Seven UK law and rule changes being implemented in September

During September, there are a number of new UK law and rule changes that are coming into affect that will effect most of us in some form. We have highlighted these below, with some having a positive effect on the way we purchase goods, to offering more environmentally friendly fuel. On the flip-side some highlight new price increases for utility use and the ending of government financial support through the furlough scheme.

Check out the seven new changes to be aware of this September below:

No.1 - E10 fuel will replace petrol

A new E10 fuel is being introduced instead of the regular existing E5, which may affect thousands of older vehicles that may not be compatible. The main difference between the two being that E5 contains just 5% of renewable ethanol, while the new edition will contain 10%. It has been stated that all cars made after 2011 should be fine to fill up with E10, as well as the majority of vehicles made since the late 1990s. If you are concerned about compatibility or simply would like to confirm your vehicle than you can enter your registration into the government's E10 service page to find out if your vehicle is compatible.

If your car is not compatible, you will have to use super grade E5 unleaded option instead. You can double check this by entering your registration on the government's E10 service page to find out if your vehicle is compatible.

No.2 - Driving licence extension ending

During the start of the pandemic the government started that drivers whose licences expired in 2020, between February 1 and December 31, were given an 11-month extension. This extension began from the date your licence was due to expire.

Be aware that these extensions are now starting to expire, which will potentially add to the workloads and timescales of DVLA staff handling 2021 renewals.

No.3 - Contactless is rising to £100

The new legal limit for contactless payments is rising to £100 from September.

Chancellor Rishi Sunak has said: “As we begin to open the UK economy and people return to the high street, the contactless limit increase will make it easier than ever before for people to pay for their shopping, providing a welcome boost to retail that will protect jobs and drive growth.”

The new limit is a further increase from the initial contactless £30 limit which then increased to £45 last year as demand soared.

No.4 - Energy bills rising

Gas and electricity prices are to increase for more than 15million customers it is estimated on October 1 2021.

This is in line with the latest energy price cap, which will see customers on default tariffs pay £139 more and prepayment customers pay £153 from the autumn. The cap is the maximum amount energy suppliers will be allowed to charge customers on standard default tariffs this winter.

E.on, SSE and EDF have already increased their prices with the latest rates. Ofgem has said that the increase is driven by a record rise of over 50% in energy costs over the last six months with gas prices hitting a record high as the world emerges from lockdown.

No.5 - Furlough ending

The government furlough scheme will be ending soon - despite pleas from industry bosses and charities to continue it. Government contributions for workers on the job retention scheme will stop at the end of September 2021.

This contribution level will continue until the scheme ends at the end of September, the Treasury said.

There are some calls for the government to continue with a furlough scheme forever amid fears of future crises like pandemics or recessions.

No.6 - Universal Credit changes

From October 1st 2021, the average UC claimant will lose £20 a week - with the pandemic introduced uplift being axed.

Once this is withdrawn, the average adult on the standard allowance will see their payments drop from £411.51 to £324.84 per month.

No.7 - New bank rules

During September we will see both debit and credit card providers being required to verify online payments with customers, with a £25 trigger in place to detect any 'abnormal' transactions.

This will in short, mean that lenders and loan providers will need to start contacting customers more frequently to verify that the payment is legitimate.

Make informed decisions

Making the right choices to invest for your future can seem complex. But with the right investment strategy in place you can ensure you are able to make informed decisions to secure the financial future you want. Life doesn’t stand still, so your investment approach shouldn’t either.

Although people may have very different goals depending on what life stage they are at, their goals can be broadly categorised into essential needs, lifestyle wants and legacy aspirations. Getting investment advice can be one of the most beneficial things you can do for your personal finances and long-term financial wellbeing.

To find out more or to speak to one of financial planners, contact us on 01633 840000 or info@kymin.co.uk