London tube passengers will experience an increase in fares as of March 1. The Underground fares are set to rise, with peak pay-as-you-go fares in Zone 1 going up from £2.90 to £3.10. Additionally, Piccadilly line fares from Zone 1 to Heathrow will see an increase from £5.80 to £5.90. Fares for DLR and London Overground will also be raised.
However, bus and tram fares in London will remain unchanged until July 5, 2026, and pay-as-you-go caps and Travelcard prices will be frozen until 2027.
In other news, Rachel Reeves is scheduled to present her Spring Statement to Parliament on March 3. This event is expected to be relatively subdued as the Chancellor has committed to only one fiscal event annually – the Budget. As a result, significant tax or policy changes are not anticipated during the Spring Statement.
The Bank of England will announce its next interest rates on March 19. The current base rate stands at 3.75%, following the decision to maintain it at this level in February. This rate influences borrowing costs for individuals and businesses.
Moreover, inflation data from the Office for National Statistics will be released on March 25, providing insights into price changes over time. The most recent inflation figure was recorded at 3%, prompting speculation about a potential interest rate cut by the Bank of England.
The Household Support Fund is set to conclude on March 31, to be replaced by the Crisis and Resilience Fund launching in April 2026. Individuals who have not yet claimed their Winter Fuel Payment must do so by the same date. This payment, worth up to £300, is available to those above state pension age.
Furthermore, the Warm Home Discount scheme, offering a £150 reduction on electricity bills, will close on March 31. Eligibility for this discount varies based on specific benefits and location.
Lastly, the Cold Weather Payment scheme, providing £25 for each period of sub-zero temperatures over seven consecutive days, will also end on March 31. This payment is automatic for those receiving certain benefits or Support for Mortgage Interest.