The UK’s cost of living crisis is an unlucky product of a mix of monetary issues, with Britons struggling under increased taxes, higher energy bills and more. The financial situation for a lot of will likely proceed to deteriorate because the Bank of England expects inflation to enter the double-figure range by the tip of the yr and one other energy price cap boost incoming. The Government has promised to assist weather the blow with a one-off payment due before costs increase again.
When will people receive their cost of living payment?
The Government announced it would supply vulnerable Britons with a £650 cost of living payment in May.
The payment, reserved for a few of the most vulnerable Britons, goes to those on Universal Credit and means-tested advantages.
They may receive the payment in two halves, with the primary coming this week.
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The UK’s means-tested advantages include:
- Universal Credit
- Income-based Jobseeker’s Allowance (JSA)
- Income-related Employment and Support Allowance (ESA)
- Income support
- Pension Credit
The £650 payment is one in all several Britons can receive this yr, with others due in September, October and November.
While these one-off payments will help targeted populations, the Energy Bills Support Scheme will help everyone.
The scheme starts in October 2022 and guarantees £400 for people’s energy accounts because the weather grows colder.
Individuals with a prepayment meter will receive vouchers as an alternative.
As with the associated fee of living payment, it is available in instalments, this time spread over six months.