Over one million households set to get £420 boost as new government rules come in

"We're delivering meaningful change to ensure everyone has a fair chance"

1.2 million of the poorest residents, including 700,000 with children, are eligible, as the powers that be want to help clear debts by pouring more funds into people's accounts whilst also improving living standards.

According to LBC, this so-called Fair Repayment Rate limits how much those in debt can have chipped off their benefit money to pay what they owe.

As of today (May 7), the maximum amount is 15%, compared to the previous 25%.

Chancellor Rachel Reeves, who unveiled this rule change at the Autumn Budget, said: "As announced at the budget, from today, 1.2 million households will keep more of their Universal Credit and will be on average £420 better off a year. This is our plan for change delivering, easing the cost of living and putting more money into the pockets of working people."

Work and pensions secretary Liz Kendall went on to add: "As part of our Plan for Change, we are taking decisive action to ensure working people keep more of the benefits they’re entitled to - which will boost financial security and improve living standards up and down the country.

"We're delivering meaningful change to ensure everyone has a fair chance, the support they need, and real hope for the future."

In other news, thousands of Brits are now in line to get deposit-less mortgages through Barclays bank.

Barclays recently revealed that it would be calling upon the Right to Buy (RTB) scheme in place of a house deposit for tenants wanting to purchase their council or house association properties.

RTB was first introduced by the UK government under the Housing Act of 1980 as a way of upping the numbers of homeowners – allowing eligible council-housers across England and Wales to buy their rented homes at a discounted rate.

Those people looking to finally nail down a mortgage were previously required to supply a monetary deposit, but Barclays customers won’t need to anymore.