Households across the country will see a wide range of money changes happening next month.
The most important change coming in November will be the postponed Autumn Budget, which will be delivered by Chancellor Jeremy Hunt, reports Manchester Evening News. While we do not know what will be announced in this statement, it is likely that an in-depth and long-term economic plan will be reported to help tackle the cost of living crisis.
Throughout November, a number of cost of living payments will also hit people's bank accounts, as energy suppliers prepare for new schemes to come this winter.
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Listed below is a breakdown of all the changes you can expect to see in November.
November 1 - Cold Weather Payment scheme opens
From the beginning of the month, households will be eligible for Cold Weather Payments, which is a scheme that will run until March 31, 2023. You could receive £25 for each seven-day period where the temperature drops 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
The Cold Weather Payments will arrive automatically in your bank account within a fortnight of the temperatures plummeting.
November 6 - National Insurance hike reversed
Millions of workers across the UK 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.
This 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 UK Government has estimated that approximately 28 million workers in the UK will now save an extra £330 on average for the following tax year.
November 8 - £324 Cost of Living Payment
The UK Government confirmed recently that thousands of households will receive their second instalment of the £650 cost of living payment by November 23.
The first payments of the £324 are due to land on November 8. Over eight million families have already received the first half of the cost of living payment, which was sent out on July 14 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 the 2022/23 year will open in November. Eligible households could get £150 off their electricity bills.
In 2022, the UK Government have said that an additional 750,000 households will receive the rebate as they made changes to the criteria. To receive the discount, claimants need to eligible for one of the following means-tested benefits:
Universal Credit
Income Support
Housing Benefit
The rebate will be applied automatically to energy bills by their suppliers. All suppliers with more than 50,000 domestic customers have to take part in the scheme, but it is also open to smaller suppliers.
November 16 - Latest inflation figures
Data from the Office for National Statistics will be released halfway through the month of November that reveal the inflation rates for the year until September.
Consumer Price Index (CPI) inflation came in at 10.1 per cent for the same period - which is an increase of 9.99 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 postponed plans to release a financial statement from October 31 until November 17. Initially, the statement was meant 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 - Cost of Living payment for Tax Credits
His Majesty's Revenue and Customs (HMRC) have announced that Tax Credit claimants will receive the second half of their cost of living payment slightly 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.
Claimants 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.
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