Cost of Living Support Package

A new £15 billion package of support to help with the rising cost of living was announced by the Chancellor on 26th May.

There will be a new one-off £650 payment for more than 8 million low-income households.  There will also be one-off payments of £300 to pensioner households and £150 to individuals receiving disability benefits.

Rishi Sunak also announced that the energy bills discount due to come in from October is being doubled from £200 to £400.  There will be no need to repay this discount.

This package means that almost all of the eight million most vulnerable households will receive at least £1,200 of extra support this year.

There will also be a £500 million increase for the Household Support Fund.  This scheme will be extended from October until March 2023.

To help pay for the extra support, the Chancellor said a temporary 25% Energy Profits Levy would be introduced for oil and gas companies.

A factsheet giving full details of the announcement can be found on the GOV.uk website.