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This month, it was confirmed that the UK formally entered a recession on the finish of 2023. The information got here shortly after figures put inflation regular at 4 per cent, beating the percentages of one other rise – however nonetheless far-off from the federal government’s goal of 2 per cent.
Against this grim financial backdrop, the cost of living disaster persists. Bills, meals costs and rents all stay stubbornly excessive as hundreds of thousands wrestle to afford the necessities.
Research from the Joseph Rowntree Foundation (JRF) exhibits that in the direction of the top of final 12 months, 73 per cent of low-income households on Universal Credit skilled meals insecurity. One in six reported turning off their fridge or freezer sooner or later to economize.
DWP cost dates and key cash info for March 2024
(PA Archive)
Here is a short overview of the state monetary assist obtainable to low-income households this March and the dates on which advantages recipients can anticipate their cash to be paid out:
Benefits going out as regular
The regular advantages and pensions payments might be going out largely as regular in March. These are:
- Universal Credit
- State pension
- Pension credit score
- Disability living allowance
- Personal independence cost
- Attendance allowance
- Carer’s allowance
- Employment assist allowance
- Income assist
- Jobseeker’s allowance
However, in case your cost date falls on Good Friday (29 March), you must obtain your anticipated cost the day earlier than (28 March).
For extra info on how and when state advantages are paid, please go to the federal government’s web site.
Cost of living cost
Despite ongoing monetary pressures, the federal government has not introduced any plans to increase its cost of living cost scheme past Febuary 2024.
Peter Matejic, Chief Analyst on the JRF, mentioned: “The Government’s cost of living payments gave families a short-term reprieve. Without them, they face an income safety net that offers no safety and the ever-rising cost of essentials like food and energy.”
If eligible, the ultimate cost of living cost of £299 must be paid to you between February 6, 2024 and February 22, 2024. People receiving sure advantages or tax credit had been eligible for the cost of living cost. These embrace: Universal Credit, Jobseeker’s Allowance, Employment Support Allowance, Income Support, Pension cCedit, Child Tax Credit, and Working Tax Credit.
This cost follows a number of others made all through 2023:
- £301 – First cost of living cost – issued between 25 April and 17 May (or 2 to 9 May for folks on tax credit however no different low-income advantages)
- £150 – Disability cost – issued between 20 June and 4 July
- £300 – Second cost of living cost – issued between 31 October and 19 November for most individuals
- £300 – Pensioner cost – issued November 2023
If you imagine you had been eligible for these payments however didn’t obtain them, you must contact the DWP.
Other assist obtainable as cost of living payments finish
Local council help
The authorities’s Household Support Fund (HSF) is ending on March 31. Depending on the place you reside, you should still have time to use.
The HSF is funding given to all native councils to assist susceptible households of their space. Councils are free to allocate the funds nevertheless they really feel is greatest. For occasion, some have supplied money grants, grocery store vouchers, or vitality invoice help. You might want to go to your native council’s web site to search out out what assist should be obtainable.
After the HSF deadline ends – with many councils already refusing new functions – assist should be obtainable. Some councils are persevering with to supply discretionary help to struggling households of their areas.
To discover out what assist is on the market to you, the End Furniture Poverty charity supply a useful help finder software.
Many native authorities have referred to as on the federal government to increase the HSF past the top of March, however no announcment has been made up to now.
Local Government Association spokesperson Cllr Pete Marland mentioned: “Now is not the time to scale back support. Many at-risk households continue to face considerable challenges in meeting essential living costs, with demand for support greater than when the fund was first introduced.”
Charitable grants
If you’re struggling financially, you might be eligible for sure charitable grants. There are a variety of grants obtainable relying in your circumstances. However, these grants will sometimes require you to fulfill particular standards and solely be capable to supply restricted funds.
Charitable grants can be found for people who find themselves disabled or unwell, carers, bereaved, unemployed, college students – and many extra. The charity Turn2us has a web based software to go looking for grants which can be obtainable to you.
Energy supplier assist
A quantity of vitality suppliers supply assist for these scuffling with their vitality payments. These embrace Scottish Power, EDF, E.ON and Octopus. It is value contacting your vitality supplier to search out out in case you are eligible.
British Gas additionally supply a grant of as much as £2,000 to clients of any vitality supplier. You might want to meet particular standards to be eligible, and can apply on the British Gas Energy Trust web site.
Energy Price Cap: Will it go up or down in 2024?
As of January 1, the Energy Price Cap is ready at £1928, up from £1834 on the finish of 2023. Analysts at Cornwall Insight predict this determine will fall in April to £1,660, and once more in July to £1,590, earlier than rising once more to £1,639.97 within the closing months of 2024.
The vitality worth cap is the utmost quantity vitality suppliers can cost you for every unit of vitality in case you’re on a regular variable tariff. That contains most households. It is expressed as an annual invoice for a median house.
The latest decline in costs is reflective of latest drops in wholesale vitality prices – the quantity vitality companies pay for their electrical energy and gasoline earlier than supplying it to households. Although it’s a important slide from the record-high charges of the final two years, the determine stays nearly £1,000 a 12 months above pre-pandemic ranges.
Are advantages and pensions going up in 2024?
Benefits and state pension are set to extend in April 2024.
In his autumn assertion, Jeremy Hunt that advantages are going to be elevated by the September fee of inflation of 6.7 per cent. He additionally introduced that state pensions might be elevated by 8.5 per cent across the similar time.
However, the Child Poverty Action Group (CPAG) has warned that failure to lift the advantages cap will push extra folks past its threshold, which means a real-terms minimize for many.
Have you been affected by the inflation enhance or have a narrative to share about your expertise throughout the cost of living disaster? Get in contact by way of e mail: albert.toth@impartial.co.uk
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