MILLIONS of elderly Brits are set to receive £300 under plans being drawn up by Jeremy Hunt.
The Chancellor is expected to announce another round of cost of living payments at Thursday’s Autumn Statement.Pensioners will receive a new £300 cost of living payment under plans being drawn up by Jeremy Hunt[/caption]
The £300 payment will specifically go to Brits who are over the state pension age – those born on or before September 25, 1956.
Meanwhile, Brits on benefits are set to receive £650 and there will be another £150 disability payment.
A Government source said: “Rishi Sunak saw his cost of living plan work last time and so is sticking with it again”.
During the budget the Chancellor is also set to raise the National Living Wage to £10.40 as well as hiking pensions and benefits by 10.1 per cent with inflation.
But he will offset the handouts with sweeping spending cuts and tax rises to repair a £60billion black hole in the nation’s finances.
Mr Hunt is also expected to reduce the Energy Price Guarantee so the average family pays around £3,000 for bills – above the current £2,500 but less than Ofgem’s £4,000.
There will not be another £400 blanket payment for all Brits but the targeted support to the poorest will be rolled out again.
Last time the £650 payment was doled out in two separate instalments as part of people’s benefits.
Mr Sunak has vowed to be “compassionate” in the Autumn Statement but acknowledged “tough” decisions will be made.
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Stealth taxes will happen via freezes to income, VAT and inheritance thresholds to generate more cash for the Treasury.
Pay demands from unions are also being rebuffed, such as nurses’ plea for an eye-watering 17.5 per cent salary hike.
Mr Sunak today also said the private sector should also not be given generous pay hikes so inflation does not spike further.
Speaking at the G20 summit in Bali, the PM told ITV: “Of course I would say to executives to embrace pay restraint at a time like this and make sure they are also looking after all their workers. I’d say that all the time.
“Of course in a situation like this I’m sure executives of most companies will be thinking about pay settlements for senior management, for their workers and making sure they are fair… I don’t want to see a wage price spiral. It’s not about me.”
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If you’re struggling with the cost of living crisis, here are some more ways to get help:
Apply for an advance – Universal credit claimants are able to get some cash within five days rather than waiting weeks for their first payment. But it’s a loan which means the repayments will be automatically deducted from your future Universal Credit pay out.
Alternative Payment Arrangements– If you’re falling behind on rent, you or your landlord may be able to apply for an APA which will get your payment sent directly to your landlord. You might also be able to change your payments to get them more frequently, or you can split the payments if you’re part of a couple.
Budgeting Advance – You may be able to get help from the government to help with emergency household costs of up to £348 if you’re single, £464 if you’re part of a couple or £812 if you have children. These are only in cases like your cooker breaking down or for help getting a job. You’ll have to repay the advance through your regular Universal Credit payments. You’ll still have to repay the loan, even if you stop claiming for Universal Credit.
Cut your Council Tax – You might be able to get a discount on your Council Tax or be entitled to Discretionary Housing Payments if your payments aren’t enough to cover your rent.