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WHILE SOME HOUSEHOLDS ARE SET TO RECEIVE A BOOST TO THEIR FINANCES, OTHERS COULD QUITE LITERALLY BE LEFT IN THE COLD 14:55, 02 Jun 2025 June brings a fresh round of money changes that could
impact millions across the UK. After a difficult April, when inflation hit a year-long high due to energy price hikes and tax changes from chancellor Rachel Reeves’s Autumn Budget, there’s a
mix of relief and key deadlines ahead, reports Express.co.uk. Some households will experience a boost, with a Universal Credit uprating and a seven per cent drop in the energy price cap on
the horizon. READ MORE: £400 PAYMENTS ENTERING BANK ACCOUNTS EARLIER THAN EXPECTED THIS MONTH GET BREAKING NEWS ON BIRMINGHAMLIVE WHATSAPP, CLICK THE LINK TO JOIN However others may need to
take action, with important changes like the end of the radio teleswitch service and the need to submit energy meter readings. Article continues below Here are five key money updates to look
out for this month. JUNE 12 – PAYMENT BOOST FROM UNIVERSAL CREDIT If you’re on Universal Credit, you could see a payment rise this month. Benefit rates were increased by 1.7 per cent in
April, in line with inflation, but most people haven’t felt the difference yet due to how payments are scheduled. Because Universal Credit is paid monthly based on your personal “assessment
period,” the date your increase kicks in depends on when your latest period began. Those whose assessment periods started after April 7 may have already seen higher payments in May. Others
may have to wait until around June 12 for the boost to hit their accounts. JUNE 18 – INFLATION UPDATE The Office for National Statistics (ONS) will release the latest inflation figures on
June 18, the Mirror reports. Inflation affects the price of everything from the food shop to energy bills, and the new data will show whether prices are continuing to climb or finally
starting to ease. In the last update, inflation rose sharply to 3.5 per cent, driven in part by “Awful April’s” bill and price hikes. While that’s far below the 11.1 per cent peak seen in
2022, it still puts pressure on household budgets. The Government has set the Bank of England a target to lower inflation to two per cent, which it helps to achieve through increasing or
sustaining central interest rates to deter spending. JUNE 19 – BANK OF ENGLAND INTEREST RATE DECISION The Bank of England will announce its next move on interest rates on Thursday, June 19.
The current base rate sits at 4.25 per cent after its second cut of the year in May. The base rate influences everything from mortgage costs to credit card and savings account interest. A
further cut could bring relief for borrowers, but savers might see lower returns. JUNE 30 – RADIO TELESWITCH SERVICE (RTS) SWITCH-OFF Around 300,000 homes still use Radio Teleswitch Service
(RTS) meters to control heating, especially those with older electric heating systems. But these meters are being switched off on June 30. Speaking on the move, Alistair Carmichael, the
Scottish Liberal Democrat MP for Orkney and Shetland, said: “A number of extensions have been made to the deadline, but that switch-off can be delayed no longer. The outdated technology is
quite literally falling apart.” If you have an RTS meter and don’t upgrade to a smart meter, your heating system could stop working properly, either staying off or stuck on all the time.
Energy suppliers are urging affected households to act quickly. Look for a "Teleswitch" or "radio telemeter" label next to their electricity meter to check if you have an
RTS meter. If you do, contact your energy supplier to upgrade. JUNE 30 – MORTGAGE GUARANTEE SCHEME ENDS The Government’s mortgage guarantee scheme, launched in 2021 to help first-time
buyers get on the property ladder with just a five per cent deposit, will officially end on June 30. The scheme offered lenders Government backing, but it’s been criticised for higher
interest rates compared to traditional mortgages. With its closure, low-deposit buyers may find fewer options available, though some lenders are expected to continue offering similar
products without the Government guarantee. JUNE 30 - ENERGY METER READING DAY With energy bills set to drop by seven per cent in July, households are being urged to submit their meter
readings before the new price cap kicks in. Article continues below From July 1, Ofgem’s new energy price cap will lower the average annual bill from £1,849 to £1,720, saving typical
households around £129 a year. The change will affect over 22 million homes on standard variable tariffs. To ensure you benefit from the lower rates immediately, it’s important to submit
your meter reading by June 30, especially if you don’t have a smart meter. This ensures you’re billed accurately and not charged higher rates for usage after the cap falls. If you have a
smart meter, you don’t need to do anything - your readings are sent automatically.