London tube passengers will face increased fares starting March 1, with rises set to take effect. For instance, peak pay-as-you-go charges in Zone 1 will climb from £2.90 to £3.10.
Fares on the Piccadilly line from Zone 1 to Heathrow will also see an uptick from £5.80 to £5.90. Additionally, DLR and London Overground ticket prices are on the rise.
In contrast, bus and tram fares in London will remain unchanged until July 5, 2026, and pay-as-you-go caps as well as Travelcard rates will stay frozen until 2027.
Rachel Reeves is scheduled to present her Spring Statement to Parliament on March 3. As the Chancellor has committed to only one fiscal event annually, the Spring Statement is anticipated to be less eventful, with no major tax or policy alterations.
The upcoming Bank of England interest rate announcement is set for March 19. The current base rate stands at 3.75%, following the Bank of England’s decision to maintain it at this level during the previous February meeting.
The base rate, which influences borrowing costs, is what the Bank of England charges banks and lenders.
On March 25, the latest inflation data from the Office for National Statistics (ONS) will be released. In a recent update, inflation was reported to have fallen to 3%, raising hopes for another Bank of England interest rate cut. In October 2022, inflation peaked at 11.1%.
The Household Support Fund is slated to conclude on March 31. This program allows local councils to provide specific aid to residents struggling with bills or low incomes, typically through cash grants or vouchers.
Replacing the Household Support Fund, the new Crisis and Resilience Fund is set to launch in April 2026.
Deadline for Winter Fuel Payment claims is March 31. These payments, valued at up to £300, are accessible to individuals above state pension age. Repayment is required through the tax system for those earning over £35,000. While many receive this payment automatically, certain circumstances may necessitate a claim.
The Warm Home Discount scheme will close on March 31, offering a £150 electricity bill reduction applied directly or as vouchers for prepayment customers. Eligibility requires claiming specific benefits, with automatic receipt in England and Wales.
In Scotland, automatic payment is limited to those obtaining the Guarantee Credit element of Pension Credit. Other benefit recipients must apply through their energy supplier.
The Cold Weather Payment scheme will also terminate on March 31. Qualified individuals receive a £25 payment when temperatures drop to zero degrees or below over seven consecutive days. Typically automatic, this benefit is aimed at low-income individuals or Support for Mortgage Interest recipients.