In our upcoming EcoReporter segment, we will be discussing a number of important payment changes that are set to take effect next month. These changes will be implemented by the Department for Work and Pensions (DWP), as well as other adjustments such as new price caps and inflation rates. With households across the UK struggling to make ends meet amidst the ongoing cost of living crisis, these changes will have a significant impact on people’s wallets, especially as Christmas approaches.
One of the key changes that will occur in November is the return of the Cold Weather Payments. These payments, worth £25, are awarded when the average temperature in your area is recorded as, or forecasted to be, 0 degrees Celsius or below for seven consecutive days. The scheme will reopen on November 1 and will run until March 31 next year.
Another change that will affect consumers is the price hike for Disney+. Starting from November 1, UK customers will see an increase in prices. The current subscription plan, which costs £7.99 a month or £79.90 for the year, will rise to £10.99 a month or £109.90 for the year. This new plan will be called the “premium” plan. However, there will also be two new cheaper packages introduced, allowing customers to downgrade if they choose. The “standard with ads” plan will cost £4.99 a month, while the “standard” package will cost £7.99 a month or £79.90 for the year.
On November 2, the Bank of England will announce whether interest rates will go up again. If interest rates increase, it will result in higher borrowing costs for products like variable rate mortgages. This could have an impact on people’s ability to afford housing and other expenses.
Royal Mail will also introduce a “green” surcharge on November 6. This 2p surcharge will be added to the cost of posting letters and parcels and will affect business customers. It will apply to services such as Royal Mail Special Delivery, Tracked services, and Returns services.
The Office for National Statistics (ONS) will release the inflation rate for the 12 months to October on November 15. This Consumer Price Index (CPI) inflation figure will indicate how much the prices of goods and services have increased over time. This information is crucial for understanding the cost of living and its impact on individuals and households.
On November 19, most people should receive the next cost of living payment, worth £300. This payment is available to those who claim benefits from the DWP, with payments starting from October 31. For those claiming HMRC Tax Credits only, the payment will be made between November 10 and November 19. To be eligible for this payment, individuals must be claiming certain benefits during the qualifying period.
Lastly, from November 20 until January 7, Royal Mail will introduce a “peak” surcharge to cover the busy Christmas period. The surcharge, ranging from 5p to 10p, will apply to certain types of parcels and letters and will affect business customers.
These upcoming payment changes and adjustments will have a significant impact on people’s personal finances. It is important to be aware of these changes and plan accordingly to avoid any surprises. By staying informed, individuals can better manage their budgets and make informed financial decisions.
