Episodes
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The Chancellor, Rachel Reeves, has announced her Budget but what does it mean for yours?
Money Box Live is breaking down what the Budget mean for your finances, from pensions and Inheritance Tax to the cost of a pint. We hear from the experts who are on hand to answer your questions and comments.
Felicity Hannah is joined by Dr Arun Advani, Professor of Economics at the University of Warwick and Kirsty Stone a partner at the independent financial advisers, The Private Office.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(This episode was first broadcast at 3pm on Wednesday the 30th of October 2024)
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There are just a few days to go until Rachel Reeves stands up in Parliament to deliver her first Budget as Chancellor. Since the Labour Party won the election in July, there's been a huge amount of speculation about what she might do to plug what she calls a 22 billion pound black hole left by the previous government. The Treasury says it does not comment on speculation around tax changes outside of fiscal events. But what tax changes might she make and how are people already preparing?
Figures seen by this programme suggest 2.5mn households will face tough decisions this winter about choosing whether to heat their homes or put food on their table. That's an increase of 400,000 in just a few months. The numbers come from official data modelled by the consultancy firm Baringa and indicate many of those who will be affected this winter are middle aged people struggling to get by.
What do changes to Premium Bond rates mean for savers and where are the best deals at the moment?
And, as the Financial Conduct Authority cracks down on some so-called “finfluencers” – for potentially giving money advice illegally – how can you spot the good from the bad?
Presenter: Paul LewisReporters: Dan Whitworth, Jo Krasner and Emma SmithEditor: Jess Quayle
(First broadcast 12pm Saturday 26th October 2024)
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More than half a million young people are yet to claim their Child Trust Fund which could be worth up to £2,200 according to the government, but how do you know if your child has one or even how to get it?
Plus with the Chancellor's budget on the way, we know parents are topping up Junior ISAs and giving away monetary gifts ahead of any changes she might make.
So, today we're looking at how to build a solid financial future for the children in your life and how to help get them get engaged when it comes to their finances.
Felicity Hannah is joined by Stephanie Fitzgerald, Head of Young People at the Money Charity and Sarah Coles, personal finance analyst at Hargreaves Lansdown.
Presenter: Felicity HannahProducers: Sarah Rogers and Craig HendersonEditor: Jess Quayle
(This programme was first broadcast at 3pm on Wednesday the 23rd of October 2024)
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It was a big week for carers as the Government announced an independent review into Carer's Allowance overpayments after families were told to pay back thousands of pounds, often pushing them into debt.
The review will look at what happened, but in the meantime the Department for Work and Pensions has told Money Box it will continue to collect almost quarter of a billion pounds it says it's owed from more than a hundred thousand carers. We hear from Karina who cares for her 22-year-old daughter and ended up in £11,000 worth of debt. The DWP said it is committed to working with anyone struggling with repayment terms.
A major investment firm has said it will review its Child Trust Fund accounts after Money Box revealed one young man's £250 investment had all but disappeared when he claimed it at 18 due to high administration charges.
In the run up to the Chancellor's budget we look at fuel duty and whether the 5p cut could be scrapped. And beware the thieves pretending to offer a solution to lost Winter Fuel Payments.
Presenter: Paul LewisReporters: Dan Whitworth and Emma SmithResearcher: Jo KrasnerEditor: Sarah Rogers
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Each year it’s estimated that £23 billion worth of help and support – from housing benefits to pension credit – goes unclaimed according to Policy in Practice.
We look at the kind of help that is available, and hear from listeners on their experiences trying to claim the benefits they’re entitled to, as well as who might be able to get money off their childcare or broadband bills.
Presenter Felicity Hannah is joined by a panel of experts who answer your questions on how to make the best of the available support: Rachael Walker, research and policy director at Policy In Practice; Sam Hubbard, Head of Core Services at Citizens Advice in Staffordshire North and Stoke On Trent and David Samson, a benefits expert at Turn2Us.
And we hear from a range of people with their own experiences of trying to secure benefits – sometimes during life-changing moments. Gary from Lincolnshire tells us how he had to become a carer for his poorly wife. But during a difficult journey to obtain benefits, it was only by chance that he discovered certain types of support he was entitled to. Meanwhile, Esther from London tells us how she wasn’t aware she could be entitled to a carer’s allowance for her children – two of whom have complex needs .
Presenter: Felicity HannahProducer: Craig HendersonEditor: Sarah Rogers
(This episode was first broadcast on Wednesday 16th October 2024).
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The Government is writing to 120,000 people aged 66 or more encouraging them to claim the means-tested benefit pension credit, which will also entitle them to the winter fuel payment. The letters will go out from next month to people the Department for Work and Pensions has identified as likely to be entitled following a targeted trial scheme last year.
Also on the programme, a leading debt charity calls for the way council tax debt is collected to be reformed, and why do millions of renters not insure their belongings?
Presenter: Paul LewisReporters: Dan Whitworth and Emma SmithResearcher: Jo KrasnerEditor: Sarah Rogers
(First broadcast 12pm Saturday 12th October 2024)
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Buying a home is legendarily one of the most stressful events in life so today on Money Box Live we're going to try to take some of the pressure off by talking you through how it should work.
Obviously there's much more to it than finding your dream house and a lot that can happen between viewing a property and getting the keys.
We talk to first-time buyers on the property hunt in Stockport in Greater Manchester, and our panel of experts, Simon Gammon, Head of Finance at Knight Frank and Beth Rudolf from the Conveyancing Association joins Felicity Hannah to take questions from listeners.
Presenter: Felicity HannahProducer: Craig Henderson/Sarah RogersEditor: Sarah Rogers
This episode was first broadcast on Weds 9th October 2024.
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In a special programme broadcast live from the Atrium in Quay House at MediaCityUK, Paul Lewis discusses a momentous change in the way banks treat customers who have money stolen from their bank accounts by what is called Authorised Push Payment Fraud.
In 2023 a record number of people lost hundreds of millions of pounds to thieves who tricked them, manipulated them and then drained their bank accounts.
On October 7th new rules will come into force which mean nearly all transfers will be covered, so that victims will be refunded in the vast majority of cases up to a limit of £85,000.
Money Box gets hundreds of emails from people who've lost money to scams and frauds and this will be life changing for those who find themselves a victim of this kind of crime.
To mark this change, the team will be joined by a panel of experts and people who've lost thousands of pounds in these sort of scams.
Presenter: Paul LewisReporter: Dan WhitworthResearchers: Catherine Lund and Jo KrasnerStudio Producer: Sarah RogersStudio Managers: Pete Smith, Matthew Dempsey and Cameron WardEditor: Jess Quayle
(First broadcast 12pm Saturday 5th October 2024)
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This month the new government will reveal its plans for the nation's finances in the Budget.
We've been told 'difficult decisions' lie ahead as the Chancellor Rachel Reeves seeks to plug what she says is a £22bn black hole left by the previous government.
There's been plenty of speculation around Capital Gains Tax, Inheritance Tax and pensions tax relief - but what are they and who pays them?
Our email inbox has been full of questions from listeners - so on this weeks Money Box Live we will be answering as many as we can.
Felicity Hannah is joined by Elsa Littlewood, Tax partner at accountancy and business advisory firm BDO and Kirsty Stone a financial planner at The Private Office.
We also have a new way to get in touch, WhatsApp Money Box on 03306 783183.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(This episode was first broadcast on Wednesday the 2nd of October 2024)
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A new report given exclusively to Money Box is calling for more help for working families on Universal Credit. The University of Bath’s Institute for Policy Research wants the government to raise earning thresholds for extra help like free school meals, NHS prescriptions, council tax support and NHS dental help. The government says it's committed to supporting low-income families by extending the Household Support Fund by £421 million. It also told us its commitment to reviewing Universal Credit so people receive the support they need, saying it is taking "bold action" to help people into work so they can gain financial independence and break down the barriers to opportunity.
Banking Hubs should start offering more help for customers with advice on scams, getting online and creating Power of Attorneys according to the former chair of the watchdog, the Financial Conduct Authority. Charles Randell, who’s now a member of the Financial Inclusion Committee, says banks need to invest more in the hubs as bank branch closures continue to hit communities with more than 6,000 having closed since 2015. UK Finance, which represents banks, says significant ongoing investment is being made to support customers with access to cash and day to day banking needs.
What changes could the Chancellor make to ISAs and Dividends in her October Budget?
And energy prices go up next week - what does it mean for you and how does it work?
Presenter: Paul LewisReporters: Dan Whitworth and Catherine LundResearchers: Emma Smith and Jo KrasnerEditor: Jess Quayle
(First broadcast 12pm Saturday 28th September 2024)
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Across the UK freshers are heading off to university, many leaving home for the first time and most of them are paying for at least some of that with their student loans.
Graduates in England leave university with average debts of around £48,500 according to the Student Loans Company.
Tuition fees vary depending on where you live in the UK. Last year students in England were told they'd be paying back their loans longer than the graduates who came before them.
So, this week we're looking at how much a degree really costs. Felicity Hannah will be joined by Tom Allingham from Save the Student and Kellie McAlonan, Chair of the charity the National Association of Student Money Advisers.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(This episode was first broadcast 3pm on Wednesday 25th September 2024)
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People are missing out on nearly two billion pounds' worth of discounts on water bills and broadband, according to Citizen's Advice. Social tariffs give lower prices to people on low incomes, but the charity says there's a "postcode lottery" when it comes to what people can get. The government says more than 1.3 million households in England and Wales benefitted from £200m worth of help with water bills in 2022/23 and that it's working with broadband providers to raise awareness of social tariffs. Industry groups say many customers choose low-cost broadband over social tariffs and the number of households getting help paying for water should double by 2030.
How might the Chancellor change tax relief on pensions in the upcoming budget?
More than 11 million people used Open Banking in July - that figure was up by 12 percent on the month before. We'll discuss how it works.
And, have you been affected by a scam? Ahead of a special programme on October 5th we'd like to know your experiences - email [email protected].
Presenter: Paul LewisReporter: Dan WhitworthResearchers: Jo Krasner and Emma SmithEditor: Jess Quayle
(First broadcast 12pm Saturday 21st September 2024)
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There are nearly 70,000 children in the UK who are in foster care.
Foster carers main concern has to be the children they look after, including many who have experienced neglect and trauma. But they are self-employed, so there are also financial considerations, from allowances and fees, to tax returns and receipts.
In this programme we'll hear from charities, foster carers and care leavers. We'll also discuss new analysis from the Fostering Network, which found foster carers face a post code lottery when it comes to fees they’re paid.
Foster carers are given an allowance to pay for clothes and food - but they're also usually paid extra on top to recognise their time and skills. Those fees aren't fixed though, and local authorities can each individually decide how much to award.
Using freedom of information requests the charity found 60% of local authorities across the UK are paying foster carers the equivalent of less than £5 an hour based on a 40 hour week. Local Authorities are given funding from central government and the devolved nations – the told us they are reviewing support for foster carers.
Felicity Hannah, is joined by Sarah Thomas, Chief Executive of The Fostering Network and Brenda Farrell, Head of Fostering at Barnardo's.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(This episode was first broadcast at 3pm on Weds 18th Sept 2024).
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Hundreds of thousands of disabled pensioners will be unfairly impacted by the cut in Winter Fuel Payment, according to two leading charities who've spoken exclusively to Money Box. Disability Rights UK and Age UK have both told us that disabled pensioners often have higher energy bills because of medical needs and sharp cuts to the number of people receiving the payment will disproportionally affect them more than others. The government says it's committed to giving pensioners the dignity and security they deserve in retirement but says given the state of the public finances its inherited it’s right that it targets support to those who need it most. It says its protecting disabled pensioners through extra disability benefits such as Attendance Allowance, Disability Living Allowance and Personal Independence Payments. And that over a million pensioners will also continue to receive the Winter Fuel Payment and those on the full new State Pension will receive over £400 boost through the triple lock.
How might the Chancellor target Inheritance Tax in the upcoming Budget? Latest figures show that the government received a record £7.7 billion from IHT in the 12 months to July, up over 5% on a year before.
And, what can be done to encourage self-employed people to pay into a pension?
Presenter: Paul LewisReporter: Dan WhitworthResearchers: Catherine Lund and Jo KrasnerEditor: Jess Quayle
(First broadcast 12pm Saturday 14th September 2024)
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Figures given exclusively to Money Box Live show that almost two-thirds of people who called the National Gambling Helpline had gambling related debt. So what are the options and what support is available?
This week Felicity Hannah speaks to those affected by gambling, either themselves or through a family member. Joining her to talk about it are Nicholas Hill from the Money and Pensions Service which is sponsored by the Department for Work and Pensions and Raminta Diliso Head of Gambling Related Financial Harm at the Charity GamCare which is in part funded by the gambling industry.
If you've been affected by addiction - help is available at bbc.co.uk/actionline.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(First broadcast 3pm on Wednesday 11th September 2024)
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Hundreds of millions of pounds has been made available from the government for local authorities across the UK to spend on those most in need of financial help. Known as the Household Support Fund it's made up of £421 million for councils in England with another £79 million for devolved nations. Dan Whitworth meets Sam, who's 28 and got help from the fund via Stockport Disability.
A new report analysing the finances of people on low incomes who apply for loans has found a third were declined because of 'excessive gambling'. Salad Money is a social enterprise, providing credit to people earning between £25k and £35k per year. It says that out of 170,000 people who applied for loans in the first three months of this year, a third were turned down. We'll hear from the CEO of Salad Money, Tim Rooney.
The consultation which could mean fraud victims who lose more than £85k won’t get their money back when new refund rules come into force in October.
And what tax changes could the government make in its first budget? We’ll discuss Capital Gains Tax and how it might be impacted.
Presenter: Felicity HannahReporter: Dan WhitworthResearchers: Catherine Lund and Jo KrasnerEditor: Jess Quayle
(First broadcast 12pm Saturday 7th September 2024)
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Working parents and carers of children aged 9 months or over are now entitled to 15 hours of funded childcare a week during term time.
50 hours of nursery can cost around £14,000 a year, so it's a welcome relief for many. There had been warnings that parents would struggle to find places but the government says it is confident about meeting demand.
From next September, the offer is set to rise to 30 hours, and include children up to school age too.
Education Minister, Baroness Smith has said it'll be a challenge to meet that level of demand with the Department for Education estimating about 85,000 more childcare places and 40,000 extra staff will be needed by 2025.
On today's programme we will be hearing from parents as well as the CEO of Kids Planet, one of the countries largest providers. Felicity Hannah will also be joined by Jonathan Broadberry, Policy Director at the National Day Nurseries Association and Emma Broome, Chief Executive of children's charity Coram.
We'll also look at the new rules coming in to make childcare cheaper in Northern Ireland.
Presenter: Felicity HannahProducer: Sarah RogersEditor: Jess Quayle
(First broadcast at 3pm on Wednesday the 4th of September, 2024)
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Many pensioners in England and Wales will lose Winter Fuel Payments this year. This annual payment had been universal and worth £200 or £300 pounds a year, depending on your age. From this winter it will be restricted to pensioners receiving Pension Credit or other means-tested benefits. The reason for means testing it this way is to save money - about £1.5bn each year. In a statement the government told us that "given the dire state of the public finances we have inherited, it’s right that we target support to those who need it most." So how will you be affected? The Department for Work and Pensions has urged people to check if they could be eligible for Pension Credit - you can check here: https://www.gov.uk/pension-credit-calculator.
The Post Office handled a record amount of cash last month with customers either depositing or withdrawing more than £3.7bn. That new figure beat previous record highs set in May and April suggesting not only is there continued demand for cash, but that people are using Post Office branches more and more to get it. Dan Whitworth visits a branch in North Lincolnshire.
And, what does the expansion of funded childcare hours for working parents mean for those who’re set to benefit?
Presenter: Felicity HannahReporter: Dan WhitworthResearcher: Catherine LundEditor: Jess Quayle
(First broadcast 12pm Saturday 31st August 2024)
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Not every dream job has an obvious route to success, so how do you make your passion project pay without falling behind on your bills?
Visa research shows that around 45% of Gen Zs (people born between the late1990s and the early 2010) have a side hustle, but it's not just for the cash. More than a quarter of those are working at a passion project.
So how do you make it if you want a career in comedy or to bag an Olympic gold? Do you have to tell your boss if you're doing extra work on the side? And what should you do about tax?
Today we're talking to an Olympian who worked as a custody officer, a comic book writer who worked in a biology lab and an aspiring DJ who's on a zero-hours bar contract.
Felicity Hannah is joined by Jack Gamble, Director and CEO of the Campaign for the Arts and employment lawyer Rupa Mooker.
Presenter: Felicity HannahProducer: Sarah Rogers & Catherine LundEditor: Jess Quayle
(First broadcast 3pm Wednesday 31st July 2024)
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Nearly 10,000 people have needed free debt advice because of accidental overpayments by the Department for Work and Pensions in the past 12 months. That's according to figures from Money Wellness, a debt advice company which is funded by the government's Money and Pension Service. It says because most of its clients are low income households these debts can have significant knock-on impacts on the rest of their finances. The DWP says its staff work hard to support customers, and it's important to explore ways to reduce fraud and error so it can support the most vulnerable in society.
What will the new Pensions Bill announced by the Labour government in the King's Speech mean for your finances? We'll discuss plans to bring small pension pots, which people get after short term jobs, together.
Campaigners are calling for bereavement support payments to be extended for longer and for the amount given to families to rise with inflation. At the moment parents under pension age whose partner dies are entitled to bereavement benefits - as much £3,500 followed by 18 monthly payments of up to £350. The charity Widowed and Young would like those payments to be in place for longer. The Department for Work and Pensions told us that it knows losing a loved one is devastating and that it's committed to supporting those most in need through the welfare system.
And what's the best way to pay while you’re on holiday abroad?
Presenter: Paul LewisReporters: Dan Whitworth, Sarah Rogers and Jo KrasnerResearchers: Immie RhodesEditor: Jess Quayle
(First broadcast 12pm Saturday 27th July 2024)
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