Living expenses coming soon: how much does it cost?

Millions of families are eligible for £900 payments.

Payments for 2023/24 will be made in three installments, the first of which is expected in April.

Eligible persons include those with Universal Credit, Pension Credit and Tax Benefits, and the money will be deposited directly into bank accounts in three installments during the financial year.

The first living wage payment is £301 and is due this spring.

A second installment of £300 will be made in the autumn and a third payment of £299 in the spring of next year.

Mel Stride, Minister for Work and Pensions, said: “We are delivering on our promise to protect the most vulnerable and these hundreds of pounds in payments will provide decisive support to those with the lowest incomes in the coming year.

“The government’s broader support package has already helped more than eight million families as we continue to grapple with the global fallout from Putin’s illegal war and the fallout from the pandemic.”

Announcing the aid package, Chancellor of the Exchequer Jeremy Hunt said: “I know these are difficult times for families in the UK trying to cover rising food and energy costs caused by the fallout from Covid and Putin’s war in Ukraine.

“That’s why next year we will put another £900 into the pockets of more than 8 million low-income households. These payments are on top of rising above-inflation age benefits and guaranteed energy prices that protect millions of people from even higher global gas prices.”