Households could get up to £997 in July amid money changes

UK households are set to receive up to £997 in new boosts, benefits and bill cuts due to financial changes coming into effect in July. July is an important month both politically and financially as the nation heads to the polls on July 4 to elect a Labor majority government.

Regardless of the financial policy changes that may follow once the next government takes their seats in the House of Commons, a number of financial changes and boosts are already slated for July, the Express reports. Here are the main financial changes, documents, bill changes and payments to watch for next month:

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Ofgem’s energy price cap

From July 1, the price cap on gas and electricity prices will drop. This means the average dual fuel bill for household gas and electricity will be reduced by 7%, or £122.

Coupled with a further fall in April, average gas and electricity bills have fallen by £360 since March 31.

You can save even more money if you secure a cheap solution now. Some fixes are 9% below the current price cap, and energy bills are expected to rise another 12% in October.

That means you could be 14% better off in October if you can find a solution now.

Gasoline price drops

Falling fuel prices in July could be on the horizon as a new Competition and Markets Authority law will empower the government to more effectively monitor, report and manage price rises and hyperinflation at the pumps. Of course, it is up to the incoming administration to effectively roll out this initiative, but if executed successfully, one could anticipate a drop in fuel costs at the yards.

Household support fund

The cost of living fund built by the Department for Work and Pensions (DWP) with local councils will continue in July with more payments lined up for eligible beneficiaries.

On July 18, Wakefield Council is handing out a £75 voucher to families with at least one child who have already handed out vouchers to other qualifying groups in June.

Through this discretionary fund, the council invites individuals to submit applications. There are no basic guidelines, meaning the board can approve any candidate it deems favorable to the fund.

Birmingham City Council has now launched its summer HSF scheme. It is handing out payments of £200 to the most needy and has announced who might be eligible. Successful applicants will likely need to demonstrate that they are suffering “financial hardship”.

There are other councils in England and Wales also offering their version of the Household Support Fund until July, so if you think you might qualify – for example, if you’re on a low income, credit universal, PIP or have council rent or tax arrears – you may be eligible and should get in touch with them.