People across the UK are still struggling to meet their financial obligations as the cost of living crisis continues to weigh on household budgets, with a recent survey by the Financial Conduct Authority putting the total number of people facing the crisis at 1,000. Estimated to be over 10,000 people.
Inflation finally eased from 10.1% to 8.7% in May, but prices on supermarket aisles and high street shelves remain high as domestic finances continue to tighten after a long winter of high utility costs. It’s stuck high.
Latest data from the Office of National Statistics (ONS) show food prices Fastest increase in about 45 years According to the ONS, about 44% of adults said they responded by spending less on groceries and essentials, usually by choosing cheaper alternative brands.
In addition, 50 percent of shoppers said they were buying fewer items overall, 67 percent said they had noticed an increase in the cost of living within the past month, and 97 percent said they were worried about rising grocery costs. He said he was affected.
Below, we’ll take a look at the assistance available to households this July.
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 eligible means-tested benefit claimants, including those on universal credits, pension credits and tax credits, will receive £900 in installments from this spring, which will be split into three installments. It will be transferred directly to the bank account of the Ministry of Labor and Pension (DWP) said.
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
Benefits of going out as usual
The usual state aid of stipends and pension payments will also go ahead as usual in July, as there are no bank holidays scheduled to disrupt delivery dates.
Anyone expecting to receive any of the following from DWP can receive their money on any regular date this month.
- 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 has ended
The sweltering weather expected in July may not be comfortable for everyone considering last year’s record heat wave, but at least the need to switch on central heating has been greatly alleviated. increase. Winter has just passed.
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 the EPC fee again, but Ofgem announced that from 1st July that fee will be £2,074, a significant drop from the £3,280 set in the second quarter. bottom. It was protected by government overriding security interventions.
The 17% decline reflects the recent drop in wholesale energy prices (the amount energy companies pay for electricity and gas before they supply them to 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.
