In August, significant financial changes are on the horizon for eBay sellers, homeowners, and the general public.
eBay will be implementing quicker payment processing for sellers starting on August 6, streamlining the payment process for those meeting specific criteria. Meanwhile, the Bank of England is gearing up for its upcoming interest rate announcement in early August.
Starting from August 1, university tuition fees in England will see an increase from £9,250 to £9,535 annually, marking the first fee hike since 2017. Additionally, university maintenance loans will also experience an uptick to support students with living expenses.
For eBay sellers meeting certain sales and case resolution criteria, funds will be available within 24 hours post-sale from August 6, a significant improvement from the previous two-day waiting period after delivery confirmation.
The Bank of England will be making its interest rate announcement on August 7, with the current base rate set at 4.25%. This rate influences borrowing costs for individuals and businesses.
Inflation data from the Office for National Statistics is scheduled for release on August 20, shedding light on price changes. The latest data has shown inflation rising to 3.6%, with a peak of 11.1% in October 2022.
Santander is set to close its 123 Lite current account on August 21, affecting customers who benefit from the account’s 3% cashback on household bills.
A bank holiday on August 25 may prompt earlier benefit payments for some recipients, with payments likely to be processed on Friday, August 22.
Parents should renew Child Benefit claims by August 31 if their child continues education or training past age 16, with approved options including A-Levels and NVQs.
To secure funding for 30 hours free childcare from September 2025, parents must apply by August 31 and provide the allocated code to their childcare provider.
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