With bills increasing, Christmas on the way and interest rates rocketing every penny counts.
It is therefore vital that people are aware of what support they are entitled to and when they will receive it. The Mirror has rounded up all the key things to be aware of, including the new date for the Autumn Statement by Chancellor Jeremy Hunt. There are also changes to National Insurance coming next month, and further cost of living payments will be sent out.
Several energy schemes will open as well for the winter months - we explain everything you need to know and if you could be entitled to help. The next Bank of England meeting will take place in November too, where another interest rate rise is expected to be on the cards.
Here is everything you need to know:
November 1 - Cold Weather Payment scheme opens
The Cold Weather Payments scheme is opening again from November 1 and will run until March 31. These are worth £25 for each seven-day period when the temperature falls below zero degrees.
The money goes to people on low incomes who receive a qualifying benefit, such as Pension Credit or certain employment benefits. The types of benefits that could make you eligible 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 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 meet on November 3 to decide whether to raise interest rates for the eight time in a row. The central bank increased its base rate on September 15 from 1.75% to 2.25% - a rise of 0.5 percentage points.
The base rate is what the Bank of England charges other banks and lenders - this in turn then influences the rates they charge customers. If interest rates are higher, you'll pay more to borrow on products like mortgages and cheaper loans tend to disappear.
November 6 - National Insurance hike reversed
Millions of workers will get a pay boost from next month as a cut to National Insurance (NI) takes effect from November 6. Certain NI contributions paid by both employed and self-employed workers will fall by 1.25 percentage points from November 6.
It means that, over a certain threshold, you will pay 12% in NI instead of the current rate of 13.25%. The lowering of NI contributions reverses a hike that was introduced by the ex-Chancellor - and now new Prime Minister - Rishi Sunak. The Government claims 28million people across the UK will now keep an extra £330 a year on average in the 2023/24 tax year.
November 8 - £324 cost of living payment
Millions of households have already received their first instalment of a £650 cost of living payment promised by the Government.
The boost is aimed at those entitled to certain benefits or tax credits and is paid in two parts.
The first half was worth £326.
The second instalment, worth £324, will be sent to most eligible households between November 8 until November 23.
Brits will be 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 is a one-off payment of £150 that is distributed directly by energy suppliers by March 31, 2023.
You should get the payment automatically if your energy supplier is part of the scheme and you, or your partner, receive the Guarantee Credit portion of Pension Credit.
You may also qualify if you get a different 'qualifying benefit' 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 Statistics will release inflation rates for the 12 months to September on November 16.
Consumer Price Index (CPI) inflation came in at 10.1% for the 12 months to September - up from 9.9% 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.
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