What date in July is the cost of living payment?

Cost of living: Retired Londoner shares concerns

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The rampant cost of living crisis has tightened budgets for many up and down the British Isles. Inflation is currently at a 40 year high, while energy bills rose by around £700 for many at the start of April. To help alleviate financial woes the Government announced a £37bn support package last month, which included two cost of living payments for some.

Chancellor Rishi Sunak unveiled the support after fierce pressure grew on the Government to do more for Britons.

Speaking at the time, he said the Government had a “responsibility to protect those who are paying the highest price for rising inflation, and we are stepping up to help”.

Included within the package is a duo of payments, that are due to be sent out to more than eight million UK households.

The Government has now announced when the first of these will be paid. So, how much longer do eligible candidates have to wait?

From Thursday, July 14 the first of the payments will begin to be sent out by the Government.

All of the money will be processed by the end of the month, and will amount to £326 per home.

A second payment of £324 will be sent out in the Autumn, though the Government has not confirmed a fixed date for this yet.

Eligible residents in England, Wales, Scotland and Northern Ireland will automatically receive the payments into their bank accounts.

To qualify for the payment you must be receiving one of Universal Credit, tax credits, pension credit or other means-tested benefits.

You must also have been entitled to the benefits by May 25.

The Government said the cash would be tax-free, and not count towards someone’s benefit cap.

Regardless of wealth, all homes in the UK will benefit from a £400 payment this Autumn, to help with bills.

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The measure will sit alongside a previously announced £150 council tax rebate.

There will also be a separate £300 payment for pensioners, and a £150 payment for disabled people.

Both of these can be paid on top of the £650 cost-of-living payment.

The Government has said its package meant millions of vulnerable families will receive at least £1,200 of support this year.

The aid is being provided to help combat the worsening cost of living crisis.

Last month, the energy regulator Ofgem said the typical household energy bill was expected to rise by £800 in October.

If it does grow by that amount, it will mean that Britons, on average, will be paying £2,800 a year.

Russia’s invasion of Ukraine and the ongoing Covid pandemic have also helped to drive up the value of everyday goods, and in turn push inflation to its current level of nine percent.

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