. Here are the nine major money and Department for Work and Pensions (DWP) changes happening in March 2025.
1. Train Fare Increases
From March 2, rail fares will rise by 4.6%, affecting regulated fares, including season tickets and some off-peak returns. For example, an annual ticket from Rugby to London will increase by approximately £496.62, bringing the total to £11,292.62. Railcards, except for the disabled railcard, will also see a £5 increase. This fare adjustment follows government regulation and inflationary pressures on the rail industry. (More details)
2. Bank of England Base Rate Decision
On March 20, the Bank of England will announce its latest decision on the base interest rate, which influences mortgages, loans, and savings. If the rate remains high, borrowing costs will continue to be expensive, affecting homeowners and businesses. (More details)
3. Spring Budget Announcement
Chancellor Rachel Reeves will deliver the Spring Budget on March 26. The Budget outlines upcoming tax and spending changes, potentially affecting income tax rates, business support, and benefits. This announcement is crucial for individuals and businesses seeking clarity on government financial priorities.
4. Household Support Fund Deadline
The Household Support Fund, designed to help low-income households cover essential costs such as food and utilities, will end on March 31. Local councils have been distributing this funding, and those eligible should apply before the deadline to receive financial aid.
5. Winter Fuel Payment Claims Deadline
Pensioners eligible for the Winter Fuel Payment must apply by March 31 to receive up to £300 to assist with heating costs. This support helps older residents manage rising energy bills, particularly during the cold months.
6. Migration to Universal Credit
People receiving legacy benefits such as Income Support, Housing Benefit, and Tax Credits must transition to Universal Credit by March 31. Those who do not migrate by this deadline risk losing their payments. The government has been encouraging claimants to switch to ensure continuity of support.
7. Stamp Duty Land Tax Changes
For those planning to buy property, March 31 is the final day to complete purchases before new Stamp Duty Land Tax rates take effect on April 1. The changes will impact homebuyers, particularly those purchasing higher-value properties.
8. DWP Program Termination Affecting Landlords
The DWP will terminate a program that previously allowed landlords to deduct rent directly from tenants’ Universal Credit payments without their consent. The decision follows a court ruling that deemed the policy unlawful. Landlords and tenants must now negotiate payments directly, which could lead to changes in rental arrangements.
9. Benefit and State Pension Increases
Starting April 2025, all DWP-administered benefits will rise by 1.7%, while the state pension will increase by 4.1%, following the triple lock policy. This increase aims to support individuals relying on benefits and pensions amid the rising cost of living. (More details)
How These Changes Affect You
These financial changes reflect broader economic trends, including inflationary pressures and policy shifts. Households relying on benefits or pensions should prepare for upcoming adjustments, while commuters and homebuyers must budget accordingly.
For those affected, staying informed and applying for available financial support before deadlines is crucial. Visit official government sites for up-to-date information and guidance on how these changes may impact you.
This article has been carefully fact-checked by our editorial team to ensure accuracy and eliminate any misleading information. We are committed to maintaining the highest standards of integrity in our content.
Vikas Lalit is a content writer at SKC News, covering admit cards, recruitment, and government schemes. His articles provide readers with detailed insights into application processes, eligibility, and exam updates.
Outside of work, Vikas enjoys traveling, fitness, and cricket, often participating in local matches on weekends. Reach out to Vikas via email at vikaslalit@sadanamkumarancollege.com.