Six huge changes that will hit your bank account in june

FROM ENERGY PRICES TO INTEREST, HERE IS A FULL LIST OF ALL THE MAJOR POLICY CHANGES THAT WILL TAKE EFFECT THIS MONTH AND WHAT THEY MEAN FOR YOUR FINANCES 05:00, 03 Jun 2025 June heralds a

new wave of financial changes that could impact millions across the UK. After a challenging April, when inflation reached a year-long peak due to energy price surges and tax alterations from

Chancellor Rachel Reeves' Budget last year, there's a blend of relief and crucial deadlines on the horizon. Some households will experience a lift, with an uprating of Universal

Credit and a 7% reduction in the energy price cap looming. However, others may need to take action, with significant shifts like the end of the radio teleswitch service (RTS) and the

requirement to submit energy meter readings. Here are six key financial events to keep an eye out for this month. JUNE 12: BOOST IN UNIVERSAL CREDIT PAYMENT As Universal Credit is paid

monthly based on your individual "assessment period," the date your increase takes effect depends on when your most recent period commenced. Those whose assessment periods began

after April 7 may have already seen higher payments in May, reports the Express. Others may have to wait until around June 12 for the boost to reflect in their accounts. JUNE 18: INFLATION

UPDATE In the last update, inflation spiked sharply to 3.5%, partly driven by "Awful April's" bill and price increases. While that's significantly below the 11.1% peak

witnessed in 2022, it still exerts pressure on household budgets. Article continues below The government has tasked the Bank of England with reducing inflation to 2%, which it aids through

raising or maintaining central interest rates to discourage spending. JUNE 19: BANK OF ENGLAND INTEREST RATE DECISION The base rate has impactful ramifications, influencing costs ranging

from mortgages to the interest on credit cards and savings accounts. A potential reduction could spell relief for borrowers while possibly resulting in weaker returns for savers. JUNE 30:

RTS SWITCH-OFF As mentioned earlier, the RTS meter system is being switched off, which could leave those with an RTS meter in trouble. About 300,000 homes still use these old meters to

control heating. Speaking on the move, Alistair Carmichael, the 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." Energy companies are encouraging households to switch to a smart meter immediately.

Failing to do so might increase the risk of your old meter malfunctioning, resulting in it either staying switched off or on all the time. 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 Also

winding up on June 30 is the Mortgage Guarantee Scheme. While it provided lenders with government backing, higher interest rates than standard mortgages were a downside. Its termination may

see reduced choices for buyers with smaller deposits. That said, certain lenders are predicted to offer similar deals, without leaning on government support. JUNE 30: ENERGY METER READING

DAY Ofgem's new energy price cap comes into play from July 1. This adjustment will cut the standard annual bill down from £1,849 to £1,720, granting typical families a saving around

£129 annually. The change will hit more than 22 million homes on standard variable tariffs. Article continues below To reap the benefits of these lowered rates immediately, make sure to

submit your meter reading by June 30, most necessary for those without a smart meter. Keeping on top of this ensures you are charged accurately and avoids overpaying once the new cap starts.

If you've got a smart meter, there's no need to do anything as your readings are sent automatically.