RISHI Sunak today unveiled a bumper package to help Britons deal with rising cost of living.
chancellor Announced £15 billion in relief, including £1,500 for the poorest households and energy rebates for all, to ease pressure on people’s finances.
Speaking in the House of Commons this afternoon, Mr Sunak revealed that families across the country can expect money from their skyrocketing bills, which are Ready to grow up to £2,800 per year Since October, a . funded by Unexpected taxes on oil and gas companies.
Much needed cash will increase £200 savings was unveiled earlier in the year, which was to be paid back in five years.
And it will take the form of a grant, not a loan, and therefore does not need to be repaid.
Mr Sunak’s multi-billion pound plan to draw a line elsewhere partygate And focusing on the low standard of living caused by inflation, he said he would help Britain’s poorest.
This includes on the means-tested benefits, who would receive two £650. lump sum payment of At a cost of over £5bn to the treasury in July and autumn.
more than eight million families, including those universal creditPension credits, housing benefits, job-seekers’ allowance and income support, will be eligible.
The chancellor also announced:
And that’s on top of the £400 energy bill discount for each household regardless of income.
Cash will be sent directly to the accounts of the direct debit and credit customers, while this will be applicable on the meters of the pre-payment plans.
In addition, more than eight million pensioner families will receive an additional one-time payment of £300.
And an additional £150 will also be given to the 6 million Britons with disabilities.
Mr Sunak told MPs: “We need to make sure that those for whom the struggle is too difficult and those for whom the risk is too high, are supported.
“This government will not sit idly by while there is a risk that some people in our country may be so set off as they may never recover.
“This is simply unacceptable and we will never allow this to happen.
“And I want to assure everyone that we will get through this, that we have the tools and determination we need to combat and reduce inflation, we will ensure that the most vulnerable and the least good. The way they get the support they need at this time of difficulty, and we will turn this moment of difficulty into a springboard for economic renewal and development.”
Mr Sunak unveiled his “timely, temporary and targeted” support to weather economic storms after weeks of pressure to do more.
Ministers have spent months criticizing the idea of an unpredictable tax because of its potential impact on investment.
But in a major U-turn today, the chancellor imposed a levy on the “extraordinary” profits of fossil fuel giants Shell and BP, which have benefited from higher global prices.
However, he added that it would include a “new investment allowance” to encourage reinvestment of profits.
Inflation, as measured by the Consumer Price Index, hit nine per cent in April, up from seven per cent in March.
this, coupled with conflict in ukraine And the pandemic has pushed up energy and food prices and forced banks to raise interest rates.
At a Downing Street press conference, the prime minister acknowledged that “households will see pressure for some time to come”.
But he added: “We will continue to respond, as we responded during the pandemic.
“It won’t be easy, we won’t be able to fix everything.
“But I would also say that we will overcome this and we will deal well with it.”
The need for additional support was also illustrated by Offgame chief executive Jonathan Brearley’s indication that the energy price cap would be raised from £830 to £2,800 in October.
The support package announced today will apply directly to families in England, Scotland and Wales, with similar measures in Northern Ireland.
This is in addition to the £150 council tax exemption for families in bands A to D in England, which was announced in February.