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A number of different changes will be coming to your wallet this next month affecting payments from the Department for Work and Pensions , benefits and pensions.
The DWP says that all Cost of Living payments should have been made by May 17. If you have not received it by this point it's worth contacting the DWP. HMRC to start sending out renewal packs to Tax Credit claimants HMRC previously warned that millions of benefit claimants will need to take action to avoid losing their payments. Those who claim tax credits will receive a renewal pack from the government department starting from May 2.
If the monetary policy committee decides to increase the base rate again, it will be the twelfth consecutive time it has done so. The BoE's decision will factor in how best to drive down inflation. Currently, the base rate stands at 4.25 per cent. Inflation figures released On May 24, we should find out the Consumer Prices Index inflation rate for April.
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