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Wednesday, July 24, 2024

Subsequent £300 cost-of-living funds hit financial institution accounts right this moment

Subsequent £300 cost-of-living funds hit financial institution accounts right this moment

The second cost-of-living fee of £300 to assist individuals with rising costs will begin arriving in financial institution accounts from right this moment.

It will likely be paid to over eight million households and is the second of three funds, totalling £900.

The federal government has additionally confirmed an extension to the £2 bus fare cap which was anticipated to rise to £2.50 after 31 October. It comes off the again of redirected HS2 funding (see beneath for extra on this).

The primary cost-of-living fee of £301 was made in April and the ultimate fee of £299 might be paid in spring 2024.

As a part of the second tranche of funds, they are going to be constituted of right this moment till 19 November for many people who find themselves eligible.

The cash is paid mechanically so those that are eligible don’t must do something so as to obtain the money.

You’re eligible when you’re in receipt of one of many following advantages:

  • Common Credit score
  • Revenue-based Jobseekers Allowance
  • Revenue-related Employment and Assist Allowance
  • Revenue Assist
  • Working Tax Credit score
  • Youngster Tax Credit score
  • Pension Credit score.

You want to have been entitled to the fee for a qualifying or evaluation interval between 18 August and 17 September this yr.

These funds are tax-free and don’t rely in direction of the profit cap. In addition they don’t have any impression on an individual’s profit entitlement.

Anybody who receives Tax Credit solely and doesn’t qualify for the cost-of-living fee, will obtain £300 from HM Income and Customs (HMRC) between 10 and 19 November. To be eligible for this fee, it’s worthwhile to have obtained a fee between 18 August and 17 September 2023.

Eligible pensioners are additionally set to obtain an extra £300 via Winter Gas Funds this yr offering them with as much as £600 to assist with power payments.

A £150 rebate may also be paid to round three million low-income households via the Heat House Low cost.

From 1 November, the Chilly Climate Fee scheme may also start. It offers funds of £25 every week if temperatures fall beneath zero for greater than seven days in a row within the UK.

‘Winter generally is a notably difficult interval’

Prime Minister, Rishi Sunak, stated: “I do know that winter generally is a notably difficult interval for a lot of households throughout the nation.

“That’s why we have now put in place a bundle of quick assist for weak households over the approaching months.

“We’re reducing journey prices via the bus fare cap, which we’re capable of do due to our long-term resolution to cancel part 2 of HS2.

“We’re additionally offering an additional top-up to assist pay power payments and direct funds to cowl the price of day-to-day necessities.”

£2 bus fare cap prolonged

The federal government additionally confirmed an extension to the £2 bus fare cap. It’ll hold the price of most single bus journeys throughout England at £2.

The ‘Get Round for £2’ scheme began in January 2023. It was initially meant to final for 3 months however it has been prolonged a number of occasions.

The cap was because of be elevated to £2.50 however this rise has been scrapped. The cap has to this point helped reduce bus fares in England by a mean of seven.4%, exterior of London.

Transport secretary, Mark Harper, stated: “Buses are the preferred type of public transport and assist individuals throughout the nation get to work, attend medical appointments, and see family members – that’s why we’re extending the ‘Get Round for £2’ scheme all the way in which to 31 December 2024.

“Extending the £2 bus fare cap has solely been attainable with the redirected HS2 funding secured by this authorities making the fitting long-term selections for a brighter future, delivering quick advantages and serving to individuals lower your expenses.”

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