The UK Government is set to spend a further £37 billion on additional cash support over the next financial year through five cost of living payments. More than eight million people on means-tested benefits, including Universal Credit and Pension Credit, are due to receive the first payment of £301 in the Spring.
The Spring equinox on Monday, March 20 marks the official start of astronomical springtime, but most predictions suggest that payments will not begin until sometime after the new financial year starts on April 6. New guidance on GOv.UK dedicated to the 2023/24 cost of living payments, also offers an update on when the exact payment window can be expected.
It also indicates that some cost of living payments due to be made during the seasonal payment window, may arrive later for some people. It states: “Your payment might come later, for example if you’re awarded a qualifying benefit at a later date or you change the account your benefit or Tax Credits are paid into.”
