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The Markets
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Cost of living payments due today but what other key dates should struggling households keep an eye out for?

After today's cost of living payment, what are the other key date for households in the rest of the year

Six million people with a disability are due from today to receive a £150 payment to help with the cost-of-living crisis - the first of many key dates that will determine how hard a winter struggling households will endure.

The one-off payment will be on top of other government support for people with disabilities, expected to total around £650.

According to the UK government, the majority of people will receive their allowance within a couple of weeks, with payments made automatically.

Here is a rundown of some of the other key dates as the UK battles with soaring inflation and escalating energy bills. Upcoming announcements may be subject to change.

Emergency budget- 23 September

Chancellor of the Exchequer Kwasi Kwarteng will deliver an emergency mini-budget to bring in winter tax cuts for millions of people and set out more detail on energy support next Friday, 23 September, according to reports.

The Guardian said that with Liz Truss expected to be at the United Nations general assembly in New York next week and the government is planning to set out its priorities for the NHS and there was limited time available for a fiscal event.

In the mini-budget, the government is expected to confirm plans to reverse the recent rise in national insurance, even though it benefits higher earners the most, handing back about £1,800 a year to top earners while the lowest earners get about £7 a year.

Truss already said she would ditch a planned rise in corporation tax. Her team has also spoken to business groups about changes to business rates and cuts to VAT to help with the energy crisis, as well as a longer-term review of these taxes.

Energy price cap- 1 October

October will mark the start of the new energy price cap, with the typical bill coming in at £3,549.

The first of the government’s £400 energy rebate will start to arrive, meaning households will receive a £66 or £67 discount monthly until March 2023.

Inflation figures linked to pension- 19 October

For pensioners, 19 October will mark the day the Office of National Statistics will reveal September’s inflation figures, which will help determine the state pension rise in April 2023.

The ‘triple lock’ will come back into effect, which means the state pension will rise each year in line with inflation, the average wage increase or 2.5%, whichever is highest.

With inflation at 10.1%, pensioners will likely see double-digit rises.

Autumn budget

Normally at the end of October or the start of November, the autumn budget will be announced, with updates to tax, public spending, and other measures which impact people’s finances.

Truss in the hot seat means we can expect a possible cut to VAT and no new taxes.

Interest rates and Monetary Policy Report- 3 November

3 November will see the next interest rate decision and Monetary Policy Report, meaning they could rise again.

Price cap announcement- 24 November

Quickly following on from the heels of the last energy price cap, an updated figure will be given on 24 November, with industry analysts expecting it to rise to £5,386.

Again, this is dependent on what help Truss decides to bring in for households, like if she were to introduce a price cap freeze.

Pensioner cost-of-living payment

More help for households and pensioners, with those eligible set to receive a Winter Fuel Payment worth £200 to £300.

Households with at least one person of pension age will receive an additional £300.

Christmas spending

December means Christmas, an expensive period in the best of times as households shop to put presents under the tree.

Interest rates- 15 December

Halfway through December will see the final interest decision of the year from the Bank of England, with many forecasters expecting it to rise to at least 3% next year.

Rail fare hikes

Rail fare rises will also be announced in December, although they will not come into effect until March 2023.

With that being said, the figure is expected to be below inflation.

New price cap comes into effect- 1 January

The start of the year will mark the introduction of the new energy price cap, which would have been announced in November.

However, some form of further aid may be in place by then, which would likely impact the amount households have to pay.

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