Millions of households to receive £326 from today to help with cost of living crisis

14 July 2022, 09:00 | Updated: 14 July 2022, 09:16

'The £326 landing in bank accounts today will be welcome'

Low income families will receive a payment of £326 into their bank accounts from today to help with the cost of living crisis.

Work and pensions secretary Therese Coffey said the payment would initially be made to 1.6 million households.

It is the first instalment of a £650 cost of living payment, she added.

Ms Coffey told LBC's Nick Ferrari people who were on benefits by May 25 would be receiving the payment.

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She said: "Indeed we're estimating up to eight million households will be receiving support either in the next week or indeed if they've been on tax credits just a little later this year.

"It's all part of our support recognising the cost of living challenge that people face, the inflation spikes predominately caused by the aftershocks of Covid but also the impact on what has happened in response to the economic sanctions we placed on Putin after his invasion of Ukraine."

She added: "Later in the year we will be supporting people on disability benefits... with a payment of £150, in terms of pensioners there will be an extra £300 to support with winter fuel, all households will get an extra £400 towards the cost of energy."

Ms Coffey also explained why she is supporting Liz Truss in the Tory leadership race, citing her "great track record of delivery".

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"She's actually been in the cabinet for nearly eight years already," she said.

When asked by Nick if this meant that "we can blame her for the state of the country then", Ms Coffey added: "She's been part of a team over the last eight years at the very top of government.

"I remember going back to 2014 her leading the response to the flooding issues at the time but more recently of course she’s been foreign secretary and also our trade secretary."

"The British people want somebody who is going to deliver," she insisted.

On Wednesday, the list of leadership hopefuls was reduced to six when Jeremy Hunt and Nadhim Zahawi were eliminated after failing to receive 30 votes in the first ballot of Tory MPs.

Ms Truss, Rishi Sunak, Penny Mordaunt, Tom Tugendhat, Kemi Badenoch and Suella Braverman are the other remaining candidates.