As March approaches, several significant financial changes and Department for Work and Pensions (DWP) updates are set to take place. From benefit payment adjustments to train fare hikes, interest rate decisions, and the conclusion of the Household Support Fund, these changes will impact millions across the UK.
Here’s a breakdown of the key financial updates you need to know for March 2025.
Train Fare Increase
Starting March 2, train fares will increase by 4.6%, marking only the second time in over a decade that fare hikes have outpaced inflation.
Additionally, railcard costs will rise by £5, representing a 17% jump, making train travel more expensive for commuters and occasional travelers alike.
Bank of England
The Bank of England (BoE) Monetary Policy Committee (MPC) will meet on March 20 to determine whether to adjust the base interest rate, which currently stands at 4.5%.
This decision will influence:
- Mortgage rates for homeowners
- Loan and credit card interest rates
- Savings account returns
A potential rate cut could offer relief to borrowers, but a rate hold would keep costs high for those with variable-rate debts.
Spring Statement
Chancellor Rachel Reeves will deliver the Spring Statement on March 26, alongside the latest Economic and Fiscal Forecast from the Office for Budget Responsibility (OBR).
Key topics likely to be addressed:
- Inflation and cost-of-living updates
- Public spending and tax policies
- Potential support for struggling households
Inflation Data Release
On the same day, the Office for National Statistics (ONS) will release the latest inflation report.
Inflation had recently climbed to 3%, its highest level in 10 months, impacting everyday expenses such as:
- Food and groceries
- Energy bills
- Fuel and transportation costs
Household Support Fund Ends
The Household Support Fund (HSF), which provides financial aid to low-income households for essentials like food and energy bills, is set to end on March 31.
If you rely on this support, check with your local council for any remaining funds or alternative assistance programs.
Winter Fuel Payment
The deadline to claim the Winter Fuel Payment for 2024/25 is March 31.
Eligible individuals (born on or before September 23, 1958) can receive between £200 and £300 to help cover heating costs.
Most payments are automatic, but if you haven’t received yours, you may need to submit a claim before the deadline.
Universal Credit Migration
Recipients of the following five legacy benefits must switch to Universal Credit by March 31 to avoid losing their payments:
- Working Tax Credit
- Child Tax Credit
- Income-Based Jobseeker’s Allowance (JSA)
- Income Support
- Housing Benefit (for those below State Pension age)
If you received a managed migration notice in December 2024, you must apply for Universal Credit by the end of March to ensure your payments continue.
Stamp Duty Deadline
Homebuyers aiming to avoid higher Stamp Duty Land Tax (SDLT) rates must complete their purchases by March 31.
After this date, new stamp duty rates will take effect, impacting:
- First-time buyers
- Home movers
- Buy-to-let investors and second-home buyers
Payment Dates
Most DWP benefit payments will be unaffected in March, as there are no bank holidays in England, Wales, or Scotland. However, in Northern Ireland, bank holidays on March 17 and 18 mean that:
- Payments due on these dates will be processed on March 14 instead.
For specific benefit payment schedules, check your DWP account or official government website.
FAQs
When will train fares increase?
Train fares will rise by 4.6% on March 2, 2025.
What is the Spring Statement?
The Spring Statement is a financial update from the Chancellor on March 26.
When does the Household Support Fund end?
The fund ends on March 31, 2025, with no further extensions confirmed.
What is the Universal Credit migration deadline?
Legacy benefit recipients must switch to Universal Credit by March 31.
What is the deadline for Winter Fuel Payment claims?
The last date to claim Winter Fuel Payment for 2024/25 is March 31.
