Millions Will Receive First Cost Of Living Payments Soon, Government Confirms

The government has confirmed the date millions of UK residents will receive their first Cost of Living payment.

Chancellor of the Exchequer Rishi Sunak announced the package of measures to tackle the inflating living costs last month, with the payments set to be made in two instalments.

It has since been revealed exactly what date the initial instalment is set to start hitting people's bank accounts.

Qualifying low income households in England, Wales, Scotland and Northern Ireland will begin receiving their first instalment of the payment from 14 July, 2022, according to the government's press release published today, 15 June.

The first instalment totals £326.

The issuing of the payments will begin on 14 July but continue to the end of the month.

The second instalment totals £324 and will be doled out later this year in autumn.

The release explained the payments are 'designed to be deliberately slightly unequal to minimise fraud risks from those who may seek to exploit the system'.

"The eligibility date for the second instalment will be announced soon," it added.

The new payments are expected to be received by over eight million households.

Thérèse Coffey, the Work and Pensions Secretary, stated: "With millions of the lowest-income households soon seeing the first of two cash instalments land into their bank accounts, we are taking action to directly help families with the cost of living.

"This one-off payment totalling £650 is part of our £37 billion cost of living support package that will put an extra £1,200 into the pockets of those most in need."

Sunak acknowledged the 'responsibility' of the government to step in to 'protect those who are paying the highest price for rising inflation'.

He continued: "In July, more than 8 million people will get their first £326 payment to help with rising prices, as part of a package worth at least £1,200 for vulnerable families.

"I said we would stand by people when they needed help, and we are."

As well as the direct Cost of Living payment plan, disabled people can receive an additional £150 and pensioners a further £300.

The government is also offering £400 to all UK households to help with rising energy costs.

If you live in Council Tax bands A-D you will receive an extra £150.

The release states: "Low-income households are benefiting from government support in a variety of different ways this year as global inflationary pressures, exacerbated by the unjust war in Ukraine, have caused prices to rise for several essentials.

"The government understands that many people are worried about the impact these rising prices will have on their household finances, which is why £37 billion of support is being provided to boost budgets and mitigate the worst of these pressures."

Featured Image Credit: Alamy

Topics: UK News, Boris Johnson, Rishi Sunak, Money

Poppy Bilderbeck

Poppy Bilderbeck is a Senior Journalist at LADbible Group. She graduated from The University of Manchester in 2021 with a First in English Literature and Drama, where alongside her studies she was Editor-in-Chief of The Tab Manchester. Poppy is most comfortable when chatting about all things mental health, is proving a drama degree is far from useless by watching and reviewing as many TV shows and films as possible and is such a crisp fanatic the office has been forced to release them in batches.