Rishi Sunak set to give 8 million households extra cash up to £1,100

The Chancellor Jeremy Hunt is due to deliver the Autumn Statement on Thursday, when he will set out how the UK will plug a £60billion gap in its finances. Mr Hunt and Mr Sunak will accept an official recommendation to increase the living wage from £9.50 an hour to about £10.40 an hour, according to The Times.The substantial rise in the national living wage could give eight million households cost of living payments worth up to £1,100.There is expected to be an increase benefits, such as Universal Credit, as well as up to three cost of living payments for households worth £650.This includes £150 for the disabled and £300 for some of the poorest pensioners.The Government has already said the poorest households will be prioritised, leaving wealthy and middle-income households to bear the greatest burden from tax rises.READ MORE: Mortgage warning: Homeowners will ‘no doubt be affected’ by Budget this week Reports have suggested the Prime Minister Rishi Sunak may increase the living wage (Image: GETTY)Among the other measures reportedly being considered are:- Cost of living payments for eight million households worth up to £1,100- Payments of £650 for those on means-tested benefits such as Universal Credit- £150 for disability benefit recipients, and £300 for pensioner households- Freezing of thresholds for income tax, national insurance, VAT, inheritance tax and pensions savings- Removing the requirement for local authorities to hold a referendum before increasing council tax by more than 2.99 percent, allowing them to raise significantly more money.According to The Telegraph, the new threshold for council tax could be five percent.The moves are part of plans to cut spending by £33billion and raise taxes by £22billion to plug a black hole in the country’s finances.As the cost of living crisis continues, the Government is trying to provide the necessary support needed for all households.DON’T MISS As the cost of living crisis continues, any extra cash could be vital for families on low incomes (Image: EXPRESS)’I am confident people will see that on Thursday.”If someone claims some benefits, they might be eligible for an additional £650 from the UK Government.Previously, it was spread over two payments. If it follows the same model the first payment will be for £326, and the second payment of £324 will be paid later, probably by the spring of 2023.To be eligible you will already be entitled to one of these:Child Tax CreditIncome supportIncome-based jobseeker’s allowanceIncome-related employment and support allowancePension CreditUniversal CreditWorking Tax Credit.For more information people can visit the GOV.UK website.