Newsletter Key Themes ¦ Industry and Regulatory Developments – DEMSA

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Financial Policy and Legislation Updates

Budget Announcements and Child Benefits Changes: The recent budget unveiled modifications to National Insurance and child benefits, elevating the threshold for withdrawal from £50,000 to £60,000, with complete withdrawal at £80,000. This adjustment aims to alleviate financial pressures on families, potentially affecting 485,000 families with an average benefit increase of £1,260 in 2024/25. For financial services, credit management, and debt collection professionals, understanding these changes is crucial for advising clients on their financial planning and entitlements. BBC, MoneyHelper.
Adjustments in Financial Aids: The budget also introduced increases in universal credit, state pensions, and the National Living Wage. The state pension will see an 8.5% rise, while the National Living Wage for over-23s will increase to £11.44 an hour. These changes reflect an effort to match the rising cost o...

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