Blackpool South MP Scott Benton has welcomed today’s announcement by The Chancellor of the Exchequer Rishi Sunak of a new £15 billion package of targeted government support to help with the rising cost of living.
- Almost all of the eight million most vulnerable households across the UK will receive support of at least £1,200 this year, including a new one-off £650 cost of living payment
- Universal support increases to £400, as the October discount on energy bills is doubled and the requirement to repay it over five years is scrapped
- This new £15 billion support package is targeted towards millions of low-income households and brings the total cost of living support to £37 billion this year
- New temporary Energy Profits Levy on oil and gas firms will raise around £5 billion over the next year to help with cost of living, with a new investment allowance to encourage firms to invest in oil and gas extraction in the UK
Scott Benton said:
While it is impossible for any government to solve every problem, the priority today is to help the millions of families struggling with the cost of living. I welcome this announcement, which will benefit some of the most vulnerable households in Blackpool.
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.