Seven money changes coming in August will affect energy, alcohol and benefits
28.07.2023 - 17:59
/ dailyrecord.co.uk
With a new month on the horizon, there are a number of financial changes coming that could impact your wallet.
This August is full of key dates to mark in your diary, especially if you're on a budget. Changes include how much you will pay for booze, energy and Costa coffee.
There are also changes to interest rates expected to be announced by the Bank of England next week, which will create a second inflation update later this month, the Mirror reports.
This month, alcohol duty rates are to rise and Ofgem will amend its price cap, impacting costs for gas and electricity from October into the winter season. Brits claiming certain benefits will also be moved to universal credit as part of the Department of Work and Pensions' migration plan.
Here are seven money changes coming in August to be aware of.
Alcohol duty rates will rise by 10.1 per cent from August 1 - making the price of some booze more expensive.
A new system will also be introduced that taxes alcoholic drinks according to strength. According to the Wine & Spirits Trade Association (WSTA), the price of a bottle of wine with an alcohol by volume (ABV) will increase by 44p, while a bottle of port will rise by £1.30.
Scotland currently implements minimum alcohol pricing at 50p a unit so rises could be applied differently north of the border.
Pub drinks will see a price cut from August under the "Brexit pubs Guarantee". The "Draught Relief" will cut alcohol duty by 9.2 per cent for beer and cider and 23 per cent for wines, spirits and other fermented products.
After being announced back in March in the Spring Budget, alcohol manufacturers - including the Scottish Whiskey Association - called the change a "historic blow" to the industry.
From August 1, Costa Coffee is raising