In May 2025, significant financial changes are on the horizon. NatWest is set to finalize its acquisition of Sainsbury’s Bank, while Nationwide may announce a new round of £100 bonus payments. Interest rates are expected to decrease, providing relief for many homeowners, pending an update from the Bank of England. However, inflation is projected to rise due to increased energy costs.
Energy bills could potentially decrease soon, as Ofgem prepares to reveal its July price cap. Additionally, key dates to note include upcoming benefit payments and penalties for self-assessment taxpayers who miss the filing deadline.
Customers of Sainsbury’s Bank with personal loans, credit cards, and savings accounts will be transferred to NatWest starting May 1 following the £2.5 billion acquisition deal. Sainsbury’s Bank ceased new credit card and loan offerings last August and stopped accepting new savings account applications last month but will continue offering insurance and travel money services.
For those who missed the January 31 self-assessment deadline, fines of £10 per day will begin on May 1, accumulating up to £900. Late forms will incur a 5% charge of tax due or £300, whichever is higher, in addition to the initial £100 penalty for missing the deadline.
Benefit recipients will receive payments earlier in May due to two bank holidays. The Bank of England will announce its next interest rate decision on May 8, with the current base rate at 4.5%. Inflation data from the Office for National Statistics will be released on May 21, following a recent unexpected 2.6% decrease.
Another bank holiday on May 26 will affect benefit payments, moving them to May 23. Ofgem is expected to announce a new energy price cap by May 27, potentially reducing it to £1,683 for average dual fuel households. Nationwide may confirm another round of £100 Fairer Share bonuses on May 29 based on its financial performance.
Employers are required to issue P60 forms by May 31, summarizing total pay and deductions for the tax year. This document serves as proof of tax payments and income for loan or mortgage applications.