GAS and electricity bills could soar to £3,000 next April when the government’s Energy Price Guarantee comes to an end.
Bills are currently frozen at £2,500 for the typical household under the guarantee.
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But Jeremy Hunt is considering letting them go up by another £500.
In a major blow to millions of Brits, the £400 one-off payment for all households to help with bills this winter is unlikely to be repeated in 2023.
But Whitehall sources say the Chancellor IS looking to target new support at “pensioners, low income and vulnerable households”.
No final decisions have been made yet – but as things stand millions are set to be £900 a year worse off.
On Thursday Mr Hunt will finally unveil his Autumn Statement.
The major budget will detail how the Treasury is going to fill an estimated £50bn black hole in the public purse.
The gaping hole came about because of the pandemic, Mad Vlad Putin’s war in Ukraine, soaring energy costs and Liz Truss’ disastrous mini budget.
Yesterday the Chancellor warned tax rises will hit “everyone” and that “we’ll all be paying a bit more tax”.
Gloomy Mr Hunt added that there will be no enticing “rabbit out of a hat” policies either.
He said growth forecasts published by the Office for Budget Responsibility, alongside his £25bn of tax hikes and £30bn on spending cuts, will show Britain is languishing in recession.
“The question is not really whether we’re in recession, but what we can do to make it shorter and shallower,” Mr Hunt admitted.
Among a range of fiscal measures, the Chancellor is planning on freezing thresholds and personal allowances for income tax, national insurance, VAT, inheritance tax and pensions for six years.
In a major blow to millions of Brits, he’s also preparing to relax rules so that local authorities can ramp up council tax.
The pitch-rolling Chancellor said there was no alternative to his plan, as he tackles “evil in inflation”, which has skyrocketed to 10.1 per cent.
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Last night Rishi Sunak vowed he will fulfil a promise to bring stability back to the country’s finances.
Mr Sunak, travelling to Indonesia for his first major international summit at the G20, said he was “delivering on the expectations of international markets” to ensure a more sustainable position in the long-term.
He said: “Financial conditions in the UK have stabilised clearly, but they have stabilised because people expect the government to take the decisions that will put our public finances on a sustainable trajectory, and it’s the government’s job to deliver on that.”
The PM added: “Now, the chancellor has also said that part of our job is not just to bring stability back to the system, which we will do but it’s also to lay the foundations for the economy to recover and grow.
“Ultimately, that’s what we all want to see. That’s how we’re going to be able to cut people’s taxes over time and support public services. And you’ll hear that side of the equation from the chancellor as well.”
