Millions of Brits set to receive first cost of living payments from next month

Millions of UK residents are set to receive their first cost of living payment from next month.

Chancellor Rishi Sunak announced the package of measures to tackle the rising living costs in May.

The two payments are set to be made in two instalments.

Now the exact date in which the first instalment is set to hit to people's bank accounts is from next month.

People in England, Wales, Scotland and Northern Ireland will receive it from July 14, 2022.

According to the government's press release published on June 15, this will be for qualifying low income households.

And the first instalment is £326.

The issuing of the payments will begin on July 14 but continue to the end of the month.

Meanwhile the second instalment, which is £324, will be given out later this year in autumn.

The payments are "designed to be deliberately slightly unequal to minimise fraud risks from those who seek to exploit the system".

"And the eligibility date for the second instalment will be announced soon," the government press release added.

The new payments are expected to be received by over 8million households.

Thérèse Coffey, the Work and Pensions Secretary, stated: "With millions of the lowest-income households soon seeing the first of two cash instalments land into their bank accounts, we are taking action to directly help families with the cost of living.

"This one-off payment totalling £650 is part of our £37billion cost of living support package that will put an extra £1,200 into the pockets of those most in need."

Mr Sunak acknowledged the "responsibility" of the government to step in to "protect those who are paying the highest price for rising inflation".

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He said: "In July, more than 8m people will get their first £326 payment to help with rising prices, as part of a package worth at least £1,200 for vulnerable families.

"I said we would stand by people when they needed help, and we are."

As well as the direct Cost of Living payment plan, disabled people can receive an additional £150 and pensioners a further £300.

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