Full list of eight major money changes coming in November – including mega price hike and cost of living cash | The Sun

10/29/2023

MILLIONS of households will need to make a note of eight major money changes coming up in the calendar next month.

From subscription service price hikes to new cost of living payments worth up to £600, lots is happening in November.

A second cost of living payment for those on low incomes worth £300 is set to hit bank accounts this autumn.

But those on one specific benefit will have to wait a bit longer into the month before it hits their bank accounts.

Fans of and subscribers of Disney+ are reminded that the service is hiking the cost of membership by £3 at the beginning of November.

The Bank of England will meet at the beginning of the month to determine the UK's interest rate, in a move that could affect thousands of homeowners and savers.

1. Disney+ price hike – November 1

Streaming giant Disney+ is launching two new subscription tiers on November 1.

2. Cold weather payments – November 1

Hard-up households across the country can get £25 a week in support when temperatures drop.

Those eligible get £25 for each seven-day period of incredibly cold weather between November 1 and March 31.

But only those on certain types of benefits, including Pension Credit, can get the free cash.

The temperature must hit zero degrees or below for seven consecutive days for the sum to be paid out.

It's designed to help those struggling heat their home and stay warm this winter.

People tend to use more energy when temperatures drop as they need to turn their heating up, so the cash can come in handy.

You are eligible for the cold weather payment scheme if you receive of one of the following benefits and meet the criteria:

Pension credit
Income support
Income-based jobseeker’s allowance
Income-related employment and support allowance
Universal Credit
Support for mortgage interest

You may also need to meet one or more of these additional criteria:

Have a disability or be in receipt of pension premium
Have a child who is disabled
Be in receipt of child tax credit that includes a disability or severe disability element
Have a severe or enhanced disability premium
Be in receipt of a limited capability for work amount
Have a child under five living with you

Universal Credit claimants are eligible if they have a disabled child amount in their claim.

If you are in line for a payment you should receive it automatically within 14 days.

It will be paid into the same account where you get your benefit payments.

You might be able to get multiple payouts if the cold weather continues beyond seven days too.

Some areas have been paid as much as £75 in the past.

3. Winter fuel payment – November 1

Millions of households will begin receiving a winter fuel payment worth up to £600.

If you were born before September 25, 1957, you could see the tax-free cash hit your bank account next month.

The winter fuel payment is usually worth between £100 and £300 for those over state pension age.

But payments are being boosted by a further £300 through the "pensioner cost of living" payment.

The cash boost is set to be distributed with the usual Winter Fuel Payments from November 1.

Payments will start from this date and should be complete by the end of December.

If you have not received it by January 26, 2024, you'll need to contact the Winter Fuel Payment Centre.

You can do this by calling 0800 731 0160.

Here's everything you need to know about the cost of living support.

4. Interest rate changes – November 2

The Bank of England will announce any further changes to interest rates on November 2.

Experts think that the Bank of England will avoid another interest rate rise for the second time in a row after almost two years of consecutive hikes.

The base rate, which influences the interest that people pay on their mortgages, is widely expected to be kept at 5.25%, although markets see some chance that it could rise.

As inflation remained unchanged in September it could mean that the base rate – which is a tool used by the Bank to bring inflation down to its 2% target – does not need to climb as high as previously feared.

Here's what another pause means for your money.

5. Cost of living payment (tax credit) – November 10

Households on certain benefits, including Universal Credit, will start receiving a £300 cost of living payment on October 31.

But households on tax credits won't begin to receive the payment until November 10.

It will be paid by HMRC instead of the DWP between November 10 and 19.

This is to ensure that those on other benefits and tax credits will not get the payment twice.

Those eligible for the tax-free payment don't have to do anything as it will be made automatically into the claimant's bank accounts.

The payment reference for bank accounts will be the recipient's National Insurance number followed by HMRC COL.

Here's everything you need to know about the cost of living cash.

6. Inflation – November 15

The UK's October rate of inflation will be released by the Office for National Statistics (ONS) on November 15.

Inflation remained at 6.7% in September.

Easing food and drink price rises were balanced out by higher petrol and diesel prices for motorists.

Inflation is a measure of how the price of goods and services has changed over the past year.

Inflation has fallen back since hitting a 41-year high of 11.1% last October.

7. Autumn Statement – November 22

Jeremy Hunt will set out his Autumn Statement on November 22.

In the annual update, Chancellor Jeremy Hunt will reveal the government's plans for the economy, including how tax will be used and plans for spending.

The Prime Minister and Chancellor have spent recent months promising to halve inflation amid a series of interest rate rises.

Mr Hunt has also faced pressure from some Tory MPs for tax cuts ahead of the next general election, expected before January 2025.

Asked about the upcoming Autumn Statement earlier this month, and if good or bad news was expected, Mr Hunt told Sky News: "I think it’s a bit of both.

"In the short term, we have challenges. We have a challenge with inflation, which is still too high.

"And we have the challenge of the international environment where there is still a lot of shocks."

Of course, we won't know exactly what's coming until the day itself, but we've explained what could be expected in detail.

8. Energy price cap review – November 23

The energy price cap limits the amount an energy company can charge you for a default tariff, based on average use.

It is reviewed by the regulator Ofgem every three months and is adjusted to reflect the wholesale cost of energy.

The next adjustment will be announced on November 23 and will come into effect on January 1.

The cap limits the unit price of gas and electricity suppliers can charge.

Experts believe that the price cap will rise slightly in January.

Full list of eight major money changes coming in November – including mega price hike and cost of living cash | The Sun

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2. Cold weather payments – November 1

3. Winter fuel payment – November 1

4. Interest rate changes – November 2

5. Cost of living payment (tax credit) – November 10

6. Inflation – November 15

7. Autumn Statement – November 22

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