November is set to be a busy month for personal finance, with a number of key changes set to take place. Here is everything you need to know
DWP Attendance Allowance applicants may run into troubles(Image: Getty Images/iStockphoto)
Rachel Reeves is poised to present her Autumn Budget next month amidst increasing speculation that the Chancellor may announce new tax hikes.
Concurrently, a winter scheme offering £25 when temperatures plummet will also commence, and Ofgem is set to reveal whether energy bills will surge again this winter.
Additionally, we’ll receive the latest inflation update from the Office for National Statistics (ONS), and the Bank of England is due to convene once more to determine whether to slash interest rates. Here’s what you need to be aware of:
Cold Weather Payments – 1 November.
The Cold Weather Payment scheme, which provides cash payments of £25 to individuals residing in England and Wales when temperatures fall below zero degrees for seven consecutive days, will reopen on 1 November, reports the Mirror.
To qualify for the funds, households must be claiming one of several DWP benefits, including Pension Credit, Income Support, Job Seekers Allowance or Universal Credit.
In Scotland, Cold Weather Payments have been superseded by the Winter Heating Payment, valued at £59.75.
Bank of England interest rates – 6 November.
The Bank of England will reveal its next decision on interest rates on 6 November. The base rate currently stands at 4% after the Bank of England maintained it at this level during its last meeting in September 2025.
The base rate, set by the Bank of England and charged to other banks and lenders, directly influences your borrowing costs as a customer. The Bank of England convenes every six weeks to determine whether to alter or maintain the base rate.
Inflation data for the 12 months leading up to October 2025 will be released by the Office for National Statistics (ONS) on 19 November. Inflation, which measures how prices have changed over time, is currently at 3.8%, nearly double the Bank of England’s 2% target.
Inflation peaked at 11.1% in October 2022.
Ofgem price cap announcement – November 25
Ofgem, the energy regulator, will announce its new energy price cap by 25 November, with the exact date yet to be confirmed. This new cap will take effect from 1 January and will remain until 31 March.
At present, the Ofgem price cap is set at £1,755 per year for an average dual fuel household paying by direct debit, representing the typical annual energy bill for a household with average energy usage.
However, the price cap does not actually limit the total amount you pay for energy. Instead, it caps unit rates for gas and electricity, as well as standing charges.
Therefore, your total bill still depends on your energy consumption.
The Budget – November 26.
Rachel Reeves is set to present her Autumn Budget on November 26. While the specifics of what will be announced remain under wraps, speculation has been rife.
Recent reports indicate that the Chancellor has not dismissed the possibility of an increase in Income Tax, which would mean breaking a significant Labour election promise.
However, this does not necessarily confirm that tax hikes are imminent, as it’s common for Chancellors to neither confirm nor deny rumours leading up to a Budget announcement.
Currently, the basic rate of Income Tax stands at 20%, applicable to taxable income above £12,570 and up to £50,270. There are whispers that this base rate could potentially rise to 22%.
Further speculation suggests that the Chancellor might reduce the cash ISA limit from £20,000 to £10,000, and alter Inheritance Tax gifting rules.
Black Friday – 28 November.
Black Friday is scheduled for 28 November, followed by Cyber Monday on 1 December. However, deals often start appearing before these dates.
Before making any purchases, it’s advisable to compare prices online to ensure you’re getting the best deal.
Consider using websites such as Price Spy, Idealo or CamelCamelCamel to track costs from thousands of different retailers, including Argos, Amazon, eBay and the supermarkets.