Universal Credit Increase

Universal Credit Increase July 2024: What is the Expected Increase Next Month?

The UK government has confirmed an increase in Universal Credit payments for 2024. Starting in April, benefits will go up by 6.7%, matching the inflation rate from September 2023.

Key Points:

  • Who Announced It? The Department for Work and Pensions (DWP).
  • When Will It Happen? April 2024.
  • Increase Rate: 6.7%, based on the Consumer Prices Index (CPI) from September 2023.

Why It Matters:

Over 6.2 million people in the UK, including 172,000 in Birmingham, receive Universal Credit. The average monthly payment ranges from £630 to £1,140, depending on individual circumstances. The new increase will mean an extra £25 a month for many recipients.

Examples of Increases:

  • Single claimants under 25: Current £292.11 will increase to £311.68.
  • Single claimants over 25: Current £368.74 will increase to £393.45.
  • Couples under 25: Current £458.51 will increase to £489.23.
  • Couples over 25: Current £578.82 will increase to £617.60.

What Experts Say:

Despite the increase, some experts warn that many households will still struggle due to rising living costs. According to the New Economics Foundation, people on Universal Credit could be up to £670 worse off in April 2024.

Final Thoughts:

While the increase aims to help, it’s important to stay informed about how it will affect your individual situation. The 6.7% rise is designed to match inflation, but it might not fully cover the increasing cost of living.

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