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Financial News: UK Unveils Cost Of Living Support To Low

UK Unveils Cost Of Living Support To Low Income Households

01/03/2023 - 07:21:00 (RTTNews)

(RTTNews) - The British government is set to start paying out the cost of living support of up to GBP 900 to low income households in the Spring, a plan than was initially announced by the Chancellor Jeremy Hunt in the autumn statement.

The Department of Work and Pensions said on Tuesday that the cost of living payment for means-tested benefit claimants will go direct to bank accounts in three disbursements over the financial year.

The fund will be disbursed to more than eight million households from Spring and it will be tax-free. Individuals who are eligible will be paid automatically, without making any application.

To fight the cost of living crisis, the lowest-income households across the UK will get a maximum GBP 1,350 in 2023/24.

The government will also provide extra cash support for disabled people and pensioners. There will be a separate GBP 150 for over six million disabled people and GBP 300 for over eight million pensioners on top of their Winter Fuel Payments.

Chancellor Hunt said these are tough times for families who are struggling to meet rising food and energy costs, driven by the aftershocks of Covid and Putin's war in Ukraine.

These payments are on top of above inflation increases to working-age benefits and the Energy Price Guarantee, which is insulating millions from even higher global gas prices, Hunt added.

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