The Chancellor, Rishi Sunak has today announced a number of support measures to help with the rising cost of living. Millions of households across the UK will benefit from the new £15 billion support package. We have summarised the key points below:-
Households will receive a £400 grant to help with the rising cost of energy bills, this replaces the previously announced Energy Bills Support Scheme loan of £200 and does not have to be paid back. This applies for households in England, Scotland & Wales. Equivalent support will be available in NI however details have yet to announced.
The Government will make a one-off tax free payment of £650 to UK households on means tested benefits.
Pensioner households across the UK in receipt of winter fuel payments will be given an extra one-off payment of £300.
Individuals receiving disability benefits will receive a one-off tax free payment of £150 in September. Disability benefit recipients also on means tested benefits will get the £650 Cost of Living payment as well.
To support people who need additional help, the Government is providing £500 million of local support via the Household Support Fund, which will be extended from October 2022 to March 2023.
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