I know many of my constituents are concerned by the affect that rising living costs are having on them and their families. It is right that this Government is taking significant action to help alleviate these financial pressures off as many households as possible.
I am encouraged by the Chancellor’s recent statement that laid out the new Cost of Living Support package. This package will mean eight million vulnerable households will receive at least £1,200 of extra support this year
The package of support includes:
- The energy bills discount due to come in from October is being doubled from £200 to £400, while the requirement to pay it back will be scrapped.
- a £650 payment this year – paid in two instalments – for over 8 million households on means tested benefits. For most, the first payment will be made next month.
- an additional £300 payment to over 8 million pensioners who receive the Winter Fuel Payment.
- an additional £150 payment to around 6 million people receiving disability benefits.
- £500 million more for the Household Support Fund, bringing total funding to £1.5billion. The fund is distributed by local councils, and helps vulnerable households meet daily needs such as food, clothing and utilities.
The Chancellor of the Exchequer Rishi 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.
It is also right that those companies making extraordinary profits on the back of record global oil and gas prices contribute towards this. That is why I’m introducing a temporary Energy Profits Levy to help pay for this unprecedented support in a way that promotes investment.