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Chancellor announces further support to help with the cost of living

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Friday, 27 May, 2022
Reducing the Pressures on cost of living
Reducing the Pressures on cost of living
Reducing the Pressures on cost of living

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-… 

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The Rt Hon George Eustice Member of Parliament for Camborne, Redruth & Hayle

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ConservativesPromoted by Geoff Penhaligon, on behalf of George Eustice, of 13 Commercial Street, Camborne, Cornwall, TR14 8JZ.
Copyright 2022 The Rt Hon George Eustice Member of Parliament for Camborne, Redruth & Hayle . All rights reserved.
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