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Cost of living support



It was announced on 17 November that there will be further support for the most vulnerable. It is planned that the cost of living support will be worth £26 billion in 2023-24.


Means-tested benefits

One of the ways the most vulnerable will receive this support is if any household on means-tested benefits will receive a Cost of Living Payment of £900 in 2023-24. This payment will help more than 8 million households in the UK.

Following benefits that will receive this payment

Universal Credit

Income-based Jobseekers Allowance

Income-related Employment and Support Allowance

Income Support

Pension Credit

Working Tax Credit

Child Tax Credit

Pension

Pensioners will also receive additional help. This will come as a payment of £300 Cost of Living Payment in 2023-24.


This will come alongside a 10.1% increase to their State Pension in April 2023. This is due to the triple lock which means that it was decided that pensions will increase alongside inflation. This increase in State Pensions will help nearly 2 million pensioners.


Overall this means that pensioners on a full basic State Pension will increase from £141.85 per week to £156.20 per week. Then pensioners on new State Pension will increase from £185.15 per week to £203.85 per week.


There will also be help for 1.4 million pensioners on Pension Credit by increasing it by 10.1% in April 2023.


Disability

More than 6 million people will also receive a £150 Disability Cost of Living Payment in 2023-24.

This includes everyone eligible for

Disability Living Allowance

Personal Independence Payment

Attendance Allowance

Scottish Disability Benefits

Armed Forces Independence Payment

Constant Attendance Allowance

War Pension Mobility Supplement

Benefit Cap

To further help those on benefits, the government has announced that the benefit cap will rise with inflation by 10.1%. This means the benefit cap will rise from £20,000 to £22,020 nationally, and families in Greater London having their cap rise from 23,000 to £25,323.


Single households without children will also rise from £13,400 to £13,753 nationally and £15,410 to £16,967 in Greater London.



For more information, look on Gov.uk website here


Contains public sector information licensed under the Open Government Licence v3.0.

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