Cost Of Living Payments To Start From 14 July 

Picture of Written by: Liez Comendador
Written by: Liez Comendador
Cost of Living Payments to Start From 14 July

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The UK is currently seeing its worst cost of living crisis for decades, with inflation at a 40-year high and wages decreasing. The Chancellor reported the crisis living cost support last month, saying £5 billion of the bundle would be paid for by a duty on the benefits of oil and gas goliaths. Around £10 billion will be covered by additional borrowing.

On Wednesday, Rishi Sunak announced that around eight million households would receive their first of two payments to alleviate the soaring cost-of-living crisis from 14 July that will be directly transferred to their bank accounts. In around a month, eight million homes across the country will get financial help to tackle soaring energy prices.

Package announced

Chancellor Rishi Sunak said: “We have a responsibility to protect those who are paying the highest price for rising inflation, and we are stepping up to help. In July, more than eight million people will get their first £326 payment to help with rising prices, as part of a package worth at least £1,200 for vulnerable families. I said we would stand by people when they needed help, and we are.”

From that date, the first portion of £326 will begin to be paid on a mission to low-pay earning families on benefits, the Department for Work and Pensions has declared. The second tranche of the oddity £650 instalment will continue in the fall time as a portion of assistance by the UK government worth £1,200 that low-earning families will get this year, which likewise incorporates a formerly declared £150 council tax rebate.

In addition to this, all pensioner households will receive an extra £300 to help them cover the rising cost of energy this winter. In contrast, people with disabilities will receive an extra £150 to help with additional costs they face.

How many people get benefit
Families with low income are profiting from government support this year as worldwide inflationary tensions, exacerbated by the out-of-line battle in Ukraine, have made costs ascend for several necessities. The public authority comprehends that many individuals are stressed over the effect these rising costs will have on their family funds, which is why £37 billion of support is being given to support budget plans and relieve the most horrendously awful of these tensions.

References

Cost of living payment: Exact date millions on Universal Credit will get first part of £650 grant revealed. (n.d.). Retrieved from The Sun: https://www.thesun.co.uk/money/18886336/cost-of-living-payment-date-revealed/

Cost of living payments 2022: how do I get £400 energy grant and £650 payment – and how will they be paid? (n.d.). Retrieved from Nation World: https://www.nationalworld.com/lifestyle/money/cost-of-living-payments-rishi-sunak-help-energy-bills-how-much-when-3712268

Millions to get first cost-of-living payment from 14 July. (n.d.). Retrieved from BBC: https://www.bbc.com/news/business-61802109

Over eight million households to get new cost-of-living payment from 14 July. (n.d.). Retrieved from gov.uk: https://www.gov.uk/government/news/over-eight-million-households-to-get-new-cost-of-living-payment-from-14-july

Pratt, K. (n.d.). Energy Market Update: First Tranche Of £650 Cash Support Payment From 14 July. Retrieved from Forbes: https://www.forbes.com/uk/advisor/personal-finance/2022/06/15/energy-market-updates/

Author

  • Fahad Lateef

    Fahad is a Chartered Certified Accountant (ACCA), proficient in numeracy and impassioned with giving concise advice to a wide range of clients related to different industries. With an immense experience of over a decade, he has worked as an advisor on different projects run by audit giants like Deloitte and others. He is a firm believer in mutual growth and an established culture of embracing change.

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