With Christmas and New Year approaching, the atmosphere of winter is getting stronger.
More households are likely to choose between food or energy bills.
At this time, every step of the tax plan designated by the government and every tax increase has become extremely important.
Attention has been paid to every penny since the new prime minister and new chancellor took office last month.
In this article, we’ll list a few key events you might want to know about in November to help you better understand financial dynamics.
The Bank of England will Change Interest Rates
The Bank of England has been raising interest rates over the past few months to control inflation.
Although the current interest rate has been raised to 2.25%, the possibility of continuing to raise interest rates cannot be ruled out.
A bank’s standard interest rate directly affects the fees charged by other banks and lenders, as well as users who apply for a mortgage.
Once the Bank of England raises the interest rate further, users may have to pay more to repay the loan.
National Insurance Cuts to Take Effect on
The National Insurance was boosted to 13.25% in April’s spring budget when Rishi Sunak was chancellor.
However, the upcoming reversal day will drop from 13.25% back to 12%.
This change will save £330 a year (average) for the millions of employed and self-employed groups.
On November 16, the National Bureau of Statistics will release the inflation rate for the 12 months to September.
Inflation rates can explain the data on rising prices for necessities.
Higher inflation means the cost of living is increasing and real incomes are decreasing.
The Autumn Statement, originally scheduled for Oct. 31, was delayed until Nov. 17.
It is also the first fiscal statement since the cabinet reshuffle and another important Treasury event besides the budget.
While details in the fall statement cannot be determined at this time, it will lay out the long-term economic plan.
As an important fiscal statement, you may be aware of future tax changes and more fiscal decisions.