hundreds of pounds will be cut from electricity bills in line with measures expected to announced Rishi Sunak to ease cost of life crisis.
The Chancellor will renounce earlier announced £200 loan on electricity bills and replace it with grant that will not have to be paid back, with According to reports, the discount could go up to £400.
And despite initial opposition from himself and other prominent government figures such as Brexit opportunities minister Jacob Rees-Mogg – Mr. Sunak set approve contingency tax on energy companies.
Additional measures discussed under of a package worth around £10bn could include a further increase in warm homes discount on help low-income households cope with rising energy bills.
Other policies discussed include increasing in winter fuel surcharge, further reduction in council tax or VAT reduction.
Mr. Sunak will detail his plan in House of Commons on Thursday like government seeks to regain the initiative after a devastating set of revelations in Sue Gray Report on Partygate series.
need for additional help was illustrated earlier this week by Ofgem CEO Jonathan Brearley, who gave a terrible warning that energy price the cap will increase by another £830 to £2,800. in October.
Ministers spent months criticizing the idea of contingency tax because of its potential impact on investments. But on On Wednesday, a Tory source said the arguments had been “thoroughly vetted” both within the Treasury and more broadly. government.
Expenses of a life: how get help
cost of life crisis touched everyone corner of UK, pushing families to the brink with rising food and fuel prices.
- The Independent asked experts to explain small how can you stretch your money including management debt and getting items for for free.
- if you are need to access food bank find a local tip website using gov.uk and then use local authority website to find a center near you. Trussell Trust, which runs many foodbanks have a similar tool.
- Consultation of citizens provides free of charge help to people in need. The organization can help you find grants or benefits, or advise on rent, debt and budgeting.
- If you are feeling of distress and isolationor struggling to cope, the Samaritans offer support; you can talk to someone for for free over telephone, in confidence, on 116 123 (UK & ROI), email jo@samaritans.org or visit the Samaritans website. website find details of nearest branch to you.
“There is a high threshold that any package what do we bring forward delivers more gain than pain, what gain worth pain that it does not jeopardize investment,” he said.
“You don’t enter random taxes that make economic environment unpredictable”.
Offshore Energies UK (OEUK), representing the offshore oil and gas industry, has warned one-off tax on North Sea firms will see higher prices and make long-term damage to the oil and gas industry.
A Treasury spokesman said: “The chancellor was clear that as the situation develops, so will our response, with the most vulnerable is its priority number 1.
“He will set out more details tomorrow.
prime minister hundreds said of spilled billions in study with the covid pandemic was left “very difficult financial situation.”
At a press conference in Downing Street, he acknowledged that households “will face pressure”. for for a while” as result of in spike in global energy prices and supply chain problems after the pandemic.
But he said: “We will continue to answer, just how we have responded throughout the pandemic.
“It won’t be easy, we won’t be able to fix all.
“But what would I also Let’s just say we’ll get through this, and we’ll get through this well.”
Labor leader Sir Keir Starmer announces reversal on the contingency tax was “inevitable” because the tax on North Sea firms ‘to raise billions of pounds, cutting electricity bills across the country.
Additional PA reporting
