Mayor announces new hub to help Londoners facing financial hardship

A new digital resource will provide Londoners with advice on claiming benefits, dealing with debt and managing their finances, as well as mental health support.

The Mayor of London has announced the new Cost of Living Hub to help people in London who are experiencing financial hardship due to the increase in national insurance, inflation, and council tax.

The resource includes information for residents who are more likely to experience poverty. For example, the hub signposts disability benefits and pension credits, which are not taken up by almost 100,000 eligible older Londoners.

With inflation set to hit at least 8% and the energy price cap rising by 54% this month, more Londoners are facing the impossible choice between heating their homes and paying for other essentials like food.

The knock-on effects of increased energy bills alongside benefits not increasing, risks more Londoners being plunged into poverty. The cost of living in the capital was already a challenge with house prices 7% higher than in the rest of the UK.

CEO of National Energy Action, Adam Scorer commented: ‘Millions of households will see their home energy bills soar by 50%. For those in or at risk of fuel poverty it could spell disaster, not just for financial hardship, but to their physical and mental wellbeing.’  

He added: ‘It is great the mayor is setting up the Cost of Living Hub and is committed to supporting several vital programmes across the capital, which can ease some concerns.’

Some people in the capital have started to feel the effects of being moved off fixed energy tariffs and onto variable rates due to an energy supplier failure.

The Mayor of London Sadiq Khan said: ‘The increase in the energy price cap poses a significant challenge, especially to those on lower incomes whose energy bills are likely to take up a larger share of their outgoings.

 ‘There is a clear and urgent need for Londoners to be able to access practical financial advice which could help them navigate this difficult period. I hope that anyone who is struggling will find the new Cost of Living Hub to be a useful resource.’

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