1 year ago

Quids In Issue 33 Winter 2016

The UK's Number 1 Money Magazine

THE BUZZ The latest news

THE BUZZ The latest news affecting you and your finances 70,000 TENANTS FACE APRIL RENT SHOCK Now higher earners in social housing must ‘pay to stay’ Social tenant households earning more than £31k (£40k in London) face rocketing rent from April, as ‘pay to stay’ adds average £1,065 a year @quidsinmagazine Rents on households with combined earnings of more than £31,000 (or £40,000 in London) will rocket by over a grand a year from April, the government plans. Described as a new ‘tenant tax’, better off residents in social housing could be expected to pay nearer the market levels charged by private landlords. The Department of Communities and Local Government has defended the changes, saying they end the days of subsidised lifestyles for people on higher-than-average incomes. It has been criticised, however, for failing to allow enough time for local councils to prepare and notify tenants who will be affected and the Local Government Association has claimed collection “costs will outweigh the additional rent collected”. 70,255 tenants are expected to be affected with an average increase of £1,052 a year. The extra charge is complex: 15p a week will be added for every pound above the threshold that a household brings home. It is understood that outside London, a couple earning £35,000 between them would be charged £600 extra a year, which is £11.53 a week. Critics believe the scheme, announced by former Chancellor George Osborne, would only bring in a quarter of the expected income to government coffers. Video of the issue TELLING IT LIKE IT IS? Scene from Ken Loach’s film I, Daniel Blake taking on Job Centre Plus Quids in! | 4

THE BUZZ The latest news affecting you and your finances UC WATCH Universal Credit is coming Findings from the 2016 Quids in! Reader Survey has found those most likely to move to UC will struggle. Three quarters (73%) do not have savings and would struggle with the minimum six weeks’ wait for benefit payments under the new system. Two in five (44%) did not have a bank account and may not be able to organise standing orders for rent payments as Housing Benefit will no longer be paid direct to landlords. More than a third (35%) have no access to the internet although UC claims are managed online. ≠ Universal Credit will affect the majority of working age Quids in! readers over the next five years. We’ll bring you the latest developments to help you prepare. JOIN THE CONVERSATION… CHEAPER TRAIN FARES I’ve started treating myself to days out since I realised how much cheaper it is on the train when I book in advance. Usually (but not always) the earlier I book, so much the better. I don’t use, mind, they charge a £1.50 booking fee (or used to). I use but all those that don’t charge will have the same prices. If you don’t care where you go, there are some fab deals. Thomas Morgan, Glamorgan Have you got something you want to tell us, or a money-saving hint or tip to share? Each issue we’ll send £50 to our best letter writer, emailer or tweeter! Don’t forget to include your name and address. WIN £50 WIN! £50 CASH Click here POST The Editor, Quids In! 3 Monmouth Place, Bath BA1 2AT EMAIL TWEET Quids in! | 5