RISHI Sunak today unveiled a bumper package to help Britons deal with rising cost of living.
chancellor Announced 10 billion pounds of relief, including energy bill waivers, to ease pressure on domestic 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, it is understood.
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, Mr Sunak imposed a levy on the 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.
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 families.
This includes on the means-tested benefits, who would receive two £600. lump sum payment up to,
more than eight million families, including those universal creditPension credits, housing benefits, job-seekers’ allowance and income support, will be eligible.
And that’s on top of the energy bill discount for every household, regardless of income, is expected to be £400.
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.