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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 chances of one other rise – however nonetheless distant 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 tens of millions battle to afford the necessities.
Research from the Joseph Rowntree Foundation (JRF) reveals that in the direction of the tip 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 in some unspecified time in the future to save cash.
Here is a short overview of the state monetary help out there to low-income households this March and the dates on which advantages recipients can count on their cash to be paid out:
Benefits going out as ordinary
The ordinary advantages and pensions payments will likely be going out principally as regular in March. These are:
- Universal Credit
- State pension
- Pension credit score
- Disability living allowance
- Personal independence fee
- Attendance allowance
- Carer’s allowance
- Employment help allowance
- Income help
- Jobseeker’s allowance
However, in case your fee date falls on Good Friday (29 March), you need to obtain your anticipated fee 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 fee
Despite ongoing monetary pressures, the federal government has not introduced any plans to increase its cost of living fee 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 fee of £299 must be paid to you between February 6, 2024 and February 22, 2024. People receiving sure advantages or tax credit have been eligible for the cost of living fee. These embody: Universal Credit, Jobseeker’s Allowance, Employment Support Allowance, Income Support, Pension cCedit, Child Tax Credit, and Working Tax Credit.
This fee follows a number of others made all through 2023:
- £301 – First cost of living fee – issued between 25 April and 17 May (or 2 to 9 May for individuals on tax credit however no different low-income advantages)
- £150 – Disability fee – issued between 20 June and 4 July
- £300 – Second cost of living fee – issued between 31 October and 19 November for most individuals
- £300 – Pensioner fee – issued November 2023
If you consider you have been eligible for these payments however didn’t obtain them, you need to contact the DWP.
Other assist out there 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 help weak 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 seek out out what assist should be out there.
After the HSF deadline ends – with many councils already refusing new functions – assist should be out there. Some councils are persevering with to supply discretionary help to struggling households of their areas.
To discover out what help is offered 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 tip of March, however no announcment has been made to date.
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 might be struggling financially, it’s possible you’ll be eligible for sure charitable grants. There are a variety of grants out there relying in your circumstances. However, these grants will sometimes require you to satisfy particular standards and solely be capable of supply restricted funds.
Charitable grants can be found for people who find themselves disabled or sick, carers, bereaved, unemployed, college students – and many extra. The charity Turn2us has a web based software to look for grants which can be out there to you.
Energy supplier assist
A quantity of vitality suppliers supply assist for these combating their vitality payments. These embody Scottish Power, EDF, E.ON and Octopus. It is value contacting your vitality supplier to seek out out if you’re 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 if you happen to’re on a typical variable tariff. That contains most households. It is expressed as an annual invoice for a median dwelling.
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 price of inflation of 6.7 per cent. He additionally introduced that state pensions will likely be elevated by 8.5 per cent across the identical time.
However, the Child Poverty Action Group (CPAG) has warned that failure to boost the advantages cap will push extra individuals past its threshold, which means a real-terms lower for many.
Have you been affected by the inflation enhance or have a narrative to share about your expertise through the cost of living disaster? Get in contact by way of e-mail: albert.toth@unbiased.co.uk
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