October 18th 2023.
November is here, and with it, new money changes that could affect your budget and financial situation. The cost of living crisis is still a reality for many, and it's important to be aware of these changes and factor them into your budgeting plans.
The second £300 cost of living payment is being sent out between October 31 and November 19. This payment will be sent out to eligible households on means-tested benefits such as Universal Credit, Pension Credit or tax credits. If you're eligible, you'll receive it automatically.
The Bank of England will also be making an interest rate announcement on November 2. The last announcement saw rates stay the same at 5.25%, and this time they could go up, down or stay the same. This affects how much people pay for borrowing money and what banks pay people for saving with them.
Then on November 22, Chancellor Jeremy Hunt will be delivering the Autumn Statement. How this statement will address the cost of living crisis, especially with high energy bills and winter coming, remains to be seen.
Then on Tuesday, November 14, the Office for National Statistics will make an announcement on inflation rates. The year to September saw rates remain steady at 6.7%. While food prices have dropped slightly, petrol prices rose by 5.1p a litre.
These money changes coming in November could affect your budget and finances. Make sure you know how they could impact you and factor them into your budgeting plans.
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