Rachel Reeves is gearing up to present her Autumn Budget in the upcoming month, amid increasing speculation that new tax hikes could be on the horizon. Additionally, a winter initiative offering £25 payouts during temperature drops will be launched, and Ofgem will reveal if energy bills will see a rise this winter.
Moreover, the Office for National Statistics will provide the latest inflation update, while the Bank of England will convene to determine potential interest rate adjustments. Here are the essential details you should be aware of.
The Cold Weather Payment program, which disburses £25 to residents in England and Wales experiencing subzero temperatures for seven consecutive days, will kick off on November 1. To qualify for this assistance, households must be recipients of specific DWP benefits such as Pension Credit, Income Support, Job Seekers Allowance, or Universal Credit.
In Scotland, Cold Weather Payments have been substituted by the Winter Heating Payment, amounting to £59.75. On November 6, the Bank of England is slated to announce its next interest rate decision, with the current base rate set at 4%, maintained since the September 2025 meeting.
The base rate represents the Bank of England’s charge to financial institutions, impacting customer borrowing costs. Every six weeks, the Bank of England convenes to deliberate on potential base rate adjustments.
On November 19, the ONS will release the most recent inflation data, covering the 12 months leading up to October 2025. With inflation currently at 3.8%, surpassing the Bank of England’s 2% target, the upcoming announcement is highly anticipated.
By November 25, Ofgem will disclose the new energy price cap, effective from January 1 until March 31. The existing price cap stands at £1,755 annually for the average dual fuel household paying via direct debit, representing typical energy expenses.
While the price cap doesn’t impose a maximum expenditure on energy bills, it does establish limits on gas and electricity unit rates and standing charges, with the final bill contingent on individual energy consumption.
Lastly, Rachel Reeves is scheduled to unveil her Autumn Budget on November 26. Speculation abounds regarding potential Income Tax increases, with reports hinting at a possible rise from the current 20% basic rate to 22%. Other considerations include halving the cash ISA limit and revising Inheritance Tax gifting regulations.
As Black Friday approaches on November 28 and Cyber Monday on December 1, savvy shoppers are advised to compare prices online before making purchases to secure the best deals. Websites like Price Spy, Idealo, and CamelCamelCamel can assist in monitoring prices across various retailers.