Eight money and DWP changes coming in November - from savings accounts to supermarkets

Eight money and Department for Work and Pensions changes coming in November 2024 have been revealed. The shake-up comes in the wake of the Autumn Budget, which Labour Party Chancellor Rachel Reeves will deliver this week in the UK.

Rachel Reeves will deliver her first Autumn Budget at the end of October, addressing what the Labour government has claimed to be a £22 billion deficit in Britain’s finances. This substantial shortfall may prompt “hard but fair” economic decisions, potentially impacting taxpayers across the board.

While specific measures are yet to be revealed, the budget is expected to address tax changes and spending cuts that could be implemented as early as November. And these aren't the only changes which are in-store this month, either.

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The list of changes can be revealed below by BirminghamLive ahead of the shake-up.

Nationwide lowering interest rates - November 1

Nationwide has announced adjustments to savings rates in response to the Bank of England Bank Rate decrease of 0.25% on 1 August. Rates affected will change as of 1 November 2024. Nationwide will lower rates by between 0.10%-0.20% in what will be the first reduction across the savings book since 2020, although no account will receive the full 0.25% reduction. The majority of accounts aimed at encouraging a regular savings habit are not being reduced, with both the Flex Regular Saver 3 (6.50%) and FlexOne Saver (5.00%) accounts unchanged.

Following the changes, Nationwide remains committed to offering a competitive alternative to the high street banks that appeals to all types of savers.

Cold Weather Payments - November 1

You'll get £25 for each seven day period of very cold weather between 1 November and 31 March. The Cold Weather Payment scheme runs from 1 November 2024 to 31 March 2025. The Cold Weather Payment checker will help you see if you are entitled to a payment in your area.

You'll receive a Cold Weather Payment automatically if you get a qualifying benefit and live in a postcode area where the temperature is, or forecast to be, zero degrees or below for seven consecutive days.

Tesco Christmas delivery slots - November 5

Customers with a Tesco Anytime Delivery Saver or Click+Collect plan can book Christmas delivery or click-and-collect slots from 6 AM on Tuesday, November 5, 2024. Tesco also offers a rapid delivery service called Whoosh, which provides extra slots on Christmas Eve for last-minute items. Deliveries and collections are not available on Christmas Day or Boxing Day.

Tesco says it has introduced ‘thousands’ of extra home delivery slots in the two weeks leading up to Christmas this year, with 60 more vans added to its delivery fleet.

Not all Tesco stores offer a delivery on December 24.

Bank of England interest rates - November 7

The Bank of England will make its next interest rates announcement on September 19. The base rate is currently at 5% after the Bank of England finally announced a cut at its last meeting on August 1. The base rate is what the Bank of England charges other banks and lenders - this then increases your cost of borrowing as a customer.

Pension Credit backdate for Warm Home Discount - November 11

If you or your partner were receiving guarantee credit on 11 August 2024 (or if you successfully claim it by 11 November 2024 it can be backdated to 11 August 2024), and your name (or your partner's) is on your energy bill, you should qualify for the discount as part of what's known as 'core group 1'.

If you receive certain means-tested benefits, such as Income Support or Universal Credit, you may qualify for the discount as part of what's known as 'core group 2'. You must have been receiving the qualifying benefit on 11 August 2024.

Yet you also need to have "high energy costs" and that's a bit more complex, Money Saving Expert warns.

Inflation - November 20

The latest inflation data from the Office for National Statistics (ONS) will be released on November 20. Inflation is a measure of how prices have changed over time. In the latest update from the ONS, inflation was revealed to have finally dipped below the Bank of England target by falling to 1.7% in the 12 months to September. At its highest point, inflation reached 11.1% in October 2022.

Ofgem price cap announcement - November 25

The energy price cap sets the maximum amount that energy suppliers can charge for each unit of energy and standing charge. This is calculated based on typical energy use for households using gas and electricity. If you use more than the typical household your bill will be higher, and if you use less, it will be lower. The amount you pay can also vary depending on where you live, the type of meter you have and your payment method.

Ofgem says: "We review and set a level on how much an energy supplier can charge for each unit of energy including the standing charge every three months. The levels for the period 1 January to 31 March 2025 will be published by 25 November 2024."

Winter Fuel Payment letters - end of November

Approximately 13.7 million pensioners across England and Wales will receive letters by the end of November regarding the Winter Fuel Payment, a vital support measure for older citizens facing high heating costs. Managed by the DWP, this scheme provides one-time payments to help pensioners manage their winter energy bills.

However, eligibility criteria are tightening this year, meaning some previous recipients may no longer qualify. To receive the Winter Fuel Payment, individuals must have been born before September 23, 1958, and reside in England or Wales.

Additionally, recipients must have been eligible for Pension Credit, Universal Credit, income-related ESA, income-based JSA, Income Support, or certain tax credits during the qualifying week of September 16-22, 2024.