A series of financial changes are on the horizon that could impact households across the UK. Some alterations will directly affect pensioners seeking additional financial support during the winter months, while others could potentially influence a broader range of Brits.
With the onset of winter bringing higher energy bills for most, many may be keen to receive as much assistance as possible. Depending on where you reside, you could receive up to £200 in cash.
Read on for a comprehensive breakdown of the significant money changes expected in November 2024.
Household Support Fund
The Household Support Fund, worth up to £200, could provide extra financial support to low-income families throughout November via cash distributed by their local council.
Each council has the discretion to decide how they wish to allocate their share of the Household Support Fund, with some opting for outright cash payments and others providing support through vouchers or other means. For instance, Birmingham’s council is offering a £200 Household Support Fund to residents, with cash grants being directly deposited into their bank accounts.
Similarly, Nottinghamshire Council is also offering one-off payments of £200 to tens of thousands of households. To check your eligibility for help, contact your local council.
Autumn Budget
Chancellor Rachel Reeves is poised to present her inaugural Autumn Budget at the end of October amidst the government grappling with a daunting £22 billion shortfall in public finances, signalling “hard but fair” economic measures that could impact citizens nationwide. While specifics remain under wraps, some of the impending adjustments could be enacted as early as November this year.
Labour leader Sir Keir Starmer, when quizzed about potential tax revisions, maintained: “We are going to keep our manifesto pledges.”
He further added: “I’m not going to pre-empt the individual measures that will be outlined by the Chancellor in due course.”
Winter Fuel Payment
In preparation for the colder months, approximately 13.7 million individuals are set to be apprised of the updated Winter Fuel Payment eligibility criteria by the end of November. Correspondence will also prompt pensioners in England and Wales to verify their eligibility for Pension Credit, which offers additional financial assistance.
The Winter Fuel Payment, dispensed by the Department for Work and Pensions (DWP), assists older adults struggling to cover vital heating expenses during winter. Earlier this year, the government announced plans to tighten eligibility for this benefit, consequently reducing the number of pensioners who qualify.
To receive the Winter Fuel Payment, one must have been born on or before September 23, 1958, reside in England or Wales, and be a claimant of certain benefits.
Pension Credit, Universal Credit, income-related Employment and Support Allowance (ESA), income-based Jobseeker’s Allowance (JSA), Income Support, Child Tax Credit, and Working Tax Credit are all included. Additionally, you will need to have received one of these benefits during the qualifying week of September 16 to 22, 2024.
