BRITS on certain benefits are set to receive the second half of the government’s £650 cost of living payment in the coming months.
Those who receive income-based Jobseekers Allowance, income-related Employment and Support Allowance, Income Support, Pension Credit and Universal Credit will have already received the first half of the £650 cost of living payment during the summer.
But when can you expect the second half to hit your bank accounts?
While an exact date is yet to be revealed, the second part of the payment worth £324 will be made in autumn.
This is just one of the many schemes being launched this winter in order to help hard-up Brits during the cost of living crisis.
In November, a £300 one-off “Pensioner Cost of Living Payment” will be paid out to eight million households.
And in less than two weeks, six million people with disabilities are set to receive £150.
This comes amid announcements from the government of a new energy price cap, designed to quell the rising cost of living.
Lizz Truss has confirmed that energy bills WILL be frozen at £2,500 in a major intervention to protect Brits from crippling price hikes.
The freeze will come in on October 1 and will last for two years.
The new PM will cap the wholesale cost of gas to stop families paying eye-watering sums to heat their homes this winter.
Businesses will have a separate six month scheme offering the same support.
Read our live blog below for the latest updates….
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Wetherspoons is slashing its prices by 7.5% – but for one day only
Everyone’s favourite pub chain is about to get a little bit cheaper, but not for long.
The pub chain said customers can enjoy up to 7.5% off at its pubs on Thursday, September 15.
But Wetherspoons fans will have to be quick, as the offer is only available for one day.
With this new discount, the famous “Spoons” breakfast will be £5.83, a 47p discount.
The price of beer varies across the country, but a £3.50 pint would be reduced to £3.24.
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How much each household could pay under the new price freeze
Liz Truss announced her government’s drastic new measures to solve the cost of living crisis yesterday.
Under the new scheme, the average Brit will pay no more than £2,500 a year on their energy bills.
Take a look at the diagram below to see how much you could be paying.
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How to calculate your bills, following latest price freeze
Martin Lewis has explained how to work out how much your bills will cost, following the government’s latest price freeze.
Under the new Energy Price Guarantee, a typical family will pay no more than £2,500 a year from October, for the next two years.
Martin Lewis says that the slight rise to bills represents a 6.5% increase for the typical household.
He said: “To estimate what you’ll pay, over a year, multiply your current energy costs by 6.5%.”
For example, if your monthly direct debit is £150 right now, from October it will rise to £159.75.
If your monthly direct debit is currently £200, from October it will hit £213.
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Be sure to turn off ‘vampire appliances’
So-called “vampire appliances” drain energy when left on standby or when used inefficiently – such as a TV and extra fridges.
Desktop computers and electric towel rails are among some of the worst offenders – they could be adding up to £500 onto your yearly costs.
Turn them off correctly – by switching them off at the plug and NOT via the standby button – to avoid a big bill sting.
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£400 energy payment, a visual breakdown
Despite launching an all-encompassing energy plan yesterday, capping average bills at £2,500, the government will still provide Brits with their £400 energy rebate.
The payment will be broken down into six separate rebates, beginning in October 2022 and ending in March the next year.
Several energy companies are taking part in this scheme, including British Gas, E.on, EDF, and Octopus Energy.
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Money saving tips for students!
Here are some top tips for saving money this term at University.
- Shop around at different supermarkets for the best deals
- Stock up on cupboard food such as rice, pasta, tins and jars
- Buy a 16-25 railcard
- Amazon Prime Student membership costs £39 per year or £3.99 per month, but it is discounted for a limited time
- Sign up to UniDays
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Six in 10 believe working from home helps save money
New research shows that 58 per cent of Brits feel hybrid working has helped them manage in the cost of living crisis.
Glassdoor surveyed 2,000 office workers, and around 23 per cent admitted that commuting costs made it difficult to manage the cost of living.
Furthermore 64 per cent respondents reported a better work life balance.
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Poorest households face £800 wage gap
It has been revealed that there is a £800 gap between prices rising and the benefits packages families are given.
Those on the lowest of incomes will struggle to meet the £2,500 cost of living this winter, according to the Joseph Rowntree Foundation.
Yahoo! Finance reported: “Families will receive around £2,100 including the £400 energy rebate, lump sum payments of up £650, and a £150 council tax rebate — leaving them £800 short.”
End Fuel Poverty Coalition said told the publication that 7 million households will still be in fuel poverty this winter.
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The key points of Liz Truss’s new Energy Price Guarantee
Here are the key details of the PM’s new energy plan.
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Martin Lewis: How to calculate household energy bills
The Money Saving Expert responded to Liz Truss’s new Energy Guarantee Plan.
To calculate bills, Martin Lewis said via Twitter: “To estimate what you’ll pay, over a year, multiply your current energy costs by 6.5%.
This figure includes the £400 energy discount.
For example if you pay £150 a month, from October it will rise to £159.75.
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Cost of living crisis blows for first time buyers
New research has shown that almost two thirds of new buyers are scaling back their savings.
Seven in 10 new home buyers have said that their attempts to purchase a property have been hindered.
Aldermore bank revealed that a third of buyers are putting their first purchase on hold for up to 20 months, the Independent reported.
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Energy Price Plan ‘can’t mask’ that Brits are ‘already struggling’
Liz Truss announced her Energy Guarantee Plan, with an energy price cap at £2,500.
The cap means Brits will not pay more than £2,500 a year on energy bills until October 2024.
But, Richard Lane, StepChange director of external affairs, said that this will not be enough to help those on lower incomes and pensioners.
He told the Daily Record that the change “can’t mask the fact that many people are already struggling at current prices”.
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Councillors in Blackburn, Lancashire, approve £150 cost of living payment
Senior councillors approved the payment for families struggling amid the cost of living crisis.
Payments were approved last night, and will be given to 6,000 families in the area, the Lancashire Telegraph reported.
The publication reported: “Those receiving the payments will include 128 families in council tax band E to H excluded from the original £150 payment.”
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Typical household energy bill to be capped at £2,500 a year
This is part of Liz Truss’s plan to help struggling homes to pay for energy bills this winter.
A Energy Prince Guarantee has been introduced, including a £400 discount, which means the cap will sit at £2,100.
However, the current price cap is set at £1,971.
In 2019, the energy price cap was set at £1,137 per year.
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ScotRail fares to be frozen
Nicola Sturgeon has also announced that ScotRail fares will be frozen until at least March 2023.
She also stated that she will encourage banks and other financial services firms to maximises security for homeowners and businesses.
She also wants to give greater protection to those repaying debts through the Debt Arrangement Scheme, via a new Bankruptcy and Diligence Bill.
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Deaths could be higher this winter due to cold homes
A YouGov poll revealed that 21 per cent of Brits won’t be turning the heating on till at least November, to save money on bills.
Before the pandemic, 25,000 extra deaths were recorded between December and March.
The Marmot review released figures stating that 21.5 per cent of all excess winter deaths are connected to the coldest 25 per cent of homes, The Conversation reported.
Richard Morris from the conversation wrote that “5,000 extra deaths occur in winter because people live in cold homes.”
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Brits tighten purse strings as ASOS sales drop
It has been announced that the retail giant’s sales have dramatically dropped.
The store is now being “cautious” ahead of the winter months, with “the impact of accelerating inflationary pressures on consumers and a slow start to Autumn/Winter shopping.”
This comes after Primark revealed that customers having less disposable income “will squeeze its profit margin in the next financial year,” reported Yahoo!.
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Disabled Brits give up basic living essentials
Those living with disabilities are twice as likely to struggle to pay for food and heating.
Research from Scope, a disability equality charity, shows 91 per cent of respondents are worried about their energy bills, reported the Metro.
A further 45 per cent said they can’t afford heating bills when it gets cold.
The charity even warned that disabled people will be launched into a “Dickensian dystopia” if the government don’t offer financial support.
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Cost of living crisis ‘bigger’ than covid, says councillor
Caithness councillor Raymond Bremner has warned that the soaring price of living will have a greater affect than the pandemic.
Mr Bremner, the Highland Council leader, responded to the new government plans to face the cost of living crisis.
He told the John O’Groat Journal: “I welcome any support for people and businesses struggling to pay their bills.
“We are facing the biggest cost of living crisis in decades.
“The details are yet to emerge, but what’s on the table will still leave families and businesses with huge increases in their costs over the coming weeks and months and our young people and future generations will be paying the cost of this for many years to come.
“This is a bigger emergency than even the pandemic, with an immense risk to lives and livelihoods.”
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EU ministers meet over energy crisis
Ministers met in Brussels on Friday to discuss ways to tackle cost of living and energy bills.
Formal proposals will also be shared, and then a decision will be made.
“We are in an energy war with Russia,” Czech Industry Minister Jozef Sikela said as he arrived at the Brussels meeting.
“We have to send a clear signal that we would do whatever it takes to support our households, our economies,” Reuters reported.
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Millions of E.ON customers get update
E.ON has shared how its customers will receive the £400 discount next month.
The price freeze includes the £400 energy rebate that E.ON customers will receive between October and March 2023.
Customers will get a discount worth £66 in October and November.
A £67 discount will then be provided every month between December and March 2023.
Customers that pay their energy bills by direct debit will receive the rebate as an automatic discount off their bills.
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Be sure to turn off ‘vampire appliances’
So-called “vampire appliances” drain energy when left on standby or when used inefficiently – such as a TV and extra fridges.
Desktop computers and electric towel rails are among some of the worst offenders – they could be adding up to £500 onto your yearly costs.
Turn them off correctly – by switching them off at the plug and NOT via the standby button – to avoid a big bill sting.
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Liz confirms that the ban on fracking in Britain WILL be lifted.
The government will be launching a new fracking licencing round, which is expected to lead to over 100 new licences being awarded.
Drilling could then begin in as little as six months.
The PM said: “We will speed up all deployments of all clean and renewable technologies, including hydrogen, solar, carbon capture and storage and wind, where we already are a world leader in offshore generation, renewable and nuclear generations generators.”
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John Lewis to offer free food to staff this Christmas
In an attempt to help its employees this Christmas, the high street chain will over 4,000 seasonal staff members free meals.
Andrew Murphy, chief operations officer at John Lewis, said: “We pride ourselves on creating a happy workplace because it’s our partners who make the difference and it’s thanks to them that John Lewis and Waitrose are two of the UK’s best-loved brands.
“We are looking forward to welcoming people across the country to grow our team and ensure we deliver a great Christmas for our customers.”
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The key points of Liz Truss’s new Energy Price Guarantee
Here are the key details of the PM’s new energy plan.
