THE DWP has revealed that Brits on Tax Credits will have to wait nearly two weeks to receive their second Cost of Living payment.
The DWP officially began sending out the second Cost of Living payment, worth £324, on Tuesday – bringing the total payout to £650.
But most people who are entitled to the payment did not receive the cash on November 8, with the DWP confirming that numbers would “increase significantly” between November 9 and November 23.
To be eligible for the cash, you will have to claim at least one of these benefits; Income-based Jobseekers Allowance, Income-related Employment and Support Allowance, Income Support, Working Tax Credit, Child Tax Credit, Pension Credit and Universal Credit.
The DWP also confirmed that households who qualify for the cost of living payment through tax credits will receive their payment after those on Universal Credit get theirs.
Read our cost of living live blog below for the latest updates…
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Thousands of Brits could have their water bill halved with this new scheme
Anglian Water has launched a £135million scheme to help 333,000 of its customers through the cost of living crisis.
To see if you could be eligible for the cash, contact the water company directly – through their website, Twitter, Facebook or by calling the Anglican Water extra care team on 0800 169 3630.
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Do not switch off your boiler at night to save on bills
Switching off your appliances when they are not in use can be a good way to save on bills.
But experts have warned that turning off your boiler while you sleep could end up increasing your outgoings or even break the machine.
A spokesperson from BoilerCentral told us why you shouldn’t switch your boiler off at night: “If the boiler is turned off and you have forgotten to turn it back on, some can be temperamental and then require a call out.
“It is advised to first look at adjusting your thermostat settings instead of turning your boiler off.
“If someone is looking to regularly turn off their boiler then to ensure it can be done without causing problems it’s advised to get it serviced annually.”
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Free debt advice
If you’re in debt there are plenty of services you can take advantage of and they offer free advice on how to manage debt.
Most of them can offer you free guidance and help in person, over the telephone or online.
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Scottish ambulance staff to go out on strike over pay dispute (3/3)
The Labour party health spokesperson, Jackie Baillie, said that ministers might consider sending in the army to fill in for the staff on strike day.
She said: “No one wants these strikes, but I understand that workers have been left with no other option. The problems that have been building for years are now at crisis point, but Humza Yousaf is just not listening.
“It’s not too late for the SNP to prevent these strikes by getting round the negotiating table and delivering a fair pay deal. We need to start contingency planning now to avoid disaster, and the SNP must consider calling in the Army – but that is no substitute for trained paramedics, who need to be properly valued and fairly paid.”
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Scottish ambulance staff to go out on strike over pay dispute (2/3)
GMB’s Karen Leonard added that Scottish health secretary Humza Yousaf took no action to try and stop the strike from happening.
She said: “Since GMB’s members announced their mandate for strike, he (Scotland’s Health Secretary Humza Yousaf) has done nothing to prevent it going ahead.
“He has failed to come back with the significantly improved offer he promised. He has put off meeting with our members to discuss an offer. He has been totally missing.
“Humza Yousaf can’t stick his fingers in his ears and hope workers will go away. He has to meet with them.”
Scottish health secretary Humza Yousaf has not responded to the Scottish ambulance staff strike -
Scottish ambulance staff to go out on strike over pay dispute (1/3)
The GMB trade union said that the Scottish ambulance staff shall strike for one day from 6am on Monday, November 28.
Karen Leonard, a GMB Scotland organiser, said: “Staff in the Scottish Ambulance Service have worked throughout the depths of the pandemic on the frontline of our public services, all the while dealing with an understaffing crisis and now a cost-of-living crisis this winter.
“These strikes are a direct response to the Scottish Government who have failed to give key, frontline workers the pay rise that they deserve and who have overseen years of managed decline in the health services that so many rely on.
“Staff are rightly angry with how they’re being treated. They have been overlooked, overworked, undervalued and underpaid. The workforce is being expected to fill more and more gaps in service provision.”
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One-in-twenty Brits will not celebrate Christmas this year
A study conducted by Barnardo’s – the UK’s largest children charity – revealed that one-in-twenty Brits will treat Christmas as a normal day this year.
The poll was answered by 2,000 Brits who usually celebrate Christmas.
However, five per cent admitted that this year there will be no presents, dinners, tree, carols and decorations.
The main reason for cancelling Christmas this year is the cost of living crisis, as a spokesperson from the charity said: “Shoppers are feeling the pinch this festive season.
“We found that 22 per cent of those polled said they won’t be buying their partner a present this Christmas, and 24 per cent won’t be buying any festive decorations.”
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Major changes affecting your pocket (8/8)
Some benefits and Universal credit will be paid on December 23 rather than on the 26th or 27th, as they are each month.
That’s because Boxing Day counts as a bank holiday, and the 27th is a “substituted” bank holiday day for Christmas Day and payments aren’t made on these days.
The same goes for if you usually receive your Universal Credit payment on the 2nd of each month as January 2, 2023 is a bank holiday.
If you usually get paid Universal Credit on this day, you’ll get it on December 30, 2022.
Plus, if you usually get paid on the 24th or 25th of each month you should receive your payment on December 23 as the 24th and 25th fall on the weekend this year.
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Major changes affecting your pocket (7/8)
The Bank of England will most probably be raising its rate to help bring the rate of inflation down, as it is estimated to soar to 11%.
The Bank of England has said that rates would hit a maximum of 4.6% next year – a forecast which has brought some relief for mortgage holders.
This opened the way for lenders to reduce some mortgage rates.
But there’s no ultimate guarantee that mortgage rates won’t rise if interest rates are hiked in December.
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Major changes affecting your pocket (6/8)
Those on benefits will be receiving the Christmas bonus in early December.
To qualify for the payment you must be present or “ordinarily resident” in the UK, Channel Islands, Isle of Man or Gibraltar during the first full week between December 5 and 11.
It will show up in your bank account as “DWP XB” on your statement.
Households will also need to claim at least one of the 20 qualifying benefits within the same period.
Christmas bonus is coming early this December -
Major changes affecting your pocket (5/8)
Throughout November and December, millions of households shall be receiving a £400 energy bill discount.
The energy supplier will calculate the discount which shall be split across six discounts between October 2022 and March 2023.
Find out more here how you will be paid depending on how you pay for your energy.
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Major changes affecting your pocket (4/8)
The £300 one-off “Pensioner Cost of Living Payment” will be rolled out to eight million households across November.
Those who are already on the winter fuel payment will receive it and it’ll be worth between £100 and £300 for those over the state pension age.
To qualify for the Winter Fuel Payment and Pensioner Cost of Living Payment, the following must apply:
- You were born on or before 25 September 1956
- You lived in the UK for at least one day during the week of 19 to 25 September 2022 – this is called the “qualifying week”.
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Major changes affecting your pocket (3/8)
Those receiving tax credit will receive the second of the £650 cost of living payment on November 23.
The government is paying tax credit claimants later than those getting DWP benefits like Universal Credit to avoid paying anyone twice.
Anyone who claims both types of tax credits – child tax credit and working tax credit – will have the payment made into the bank account where child tax credits are paid.
You’ll know when the money has landed in your bank account by looking for a reference which starts with your national insurance number, followed by “HMRC COL”.
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Major changes affecting your pocket (2/8)
The deadline to backdate benefits and qualify for the Warm Home Discount is approaching on November 17.
The Warm Home Discount is available to those on the lowest incomes to help with rising costs.
However, don’t need to apply to get the cash and you’ll automatically qualify if you are receiving certain benefits including pension credit.
Energy suppliers will automatically dish out the payment, worth £150 this year, as long as you were receiving pension credit on or before Sunday, August 21.
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Major changes before the end of the year that will affect your pocket (1/8)
Some major changes that will affect your finance will hit the UK before the end of the year.
We will tell you about them so that you get prepared and get budgeting if needed.
First of all, let’s start with inflation on November 16.
The Office for National Statistics will release its latest consumer price inflation (CPI) figures on Wednesday.
This year’s inflation hit 10.1% in September, the biggest rise since 1997.
The Bank of England predicts that inflation shall hit 11% in October and remain above 10% for a few months.
This means that food and services across the UK will become more expensive while the Bank of England will need to raise interest rates to help bring down inflation.
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King Charles helps out low-paid staff
King Charles is helping out low-paid staff as they face the cost of living crisis.
On top of their monthly salary, Charles will give workers such as cleaners, servants and footmen an extra £600 from his own pocket.
An insider said: “The King is giving money out of his own pocket to the lowest earners working for the household to help them cope with the cost of living crisis.
“It is being given on a sliding scale with those most in need and on lower wages getting the most money.
“It is to target where it is needed the most in the Royal Household and reflects the reality of the economic situation the country faces.
“The King is very much aware of the soaring energy bills people are facing and worried about the economic wellbeing of loyal palace staff and doing what he can.”
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Chancellor says ‘best thing’ he can do is ‘bring down inflation’
Jeremy Hunt has said the best way to help cash-strapped households hit by a cost of living squeeze was to produce a fiscal plan that would bring down inflation.
“The best thing that I can do as chancellor is produce a plan that brings down inflation, brings down the upward pressure on interest rates,” Hunt said on Sky News.
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What does a recession mean for you?
As the UK economy hurtles toward recession, many Brits are worried about the future of their cash.
But what does a recession mean for you?
Job losses are common, as companies try to cut their costs to stay afloat.
Businesses may also go into administration or go bust.
We can also expect the Chancellor to announce a series of tax hikes and spending cuts next week, as Mr Hunt looks to save money.
On top of that, “real wages” are likely to fall.
“Real wages” fall when your income fails to rise with inflation.
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Free debt advice
If you’re in debt there are plenty of services you can take advantage of and they offer free advice on how to manage debt.
Most of them can offer you free guidance and help in person, over the telephone or online.
-
Thousands of Brits could have their water bill halved with this new scheme
Anglian Water has launched a £135million scheme to help 333,000 of its customers through the cost of living crisis.
To see if you could be eligible for the cash, contact the water company directly – through their website, Twitter, Facebook or by calling the Anglican Water extra care team on 0800 169 3630.
For more details, read our full article.
-
Do not switch off your boiler at night to save on bills
Switching off your appliances when they are not in use can be a good way to save on bills.
But experts have warned that turning off your boiler while you sleep could end up increasing your outgoings or even break the machine.
A spokesperson from BoilerCentral told us why you shouldn’t switch your boiler off at night: “If the boiler is turned off and you have forgotten to turn it back on, some can be temperamental and then require a call out.
“It is advised to first look at adjusting your thermostat settings instead of turning your boiler off.
“If someone is looking to regularly turn off their boiler then to ensure it can be done without causing problems it’s advised to get it serviced annually.”
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How much do Christmas lights cost to run?
In 2020, the average family had their Christmas lights up from November 26 to January 6, according to Uswitch.
That’s a very Christmasy 43 days to add to your energy bills this winter.
However, because Christmas lights are often LEDs, they shouldn’t be too expensive to keep running.
Sarah Broomfield, energy expert at Uswitch, said: “A household with a string of 200 LED fairy lights would expect to increase their bills by just 27p if used for six hours a day for 22 days over the whole festive period – that’s just 0.2p per hour.”
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A look at the UK economy
The UK economy shrunk by 0.2% between July and September, meaning we are heading toward a recession.
Prior to the outbreak of Covid-19, the economy had been on the up, but it has struggled since.
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Sell old furniture to make cash this Christmas
If you are looking to earn some cash before the Christmas pinch begins, selling your old furniture is a surefire way to make money.
According to Brad West, owner of West Antiques, these five items could earn you up to £1,000.
- Mid-century sideboards – up to £1,000
- Desks – up to £650
- Lamps – up to £100
- Chairs – up to £400
- Coffee tables – from £250
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Get set for Christmas with these tips
The Money Saving Expert has shared some tips to cope with the Christmas pinch.
Planning for this year’s festivities in advance could majorly soften the blow of extra costs.
- Budget now, plan how much you would like to spend.
- Start buying presents early, don’t leave it to the last minute.
- Secret santa with your family, plan one big meaningful present for everyone, instead of multiple gifts.
- Google items before purchasing them, you might be able to find a cheaper alternative.
