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What does the Government's May 2022 cost of living announcement mean for your wallet?

 

 

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On 27 May 2022, the Government announced a £15 billion package of actions to provide support to millions of households across the UK struggling with the rising cost of living. These measures include a discount on energy bills, a one-off cost of living payment for those on means-tested benefits and in receipt of disability benefits, as well as a £500m increase to the Household Support Fund.

Here's a summary of these measures:

Energy Bills Support Scheme: 
Households will receive £400 of support with their energy bills through the expansion of the Energy Bills Support Scheme.

Means-tested one-off Cost of Living Payment
More than 8 million households on means-tested benefits will receive a payment of £650 this year. This will be in two instalments: one in July and one in the autumn. There's no need to apply, it will be paid automatically if you're eligible. Here's a list of the means-tested benefits:

  • Universal Credit
  • Income-based Jobseeker's Allowance
  • Income-related Employment & Support Allowance
  • Income Support
  • Working Tax Credit
  • Child Tax Credit
  • Pension Credit

One-off £300 Pensioner Cost of Living Payment
Pensioner households will received an extra £300 this year to help them cover the rising cost of energy this winter.

£150 Disability Cost of Living Payment
In September 2022, those in receipt of disability benefits will receive a one-off payment of £150. 

£500m increase and extension of Household Support Fund
The Government is providing an extra £500 million of local support through the Household Support Fund, which will be extended from October 2022 to March 2023.

The Household Support Fund helps vulnerable households, with the money allocated through local authorities. We look forward to hearing from them individually to understand how Curo customers could access this pot of money.

This package of support is welcome news at a time when increasing numbers of people are in need of extra support. It's positive that the Government has recognised the need to support families on the lowest incomes through this crisis.


If you need help with bills, contact us and ask for our Customer Accounts Team or email them directly on customeraccountshelp@curo-group.co.uk.



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