We have talked a bit about the cost of living allowance here with the triple whammy of increasing energy, food and transport related expenses on top of high housing related costs.
Yesterday in an address to Parliament the Chancellor of the Exchequer, Rishi Sunak, he outlined his proposals following last weeks cabinet meeting here.
This followed warnings that millions could be left struggling if energy prices rise again in October as expected typically around £800 and that it was necessary for government to make a clear promise to help even if the plan wasn't quite ready in order that would feel they were not being left to struggle with matters.
Eight million households on means-tested benefits will get £650 paid directly into their bank accounts in two lump sums - one in July, the other this autumn.
There will be separate one-off payments of £300 to pensioner households and £150 to individuals receiving disability benefits - groups who are "most vulnerable to rising prices"
The emergency Household Support Fund, which is allocated by councils in England, will be extended by £500m to £1.5bn. The Devolved governments of Wales, Scotland and Northern Ireland will receive equivalent funding.
The situation is fluid so if needed additional support could be announced at the next Budget and any tweaks when it comes to eligibility for help but to me it goes go a long way toward meeting the unparalleled financial challenges and rightly targeted at those who need it the most.
The package of new measures, worth £15bn in total, will also offer more targeted help to pensioners and the disabled and will be offset by a 25% "windfall tax" on the profits of the energy companies that have soared given the rises on the back of increased charges.
Pictured is the Chancellor (third to the right) with the Conservative MP's for Stoke On Trent.
No comments:
Post a Comment