People all across the country will see a wide range of changes to their money throughout the coming November.
Chief among them is the pushed bank Autumn Budget which will be delivered by Chancellor Jeremy Hunt. While it is not yet known what will be announced in the financial statement, we will likely see an in-depth and long-term economic plan to help tackle the cost of living crisis affecting the nation.
Throughout the month, a number of cost of living payments will also land in people's bank accounts while energy suppliers prepare for new winter schemes as the cost of gas and electricity continues to spiral out of control. Interest rates may also rise in November once the Bank of England convenes a meeting, the Mirror reports.
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Here's a breakdown of all the monetary changes you can expect to see next month.
November 1 - Cold Weather Payment scheme opens
From the start of November, households will be eligible for the Cold Weather Payments scheme which will run until March 31, 2023. You could receive £25 for each seven-day period where temperatures drop below zero degrees.
The extra cash is only provided to those on low incomes and is receiving a qualifying benefit, including the following:
- Pension Credit
- Income Support
- Income-based Jobseeker's Allowance
- Universal Credit
- Support for Mortgage Interest
Cold Weather Payments should arrive automatically in your bank account within a fortnight of temperatures dropping.
November 3 - Bank of England interest rate hike
The Bank of England will gather next Thursday to make a decision on whether or not to raise interest rates for the eighth time consecutively. On September 15, the central bank raised interest rates from 1.75 per cent to 2.25 per cent.
Rising interest rates mean you'll likely pay more to borrow funds for loans such as mortgages.
November 6 - National Insurance hike reversed
Millions of workers across the country will receive a pay boost in November when National Insurance contributions get cut. Some contributions paid by both employed and self-employed people will fall by 1.25 percentage points.
It means that once someone goes over the threshold, they will pay 12 per cent in NI instead of the current rate of 13.25 per cent. The government estimates that some 28 million workers across the UK will now keep an extra £330 on average for the following tax year.
November 8 - £324 cost of living payment
The government has confirmed that millions of households across the UK will get their second instalment of the £650 cost of living payment, worth £324, by November 23. The first payments are due to land on November 8.
Over 8 million families have already received the first Cost of Living payment, worth £326, which was sent out on 14 July this year. In order to qualify for the autumn cost of living payment, recipients must be claiming one of the following benefits:
- Universal Credit
- Income-based Jobseeker's Allowance (JSA)
- Income-related Employment and Support Allowance (ESA)
- Income Support
- Pension Credit
Anyone who is eligible for the cost of living payment will receive the money automatically and does not need to apply.
November 14 - Warm Home Discount scheme opens
The Warm Home Discount scheme for 2022/23 will open in November. Eligible households could get £150 off their electricity bills.
This year, the government says an additional 750,000 households will receive the rebate after it made changes to the eligibility criteria. To get the discount, you need to be eligible for one of the qualifying means-tested benefits, such as Universal Credit, Income Support or Housing Benefit.
The rebate will be applied automatically to energy bills by energy suppliers. All suppliers with more than 50,000 domestic customers have to take part in the scheme, but it is optional for smaller suppliers.
November 16 - Latest inflation figures
Date from the Office for National Statistics will be released halfway through November, revealing inflation rates for the 12 months to September. Consumer Price Index (CPI) inflation came in at 10.1 per cent for the same period - an increase of 9.99 per cent when compared to the previous month.
Inflation helps to determine how much everyday essentials will cost - the higher the inflation the more you'll have to spend.
November 17 - Autumn Statement
Chancellor Jeremy Hunt pushed back plans to release a financial statement from October 31 to November 17. Initially, the statement was to coincide with a forecast from the Office for Budget Responsibility.
It is not entirely clear what the government will announce, but people can expect long-term economic policies to help tackle soaring prices and the cost of living crisis.
November 23 - £324 cost of living payment for Tax Credits
HMRC announced that Tax Credit claimants will receive the second Cost of Living Payment a bit later than everyone else. The automatic payment will be rolled out between November 23 and 30.
The payments are being made shortly after the DWP payments in order to avoid duplicate payments. You should expect the payment if you received, or later receive, for any day in the period between August 26, 2022, and September 25, 2022 either a payment of tax credits for the tax year 2022 to 2023 or an annual award of at least £26 of tax credits for the tax year 2022 to 2023.
Furthermore, if you receive both Child Tax Credit and Working Tax Credit, you will only receive a Cost of Living payment from HMRC for the Child Tax Credit only. If you get tax credits from HMRC and a low-income benefit from the DWP, then you will only receive a Cost of Living payment from the DWP.
No set dates
November - £300 pensioner cost of living
Those who receive the winter fuel payment will be able to apply for a Pensioner Cost of Living Payment which will be rolled out in November and is worth £300.
You can generally receive the payment automatically if you are born on or before September 25, 1956, and living in the UK for at least one between September 19 to 25 - known as the qualifying week
November - £400 energy discount
Every household in the UK will receive a total £400 discount on their energy bill between October 2022 and March 2023. In October and November, £66 will be taken off energy bills while in December, January, February, and March, £67 will be taken off.
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