Households across the UK will be handed up to £997 worth of new boosts, benefits and bill cuts thanks to money changes in July.
July is a big month politically and financially as the nation goes to the polls on July 4 to elect what is likely to be a Labour majority government.
But whatever happens with financial policy in the years following the next government taking their seats in the House of Commons, the wheels are already in motion on a raft of financial changes and boosts in July.
Here are they key money changes, handouts, bill changes and payments this coming month:
Ofgem Energy Price Cap
The price cap on gas and electricity prices is going down on July 1. That means the average usage household gas and electricity dual fuel bill will reduce by 7 percent, or £122.
Taken with another drop from April, and average gas and electricity bills are down by £360 since March 31.
You could save even more money if you grab a cheap fix now. Some fixes are 9 percent below the current price cap, and energy bills are forecast to rise by another 12 percent in October. That means you could be 14 percent better off in October if you can find a fix now.
Petrol price cuts
We haven’t priced this specifically, but petrol and diesel prices could be set to come down in July. That’s because a new law from the Competition and Markets Authority will give government greater powers to track, report and manage price gouging and overcharging at the pumps. It will be up to the next government to get the scheme up and running properly, of course, but if implemented successfully it could and should see the price of fuel falling at forecourts.
Household Support Fund
The cost of living fund run by the DWP in partnership with local councils continues to be made available to households in July, and this month sees more payments being made to those who are eligible.
Wakefield Council is issuing a £75 voucher to families with at least one child on July 18, having already issued vouchers to various other eligible groups in June.
The authority is inviting people to apply but there are no minimum rules because it’s a discretionary fund, which means the council can approve anyone it deems in need of the cash.
Coventry City Council has unveiled its version of the Household Support Fund which is open to applications from Tuesday April 30 until September 30 2024.
It says: “Households who find themselves in financial difficulty can apply for a range of support; this includes households who have previously been ineligible following receipt of a Cost of Living Payment.”
For gas, electricity or water bill support, the authority is making £140 available for families (or £120 for childless couples or single people), which can be applied for up to three times between April and September for a total of £420.
On top of that, households can claim a £25 shopping voucher, and clothing and bedding support up to a maximum of £95 per adult and £60 per child, though this is capped at £400 per household. Finally, a voucher for toiletries can be claimed up to the value of £20.
Taken all together, it makes a maximum available of £820 cash and £45 of vouchers, for £865 support in total.
There are other councils across England and Wales which are also offering their version of the Household Support Fund through July, so if you think you might be able to qualify – for instance if you’re on a low income, Universal Credit, PIP, or have council rent or tax arrears – you may be eligible and should get in contact with them.