BRITS are set to receive a £300 cash boost in just weeks to help tackle the cost of living crisis.
The Department for Work and Pensions has confirmed when the second installment of the £900 cost of living payment will start to be made.
Households on certain benefits, including Universal Credit, will receive the £300 payment directly into their bank accounts from October 31, with the last payments being sent on November 19.
Those eligible for the tax-free payment won't have to do anything as it will be made automatically.
The full list of benefits that qualify people for the payment include: Universal Credit; income-based jobseekers allowance; income-related employment and support allowance; income support; working tax credit; child tax credit and Pension credit.
Read our live blog below for the latest news and updates…
- By Louis Allwood
UK inflation rate falls
The UK's rate of inflation has fallen again to 6.7% in August, official figures show.
The Consumer Price Index level of inflation decreased from 6.8% in July, according to the Office for National Statistics (ONS).
Meanwhile, the CPI including housing costs came in at 6.3% in the 12 months to August 2023, down from 6.4% in July and from its highest peak of 9.6% in October last year.
Inflation is a measure of how the price of goods and services has changed over the past year.
- By Louis Allwood
How to cut costs on bills
If you're able to, drying clothes and other items outside will help cut costs.
If this isn’t an option for you, an indoor airer or even a heated airer will still work out a lot cheaper.
Turning your thermostat down by just one degree can be another easy way to save £100 a year.
Setting up draught excluders around your home to block out any unwanted cool air is a cheap solution to slash your energy bills.
It means you could spend as little as £3, which could save you £200 on bills in the long run.
Over 10.7million households can save an average of £112 a year by changing the temperatures on their combination boilers.
Households are being urged to check just how much they can save on their energy bills with a simple flick of a button.
- By Louis Allwood
How much does underfloor heating cost to run?
Ben Gallizzi, energy expert at Uswitch, said: “Underfloor heating can be a more energy-efficient alternative to radiators, but households will have to consider the cost of installation to see if it’s a worthwhile change.
“Radiators have to reach a high temperature to warm up the air in the room.
“Underfloor heating requires much lower temperatures to work, which means using less energy overall."
Ben explained that there are two types of underfloor heating – wet systems which pump heated water through pipes under the floor and dry versions that use electric heating wires.
He said: “A dry system uses 150 watts to heat a square metre, so a typical bedroom might require 900W.
"If the heating is on for 12 hours a day, this would cost 27p a day now, and just under 25p from October 1."
“The wet version is estimated to be about 25% more efficient than running a radiator, but exact savings are hard to calculate as the boiler provides the whole home’s hot water and heating.”
If you have the wet version, then you might want to figure out how much heating and hot water you use before underfloor heating and then watch out for extra costs once you've turned it on.
- By Louis Allwood
Areas of Britain where mental health is worst affected by the cost of living crisis
People in Edinburgh, Leicester and Glasgow are struggling the most with their mental health in Britain due to the cost of living crisis.
A poll of 2,000 adults found 27 per cent have really taken a hit when it comes to their wellbeing, because of a lack of finances.
Newcastle, London and Leeds are other key cities where people are most affected.
Cutting down on socialising, gym memberships and nutritious food to save money are reasons why so many feel disheartened and worried about their mental wellbeing.
And 40 per cent are dreading the winter as they are unsure if they will be able to afford energy bills to heat their home.
The survey was commissioned by British Gas, which is working with Professor Green to raise awareness of the struggles so many are facing and highlight the free support available in the new phase of the British Gas Post Office Pop-Ups.
- By Louis Allwood
40% of adults in UK scrapped foreign holiday plans due to cost-of-living crisis
Nearly 40% of adults in the UK scrapped foreign holiday plans this year to stay at home and save money because of the cost-of-living crisis, a new poll has revealed.
And one third of young adults revealed they have shelved plans to move house due to the squeeze on their finances.
READ MORE SUN STORIES
HOL LOT OF STRESS 40% of adults scrapped holiday plans due to cost-of-living crisis
- By Louis Allwood
DWP encourages people to check their eligibility
The DWP is also encouraging low-income pensioners not already receiving pension credit to check their eligibility.
This is because successful pension credit claims can be backdated by up to three months.
This means that thousands more could still qualify for both the second cost of living payment as well as the third payment due in the spring.
- By Louis Allwood
It is 'right that we are helping the most vulnerable in our society'
Mel Stride, secretary of state for work and pensions, said: "The best way we can boost bank balances is by bearing down on inflation, but as we get there, we are ensuring the most vulnerable households are cushioned from high prices with a further cost of living payment.
"Alongside this, thousands of work coaches across the country are helping find work, increase their hours and boost their skills."
Jeremy Hunt, chancellor of the exchequer, added that it is "right that we are helping the most vulnerable in our society."
- By Louis Allwood
What other Cost of Living payments are expected?
The final £299 cost of living payment will be made in the spring of 2024.
It follows the £650 cost of living payment made to over eight million people in 2022.
- By Louis Allwood
How to find the payment?
The payment reference for bank accounts will be the recipient’s National Insurance number followed by DWP COL or HMRC COLS.
For example, if your NI number is JT 83 42 97B your payment will show up as "JT 83 42 97B DWP COLP" or "JT 83 42 97B HMRC COLP" on your bank statement.
- By Louis Allwood
Other eligibility requirements
You need to have been entitled to a payment for any of the qualifying benefits between August 18 and September 17 to be eligible for the free cash.
If you were later found to be entitled to any of the above benefits between the same dates you will also be eligible for the payment too.
Households on tax credits only will receive their payment from HMRC between November 10 and 19.
This is to ensure that those on other benefits and tax credits will not get the payment twice.
- By Louis Allwood
Full list of benefits that make you eligible
The full list of benefits that qualify people for the payment is:
- Universal Credit
- Income-based jobseekers allowance
- Income-related employment and support allowance
- Income support
- Working tax credit
- Child tax credit
- Pension credit
What do you need to do to receive the payment?
Those eligible for the tax-free payment won't have to do anything as it will be made automatically.
The £300 payment is the second of three payments that form the £900 support.
The first instalment worth £301 was paid out to over eight million households in April and May.
Cost of Living payment date revealed
Millions of Brits are set to receive a £300 cost of living payment within weeks.
The Department for Work and Pensions has now confirmed the dates when the second instalment of the £900 cost of living payment will be made.
Households on certain benefits, including Universal Credit, will receive the £300 payment directly into their bank accounts between October 31 and November 19.
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