Even after some stability has returned to international energy markets and domestic heating costs have fallen after a long winter of high prices, the post-pandemic cost-of-living crisis continues to make life in the UK difficult this summer.
With inflation hovering at just 8.7%, rising prices on supermarket shelves has emerged as a new worry for mortgage holders battling high interest rates, with the Office for National Statistics (ONS) forecasting food inflation for May. It is estimated at 18.4%.
But Sainsbury’s chief executive Simon Roberts said he believes levels will start to fall as warmer weather improves retail sales, adding that his supermarkets sell bread, butter, milk and He pointed out that prices of staples such as pasta and meat had fallen. During the second quarter of this year, subject to more favorable trading conditions.
That said, the news that supermarkets have been accused of ‘ripping off’ fuel prices in their forecourts and making them profiteers has resulted in drivers being paid nearly £1bn over the odds of petrol and diesel last year. , likely to further demoralize. A bewildered nation, tired of fighting the economy.
Below, we’ll take a look at the assistance available to households this August.
An additional £1,350 in support will be paid
Millions of low-income households are receiving more money from the government, even though Rishi Sunak’s energy bill assistance scheme (an initiative to distribute £400 in monthly installments of £66 and £67) expired at the end of March. You will receive living expenses support. This year the total value is up to £1,350.
Eight million means-tested eligible claimants, including those on universal credits, pension credits and tax credits, will receive £900 in installments as part of a program launched this spring, with the money split into three installments. It will be transferred directly to your bank account in installments. The Department of Work and Pensions (DWP) made the announcement.
An additional £150 will be given to more than 6 million disabled people and £300 to more than 8 million pensioners.
here it is payment window It has been announced so far and a more precise date is expected later in the year.
- £301 – first cost of living payment – issued between 25th April and 17th May (2nd May – 9th May for those receiving tax credits but no other low income benefits) until date)
- £150 – Disability Allowance – Summer 2023
- £300 – Second cost of living payment – Fall 2023
- £300 – Payments to Pensioners – Winter 2023/4
- £299 – 3rd cost of living payment – Spring 2024
Payment schedule changes due to bank holidays
The usual state aid of stipends and pension payments will also start in August, but Monday the 28th marks the arrival of the summer banking holiday, so those expecting to receive money on that day will usually It can be expected to be paid in 2019. His bank account is one business day old (for example he is Friday the 25th).
This applies to anyone planning to receive any of the following from DWP in August:
- universal credit
- national pension
- pension deduction
- Disability living allowance
- Individual Independence Allowance
- Nursing care allowance
- caregiver allowance
- Employment support allowance
- income support
- Job Seeker’s Allowance
For more information on when and how state benefits are paid, visit: government website.
Energy price guarantee expired due to cap reduction
The sweltering weather, which is expected to last into August, has already marked the hottest June since records began in 1884, and while it may not be comfortable for everyone, at least it’s time to switch on the central heating. It will greatly reduce the need to enter. I just ran out of money for the winter.
The Government’s Energy Price Guarantee (EPG) was introduced by Liz Truss last September to ensure households pay less than £2,500 for electricity and gas, and the Government has introduced Ofgem’s Energy Price Cap (EPC). Prime Minister Jeremy Hunt decided to extend it for another three months in the March 15 budget.
Mr Hunt was reportedly tempted to increase the EPG to £3,000, which was not a fairly generous offer to ease the state’s burden, but ultimately thought good intentions and guaranteed The period has been extended to April, May and June.
With the EPG finally expiring, consumers will have to pay EPC fees again, but Ofgem has set the EPC fee for the third quarter starting July 1 at £2,074 and set it for the second quarter at £3,280. A big drop from the pound. Households were protected by government overriding security interventions.
The 17% decline reflects the recent decline in wholesale energy prices (the amount energy companies pay for electricity and gas before they supply homes), up from the eye-popping prices of the past two years. Despite a significant decline, the figure is still more than £1,000 a year above pre-pandemic levels.
As to what happens next, consulting firm Cornwall Insight predicts a fall in July followed by another drop in October, with a typical annual bill of £1,976. Expect.
Unfortunately, Cornwall believes general bills will rise again to £2,045 in January 2024, with energy prices returning to pre-coronavirus levels by the end of 2020 at the earliest. did not expect.
Geopolitical events like the war in Ukraine may continue to have a negative impact as the UK relies on energy imports, and prices may continue to be subject to wholesale market volatility, customers said. warned to.
