Cost of living payments will provide a much-needed boost to millions of households across the UK between November and Christmas to help off-set soaring energy bills, the impact of rising inflation and ever-increasing food prices. Inflation rose to 10.1% for September, driven by food prices which leapt up by 14.5%.
It is unknown yet whether benefits will increase next April in-line with inflation and following Liz Truss’ resignation as Prime Minister on Thursday, it is unclear whether her commitment to the State Pension Triple Lock rule will ensure 12.5 million older people across the country get a much-needed income boost next year. Chancellor Jeremy Hunt is expected to make that announcement during his Budget statement on Monday, October, 31.
In the meantime, there are three sets of cost of living payments on the way. The £2,500 Energy Price Guarantee is in place until April and the monthly discounts of £66/£67 from the £400 energy rebate scheme will continue until the end of March.
