Benefits managed by the Department for Work and Pensions are set to rise by a substantial amount next year. Earlier this year, the benefits were increased by 3.1 per cent.
The rise in April was in line with the inflation level in September 2021. Given the current cost of living crisis and the rate of inflation, it is thought that next year will see a record rise in payments. The Bank of England have predicted that inflation will hit 13.3 per cent next month, meaning that the increase to benefits next year will be substantial.
September’s inflation figure has been predicted to be around 11 or 12 per cent, which is the figure that the DWP will use when setting benefit levels next April. The exact figure will not be disclosed until October when the September consumer price inflation figure is published. But, it is expected to lead to a record rise in benefits next year.
So if lets say it rises by 10% it’s another £6.45 a week or £335.40 a year.
If you just recently started a lease that will be at least £1,006.20 over the next 3 years.
Luckily for me I left the scheme in june, after 11 brilliant years of being on the scheme. It just wasn’t as viable as it was and this extra will make my figures better still, compared to the scheme.
My biggest issues was the high ap’s and lack of cars on the scheme and of course the long waits. Then they suck up even more in the form of these huge rise in our benefit and give money to other charity’s and causes and projects they running rather than back into the scheme. WHY? because they can as they have a monopoly. Cannot wait to see this 6 months accounts and the profits mbo have made from the disabled.