Jeremy Hunt confirmed more cost of living payments will be delivered to the "most vulnerable" when he delivered his Autumn Statement on Thursday.
The Chancellor announced a series of new cost of living payments to help millions of households across the country offset record-breaking inflation rates and soaring energy bills. Individuals on disability benefits will receive a £150 boost, while pensioner households will be eligible for an extra £300.
Anyone on means-tested benefits will receive £900.
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The new cost of living payments follow on from this year’s support with a noticeable increase of £250 for people in receipt of means-tested benefits such as Universal Credit and Pension Credit.
No timeframe was offered by the Chancellor other than “next year” and guidance on GOV.UK simply states 2023/24. However, in a 10-minute reaction video to the Autumn Statement, Martin Lewis shared his predictions for when people can expect to receive the payments, as reported in the Daily Record.
The consumer champion said: “As for exactly when they’ll be paid I don’t know yet. My guess, and it’s only a guess, is that they will be put in place in time for next winter. So those payments will come sometime, probably around October, September.”
He added that the £900 cost of living payment will most-likely be made in two instalments. You can watch the full video here
More than eight million UK households on means-tested benefits will receive an additional cost of living payment of £900 in 2023-24.
These will be made in more than one instalment.
This includes all households receiving the following benefits:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Pension Credit
- Working Tax Credit
- Child Tax Credit
The Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC) will issue further details on timings of these payments and eligibility dates in due course.
This payment will be tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards.
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