DWP news: October 2024 benefit and pensions payment dates and other money changes
Across the UK, millions continue to struggle as the rampant inflation of the past few years has left essentials costing more than ever before. Household bills, groceries, mortgages and rents have all hit record highs, as the country navigates the ongoing cost of living crisis.
Inflation reached the Bank of England’s 2 percent target in June for the first time in three years – but in July it went up again to 2.2 per cent, where it remained in August. This is still a long way down from the peak of 11.1 percent in October 2022.
While lower inflation is welcome economic news, it unfortunately does not mean costs are going back to what they were previously, just that they have begun rising less fast.
The latest stories from low-income households paint a bleak picture of the UK’s economic situation. In September, research from The Trussell Trust showed that nearly half of all people receiving Universal Credit ran out of food in the previous month – with the numbers only getting worse.
The charity, which runs most of the UK’s foodbanks, says that 68 per cent of these households also struggled to afford the essentials over the past six months. In the longer-term absolute poverty has now increased for two years in a row, with nearly a million more people in poverty in 2022/23 than in 2021/2022 according to the Joseph Rowntree Foundation.
The new Labour government has pledged to tackle the cost of living crisis by dealing with its underlying causes. Work and Pensions Secretary Liz Kendall has said the DWP will focus on tackling “economic inactivity,” aiming to boost employment with their new ‘Back to Work’ plan.
At the end of the month, Chancellor Rachel Reeves will be unveiling her first budget with many experts expecting tax rises and spending cuts to be announced. Speaking in August, Sir Keir Starmer said his government’s first fiscal event was likely to be “painful.”
Against this challenging economic backdrop, here is an overview of the financial support available to low-income families this October and key dates for benefits recipients to look out for: