UK Unveils Cost Of Living Support To Low Income Households

RTTNews | 881 dni temu

(RTTNews) - The British government is set to start paying out the cost of living support of up to GBP 900 to low income households in the Spring, a plan than was initially announced by the Chancellor Jeremy Hunt in the autumn statement.

The Department of Work and Pensions said on Tuesday that the cost of living payment for means-tested benefit claimants will go direct to bank accounts in three disbursements over the financial year.

The fund will be disbursed to more than eight million households from Spring and it will be tax-free. Individuals who are eligible will be paid automatically, without making any application.

To fight the cost of living crisis, the lowest-income households across the UK will get a maximum GBP 1,350 in 2023/24.

The government will also provide extra cash support for disabled people and pensioners. There will be a separate GBP 150 for over six million disabled people and GBP 300 for over eight million pensioners on top of their Winter Fuel Payments.

Chancellor Hunt said these are tough times for families who are struggling to meet rising food and energy costs, driven by the aftershocks of Covid and Putin's war in Ukraine.

These payments are on top of above inflation increases to working-age benefits and the Energy Price Guarantee, which is insulating millions from even higher global gas prices, Hunt added.

Tagi: GBP

UK Manufacturing Sector Shrinks Sharply

The UK factory sector shrank further in May as the weak global demand, trade tensions and rising cost burdens weighed on production and new orders, the purchasing managers' survey results from S&P Global showed on Monday. The final manufacturing PMI rose to a three-month high of 46.4 in May from 45.4 in April. The reading was also above the flash estimate of 45.1.

RTTNews | 17g 7 minut temu

UK Mortgage Approvals Fall Unexpectedly; House Prices Rise

UK mortgage approvals declined unexpectedly to the lowest level in more than a year in April as stamp duty holiday ended in March, data from the Bank of England revealed Monday. Elsewhere, data from the mortgage lender Nationwide Building Society showed that house prices rebounded unexpectedly in May suggesting momentum in underlying demand. Approvals for home loans rose to 60,463 in May.

RTTNews | 18g 37 minut temu

UK Vehicle Manufacturing Logs Weakest Start To Year Since 2009: SMMT

UK automotive manufacturing registered its weakest start to a year since 2009, the Society of Motor Manufacturers & Traders, or SMMT, said Thursday. Car and commercial vehicle production decreased 15.8 percent on a yearly basis to 59,203 units in April. Auto production fell to the lowest level for the month since 1952, excluding 2020 when the first Covid lockdown effectively saw manufacturing c

RTTNews | 4 dni temu

UK Retail Sales Growth Tops Expectations On Warm Weather

UK retail sales rebounded more than expected in April as good weather boosted food store sales, official data showed on Friday. A monthly survey today showed that British consumer confidence strengthened in May on hopes of easing trade tensions and the interest rate reduction by the Bank of England. Retail sales grew 1.2 percent on a monthly basis in April, following a revised 0.1 percent rise

RTTNews | 10 dni temu

UK Inflation Strongest Since Early 2024 On Household Bills, Employer Tax

UK consumer price inflation accelerated sharply to the highest level in more than a year in April due to higher domestic bills and the hike in employers' taxes, official data revealed on Wednesday. The consumer price index rose by a bigger-than-expected 3.5 percent year-on-year in April, which was faster than the 2.6 percent increase in March, the Office for National Statistics reported.

RTTNews | 12 dni temu

UK Economy Expands Most In A Year

The U.K. became the fastest growing economy in the G7 league as the country logged the biggest economic expansion in a year in the first quarter that exceeded expectations, thanks to a shift in trade activity ahead of the imposition of higher tariffs by the U.S. Gross domestic product expanded 0.7 percent sequentially, following a 0.1 percent growth in the previous quarter, the first estimate fr

RTTNews | 18 dni temu

UK Labor Market Cools Down In Q1

The UK unemployment rate edged up and wage growth softened in the first quarter ahead of the rise in payroll taxes, official data revealed on Tuesday. The unemployment rate rose to 4.5 percent in the three months to March, in line with expectations, from 4.4 percent in the three months to February, the Office for National Statistics reported.

RTTNews | 20 dni temu

UK Recruitment Activity Remains Weak In April

UK recruitment activity remained weak at the start of the second quarter as demand for staff deteriorated amid the rise in the salary inflation due to the increases in the national minimum and living wage rates, a report compiled by S&P Global showed Monday. Permanent staff appointments declined further amid reports of weak employer confidence and tighter hiring budgets.

RTTNews | 22 dni temu

EURUSD	1.14255	GBPUSD	1.35265	AUDUSD	0.64622
USDJPY	142.895	USDCAD	1.37271	USDCHF	0.81835

Advertisement

UK Unveils Cost Of Living Support To Low Income Households