Money Box

This week marks 10 years since a landmark shift in the way we could all use our pensions. Back in the Spring of 2014 the then Chancellor George Osborne announced plans for new freedoms, allowing people over the age of 55 to take 25 per cent of their pension tax-free and use the rest as they wished. What impact did that have?

Hundreds of survivors of economic and physical domestic abuse have been helped by a new scheme set up by one of the UK's biggest banks. TSB's "Flee Fund" was launched just over a year ago to offer financial help to people trying to escape abusive partners. Dan Whitworth reports from Preston.

There was a rare U-turn from HMRC this week. On Tuesday it announced it was planning to close its self-assessment phone helpline for six months of every year. The tax authority said it wanted people to use a chatbot and access its online services instead. Then, just over 24 hours later, HMRC changed its mind and halted those plans. It says its "listened to the feedback and is halting the helpline changes as it recognises more needs to be done to ensure all taxpayers’ needs are met, whilst also encouraging them to transition to online services.” What does that mean?

Presenter: Felicity Hannah

(First broadcast 12pm Saturday 23rd March 2024)

Mortgage customers face rising rates, vanishing deals and latest figures have shown more people are struggling to keep up with their repayments.

Mortgage arrears, hit a seven-year high in the final quarter of 2023. So what can you do if that's you?

Felicity Hannah is joined by Charlotte Harrison of Skipton Building Society, Sally Mitchell from the Mortgage Mum, and Richard Lane from the debt charity Step Change - to discuss what's going on in the mortgage market and what you need to know.

Presenter: Felicity Hannah

(First broadcast 3pm Wednesday 20th March, 2024)

The number of people falling victim to fraud involving cryptocurrency has more than doubled between 2020 and 2023 according to Action Fraud. The value of such fraud has also increased. Our reporter Dan Whitworth has met one such victim, an 86 year old in South Wales who lost over £70,000. Following a Money Box investigation she's now had her lost life savings refunded.

Presenter: Paul Lewis

(First broadcast Saturday 16th March 2024)

New arrangements for childcare payments come into force in April in England. How will the new arrangements affect parents? Are they going to be better or worse off?

The Chancellor Jeremy Hunt announced extended support for parents of pre-school children in 2023. But many parents say the payments are still too low or that there aren’t enough places available.

Felicity Hannah is joined by Ellen Broome of the children's charity Coram, and Jonathan Broadbery, Director of Policy at the National Day Nurseries Association.

Presenter: Felicity Hannah

The Chancellor has delivered his Spring Budget for 2024 announcing a 2p National Insurance cut for millions of working people under the age of 66. Jeremy Hunt says this will save the average worker £450 a year.

But, analysis by the Office for Budget Responsibility says maintaining a freeze on the personal tax allowance - the amount earned before tax is paid - will mean 3.7 million extra people paying income tax by 2028, when the freeze comes to an end. So will you be better or worse off? We'll be looking at the numbers.

What would you do if you got a letter through your door asking for almost £2000 owed by a complete stranger? That's what happened to one of our listeners who spent weeks trying to sort it out with a debt recovery company. We hear from a senior MP calling for tougher regulation.

And an investigation into car finance agreements taken out before February 2021 could eventually lead to compensation for millions of motorists. Discretionary commission agreements meant some lenders allowed car dealers to adjust interest rates on finance deals. The Finance and Leasing Association told us: "In practice, having discretion to move the interest rate often meant that dealers lowered it to be more competitive."

Presenter: Paul Lewis

(First broadcast 12pm Saturday 9th March 2024)

As Chancellor Jeremy Hunt presents his Spring Budget, Money Box Live sifts through the details - and the impact on all our finances.

Expectations included a 2p cut in National Insurance contributions but will that look like on your payslip? Money Box reporter Dan Whitworth answers those key questions.

Felicity Hannah is joined by Sarah Coles, Head of Personal Finance at Hargreaves Lansdown; Simon Gammon, Managing Partner at the mortgage broker Knight Frank Finance, and Dawn Register, Tax Partner at the accountancy firm BDO.

Presenter: Felicity Hannah

(This episode was first aired on Wednesday the 6th of March at 3pm on Radio 4)

Money Box gets a special look at a new exhibition at the Bank of England Museum about the future of money. Paul Lewis picks up a gold bar, sees the new King Charles money, and finds out more about the consultation for a new digital pound.

The pensioners getting in touch to ask why they’re soon to start paying tax on their pensions. We'll discuss that with the Low Incomes Tax Reform Group.

And, there are calls this week for the government to slow down the speed at which its moving existing benefits claimants onto Universal Credit. The Child Poverty Action Group says it is seeing cases of people struggling to claim, or missing the deadline as they are unsure what’s required of them. The Department for Work and Pensions told us the vast majority of Tax Credit claimants have successfully moved to Universal Credit, and that there is a range of support available to help people move.

(First broadcast 12pm Saturday 2nd March 2024)

How do schools teach children and teenagers about money?

Learning about money is part of the curriculum but more than three-quarters of teachers say young people are leaving school without the money skills they need for adulthood.

We’re going back to school to hear from pupils at Trinity Academy Cathedral School in Wakefield who are learning about money in special classes. We’ll listen in to find out how the experts teach children about credit cards, pensions, budgeting and more.

The government says its reformed the curriculum and invested substantially over £100 million in its Maths Hubs programme.

Felicity Hannah presents alongside the broadcaster, maths teacher and University Challenge alumni Bobby Seagull. They’ll be finding out how it all works from the school’s headteacher Anna Gillinder and Stephanie Fitzgerald, Head of Young People Programmes at The Money Charity.

Presenters: Felicity Hannah and Bobby Seagull

(This episode was first broadcast at 3pm on Wednesday 28th February 2024)

As many as two million of the poorest households have seen the amount they owe their energy suppliers double over the past year. This new analysis of debt figures has been given to Money Box by the consultancy firm Baringa. It says people who've fallen behind on their payments are now £1,100 in the red, an amount that has doubled in a year. Energy UK, which represents suppliers, say they're doing all they can - and we'll hear more about Ofgem's plans to help tackle debt in the industry.

Twenty financial advice firms have been told that they must provide the regulator with details of the services they provide customers when they charge them for what is called “ongoing advice”. The Financial Conduct Authority has written to the companies as part of its enforcement of the new Consumer Duty. What will this mean for consumers?

And, an annuity is a contract with an insurance provider which converts your savings or pension pot into a guaranteed income for your retirement. As annuity sales rise, we'll discuss what they are and how they work.

Presenter: Paul Lewis

(First broadcast 12pm Saturday 24th Feb 2024)

There are approximately four million children in Great Britain whose parents are separated.

When couples break up they cut their finances apart, but for parents there's that ongoing relationship that comes with supporting those children - emotionally but also financially. So how do you manage that?

Sometimes, of course, it breaks down and a parent has to ask the state to step in and make their ex pay support. We'll discuss some changes coming to how that's enforced.

And we hear from parents who are sharing care and finding ways to make the finances and the new circumstances work.

Joining Felicity Hannah is Leah Caldwell who is the Director of Mediation First and treasurer on the board of the Family Mediators Association and also Gemma Hope who is a solicitor at Family Law Partners.

Presenter: Felicity Hannah

(This episode was first broadcast at 3pm on Wednesday 21st February 2024)