 As the summer marches on, it's all too easy to get carried away with the fun and end up overspending on your budget. Between holidays, days out, family meals, catch-ups with friends, and, although the weather has hardly been playing ball so far, even the odd barbeque, the costs of enjoying the great British summertime can end up mounting up. With a cost of living crisis still very much with us, inflation can also make everyday purchases much more expensive. As such, it's essential to ensure you are up-to-date on any upcoming financial changes that might affect your situation. Here are six money changes that are set to take place in August 2023. Money changes coming in August 2023 Several significant updates are coming next month, including interest rate announcements, tax changes, and energy cap updates. Interest rate announcement Later this week, the Bank of England will make its next announcement on interest rates – namely, the Bank of England Base Rate, which many experts predict will rise between 0.25 and 0.5%. The Bank of England's base rate is the rate charged to other banks and lenders, which ultimately affects the interest rates. This ultimately means the base rate influences the interest rates you are charged as a customer by banks on financial services like loans, as well as the interest you receive on any savings. Recent rises in interest rates have seen mortgage repayments hit the highest levels seen for 15 years. Date: August 3 The BoE will be announcing new interest rates soon. (Picture: Yui Mok/PA Wire) New inflation data The Office for National Statistics is the government department tasked with collecting data on inflation. It does this by collecting a 'basket' of goods and services and comparing them to what they would have cost 12 months ago. This is called the Consumer Price Index (CPI), and when it is high, you'll generally be paying more for your purchases. In the){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
As the summer marches on, it’s all too easy to get carried away with the fun and end up overspending on your budget.
Between holidays, days out, family meals, catch-ups with friends, and, although the weather has hardly been playing ball so far, even the odd barbeque, the costs of enjoying the great British summertime can end up mounting up.
With a cost of living crisis still very much with us, inflation can also make everyday purchases much more expensive.
As such, it’s essential to ensure you are up-to-date on any upcoming financial changes that might affect your situation.