More than eight million households across the UK will be eligible for next year's Cost of Living Payment worth £900.
Similar to the previous £650 handed out throughout 2022, the payment will provide a cash boost to households claiming low-income benefits. Such households are considered the most vulnerable to the cost of living crisis sweeping across the UK which has been uplifted by rising energy prices and soaring inflation.
However, many details surrounding the payment are yet to be issued, including how it will be divided throughout the 2023/2024 financial year. However, as per the Treasury Committee's advice, it is likely that it will be spread across a six-month period.
