The Cold Weather Payment Scheme is to be extended this winter. There are also a number of potential changes taking place in November that could impact your winter heating bill
November could bring in a number of financial changes, with several money related announcements on the horizon. Rachel Reeves is poised to present her Autumn Budget next month, amid increasing rumours that the Chancellor may announce new tax hikes.
In addition, a winter scheme offering £25 when temperatures plummet will also launch, and Ofgem is set to reveal whether energy bills will increase again this winter.
We’ll also receive the latest inflation update from the Office for National Statistics (ONS), and the Bank of England will reconvene to decide on potential interest rate cuts. Here’s what you need to know.
Cold Weather Payments – November 1.
The Cold Weather Payment scheme, which provides cash payments of £25 to residents of England and Wales when temperatures fall below zero degrees for seven consecutive days, will reopen on November 1, reports the Mirror.
To qualify for the payment, 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In Scotland, Cold Weather Payments have been superseded by the Winter Heating Payment, valued at £59.75.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 – November 6.
The Bank of England will disclose its next decision on interest rates on November 6. 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, is the interest charged to other banks and lenders, which in turn affects your borrowing costs. The Bank of England convenes every six weeks to decide whether to alter or maintain the base rate.
Inflation data for November 19.
The Office for National Statistics (ONS) will release the latest inflation figures on November 19. Inflation measures how prices have evolved over time.
This announcement will detail inflation for the 12 months up to October 2025.
Currently, inflation stands 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 is set to announce its new energy price cap by November 25, with the exact date yet to be confirmed. The new price cap will take effect from January 1 and will remain until March 31.
At present, Ofgem’s price cap is set at £1,755 per year for an average dual fuel household paying by direct debit. This figure represents the typical annual energy bill for a household with average energy usage.
However, the price cap doesn’t actually limit the total amount you pay for energy. Instead, it caps the unit rates for gas and electricity, as well as standing charges.
Therefore, your total bill still depends on your energy consumption.
Budget – November 26.
Rachel Reeves is set to present her Autumn Budget on 26 November. While the specifics of what will be announced remain under wraps, speculation is rife.
Recent whispers suggest that the Chancellor has not dismissed the possibility of an Income Tax hike, which would mean breaking a key Labour election promise.
However, this doesn’t necessarily signal impending tax increases – it’s common for Chancellors to neither confirm nor deny rumours in the lead-up to a Budget.
Currently, the basic rate of Income Tax stands at 20%, applicable to taxable income above £12,570 and up to £50,270. Some reports hint at a potential increase of the base rate to 22%.
There are also murmurs that the Chancellor might slash the cash ISA limit from £20,000 to £10,000, and alter Inheritance Tax gifting rules.
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