Martin Lewis explains exactly how much you’ll get from Chancellor Rishi Sunak’s new rescue deal in total.
The money mogul has given a brief run-down on TikTok Everything that was announced in today’s statement.
Today at lunchtime, chancellor announced £15 billion in aid it was set to give later in the year, including £1,500 for the poorest households and energy rebates for all.
Martin Said, “It’s a pretty good package, and it’s probably better than I expected.
“I’m breathing a sigh of relief because it will relieve some of the pressure.”
Millions of homes are beset with rocketing bills as the cost of living crisis bites.
Rising inflation That means the price of everything from supermarket staples to fuel and more is rising.
Meanwhile, the energy price limit increased from £1,971 to £1,277 on April 1 – £700. Add A year to bill 22 million customers.
More news from the regulatory offgame means it will rise to another £800 at the peak of autumn time, when the price cap could reach around £2,800.
Martin explained in his viral clip, that the jump from the average energy price before April to this October’s projected cap means consumers spend around £1,500 a year more on a typical bill.
It’s an increase that Martin described in his brief as “shocking” and “unbelievable”.
his new video It has already caught the attention of more than five thousand fans, as they fear bills piling up on the stairs of their front door.
He is also set to question Mr Sunak after 5 pm today on the changes, urging fans to get in touch on social media with any questions they may have.
But ahead of his 15 minutes with the Chancellor later tonight, Thrifts Guru has taken the time to fill in on everything that was announced to consumers.
In short, it includes:
“If we look at it in the bigger picture, a £1,500 cost increase will see homes on Universal Credit, including those with disabilities, £12,000, homes on Universal Credit and other benefits without disabilities that are £950,” Martin said. .
“For pensioner households it is £700 extra, and for all households, it is £400 for costs.”
But Martin elaborated a bit more on what this means for homes.
He added: “First, for those who are on profit, there will be a direct payment of £650 to people’s bank accounts.
“It’s a bigger payout than a cash payment – it’s being done like that I suspect so it doesn’t set a precedent, and they won’t get the flak as they did with the £20 a week Universal Credit raise. “
He moved quickly to explain the second hand of support as he said: “For people with non-means testing disabilities, £150 will be given.”
Payments are due to be exempt from tax, without calculation of profit limits, and with no effect on existing profit rewards.
They will be automatically and directly removed by the government in September this year.
“Now, if you are also eligible for a £650 benefit raise, you will receive both,” explains Martin, explaining how some families can get more cash.
He then went on to see what older families might be queuing to get.
“Pensioner households,” said Martin, “well, you already get the winter fuel payment which is between £100 and £300, and the additional £300 paid this winter will be paid for.
For his last point Martin brought in a “debt-loan-loan” due on land for all houses in October.
“He’s gone,” Martin said at the end of his lecturer video. “It’s gone and it’s been replaced with a straight grant.”
Following today’s update it was revealed that energy bills for all households will be reduced by £400 – not the £200 as originally promised.
When the help was announced in Mr Sunak’s spring statement earlier this year, it was understood that families would have to pay an initial £200 rebate in £40 installments over the next five years.
All that has changed now though, and the money won’t have to be paid back, saving families further financial stress down the line.
“It’s a flat reduction. It applies to every home,” Martin explained.
The only point missing from Martin’s whistle-stop tour of aid announced today, was the extra money being poured into the home aid scheme.
A further £500 million is being provided to the fund in October to help councils cover rising costs in the form of supermarket vouchers, free cash, and more to their residents.
Martin concluded his explanation by saying, “I have also not included the £150 council tax that has already been paid to households.”
To help reduce the influx of rising costs from energy bills and more, a £150 rebate is being offered to families living in council tax Band AD.
“Of course there’s also discretionary funds for people who aren’t in bands A to D but are still really struggling,” Martin said.
With increasing financial pressure, Martin took a “ticking time bomb“Warning to homeowners who could be in for a price shot the next time it comes to mortgages.
He also revealed that you should fix your energy bill Now, following the latest £2,800 price range forecast.
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