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Payments For Cost of Living: 3 Installments Worth £900 Have Been Approved

The first installment of $301 will be sent in the spring, followed by payments of £300 and £299 in the fall and spring of 2024, respectively.

Although exact dates have not yet been decided, officials said the funds would support families with high electricity bills. All energy billpayers will lose their £400 discount by the end of April.

Charities say that assistance has not improved for people who are already in need and have requested the government to take additional steps to safeguard needy households from rising prices.

The government also announced that during the summer, people with disabilities would automatically get a cost-of-living payment of £150 and that during the winter of 2023–2024, retirees would receive a payment of £300.

During the summer, cost-of-living benefits have given more needy households—or those with higher energy costs—additional support. Moreover, the government imposed a limit on the cost per unit of energy for homes, so the average household now pays £2,500 annually. When the limit is adjusted in April, this will increase to £3,000 annually.

However, it is not anticipated that the universal £400 discount, which has been paid throughout this winter in monthly installments, will continue.

“The many cost-of-living support programs and policies current and past have and will assist to reduce the inflationary pressure on budgets, but most have a life span,” said Myron Jobson, senior personal finance expert at Interactive Investor.

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