Chancellor Jeremy Hunt has 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. The new package of financial support is worth £26 billion in 2023-24.
The Chancellor confirmed payments of £150 for individuals on disability benefits, £300 for pensioner households and £900 for those on means-tested benefits. 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.
