Rishi Sunak will announce a \u00a310 billion cost-of-living bailout today, with the goal of assisting every household in the UK with rising energy expenses.<\/p>\n\n\n\n
With energy prices certain to rise again this autumn, the Chancellor will step in and unveil further measures to help families cope, funded by a windfall tax on oil and gas companies.<\/p>\n\n\n\n
According to the Telegraph, he will prioritise the most disadvantaged in society with a multi-billion-pound package of tailored measures, including Universal Credit or increased funding for seniors.<\/p>\n\n\n\n
‘Given exceptional circumstances, we’ve always said we’d stand ready to provide more support,’ a senior Downing Street insider told the paper. He also said that they will go over those plans in further depth by Thursday. <\/p>\n\n\n\n
Mr Sunak is likely to announce a significant increase in the Warm Home Discount Scheme, which now provides \u00a3150 to three million low-income homes and might be increased to \u00a3500 in the future.<\/p>\n\n\n\n
The Treasury wants to abolish the \u00a340 per year loan repayment for discounted energy bills, which was announced earlier this year, while increasing the original \u00a3200 savings on energy bills.<\/p>\n\n\n\n
The announcement is expected to benefit more than 27 million households who will not be expected to repay any ‘loan’ element of the savings on their energy bills.<\/p>\n\n\n\n
A council tax rebate is also set to be included but proposals to slash the 5 per cent VAT on energy bills have been ditched.<\/p>\n\n\n\n
Mr Sunak and the Prime Minister finalised the aid package yesterday, after the measures were rushed through amid fears that the government would appear out of touch.<\/p>\n\n\n\n
The new package will be announced to fellow MPs in the House of Commons, and the Chancellor will speak to the media in a round of interviews on Friday.<\/p>\n\n\n\n
His announcement is expected to alleviate growing concerns among Conservative backbenchers, notably those from the 2019 intake, who had called for more action from the cabinet to help their constituents.<\/p>\n\n\n\n
In the midst of the inflation crisis, the Chancellor recently stated that he is “ready to do more” and that “as the situation evolves, our response will evolve.”<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Rishi Sunak will announce a \u00a310 billion cost-of-living bailout today, with the goal of assisting every household in the UK with rising energy expenses. With energy prices certain to rise … <\/p>\n