Money Saving Expert Martin Lewis has revealed when he expects the new raft of cost of living payments to be made.
The new wave of payments was announced by Chancellor Jeremy Hunt during his Autumn Statement in the House of Commons last week. The government also confirmed that the payment will be available to those on means-tested benefits while the payments will be spread out across multiple instalments.
Martin Lewis has made a prediction for when millions of households across the country will receive the £900 cost of living payment, the Mirror reports. The money-saving expert previously praised some of the announcements from the Chancellor’s autumn budget.
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The £900 cash boost will be available to those on means-tested benefits and paid in more than one instalment. The government has not yet revealed when next year’s payments will land in people’s accounts.
However, Martin, founder of website MoneySavingExpert, posted a video online where he predicted it would happen next autumn.
He said: “As for exactly when they’ll be paid, I don’t know yet. My guess – and it’s only a guess – is they will be put in place in time for next winter.
“So those payments will come some time probably around October/September, and the cost of living payment will probably come in two tranches as it did this year.”
Tweeting after Mr Hunt made his Autumn Statement, Martin said: “I am very pleased that both benefits and the state pension are being increased by the 10.1% September inflation rate.
“It only happens from next April, and it will still be hard for many, but if it was less than this it would’ve been devastating.”
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