Chancellor Jeremy Hunt announced a series of new cost of living payments to help millions of households across the country mitigate soaring inflation and ever-increasing energy bills. The new cost of living support package is worth £26 billion in 2023-24, in addition to benefits uprating, which is worth £11 billion to working age households and people with disabilities.
This means that over eight million households across the UK, will be supported by additional cost of living payments. The Chancellor also announced that the UK Government will continue to provide support to all households through the Energy Price Guarantee, which caps the price you pay for each unit of energy.
This will increase from £2,500 to £3,000 from April and will remain in place for 12 months. It is expected to save the average UK household £500 in 2023-24.
