There are plenty of major monetary changes which may affect your wallet in November, as the Tory Government sees yet another alignment shakeup.
A new Autumn Budget is set to be delivered by Chancellor Jeremy Hunt, bringing with it a handful of new strategies, as well as National Insurance changes to keep your eye on. Further cost of living payments will land in accounts across Great Britain, and energy suppliers will open up brand-new winter schemes to help deal with the ever spiralling cost of gas and electricity.
The next Bank of England meeting is also set to take place next month too, where another interest rate rise is expected to be considered.
Read more: How homes in the South will gain three times as much than the North after UK tax cuts
The Mirror has compiled a list of money-related changes which are inbound as soon as next month, so here's everything you need to know and the dates they come into play.
November 1 - Cold Weather Payment scheme opens
The Cold Weather Payments scheme will open up once again from November 1, running until March 31, 2023. These are worth £25 for each seven-day period that sees the temperature plummet to sub zero.
The money is awarded to those on low incomes who are in receipt of a qualifying benefit - like Pension Credit or certain employment benefits.
The types of benefits that could grant you eligibility for the funds, include:
- Pension Credit
- Income Support
- Income-based Jobseeker’s Allowance
- Income-related Employment and Support Allowance
- Universal Credit
- Support for Mortgage Interest
It is also possible to receive multiple payments if you have several weeks of freezing weather. Cold Weather Payments should arrive automatically into your bank account within a fortnight, if you already have registered with the Department for Work and Pensions.
November 3 - Bank of England interest rate hike?
The Bank of England will commune next Thursday to decide whether or not to raise interest rates for the eighth time consecutively. The central bank increased the base rate on September 15, from 1.75 per cent to 2.25 per cent - an incline of 0.5 percentage points.
The base rate is the figure that the Bank charges other banks and lenders, influencing the rates that they in-turn charge customers.
When interest rates rise, you'll pay more to borrow funds like mortgages - with cheaper loans tending to go missing completely.
November 6 - National Insurance hike reversed
Millions of workers will get a pay boost as of next month, when cuts to National Insurance (NI) take place from November 6 onward. Certain NI contributions paid by the employed and self-employed will fall by 1.25 percentage points from this date on.
It means that over a certain threshold, you will pay 12 per cent in NI instead of the current rate of 13.25 per cent. The lowering of contributions comes as a reversal to a hike introduced by the former Chancellor, and now Prime Minster, Rishi Sunak.
The Government estimates that some 28 million people across Great Britain will now keep an extra £330 on average for the next tax year.
November 8 - £324 cost of living payment
While millions of households have already received their first instalment of the £650 total cost of living payment, the second portion, worth £324 will be sent to most eligible parties between November 8 and November 23.
Brits are eligible for the payment if they receive any of the following:
- Universal Credit
- Income-based Jobseeker’s Allowance (JSA)
- Income-related Employment and Support Allowance (ESA)
- Income Support
- Pension Credit
You will be eligible to the £324 if you were entitled to a payment (or later found to be entitled to a payment) between August 26, 2022 and September 25, 2022.
November 14 - Warm Home Discount scheme opens
The Warm Home Discount scheme opens again on November 14. This comes as a one-off payment worth £150, which is distributed directly by energy suppliers by March 31, 2023.
You should receive the payment automatically, should your supplier be a part of the scheme and you or your partner receive the Guarantee Credit portion of Pension Credit. You could also qualify through a different factor and you have high energy costs.
The benefits that might mean you get the Warm Home Discount are:
-
Income-related Employment and Support Allowance
-
Income-based Jobseeker’s Allowance
-
Income Support
-
Universal Credit
-
Housing benefit
-
Child Tax Credits and Working Tax Credits
-
Pension Credit (Savings Credit)
The deadline for when you could qualify for the Warm Home Discount scheme was August 21, but households whose benefits claim is awarded later in the year but backdated to before the qualifying date may also be eligible.
November 16 - Latest inflation figures
The Office for National Statistic (ONS) is set to release inflation rates for the 12 months to September on November 16. Consumer Price Index (CPI) inflation came in at 10.1 per cent for the 12 months to September - up from 9.9 per cent the previous month and back to a recent July high.
Inflation is a figure used to explain how much the prices of everyday essentials have increased. When inflation is high, it means the cost of living has increased and you’re getting less for your money than you did before.
November 17 - Autumn Statement
Chancellor Jeremy Hunt has pushed back the planned Government financial statement from October 31 to November 17. The new Cabinet, meeting for the first time, was told the event has also been upgraded to a full Autumn Statement - the most important Treasury event outside a Budget.
The original statement on October 31 was to coincide with a forecast from the Office for Budget Responsibility. It is unclear exactly what could be announced on November 17 but it will detail longer term economic plans.
The majority of the measures confirmed in the Mini-Budget have all been reversed - apart from a cut to stamp duty and the reversal of the NI hike - after it plunged markets into turmoil.
November 23 - £324 cost of living payment for Tax Credits
If you claim Tax Credits, the second half of the £650 cost of living payment - worth £324 - will be sent from November 23. This is after the means-tested benefits we mentioned above, who start to get their £324 from November 8.
You will be eligible to the £324 if you were entitled to a payment (or later found to be entitled to a payment) between August 26, 2022 and September 25, 2022.
No set dates...
November - £300 pensioner cost of living
Pensioners who get Winter Fuel Payments will also receive an extra £300 in November or December. Winter Fuel Payments are worth between £100 and £300 normally - but it depends on your age, who you live with and the benefits you get.
The £300 cost of living cash is on top of your Winter Fuel Payment. Those who were born on or before September 25, 1956, should qualify for a Winter Fuel Payment this year.
As well being the right age, you need to have been living in the UK for at least one day in the qualifying week. The qualifying week was September 19 to 25, 2022.
November - £400 energy discount
The second energy bill discount payment, worth £400 in total, will be sent out in November. The £400 is being split up into six instalments.
Households have already received £66 and they'll get another £66 in November. Further payments worth £67 will be sent from December 2022 to March 2023.
Direct debit customers get the discount automatically - either as a deduction to your monthly direct debit, or as a refund to your bank account. If you pay on receipt of your bill, the discount is applied as credit to your energy account each month.
Smart prepayment meter customers also get the discount automatically each month. If you're a prepay customer, you will be sent discount vouchers by text, email or post - you'll then need to manually redeem these.
Read next:
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