As night falls and the heating comes on, it becomes increasingly important to keep an eye on your finances. Over the past year, families across Wales have seen their money squeezed by sky-high bills, brutal interest rate rises and inflation.

A variety of payments and currency changes will occur in November, which could mean extra money in your pocket. MEN said a range of electricity bill discounts will be available to eligible households throughout the autumn. This will be in addition to the long-awaited cost of living payment, which should provide some relief amid the cost of living crisis.

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Big economic changes are also expected in Britain: the Bank of England will announce another interest rate change and the Chancellor will publish one of the biggest financial reports of the year. For a full breakdown of what to expect this month and adjust your finances accordingly, read below…

Payment of the cost of living – from November 1st to 19th

Millions of people across the country will start receiving a second cost of living tax which will cost £300. This is a wider support scheme worth a total of £900 for those claiming the benefit.

Payments will officially begin on October 31st and in most cases will be due by November 19th. Those who receive payments exclusively from HMRC will start receiving payments from 10 November, on the same deadline.

To receive a payment, you must receive one of these benefits during the qualifying period:

  • Jobseeker’s Allowance (JSA)
  • Employment and Income Support Allowance (ESA)
  • Income support
  • Pension loan
  • universal credit
  • Child Tax Credit
  • Current tax credit

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Cold Weather Payment – ​​Starting November 1st

The Cold Weather Payment scheme allows the most vulnerable households to receive a £25 payment when temperatures fall to zero degrees Celsius or below for seven consecutive days. To qualify, your area must be part of the scheme and you must also claim benefits such as Pension Credit or Universal Credit.

Officially, the scheme will be valid from November 1, 2023 to March 31, 2024.

Bank of England interest rate announcement – ​​2 November

The Monetary Policy Committee (MPC) will meet on Thursday, November 2, to review the base rate. Your decision will have a direct impact on the amount of money paid out on loans and mortgages across the country.

The base rate is currently 5.25%, after it was agreed to keep it unchanged in September. It is not yet clear what decision the Bank will take, but early indicators, such as stable inflation, mean that it could rise.

Fall Announcement – ​​November 22nd

Chancellor Jeremy Hunt will announce the Autumn Statement at the end of the month. While it is not yet clear what announcements will be made, the government has indicated that tax cuts and other policies aimed at tackling the cost of living crisis are a priority.

Warm House discount scheme – all month

The Warm Home discount, which will run until March 2024, will allow retirees and low-income families to get a one-off £150 discount on their electricity bills. Eligible families will receive a letter letting them know how much they are entitled to and whether any further action is needed.

To be eligible for the discount, you or your partner must apply for Pension Credit by August 13th this year or receive Qualifying Allowance for People on High Income and High Energy Costs. If you’re not sure whether you’re entitled to a discount, you can use the government’s online tool to better inform you.

Continuing assistance payment: one full month.

Payment of benefits will be made normally, without holidays or other events that interrupt them.