Millions of Brits are in line for a boost to their finances in 2023/24 to the tune of £900. The first instalment is due to drop into bank accounts in Spring 2023.
According to the Department for Work and Pensions (DWP) over eight million people in the UK on eligible means-tested benefits will be given the extra cash. With the rising cost of living putting a strain on every household budget, the additional payments will be a welcome boost.
First announced in the government's Autumn Statement, delivered by chancellor Jeremy Hunt in November 2022, details of the latest cost of living assistance were revealed early in the new year. While exact dates that the money will be distributed haven't as yet been given, the guidelines the government is working to shows that the first payment will land during spring 2023 and will be followed up with further payments in autumn 2023 and spring 2024. The £900 will be split into near equal amounts for each payment - £301, £300 and finally, £299.
