- Mario has welcomed further action from the Conservative Government to support families with new support reaching households this month.
- This month the Conservative Government will support families with a boost to the National Living Wage, an increase to housing benefit and the uprating of working age benefits.
- These measures support families, as the Conservatives stick to the plan to strengthen the economy so families can build a brighter future.
Mario has welcomed further cost of living support from the Conservative Government which comes into force this month, sticking to the plan and supporting more families.
By sticking to the plan, and more than halving inflation from 11.1. per cent to 3.4 per cent, the Conservatives are tackling the cost of living, with wages continuing to grow and mortgage rates starting to come down.
This month the Conservatives are going further to support households, with the Local Housing Allowance increasing to support 1.6 million families by an average of £800 and Universal Credit being uprated to support ten million families with higher costs.
To further support those on low incomes, the National Living Wage will increase from £10.52 an hour to £11.44 an hour this month – boosting the wage of a fulltime worker on the National Living Wage by £1,800 a year.
This April will also see the effects of the new energy price cap as it comes into force and marks the lowest level since Russia’s invasion of Ukraine in 2022, protecting households.
This month’s support builds on the Conservative Government’s work to reduce inflation, which is the number one thing to support the cost of living – sticking to the plan to help families build a brighter future.
Commenting, Mario said:
“Although inflation is down from 11.1 per cent to 3.4 per cent and wages are growing, I am pleased the Conservative Government will continue to help families who need it.
“This month families will receive further cost of living support, including an increase to housing benefit for the most vulnerable families and a boost to the National Living Wage so that it always pays more to work than be on benefits.
“The choice is clear: stick to the plan under the Conservatives for a stronger economy and a brighter future. Or go back to square one with Labour who cannot say how they would reduce costs for working families because they do not have a plan.”
Commenting, Chancellor of the Exchequer, Jeremy Hunt MP said:
“Because we stuck to the plan, the economy has turned a corner – inflation has fallen from 11.1 per cent to 3.4 per cent, wages are rising, mortgage rates are starting to come down and debt is on track to fall as a share of the economy.
“That is why this April we are cutting the double tax on work, putting £900 back in the pockets of the average worker, freezing business rates, boosting pensions, cutting the cost of childcare and delivering a record increase to the National Living Wage.
“By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan – they would take us back to square one.”
To support with the cost of living, the Conservative Government is:
- Uprating benefits in line with inflation, protecting more than ten million families. To protect the most vulnerable, benefits will increase in line with inflation for 2023-24. More than ten million households in receipt of working-age and disability benefits will see an increase in their benefit payments. The average uplift for households Universal Credit will be around £600 (HM Treasury, Autumn Statement 2023, 22 November 2023, link).
- Boosting the Local Housing Allowance, helping those on low incomes. From 1 April, the Local Housing Allowance will increase to cover the lower 30 per cent of local rents. This uprating meaning 1.6 million families will on average be £800 better off in 2024-25 (HM Treasury, Autumn Statement 2023, 22 November 2023, link).
- Protecting families from energy price rises, keeping energy bills low. From 1 April, the energy price cap on consumer energy bills take effect following announcement by the regulator Ofgem. The cap for a typical household drops 12.3 per cent from £1,928 per year to £1,690, the lowest level since Russia's invasion of Ukraine in 2022 which sent prices soaring (HM Treasury, Autumn Statement 2023, 22 November 2023, link).
