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<p>The Government's Energy Price Guarantee will save a typical British household around
£900 this winter, based on what energy prices would have been under the current price
cap - reducing bills by roughly a third.</p><p> </p><p>For those who require additional
support the current Household Support Fund, running in England from 1 October 2022
to 31 March 2023, is providing £421 million of funding. The devolved administrations
have been allocated £79 million through the Barnett formula.</p><p> </p><p>The Household
Support Fund will continue until March 2024. This year long extension allows Local
Authorities in England to continue to provide discretionary support to those most
in need to help with global inflationary challenges and the significantly rising cost
of living. The Devolved Administrations will receive consequential funding as usual
to spend at their discretion.</p><p><strong> </strong></p><p>All benefit rates and
State Pensions will increase in line with the Consumer Prices Index for the year to
September 2022. This will mean that, subject to parliamentary approval, they will
increase by 10.1% in April. In order to increase the number of households who can
benefit from these uprating decisions the benefit cap will also be increased by 10.1%
subject to parliamentary approval.</p><p> </p><p>In addition, for 2023/24, households
on eligible means-tested benefits will get up to £900 in Cost of Living Payments.
This will be split into three payments of around £300 each across the 2023/24 financial
year. A separate £300 payment will be made to over eight million pensioner households
on top of their Winter Fuel Payments and individuals in receipt of eligible disability
benefits will receive a £150 payment. Further to this, the amended Energy Price Guarantee
will save the average UK household £500 in 2023/24.</p><p> </p><p>To further support
those who are in work, from 1 April 2023 subject to parliamentary approval, the National
Living Wage (NLW) will increase by 9.7% to £10.42 an hour for workers aged 23 and
over - the largest ever cash increase for the NLW.</p>
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