Spring Budget 2024 Cost Of Living. A 2p cut in income tax would have cost £13.7 billion a year, while 2p off national insurance would cost £9 billion and a 1p cut would cost less than a third, at £4.5 billion. So we have given the average household £3,400 in cost of living support over the last two years.

It is thought that the measure will cost £5 billion. Everything you need to know about universal credit, benefits, cost of living payments, and the household support fund after 2024 the spring budget.