Breaking News! Extra Energy Bill Support…

Budget, News, Tax,

Rishi Sunak has today announced additional support for families facing increasing energy prices.

The main points are as follows:

  • The planned October loan of £200 to all households will instead become a one-off £400 grant.
  • Lowest paid households will receive a one-off £650 cost of living payment.
  • Lowest paid households will receive a one-off £650 cost of living payment.

The £15bn package will be financed in part by a windfall tax, to be known as the Energy Profits Levy, on oil and gas companies.

The announcement comes as inflation hits a 40 year high of 9% and a further increase in energy costs in the Autumn of £800 is expected. Alongside commentary on the announcement are calls for an emergency Budget, where the Chancellor could utilise some of the 20% increase in tax receipts, an extra £121 Billion in the Government coffers.

Announcing the support, Sunak said ‘We know that people are facing challenges with the cost of living and that is why today I’m stepping in with further support to help with rising energy bills. We have a collective responsibility to help those who are paying the highest price for the high inflation we face. That is why I’m targeting this significant support to millions of the most vulnerable people in our society. I said we would stand by people and that is what this support does today.’

As we hear more, or if there IS an emergency Budget, we will of course bring you the details.

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