Rishi Sunak has finally unveiled his £15billion cost of living package, with energy bill discounts for every household and one-off payments for the most vulnerable.
Prices are rising at their highest rate in decades, leaving families struggling to make ends meet and relying on food banks to get by.
The biggest hike facing households is energy bills, which are expected to hit £2,800 in October, the boss of Ofgem has warned.
Families are also under pressure from record-high prices of petrol and diesel, as well as the fastest rise of the price of food in supermarkets for 13 years.
UK inflation has now hit 9% - a new 40-year high - as the cost of living continues to spiral.
The Chancellor confirmed his package has been tailored to help the most vulnerable and in need households - and these people could get £1,650 in support.
Every household in England, Scotland and Wales is getting £400 off their energy bills from this October, spread over six months.
There is also the £150 council tax rebate for households living in band A to D properties.
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Some people might also be entitled to the maximum amount of one-off payments that were announced by the Chancellor yesterday, on top of these measures.
Those who claim means-tested benefits will receive £650, while those who claim disability benefits will get £150. Pensioners who get the Winter Fuel Payment will get £300.
If you add all these together, that equals £1,650 worth of support - made of up £400 for the energy discount and £1,250 in one-off payments.
However, critics have argued that this still might not be enough to help the most vulnerable households, if you take into account how much bills are rising.
Laura Suter, head of personal finance at AJ Bell, said: “To put that into context, between March and October this year average energy bills will rise by £1,523 – so for those households getting the largest handouts it still only leaves £100 spare to cover all the other cost of living increases.”
Other support announced by the Chancellor yesterday included a £500million boost to the Household Support Fund.
Some of the help that is offered through the Household Support Fund includes money towards your bills and supermarket vouchers.
However, the support does vary between councils - as well as the eligibility criteria.
This means each local authority decides who to give the money to, and how the money should be spent - so you may face a postcode lottery in terms of the help available to you.
