UK Rising Cost of Living Support Measures

The Chancellor, Rishi Sunak has today announced a number of support measures to help with the rising cost of living. Millions of households across the UK will benefit from the new £15 billion support package. We have summarised the key points below:-

• Households will receive a £400 grant to help with the rising cost of energy bills, this replaces the previously announced Energy Bills Support Scheme loan of £200 and does not have to be paid back. This applies for households in England, Scotland & Wales. Equivalent support will be available in NI however details have yet to announced.

• The Government will make a one-off tax free payment of £650 to UK households on means tested benefits.

• Pensioner households across the UK in receipt of winter fuel payments will be given an extra one-off payment of £300.

• Individuals receiving disability benefits will receive a one-off tax free payment of £150 in September. Disability benefit recipients also on means tested benefits will get the £650 Cost of Living payment as well.

• To support people who need additional help, the Government is providing £500 million of local support via the Household Support Fund, which will be extended from October 2022 to March 2023.

• New temporary Energy Profits Levy on oil and gas firms will raise around £5 billion over the next year to help with cost of living