First ‘Cost of Living Payment’ to arrive in bank accounts within weeks

Find out if and when you'll receive the first cost of living payment.

Published on

More than eight million households throughout the UK will receive a cash transfer starting in July to help with cost of living challenges.

The first £650 ‘Cost of Living Payment‘ will be made to eligible low-income households in England, Wales, Scotland, and Northern Ireland FROM July 14, 2022, and will continue until the end of the month.

Millions of households will be £326 better off as a result of the payment, as the government implements actions to help those who are most vulnerable to rising expenses.

This year, the government will provide at least £1,200 to millions of households to help them cope with growing prices.

In the autumn, qualifying low-income households will receive the second instalment of £324. The second instalment’s eligibility date will be revealed soon.

Overall, cost of living assistance consists of a £650 direct payment to over 8 million benefit households, a separate £300 payment for retirees, and a £150 payment for disabled individuals, which can be paid on top of the £650 payment.

There’s also £400 for all homes to help with energy costs, with an extra £150 for houses in Council Tax categories A-D, meaning millions of low-income families will get at least £1,200 this year.

The government has also increased funding for the Household Support Fund, which assists households with food and energy costs, by £421 million, on top of £79 million for devolved nations, bringing the total amount of support to £1.5 billion.

Work and Pensions Secretary, Thérèse Coffey said: “With millions of the lowest-income households soon seeing the first of two cash instalments land into their bank accounts, we are taking action to directly help families with the cost of living.

“This one-off payment totalling £650 is part of our £37 billion cost of living support package that will put an extra £1,200 into the pockets of those most in need.”

Chancellor of the Exchequer, Rishi Sunak added: “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 over 8 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.”

More details, including eligibility criteria, can be found at gov.uk.

.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

.

LATEST STORIES

Uprating benefits inline with inflation ‘crucial’ to helping 10 million families with cost of living crisis

"Surging food prices have driven a return to double-digit inflation across Britain."

Fuel poverty could hit 11million households as protesters gather at Downing Street

Petition signed by more than 600,000 people calls for a 'universal basic energy allowance'.

National Insurance gains wiped out if benefits don’t rise inline with inflation

New research reveals the magnitude of income losses employees in various occupations will experience.

Cost of Living: Call for ‘solidarity tax’ on higher earners

Those with the “broadest shoulders should be asked to carry the highest burden."

Carers plunged into debt and unable to afford food, charity says

Government urged to increase the financial support available to unpaid family carers.