On Thursday 26th May, The Chancellor of the Exchequer Rishi Sunak announced further support to help with the cost of living. Millions of households across the UK will benefit from a new £15 billion package of targeted government support. This announcement builds upon measures previously announced by the government during the spring statement.
The new support includes:
- Almost all of the eight million most vulnerable households across the UK will receive the 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 toward 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 the cost of living, with a new investment allowance to encourage firms to invest in oil and gas extraction in the UK
To ensure there is support for everyone who needs it, Mr Sunak also announced a £500 million increase for the Household Support Fund, delivered by Local Authorities, extending it from October until March 2023. This brings the total Household Support Fund to £1.5 billion.
Find more information here: https://www.gov.uk/government/publications/cost-of-living-support/cost-…;
