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Millions of Brits to receive £301 payment from today

Millions of Brits to receive £301 payment from today

More than eight million households are eligible for the payment

More than eight million households in Britain are set to start receiving a £301 payment from the government to help cover the increasing cost of living.

Cold weather might be (mostly) behind us for now, but energy costs and food bills are still high, and many of us need all the help we can get.

Thankfully the government is at least somewhat aware of that, and shared a press release today explaining that more eight million households across the UK will receive a £301 Cost of Living Payment, with payments rolled out as soon as today (25 April).

Those eligible could receive up to three payments - and the good news is, you don't have to jump through hoops to get your hands on it as the Department for Work and Pensions (DWP) will send payments automatically to bank accounts over the next few weeks, until 17 May.

The payment will come with a reference of your National Insurance number followed by ‘DWP COL’.

Though the money should come easily, there are certain criteria that you have to meet to be eligible.

You will receive the payment if you have been entitled to a payment for one of seven benefits between 26 January and 25 February 2023.

The payment will be made automatically.

The eligible benefits are: Universal Credit; Pension Credit; Income-based Jobseekers Allowance; Income-related Employment and Support Allowance; Income Support; Working Tax Credit; Child Tax Credit.

The £301 payment will be accompanied by a £150 payment for people on eligible disability benefits this summer, and a £300 payment on top of Winter Fuel Payments for pensioners at the end of 2023.

Once the majority of those who are entitled to a payment by DWP have received their money, HM Revenue and Customs (HMRC) will make payments of £301 to another one million eligible families receiving tax credits only.

These payments will be made between 2 May and 9 May.

The cost of living payments will be 'welcomed' by families, the government say.

A press release on the payment states that it demonstrates the government's 'relentless focus on [its] five priorities - including halving inflation, growing the economy and reducing debt'.

Mel Stride, Secretary of State for Work and Pensions, said the payment would be 'welcomed by millions of families'.

"We have continually supported those most vulnerable to rising costs, including through record benefits and national living wage increases as well as these exceptional Cost of Living Payments responding to the global pressures we are facing," Stride added.

"We will also continue to deliver on our five priorities, including halving inflation, as this will ease pressure on households currently struggling with household bills and rising prices."

Featured Image Credit: Realimage / Alamy Stock Photo/Westend61 GmbH / Alamy Stock Photo

Topics: UK News, Money