The Government has delivered on its commitment to halve inflation, which fell from 10.1 per cent in January last year to 3.9 per cent in November. However, too many vulnerable people are still feeling its effect, which is why targeted support is being delivered to those most in need.
In the month to mid-December, 11.9 million payments – totalling more than £4.8 billion – were made to pensioners across the UK. This means that more than 99 per cent of eligible pensioners received up to £600 per household to help with their energy bills this Christmas for the second year running.
The Winter Fuel Payments and Pensioner Cost of Living Payments are part of the Government’s record £104 billion cost of living support package and build on its commitment to support pensioners and ensure dignity in retirement.
The State Pension also saw a record 10.1 per cent increase last year and will increase again by 8.5 per cent from April 2024, bringing it to over £11,500 a year, an increase of more than £900.
Further support has also been made available to vulnerable households this winter. Low-income households are receiving Cost of Living Payments worth £900 during 2023/24, and nearly three million low-income households are eligible for a £150 rebate on their winter electricity bills through the Warm Home Discount. The Cold Weather Payment has also now come into effect, providing eligible households an extra £25 a week when the temperature drops below zero degrees for more than seven days.
Julian Smith said, “The Government has taken unprecedented action to support households from the impact of rising prices, driven by Putin’s barbaric invasion of Ukraine and the aftermath of the pandemic.
“This has required some tough decisions, but we’re seeing the results: inflation more than halved, energy prices down 55 per cent, the Triple Lock protected, and unprecedented cost of living support for the most vulnerable."
