Global events are leading to inflation and cost of living pressures for many households – we are supporting the lowest income families in our society with £37 billion in support in the face of these pressures.
- Putin’s barbaric invasion of Ukraine and global challenges are causing cost of living pressures around the world, and people are worried about the rising cost of living.
- That is why we committed £37 billion of cost of living support to combat global cost of living pressures – including one off cash Cost of Living Payments of at least £1,200 for over 8 million of the most vulnerable households.
- The first initial automatic instalment of the £650 payment will be £326, paid on 14 July, with the rest of the payment to follow in the Autumn. Pensioners will receive an extra £300 while disabled households will get a £150 payment – on top of the £150 council tax rebate paid in April and the £400 cash discount on energy bills this Autumn.
- We are using all the tools at our disposal to bring inflation down and combat rising prices – we can build a stronger economy through independent monetary policy, responsible fiscal policy which does not add to inflationary pressures, and by boosting our long-term productivity and growth.