Cost of Living Crisis
National Policy Updates:
Cost-of-living payments could be delayed by weeks: The Department for Work and Pensions has said that payments for welfare recipients to help with the cost of living, due to be paid out from July 14, will be staggered over several weeks rather than sent out together. A spokesperson said the payments will be made "ad hoc" depending on how much "the system can hope with", and the DWP is hoping to process "the vast majority" of payments before the end of the month.
New funding for over 50s on benefits: DWP also announced that £22m will be invested in new measures to tackle unemployment amongst the over 50s on benefits. Jobseekers over the age of 50 will have more one-to-one support at jobcentres to help them get into, and make progress in, work; boosting their earnings ahead of retirement.
Government resources to help with cost of living: HM Treasury has published a summary of the range of support available to help businesses and consumers with the cost of living. The government’s MoneyHelper has free information and resources to help individuals manage their money in uncertain times and how to keep up with essential bills and payments.
National Research and News:
Caretaker Prime Minister makes clear no new policy will be implemented: Johnson said at the first meeting of the new cabinet that he would not seek to implement "major changes of direction" or take "major fiscal decisions" before a new leader is in place but told ministers that would be "no excuse to take your foot off the pedal". In terms of cost of living therefore, we can’t expect any new major packages of support before September 5, which is the date that has been set for a new leader of the Conservatives and Prime Minister to be announced. It’s also worth noting a lot of candidates are running on a promise to reduce the overall tax burden, if followed through this will reduce public spending power and could affect key areas such as welfare and specific cost of living support.
UK economy grows 0.5% in May: The UK economy has grown by 0.5% in May, surprising economists, following April’s 0.2% decline (revised from a 0.3% drop). Growth was fuelled by a boom in holiday bookings and a large rise in GP appointments. And over the three months to May, GDP rose 0.4%, according to figures from the Office for National Statistics. Economists had expected zero growth in May alone, and in the three months to May, amid the cost of living crisis.
TUC report - number of people in UK with insecure jobs rises to 3.7 million: Analysis of government data by the Trades Union Congress has shown at least 3.7 million people in Britain are in insecure jobs, up from 3.6 million in 2021, out of a total workforce of 34 million.
One in 10 students turn to food banks in cost of learning crisis: A survey by the National Union of Students has found more than one in 10 students are using food banks because they cannot make ends meet during the cost-of-living crisis.
Energy bills forecast to hit £3,363 a year: Typical domestic energy bills could hit more than £3,300 a year this winter, according to the latest forecasts. Consultancy Cornwall Insight said the typical gas and electricity bill in England, Wales and Scotland could reach £3,363 in the new year, which comes as suppliers and consumer groups agreed a plan that could lead to a dedicated hotline and debt support for struggling households.
Half of Britons buying less food as prices soar: Nearly half of Britons have cut back on food spending as prices soar, official statistics show. Some 49 per cent of people surveyed by the Office for National Statistics said they had purchased less food than normal between 22 June and 3 July, up from 8 per cent of those polled last September, while another 48 per cent said they had been forced to spend more than usual on their food shopping.
Two million households miss bill payment every month: Research by consumer company Which has found that more than 2 million households have missed a bill payment every month this year, due to rising living costs. In June an estimated 2.1 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill.
Teachers and nurses ‘ready to quit’ over pay delays: Public sector workers seeking pay rises to keep pace with inflation are worried the collapse of Boris Johnson’s government could mean wage deals are pushed back to the autumn. Teachers, NHS workers and others in the public sector have been seeking increases of at least the rate of inflation - currently 9.1% - while ministers had been insisting that pay restraint was necessary because the Treasury needs to limit spending and curb inflation. But unions are warning that pent up frustration over the delayed pay process could see many workers quit in frustration.
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