The Mirror explains all the key financial updates coming up in March – from the Spring Statement to the Winter Fuel Payment deadline
From rising tube fares, to the Spring Statement, we round up all the money changes that are happening in March.
There are several key energy support schemes that are coming to an end for this winter, including Winter Fuel Payments and Cold Weather Payments.
Meanwhile, the Household Support Fund scheme is due to expire. Plus, we’ve explained when the next Bank of England interest rates and inflation announcements are due to happen in March.
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March 1 – Tube fares rise
London tube passengers will pay more to ride the Underground from March 1 as fares are set to increase. For example, peak pay-as-you-go fares in Zone 1 will rise from £2.90 to £3.10.
Piccadilly line fares from Zone 1 to Heathrow will increase from £5.80 to £5.90. DLR and London Overground fares are also going up.
Bus and tram fares in London have been frozen until July 5, 2026 and pay as you go caps and Travelcard prices have been frozen until 2027.
March 3 – Spring Statement
Rachel Reeves will deliver her Spring Statement to Parliament on March 3.
The Chancellor has committed to just one fiscal event a year – the Budget – so the Spring Statement is expected to be a more low-key affair, with no major tax or policy changes.
There will be updated forecasts from the Office for Budget Responsibility, where focus will be on what is predicted for growth and living costs. The latest estimates will give us a sense of how the Government is getting on.
March 19 – Bank of England interest rates update
The Bank of England will make its next interest rates announcement on March 19. The base rate is currently at 3.75% after the Bank of England announced it was holding it at this level during its last meeting in February.
The base rate is what the Bank of England charges other banks and lenders – this then affects how much it costs you to borrow money.
March 25 – Inflation update
The latest inflation data from the Office for National Statistics (ONS) will be released on March 25. Inflation is a measure of how prices have changed over time.
In the latest update from the ONS, inflation was revealed to have fallen to 3% – sparking hopes of another Bank of England interest rate cut. At its highest point, inflation reached 11.1% in October 2022.
March 31 – Household Support Fund ends
The Household Support Fund will come to an end on March 31. The Household Support Fund is a scheme that allows local councils to award specific help to residents who are behind on bills, or on low incomes.
The support is normally given in the form of cash grants that don’t need to be paid back, or energy and supermarket vouchers.
It will be replaced by the new Crisis and Resilience Fund, which will launch in April 2026.
March 31 – Winter Fuel Payment deadline
If you’ve yet to receive your Winter Fuel Payment, the deadline to submit your claim is March 31. Winter Fuel Payments are worth up to £300 and are available to those who are over state pension age.
If you earn over £35,000, then you will need to pay your Winter Fuel Payment back through the tax system. Most people normally receive this payment automatically in November or December – but there are some circumstances where you may need to claim.
For example, you may need to claim if you’ve deferred your state pension since your last Winter Fuel Payment.
March 31 – Warm Home Discount scheme deadline
The Warm Home Discount scheme is closing on March 31. This scheme gives you £150 off your electricity bill, with the money applied directly to your energy account, or as vouchers if you are a prepayment customer.
You have to be claiming certain benefits to be eligible for the Warm Home Discount. If you live in England or Wales, you will receive the Warm Home Discount automatically.
If you live in Scotland, the payment is only automatic if you get the Guarantee Credit element of Pension Credit. For other benefits, you will need to apply by contacting your energy supplier.
March 31 – Cold Weather Payments end
The Cold Weather Payment scheme will end on March 31. You get a payment worth £25 every time the average temperature where you live hits zero degrees or below over seven consecutive days.
The money is awarded to people on low incomes who receive certain benefits, or Support for Mortgage Interest. Cold Weather Payments are normally given automatically.
