The cost-of-living squeeze is affecting everyone in the UK but especially those on middle incomes, pensioners, those on disability benefits, and people whose wages are topped up by universal credit.
The Conservative Government are helping and ensuring people have the assistance they need during this difficult time.
What help will you receive?
• Every household will receive a £400 discount on their energy bills this October, which will not have to be repaid.
• Those on means tested benefits will receive £650 as a direct payment.
• Pensioners who qualify for the winter fuel payment will receive an additional £300.
• People who receive non-means tested disability benefit will receive an additional £150.
This will be funded by a one off levy on the energy companies of 25 per cent, which will raise £5 billion.
However, this will not deter investment into new energy. Companies which reinvest their profits into the UK will be able claim back 90 per cent of the new tax relief.
This will incentivise companies to invest in the UK and ensure that our future economy and energy markets receive the investment they need to adapt to renewable energy in the future.
More broadly, the economic strain that we are all facing is being fought on three fronts by the Chancellor:
1. A strong, independent monetary policy.
2. Responsible fiscal policy.
3. An activist approach to supply side reforms.
The result of using these three key tools to bolster the economy is that we will reduce inflation over time and at the same time help over 8 million households with the direct payments set out above.
Stephen Metcalfe said, “Conservatism is about strong fiscal policy to create a free-market economy which supports work and in turn benefits the hard-working British household.
Whilst direct intervention is only needed in extreme circumstances, with the global pandemic and the war in Ukraine affecting global inflation it is only right that we put in place measures to help those most in need.
Therefore, I am happy to see these measures be introduced and help those most in need but also assist hard-working households with their energy bills”.
