Money
Lowest wage growth in over two years fuels interest-rate speculation
Wage growth in the UK has slowed significantly, with pay excluding bonuses rising by just 4.9% between June and August compared to a year ago.
This marks the slowest rate of wage growth in over two years – only 3.8% when bonuses are factored in.
Adjusted for inflation, wages rose by 1.9% excluding bonuses and 0.9% including them.
These figures, released today (15 October) by the Office for National Statistics (ONS), have fuelled expectations that the Bank of England may cut interest rates in November.
Despite wages continuing to rise faster than inflation, analysts believe this is unlikely to delay a rate cut, potentially to 4.75% from the current 5%.
The figures also showed that the UK’s unemployment rate dropped to 4%, while the employment rate rose to 75%.
The number of people considered economically inactive fell to 21.8%.
However, the ONS has urged caution with its unemployment data due to issues with its survey, though alternative measures suggest the number of employees on payrolls has stabilised.
Meanwhile, employers are facing higher costs and are hesitant to make significant changes ahead of Chancellor Rachel Reeves’ Budget on 30 October.
Chancellor Reeves ‘wrapping herself in a straight jacket’ ahead of Budget
Commenting on the figures, Susannah Streeter, head of money and markets, Hargreaves Lansdown, said:
“Worrisome wage growth is in retreat, lifting expectations that borrowing costs will soon fall further. The rate of increase in average earnings (including bonuses) has fallen to 3.8%, a hugely significant drop given how pay growth had raced away in recent years.
“Although there had been forecasts for an even steeper fall, and wages are still beating inflation, this will still assuage concerns among policymakers about the risk that consumer price rises will pop back up into troublesome territory. “
Lindsay James, investment strategist at Quilter Investors, added: “With only a few weeks until the next Bank of England interest-rate announcement, today’s figures, along with last week’s GDP data and tomorrow’s inflation number, will play a vital role in the monetary policy committee’s decision-making.
“Labour’s first budget will also take place before the Bank’s MPC meeting, so the Bank will closely monitor market reactions and potential economic impacts.
“Though we could see another rate cut at the next meeting, it is seeming increasingly likely that the Bank of England will continue on its ‘slow and steady’ path with a 0.25% cut at most.”
Money
How to protect your business from lawsuits?
Facing a lawsuit can present significant challenges for any business, potentially leading to financial ruin and reputational damage. Implementing preventative measures is the key to shielding your company from legal action. This requires an understanding of areas of vulnerability and acting proactively.
Legal documentation stands at the forefront of business protection. Well-drafted contracts ensure that all parties understand their obligations and rights, thus reducing the risk of disputes. Furthermore, regular consultations with a legal expert can keep your company policies updated and compliant with current laws.
Employees also play an essential role in maintaining a lawsuit-free environment. Adequate training and a clear understanding of company policies foster a workplace culture that respects the law and emphasizes ethical behaviour. By addressing these critical areas, businesses can significantly decrease the likelihood of facing unwanted legal challenges.
Understanding Legal Risks in Business
Businesses encounter various legal challenges that require careful navigation. Identifying potential threats and knowing common missteps can help companies mitigate risks effectively.
Types of Lawsuits Businesses Face
Businesses can face several types of lawsuits. Breach of contract occurs when one party fails to fulfil contractual obligations, leading to legal disputes. Companies may also face employment-related lawsuits, such as wrongful termination or discrimination claims. Intellectual property infringement is another risk businesses encounter, involving the unauthorized use of trademarks or copyrights.
Negligence claims can arise if a company fails to provide a safe environment for customers or employees. Consumer protection lawsuits may occur if products are deemed defective or misleading. Each of these lawsuits can lead to significant financial and reputational damage. Consulting with a business attorney can help in preemptively addressing these legal threats.
Common Legal Mistakes Companies Make
Businesses often make legal mistakes that can result in lawsuits. Failing to document agreements properly is a frequent error that can lead to misunderstandings and disputes. Companies might neglect compliance with employment laws, including wage regulations and workplace safety standards, risking regulatory actions.
Mismanagement of intellectual property is another common mistake. Businesses sometimes use trademarks without proper authorization, inviting legal issues. Ignoring cybersecurity, with inadequate protection for customer data, can result in privacy violations. Inappropriate responses to legal actions, such as delayed engagement with legal counsel, may exacerbate the situation. Being proactive and engaging a competent business attorney can prevent many of these issues.
Preventive Legal Strategies
Navigating legal complexities is crucial for business longevity. Identifying and mitigating potential legal risks can save time and resources. Businesses can focus on strong contracts, regulatory compliance, and intellectual property protection to avoid lawsuits.
Implementing Strong Contracts and Agreements
A robust contract serves as the backbone of any business relationship, outlining the rights and responsibilities of each party. Effective contracts should be clear, comprehensive, and drafted with the assistance of a competent business lawyer in Pittsburgh, or wherever the business operates.
Businesses must ensure contracts are tailored to specific needs, avoiding generic templates that may miss critical clauses. These documents should cover key elements such as payment terms, delivery timelines, dispute resolutions, and confidentiality agreements.
Engaging in regular reviews and revisions of contracts can prevent misunderstandings and legal vulnerabilities. A legal expert can help spot potential issues and make necessary adjustments, ensuring that the contracts remain compliant with current laws and regulations.
Maintaining Regulatory Compliance
Staying compliant with industry regulations is essential to avoid costly lawsuits and penalties. It involves understanding and adhering to legal requirements relevant to the business sector, which may include environmental laws, labour laws, or data protection regulations.
Businesses should develop a compliance program that includes regular audits and training sessions. This keeps staff informed about legal obligations and ensures that processes align with regulatory standards.
Business lawyers can offer guidance on regulatory changes, helping businesses adjust policies and operations accordingly. They can also assist in drafting internal compliance manuals that detail every requirement, providing employees with easy access to necessary information.
Protecting Intellectual Property
Safeguarding intellectual property (IP) is vital for maintaining a competitive edge and preventing misuse. Various forms of IP, such as trademarks, patents, and copyrights, require different protections and registrations.
Businesses should conduct regular IP audits to identify and document all intellectual properties. Registering IP with the appropriate authorities ensures legal protection, making it easier to enforce rights if needed.
A knowledgeable lawyer can assist in conducting these audits and filing registrations, protecting brand identity and innovation. Businesses also need strategies for monitoring any unauthorized use of their IP, which may involve setting up alerts or subscribing to monitoring services.
Handling Lawsuits Effectively
Managing legal challenges is crucial for any business. Partnering with a skilled attorney and making informed choices about settlements are among the strategies to handle lawsuits effectively.
The Role of a Business Attorney During Litigation
A business attorney is vital in navigating the complexities of litigation. They provide expert guidance in assessing the merits of a claim and outlining potential defences.
Their expertise helps in gathering and preserving evidence, preparing legal documents, and ensuring compliance with court procedures. They also communicate with the opposing party to explore potential resolutions. By maintaining a strong understanding of applicable laws, a business attorney can offer strategic advice that minimizes risks and potential liabilities for the business. Engaging an attorney early in the process can be instrumental in achieving a favourable outcome.
Settlement Considerations and When to Fight a Claim
Determining whether to settle or litigate depends on several factors. Settlement may be beneficial when it offers a quicker resolution and lower costs compared to prolonged litigation.
Factors such as the strength of the evidence, potential damages, and reputational impacts should be assessed. Engaging in negotiation with the other party can sometimes lead to mutually beneficial solutions. When the claim lacks merit or if a win could deter future lawsuits, opting to contest the claim may present advantages. Each case requires a tailored approach, weighing costs against benefits effectively, often with the guidance of a skilled attorney.
Financial Management and Insurance
Effective financial management and comprehensive insurance coverage are critical in safeguarding a business against lawsuits. Identifying suitable insurance policies and managing financial risks can greatly reduce potential liabilities.
Securing Adequate Insurance Coverage
Insurance is a crucial shield against business liabilities. Businesses should invest in General Liability Insurance to cover legal fees, settlements, and medical expenses related to third-party injuries or property damage. Additionally, Professional Liability Insurance addresses errors, omissions, or malpractice claims. Business Interruption Insurance protects against revenue loss in crises.
Evaluating the specific needs of the business is essential. Depending on the industry, other policies like Product Liability Insurance or Employment Practices Liability Insurance may be worthwhile. Consulting an insurance expert ensures that coverage is comprehensive, aligning with the business’s risk profile.
Managing Litigation Costs and Financial Risks
Managing litigation costs requires a strategic approach. Establishing an emergency fund ensures immediate access to funds if legal issues arise. Analyzing financial statements helps identify trends and potential vulnerabilities.
Implementing risk management strategies reduces exposure to legal threats. Companies should regularly review contracts and compliance with relevant laws. Investing in legal counsel or risk management software aids in identifying and mitigating financial risks efficiently.
Regular audit processes can uncover and address financial weaknesses promptly. Diversifying assets and implementing strict financial controls further bolster financial resilience. By proactively managing litigation expenses and financial obligations, companies can maintain stability amidst legal challenges.
Money
What advisers can learn from groundbreaking new Apple Intelligence
Apple’s iOS 18 has just dropped and, with it, a major upgrade that could make Siri smarter than your average human — or at least better at answering questions.
Dubbed Apple Intelligence, this new suite of artificial-intelligence (AI) tools promises to turbocharge the iPhone with features powered by ChatGPT.
The iOS 18.1 update introduces advanced features, such as improved writing tools, suggested replies in Messages, email summarisation and phone-call transcription.
Apple has hinted at even more exciting updates down the road. Think custom emojis and even deeper Siri integration with your calendar, photos and messages.
Fintech isn’t magic. Establish a ‘chief AI officer’ role in your business
Imagine asking Siri when your mum’s flight is landing and it knows right away. No more hunting through emails.
So, what can our industry learn from this new wave of smartphone generative AI?
1. Forget tech stacks; build an ecosystem
Apple Intelligence will offer more extensive and seamless integrations, data intelligence and analytics than before, with users able to access this across all the apps they employ.
Where financial services are concerned, it’s time to stand tall against legacy tech that does not deliver streamlined integration. We need integrations that facilitate accurate and high-quality data reporting across all stakeholders.
Remember that new technology comes with its fair share of quirks
With a data-led Financial Conduct Authority armed with the Consumer Duty, tech firms are front and centre in the distribution chain and cannot be seen to be a barrier to advice firms’ assessment and reporting on client outcomes.
Synthetic data lakes must be made available by tech providers so firms can gain access to pooled client data. Without this, we are stuck with Band-Aid solutions not fit for purpose and are in for a rude awakening with blockchain, tokenisation, smart contracts and Web3 expansion just around the corner.
2. Privacy matters
Apple has been banging the privacy drum for years and, with Apple Intelligence, it’s sticking to its guns.
The good news? Most of the AI processing will happen directly on the device, keeping data safe — or so Apple says. If Siri can’t answer a question, it may reach out to Apple’s servers or ChatGPT, but not before anonymising and encrypting data.
It’s time to stand tall against legacy tech that does not deliver streamlined integration
It’s not all sunshine and rainbows, though. Some features, such as enhanced Siri capabilities, require more data access. Apple could be reading your messages, tracking your calendar and even recording your calls (with permission, of course).
On this, advice firms need to ensure they have a robust due-diligence, governance and oversight process. Enforce a strong AI code of conduct and make sure AI ethics is front and centre of all implementation and ongoing services.
3. Roll with the glitches
Remember that new technology comes with its fair share of quirks. Apple chief executive Tim Cook even admitted that Apple Intelligence might have a few hiccups — or “hallucinations”.
We all know that fintech isn’t magic, so we need to ensure we have the right people, in the right roles, with the right skillsets. Establish a ‘chief AI officer’ role in your business — even if that’s outsourced — as well as an AI champion and/or data scientist who knows how to deploy and monitor AI.
4. The showdown
One of the most exciting aspects of Apple Intelligence is its ChatGPT integration. Siri will be your first stop for questions but ChatGPT will swoop in to save the day if it’s out of its depth.
Enforce a strong AI code of conduct and make sure AI ethics is front and centre of all implementation and ongoing services
The approach at many fintech firms works in reverse. We engage generative AI first to automate a response for our compliance chatbot, client file review or client document audit. But, given the potential for “hallucinations”, rules are built in by our compliance team to ensure they are caught, eliminated and replaced by accurate regulatory information.
Final thoughts
Apple Intelligence will revolutionise the way we use our iPhones, making them more helpful and intuitive.
We need to ensure we have the right people, in the right roles, with the right skillsets
For the planning profession, AI should be considered a great leveller, increasing efficiency across key activities such as client engagement, servicing, reporting and compliance, as well as providing significant cost and time savings.
Chris Davies is founder and chief executive of Model Office
This article featured in the October 2024 edition of Money Marketing.
If you would like to subscribe to the monthly magazine, please click here.
Money
Major supermarket opens Christmas delivery slots TODAY – how to get one
A MAJOR supermarket has opened its Christmas delivery slots today, as the countdown to the big day begins.
Asda is now allowing customers to secure a spot for when they want their festive grocery shopping dropped off ahead of the holidays.
As of October 15, shoppers who pay for its “Delivery Pass” service can book their slot for December.
A delivery pass is a payment plan which lets you make multiple orders without paying for delivery each time.
They can be paid monthly or yearly, with prices for Asda’s pass starting at £3.95 per month.
The service gives you priority access to slots alongside next-day delivery.
The minimum online spend at Asda is £40 for delivery and £25 for click and collect.
The UK’s third-largest supermarket said that over one million home delivery and click-and-collect slots will be available in the week leading up to Christmas.
Shoppers can also make changes or additions to their basket up until 11 pm the night before their delivery or collection.
But if you are not paying for a delivery pass you are going to have to wait a bit longer to book your spot.
Asda said regular shoppers will have to wait until Tuesday, October 22 to secure their space.
How to secure your spot early
If you want to book a spot early you must already be a Delivery Pass customer.
You can sign up for the pass by visiting Asda’s online website at, https://groceries.asda.com/delivery-pass.
You will need to have an Asda grocery account to sign up for a pass and once you have paid it will be immediately available to use.
There is a minimum order of £40 and you can only use the service once a day.
At the moment an anytime 12-month pass is £6.95 per month, or for a midweek pass, it is £3.95.
If you would prefer to make a one-off payment an anytime 12-month pass costs £69.50 and a midweek 12-month pass costs £39.50.
Perks to signing up include next-day delivery, recurring booking slots, priority access to slots and free next-day collection on click and collect.
When do other retailers’ slots open?
It’s not just Asda which has opened slots ahead of Christmas.
Tesco said this month that its annual delivery pass customers can book their slots from 6am on Tuesday, November 5.
This gives customers a one-week head start on regular shoppers, who will have to wait until November 12 to nab a slot.
But if you also want to get ahead of the game, you can still sign up to the delivery plan by Monday, November 4.
Saisnbury’s said Christmas delivery slots open on October 16 for Delivery Pass customers and 23rd October for others.
Waitrose has also already allowed its customers to start booking slots for Christmas.
Meanwhile, Morrisons has already started taking bookings with slots open now.
The same goes for Ocado with the pure-play online retailers offering customers the chance to book slots from as early as September.
M&S also launched its food-to-order service and the end of September, with slots filling up immediately.
The service lets you book and pay for your Christmas dinner and other snacks ahead of time and then collect them closer to the big day.
Orders this year can be collected on December 22, 23 or 24 in your local M&S Food Hall.
For Iceland, shoppers will be able to book delivery slots from around the middle of December.
You can read more about how this works by clicking the link here.
What is a grocey delivery pass?
DELIVERY passes allow customers to pay a flat fee either monthly, yearly or six monthly, and then get their deliveries for free.
In some instances, you can also get first dips on booking your Christmas delivery slot.
You should only consider taking out a delivery pass if you order groceries online regularly and if you think it will save you money in the long term.
All major grocery stores offer the service but the price varies.
For example, Tesco’s anytime delivery plan costs £7.99 per month for 12 months or £47.88 if you don’t want to pay monthly.
You can also pay £47.88 if you don’t want to pay monthly.
Meanwhile, Sainsbury’s charges £7.50 per month for the service or £80.00 for a 12-month upfront payment.
Asda has passes starting from £3.95 per month or a 12-month payment of £69.50
Morrisons also offer the service with prices starting from £5
Money
Can an Insurance Claims Lawyer Help Me Appeal a Denied Insurance Claim?
When an individual’s insurance claim is denied, it can be a frustrating and often confusing experience. The process of appealing a denied insurance claim can be intricate and may require a clear understanding of insurance law and policy language. In such circumstances, consulting an insurance claims lawyer can be a critical step. These legal professionals specialize in analyzing the policy details, identifying grounds for appeal, and formulating a strategic approach to challenge the denial.
An insurance claims lawyer typically has expertise in navigating the complex appeal process. They employ their knowledge to scrutinize the reasons for denial and gather evidence that supports the policyholder’s case. The lawyer’s involvement can help ensure that the appeal is constructed professionally and presented cogently, increasing the chances of overturning the insurer’s decision.
Furthermore, these lawyers are adept at negotiating with insurance companies and advocating for their clients’ rights. If the appeal is not successful, an insurance claims lawyer in Fort Myers may also advise on the feasibility of taking further legal action. Through their guidance, policyholders gain the advantage of an informed ally committed to protecting their interests and securing a fair outcome.
Understanding Insurance Claim Denials
Common Reasons for Denial
- Policy Exclusions: Most insurance policies have specific exclusions. If the claim falls under these exclusions, the insurance company will likely deny it.
- Lapsed Policy: If premium payments are not up to date, an insurance policy may lapse, resulting in denied claims.
- Insufficient Documentation: Insurance companies require adequate documentation to process claims. Claims may be denied if the documentation is incomplete or insufficient.
- Filing Deadlines: Insurance policies often impose deadlines for filing claims. Failure to adhere to these can lead to denial.
The Appeals Process
After a claim is denied, policyholders have the right to an appeal. This process typically involves:
- Reviewing the Denial Letter: It is essential to understand the reasons for denial as outlined in the correspondence from the insurer.
- Gathering Documentation: This may include additional evidence or information to contest the denial.
- Submitting a Formal Appeal: This includes a written statement and any additional documents to support the appeal, directed to the insurer.
In Fort Myers, an insurance claim attorney can assist at various stages of the appeals process, ensuring that policyholders understand their rights and the available legal pathways to challenge a denied insurance claim.
How an Insurance Claims Lawyer Can Assist
When an insurance claim is denied, a specialized lawyer can provide crucial guidance and representation to challenge the decision. Their expertise is invaluable in understanding the intricacies of insurance law and advocating for your rightful compensation.
Assessing Your Denied Claim
An insurance claim attorney will meticulously review the facts of your denied insurance claim to ascertain the validity of the insurer’s decision. They will scrutinize the policy details and the reasons provided for denial. This rigorous examination helps them determine if the denial was unjust and whether there are grounds for an appeal.
Navigating Legal Complexities
Insurance law can be a labyrinth of statutes, regulations, and case law that laypersons find challenging to navigate. A seasoned attorney in Fort Myers excels in interpreting these complexities and crafting a strategy to counter the denial. They can manage necessary paperwork, meet critical deadlines, and engage with insurance company lawyers on your behalf.
Representing Your Appeal
Should your case proceed to appeal, an insurance claims lawyer will serve as your advocate. They will present your argument, fortified with evidence, to the appropriate appeals board or court. They assert your position and seek to overturn the denial, aiming to secure the insurance benefits due to you. The lawyer’s presentation can include witness testimony, expert opinions, and other persuasive documentation.
Money
The Morning Briefing: Lowest wage growth in over two years; ‘Polluter pays’ proposals forces due diligence
Good morning and welcome to your Morning Briefing for Tuesday 15 October 2024. To get this in your inbox every morning click here.
Lowest wage growth in over two years fuels interest-rate speculation
Wage growth in the UK has slowed significantly, with pay excluding bonuses rising by just 4.9% between June and August compared to a year ago.
This marks the slowest rate of wage growth in over two years – only 3.8% when bonuses are factored in.
These figures, released today (15 October) by the Office for National Statistics (ONS), have fuelled expectations that the Bank of England may cut interest rates in November.
‘Polluter pays’ proposals forcing buyers to do more due diligence
The Financial Conduct Authority’s “polluter pays” proposals are forcing consolidators to carry out more due diligence when buying advice firms, Gunner & Co managing director Louise Jeffreys has suggested.
The FCA set out its “polluter pays” proposals in November last year. They require personal investment firms to set aside capital to cover compensation costs.
In a Dear CEO letter sent to advice and investment firm owners last week, the regulator said it has seen “significant liabilities” fall to the Financial Services Compensation Scheme (FSCS).
What advisers can learn from groundbreaking new Apple Intelligence
Apple’s iOS 18 has just dropped and, with it, a major upgrade that could make Siri smarter than your average human — or at least better at answering questions.
Apple has hinted at even more exciting updates down the road. Think custom emojis and even deeper Siri integration with your calendar, photos and messages.
Imagine asking Siri when your mum’s flight is landing and it knows right away. No more hunting through emails.
So, asks Chris Davies, founder and chief executive of Model Office, what can our industry learn from this new wave of smartphone generative AI?
Quote Of The Day
A slightly higher rate of increase is welcome for pensioners, though will be an unwelcome £100m extra cost for the Chancellor as she prepares her Budget
– Steve Webb, partner at LCP, comments on the revised figures from the ONS for average earnings growth in the three months to July this year – a number used for the ‘triple lock’ calculation
Stat Attack
A new report, The Women and Wealth Report 2024, titled The Real Cost of Inequality, reveals financial gaps between men and women that span investments, pensions and inheritances.
29%
of women save less than £100 each month, versus 15% of men.
17%
of women feel very confident about achieving their long-term financial goals, compared to 29% of men.
53%
of women cite a lack of extra cash as their main barrier to investing.
26%
of women have a stocks and shares ISA, compared to 45% of men.
13%
of women are very confident they’ll be able to leave an inheritance, compared to 22% of men.
Source: Schroders Personal Wealth
In Other News
A survey by ARK Invest Europe found that 80% of European professional investors are indifferent to the active versus passive ETF debate, focusing instead on selecting the best product.
The survey of 180 investors revealed that only 10% favoured active or index ETFs exclusively.
The most popular investment themes were AI and Robotics, attracting 83% of respondents, followed by Cybersecurity (61%) and Innovation (57%).
Sustainable Infrastructure (41%) and Sustainable Food (40%) also ranked highly, highlighting investor interest in technology and sustainability.
Rahul Bhushan, managing director at ARK Invest Europe, said: “This survey, despite its small sample size, challenges the often-simplistic narrative of active versus index investing.
“It’s not a binary choice. Instead, professional investors emphasise the importance of well-constructed ETF products and the quality and clarity of the investment process, irrespective of whether it is active or index.”
PM does not rule out NI rise for employers (BBC News)
UK pledges regulatory overhaul to try to win over investors (Reuters)
The sick man of Europe is… Europe (Bloomberg)
Did You See?
Investors’ ‘love affair’ with environmental, social, and governance (ESG) is “continuing to cool” according to research from the Association of Investment Companies (AIC).
AIC’s ESG Attitudes Tracker revealed the number of private investors who said they consider ESG when it comes to investing has dropped for the third year in a row.
According to the Tracker, less than half (48%) now think about ESG, compared to 66% in 2021.
Over two fifths (43%) of investors said they consider themselves “fans” of ESG investing, down from 60% in 2021, 51% in 2022 and 50% in 2023.
Only 17% of respondents felt ESG investing is likely to improve performance, down from 22% last year.
Read the full story here.
Money
Universal Credit and benefits could rise by up to £163 a year – how much better off will you be?
MILLIONS of households will this week find out how much their Universal Credit or benefits will rise by next year.
Payments usually rise every April in order to keep up with the cost of things such as food, fuel or household bills.
The process is called “uprating” and payments usually increase in line with the previous September’s inflation figure, which will be published on Wednesday.
Inflation is the measure of how much the prices of goods and services have changed over the past year.
Figures tracking the rate of inflation are published every month but September’s figure is the only one used to increase benefits payments.
Once the figures are released it is expected that the Department for Work and Pensions (DWP) will later confirm how much benefits will be increased – usually before the end of the year.
This year the majority of benefits increased by 6.7% although a few rose by as much as 8.5%.
Meanwhile, in 2023 inflation-linked benefits and tax credits were hiked by 10.1%.
But Universal Credit and other benefits are expected to rise by far less next year.
Inflation was at 2.2% in August and experts expect that this will remain the case for September.
At this rate a single person aged over 25 who is claiming Universal Credit would receive £402.11 a month from April.
This is £8.66 per month more than the £393.45 they currently get.
In comparison, last year monthly Universal Credit payments were hiked by £24.71.
Joint applicants who are aged over 25 may receive around £631.19 per month from April, £13.59 more than they currently get.
This would add up to a £163.08 difference over the course of a year.
But it is still substantially less than the £38.78 a month, or £465.36 a year, uptick they received this year.
Meanwhile, those who are single and aged under 25 could see their currently monthly benefit climb by £6.86.
Everything you need to know about Universal Credit
This would mean their payments rise from £311.68 per month to £318.54 next spring.
The uptick is equivalent to around a third of the boost this year, which was about £19.58 per month.
In comparison, couples who are under 25 could see their payments climb from £489.23 to £500 per month, a difference of just £10.77.
By contrast, this year they saw a £30.72 increase to their payments.
The exact amount more you will get will depend on how much you get now, which can vary depending on your circumstances.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said these increases are “tiny” compared to the amount benefits were boosted during times of higher inflation.
She said: “When you spend a larger proportion of your income on the essentials, and things like energy prices remain so high, making ends meet will still be an enormous struggle for an awful lot of people.”
The amount that benefits payments will go up by could still be slightly higher or lower depending on what inflation actually is.
The Office for National Statistics will release the data on Wednesday morning at 7am.
The following benefits are also legally required to increase each April in line with the previous September’s rate of inflation:
- Personal independence payment (PIP)
- Disability living allowance
- Attendance allowance
- Incapacity benefit
- Severe disablement allowance
- Industrial injuries benefit
- Carer’s allowance
- Additional state pension
- Guardian’s allowance
This could mean those who currently receive the lower rate of Attendance Allowance could see their payments rise from £72.65 to £75.56 a week.
Meanwhile people on the higher rate could see their weekly payment boosted from £108.55 to £122.89 a week.
In comparison, people who get Carer’s Allowance could get £85.18 each week from April, £3.28 more than they currently do.
But it is important to bear in mind that the government could choose to increase benefit rates by a different amount.
Danni Hewson, head of financial analysis at AJ Bell, said budgets could be especially tight this year as some additional support is no longer available.
“People are still feeling the pinch, especially since additional cost of living payments ended last February,” he said.
“The hike will once again be considerably smaller than the increase for pensioners, who will see their payments increase by 4% thanks to the triple lock.”
How much will the state pension increase by?
State pension payments also increase every April.
Under an arrangement called the “triple lock” the state pension rises each year by either 2.5%, inflation or earnings growth, depending on which one is higher.
Earnings figures for the three months to July are used to calculate the yearly increase.
This year they indicated that total pay rose at a rate of 4% annually, which is much higher than the rate of inflation.
If this figure is used then the full state pension would rise by £460 next April.
This would mean a typical pensioner who receives the full new state pension would get £230.05 a week, up from £221.20 this year.
Over the space of a year this would give them an income of £11,962.50.
Although this is much higher than the amount benefits are set to rise, it is still well below the boost seen last year.
Pensioners were handed an extra £900 a year when the state pension rose by 8.5% last April.
How to get help now
If you’re struggling to make ends meet then there is help available to you.
For example, you could get hundreds of pounds from your local council through its Household Support Fund.
The scheme aims to provide cash to households struggling to pay for essentials such as water, energy and household items.
For example, families in Birmingham can get £200 to help with winter costs.
What you can get will depend where you live and what support is on offer.
Contact your local council for more information and to apply.
If you are struggling to pay your water, broadband or energy bills then contact your supplier.
They may be able to give you a discount on your bill or set up a payment plan to get you back on track.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
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