Published On: Tue, Feb 6th, 2024
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DWP cost of living payment worth £299 to hit bank accounts from today – exact code | Personal Finance | Finance

Millions of Brits are set to receive a £299 cost of living payment from today.

The money will be automatically sent to those claiming certain benefits, and it should appear in your bank account as your National Insurance Number followed by DWP COL.

Mel Stride, the Secretary of State for Work and Pensions, announced: “The economy has turned a corner, and with inflation falling we are providing millions of the most vulnerable households with another significant cash boost.

“Our fair approach to welfare is underpinned by a belief that the best way to secure long-term financial security is through work. “This is why we have cut taxes for over 27 million working people and have launched a £2.5bn Back to Work Plan to help thousands more people off benefits and into jobs.”

The Mirro reports that Chancellor Jeremy Hunt added: “Our decisive action helped to more than halve inflation last year while building the foundations for long-term growth through sensible tax cuts, which will help people’s money go further.

“But the legacy of Covid and the ongoing Ukraine war has meant the last few years have been tough for many, which is why we’ve provided one of the largest support schemes in Europe worth £3,700 for the average household.”

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