What are cold weather payments and who can get them?
Published On Feb 9, 2021, 8:40 AM
Cold weather payments have been activated for the winter of 2024, triggered by prolonged periods of below-zero temperatures in certain areas. Eligibility requires individuals to be receiving certain benefits such as Pension Credit or Universal Credit in England, Wales, and Northern Ireland. Each payment is worth £25 for a seven-day period of qualifying cold weather, with payments made automatically to eligible recipients. In Scotland, a separate winter heating payment of £58.75 is available to those on low incomes, and a similar program might be available in other regions under different conditions.
Stock Forecasts
DTE
Positive
The activation of cold weather payments typically indicates an increase in consumer spending in sectors such as retail and energy due to heightened awareness of heating needs during cold periods. However, this may also signal rising costs for the government, which could impact budget allocations and spending in other areas.
XLU
Positive
The need for assistance during colder months can lead to increased demand for utility providers, potentially benefiting energy stocks as consumer dependence on heating spikes. Companies offering services for energy solutions may also see positive shifts in performance.
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