Stuart Anderson MP has welcomed extra support with the cost of living for the most vulnerable in Wolverhampton South West. 13,000 low-income households across the constituency are set to benefit from their next Cost of Living payment, which is worth £300 and will be paid between the 31st October and 19th November 2023.
Across the country, millions of households will benefit from the extra payment. Stuart has backed additional the support, which is the second of three payments this year - totalling £900 for those eligible and on means-tested benefits, such as Universal Credit, Pension Credit, or tax credits, in 2023-24. This builds on last year’s financial support when more than 8 million low-income households received payments of up to £1,200. It is part of the ongoing assistance with cost of living for the most vulnerable – worth an average of £3,300 per household.
The £300 Cost of Living Payment will be sent out automatically and directly to eligible households, so there is no need to apply. Eligible pensioner households will also receive a further £300 payment later this year as an addition to the Winter Fuel Payment. Tax credits-only customers who do not qualify for a payment from DWP will receive £300 from HMRC between 10 and 19 November 2023. The Government continues to encourage low-income pensioners not already getting Pension Credit to check their eligibility, as – thanks to Pension Credit backdating rules – they could still qualify for both the second Cost of Living Payment as well as the third payment due in Spring 2024. Councils in England continue to offer various forms of support to cover the cost of essentials - thanks to DWP’s £842 million extension to the Household Support Fund this year.
On 20 September 2023, the Office for National Statistics (ONS) published data showing that twelve-month inflation in the Consumer Prices Index (CPI) was 6.7% in August, down from over 10 per cent at the beginning of the year. Inflation now stands at its lowest level since February last year – meaning more money in the pockets of working families.
Stuart Anderson MP said: “The Government has made it a priority to halve inflation this year and the most recent figures show that we are on track to do so, with inflation now at its lowest level since February last year. In the meantime, we continue to support households facing increased costs with record financial support worth £94 billion. The latest £300 Cost of Living Payment for 13,000 households in Wolverhampton South West will make a huge difference to the most vulnerable and those on the lowest incomes this Autumn while we continue to tackle inflation exacerbated by Putin’s unjustified invasion of Ukraine.”
Jeremy Hunt, Chancellor of the Exchequer, added: “Halving inflation and getting price rises under control is the best way to support households struggling with their bills. But it is also right that we are helping the most vulnerable in our society, and this latest Cost of Living payment is part of a package of support worth £3,300 per household on average over this year and last to help those struggling the most.”
For more information on these payments, please visit www.gov.uk/guidance/cost-of-living-payment.