UK households are set to get up to £997 in new benefits, boosts, and bill reductions due to financial changes taking effect this July. This month is both financially and politically significant, as the General Election is set to take place on July 4.
Key Financial Changes Taking Effect in July
Regaradless of the financial policy modifications that will come into effect once the next Government is elected, a series of financial changes including boosts are already planned for July, as reported by the Express. The major financial changes expected throughout this month include:
Ofgem Energy Price Cap
Starting July 1, the price cap on gas and electricity prices will fall. This means that the average dual fuel bill for household gas and electricity usage will drop by 7%, or £122.
Combined with another decrease from April, average gas and electricity bills have dropped by £360 since March 31.
You may be able to save additional sums of money if you secure a cheap fix now. Some fixes are 9% under the current price cap, and energy bills are expected to rise by another 12% in October.
If you manage to find a fix now, it means that you could be 14% better off in October.
Petrol Price Cuts
Fuel costs could drop in July as the Competition and Markets Authority will issue a new law that will enable the government to manage, report and handle excessive pricing and over-inflation at gas stations more effectively.
It is worth noting that it is up to the incoming government to execute this initiative efficiently, but if ran successfully, decreasing fuel prices are to be expected.
Household Support Fund
The cost of living payments implemented by the Department for Work and Pensions (DWP) along with local councils will carry on its functions in July, with additional payments available for eligible claimants.
On July 18, Wakefield Council is offering a £75 voucher to households with at least one child, having already given out vouchers to other eligible groups last June.
Through this voluntary fund, the council invites people to submit their applications. There are no standard instructions, meaning that the council can accept any candidate that it considers deserving of the fund.
Birmingham City Council has now started its summer HSF plan. It is giving away £200 payments to those who need it the most and announced who could qualify for it. Successful applicants will be required to prove they are suffering “financial hardship”.
Other councils across England and Wales which are also handing out their own version of the Household Support Fund through July, so if you think you are eligible you should get in contact with them.
