Rachel Reeves is preparing to present her Autumn Budget in the upcoming month, amid increasing speculation about potential new tax hikes by the Chancellor.
Concurrently, a winter program offering £25 payments when temperatures plummet is scheduled to commence, while Ofgem will disclose whether energy bills will experience another increase during the winter season.
Also on the agenda are the most recent inflation figures from the Office for National Statistics (ONS) and a meeting by the Bank of England to determine a possible interest rate reduction.
The Cold Weather Payment plan, which disburses £25 to residents in England and Wales when temperatures dip below zero for seven consecutive days, will kick off on November 1.
To qualify for this financial aid, households must be recipients of select DWP benefits such as Pension Credit, Income Support, Job Seekers Allowance, or Universal Credit.
In Scotland, the Cold Weather Payments have been replaced by the Winter Heating Payment, amounting to £59.75.
On November 6, the Bank of England is set to announce its next decision on interest rates, which currently stand at 4% after being maintained at this level during the September 2025 meeting.
Inflation data for the 12 months leading up to October 2025 will be unveiled by the ONS on November 19, with the current inflation rate at 3.8%, surpassing the Bank of England’s 2% objective.
By November 25, Ofgem will reveal the new energy price cap, effective from January 1 to March 31. The current price cap for an average dual fuel household paying by direct debit is £1,755 annually, serving as a benchmark for typical energy expenses.
Although the price cap does not impose a ceiling on energy costs, it restricts gas and electricity unit rates along with standing charges, leaving the final bill dependent on individual energy consumption.
Rachel Reeves is scheduled to unveil her Autumn Budget on November 26, with speculations hinting at a potential Income Tax increase, potentially contradicting a significant Labour election promise.
While the likelihood of tax hikes remains uncertain, Chancellors typically refrain from confirming or denying such conjectures leading up to a Budget announcement.
The current basic rate of Income Tax is 20% for taxable incomes ranging from £12,570 to £50,270, with suggestions circulating about a potential increase to 22%.
Additionally, there are reports indicating a probable reduction in the cash ISA limit from £20,000 to £10,000, accompanied by alterations to Inheritance Tax gifting regulations.
Black Friday is slated for November 28, followed by Cyber Monday on December 1, with deals likely to surface ahead of these dates. Consumers are advised to compare prices online before making purchases to ensure they secure the best deals from retailers like Argos, Amazon, eBay, and supermarkets using platforms such as Price Spy, Idealo, or CamelCamelCamel.
