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| No laughing matter: How 1 April could cost you more | No laughing matter: How 1 April could cost you more |
| (about 11 hours later) | |
| The first day of April is one to be wary of. Notorious pranks have included left-handed hamburgers, spaghetti being grown on trees, and the apparent news that Big Ben was to go digital. | The first day of April is one to be wary of. Notorious pranks have included left-handed hamburgers, spaghetti being grown on trees, and the apparent news that Big Ben was to go digital. |
| But there is also a series of changes on 1 April this year which will have a real impact on people's lives. | But there is also a series of changes on 1 April this year which will have a real impact on people's lives. |
| While few Britons will be mourning the demise of the Competition Commission or the Office of Fair Trading, millions will be affected by changes to the regulation of pay-day lenders. | While few Britons will be mourning the demise of the Competition Commission or the Office of Fair Trading, millions will be affected by changes to the regulation of pay-day lenders. |
| And hundreds of thousands are likely to end up paying more in council tax and water charges. | And hundreds of thousands are likely to end up paying more in council tax and water charges. |
| Pay-day loans | Pay-day loans |
| As it takes over the regulation of 50,000 firms involved in the consumer credit industry, the Financial Conduct Authority (FCA) has promised a further examination of pay-day lenders. | As it takes over the regulation of 50,000 firms involved in the consumer credit industry, the Financial Conduct Authority (FCA) has promised a further examination of pay-day lenders. |
| It will investigate how they treat their customers, and whether they lend to people who cannot afford the repayments. | It will investigate how they treat their customers, and whether they lend to people who cannot afford the repayments. |
| It will also look at the level of cap the government wants on the cost of loans. | It will also look at the level of cap the government wants on the cost of loans. |
| Martin Wheatley, the FCA's chief executive, has suggested that up to a quarter of short-term lenders could be forced out of business as a result. | Martin Wheatley, the FCA's chief executive, has suggested that up to a quarter of short-term lenders could be forced out of business as a result. |
| The FCA has been given new powers, as it takes over from the old regulator, the Office of Fair Trading (OFT). | The FCA has been given new powers, as it takes over from the old regulator, the Office of Fair Trading (OFT). |
| Council tax | Council tax |
| A year ago, the government devolved the administration of council tax benefit to 326 local authorities in England. | A year ago, the government devolved the administration of council tax benefit to 326 local authorities in England. |
| At the same time it cut the budget for council tax benefit by 10%, or £414m. | At the same time it cut the budget for council tax benefit by 10%, or £414m. |
| As a result councils have either had to make cuts, or make up the shortfall from local tax-payers. | As a result councils have either had to make cuts, or make up the shortfall from local tax-payers. |
| But for one year only, the government softened the impact of the change by giving £100m as transitional relief. | But for one year only, the government softened the impact of the change by giving £100m as transitional relief. |
| Now this has come to an end, it has been estimated that more than half a million council tax payers might have to find £120 a year extra. | Now this has come to an end, it has been estimated that more than half a million council tax payers might have to find £120 a year extra. |
| Water and sewerage charges | Water and sewerage charges |
| Customers in England and Wales will find their water bills rising by an average of £8 a year, or 2%. | Customers in England and Wales will find their water bills rising by an average of £8 a year, or 2%. |
| Those in the Thames Water area will see a rise of 3.4%, while those in the South West will actually receive a cut of 3%. | Those in the Thames Water area will see a rise of 3.4%, while those in the South West will actually receive a cut of 3%. |
| At the time the rise was announced, it was below the rate of inflation. However, the consumer price index is now at 1.7%. | At the time the rise was announced, it was below the rate of inflation. However, the consumer price index is now at 1.7%. |
| Pensions | Pensions |
| The state pension goes up by 2.7%, based on the CPI inflation rate in September 2013. | The state pension goes up by 2.7%, based on the CPI inflation rate in September 2013. |
| The government has pledged to continue the "triple lock" until 2020. | The government has pledged to continue the "triple lock" until 2020. |
| This means that pensions will go up by whichever is highest of inflation, wages or 2.5%. | This means that pensions will go up by whichever is highest of inflation, wages or 2.5%. |
| Those seeking to join a company pension scheme under automatic enrolment will also be given more time to decide whether to sign up. | Those seeking to join a company pension scheme under automatic enrolment will also be given more time to decide whether to sign up. |
| Prescription Charges | |
| Prescription charges in England go up by 20 pence, to £8.05 for each medicine. | |
| England remains the only part of the UK where patients pay for their prescriptions. | |
| Wales has enjoyed free prescriptions since 2007, Northern Ireland since 2010, and Scotland since 2011. | |
| Housing benefit | Housing benefit |
| From now on, jobseekers who come to the UK from the EU and some other European countries will no longer be allowed to claim housing benefit. | From now on, jobseekers who come to the UK from the EU and some other European countries will no longer be allowed to claim housing benefit. |
| Those who are working will still be able to claim. | Those who are working will still be able to claim. |
| Since January, such migrants have also not been able to claim jobseeker's allowance until they have been in the UK for three months. | Since January, such migrants have also not been able to claim jobseeker's allowance until they have been in the UK for three months. |
| Figures from the Office for National Statistics (ONS) suggest that nearly 400,000 non-UK nationals were claiming benefits here in 2013. | Figures from the Office for National Statistics (ONS) suggest that nearly 400,000 non-UK nationals were claiming benefits here in 2013. |
| Corporation tax | Corporation tax |
| The tax paid by big UK companies on their profits will fall from 23% to 21%, as part of the government's efforts to make the UK more attractive to inward investors. | The tax paid by big UK companies on their profits will fall from 23% to 21%, as part of the government's efforts to make the UK more attractive to inward investors. |
| Next year the main rate of corporation tax will fall to 20%. | Next year the main rate of corporation tax will fall to 20%. |
| A scheme to give small companies extra relief from business rates will also take effect. | A scheme to give small companies extra relief from business rates will also take effect. |
| Goodbye to... | Goodbye to... |
| The Competition Commission and the Office of Fair Trading (OFT). | The Competition Commission and the Office of Fair Trading (OFT). |
| The Competition Commission was originally the Monopolies and Mergers Commission, and its job was to protect free markets and to make sure individual businesses did not become too dominant. | The Competition Commission was originally the Monopolies and Mergers Commission, and its job was to protect free markets and to make sure individual businesses did not become too dominant. |
| The OFT existed to protect consumers, and to ensure that competition law worked in practice. | The OFT existed to protect consumers, and to ensure that competition law worked in practice. |
| Hello to... | Hello to... |
| The Competition and Markets Authority (CMA). | The Competition and Markets Authority (CMA). |
| It takes over from the Competition Commission, and also assumes the consumer functions of the OFT. | It takes over from the Competition Commission, and also assumes the consumer functions of the OFT. |
| Its first job will be to investigate the big six energy firms, and whether they have too much power over the market, a task that is expected to take around 18 months. | Its first job will be to investigate the big six energy firms, and whether they have too much power over the market, a task that is expected to take around 18 months. |
| The Financial Conduct Authority (FCA) takes over the regulation of consumer credit companies, and peer-to-peer lending. | The Financial Conduct Authority (FCA) takes over the regulation of consumer credit companies, and peer-to-peer lending. |