The Chancellor announced today the bold steps necessary to tackle the cost of living, and help people get on whilst the global economy is unsettled.
This includes a number of key measure detailed below for constituents and includes a targeted, temporary energy levy ensuring companies can continue to 𝐢𝐧𝐯𝐞𝐬𝐭, whilst there is support for those who need it.
For full details of a wide range of support schemes please go to: https://costoflivingsupport.campaign.gov.uk/
Alongside the action already taken this year today's measures will ensure:
- The vast majority of households receive £550 (£400 via their energy company - see below - and £150 via their council tax accounts for eligible bands)
- Pensioners receive £850
And almost all of the eight million most vulnerable households will receive support of at least £1,200.
More details are available here: https://www.gov.uk/government/news/millions-of-most-vulnerable-households-will-receive-1200-of-help-with-cost-of-living
************************************************************************************************************************************************************************************************************************
People’s concerns about the impact of the Energy Bills Support Scheme repayments on future bills have been listened to.
So those repayments will be cancelled.
Furthermore, the £200 of support for household energy bills will be doubled to £400 for everyone.
************************************************************************************************************************************************************************************************************************
Disabled people face extra costs in their lives like having energy-intensive equipment around the home or workplace.
So, to help the 6 million people who receive non-means tested disability benefits, an extra one-off disability cost of living payment worth £150 will be provided.
************************************************************************************************************************************************************************************************************************
A one-off £650 cost of living payment will be made directly to around eight million of the lowest income households.
Worth over £5 billion, there will be no need for people to fill out forms – the payment will be sent straight into bank accounts.
************************************************************************************************************************************************************************************************************************
The Chancellor also announced a temporary, targeted Energy Profits Levy charged on profits of oil and gas companies at a rate of 25%.
This builds in a new investment allowance that doubles the relief for the energy companies that invest their profits in the UK.
