RISHI Sunak will give a major Commons speech today as he comes under growing pressure to splash more cash to help Brits through the cost of living crisis.
The Chancellor will step up to the despatch box at 11.30am and is expected to announce two major new handouts to ease the financial burden on families.
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But hours before his address to the nation the Government admitted it won’t be able to help everyone who is struggling with spiralling energy bills.
Brits are facing a quadruple whammy of rocketing prices today on what is being dubbed a new “Black Thursday” for the UK economy.
Families will be clobbered with…
- Average gas and electric bills hitting £2,000 a year as the Government’s price cap is raised.
- Mortgage payments going up as interest rates set to double from 0.25 per cent to 0.5 per cent – the second increase in two months.
- Shoppers hit by the highest price rises in nearly a decade
- Petrol prices to rocket to record levels.
In response the Chancellor is expected to announce a new windfall that will save households across the land £200 on their energy bills this winter.
On top of that he’s also going to slash the Council Tax on properties in bands A-C, saving the poorest families hundreds more.
But he will resist calls from many Tory MPs to axe green levies and VAT, which together make up almost a fifth of the average annual energy bill.
Foreign office minister James Cleverly today defended the decision not to go further by dramatically slashing costs for all families.
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He said the Government wants to “target” support at those who need it most rather than providing a windfall for the whole country.
And he admitted that despite the new package of support ministers won’t be able to help everyone battling to make ends meet this winter.
He said: “For some people they are always still going to struggle, we are very, very conscious of that.
“We are very, very conscious of how much this will hurt some people. We absolutely recognise the pressure this puts on some families.
“But we really hope the combination of general financial support and the very targeted measures specifically about energy costs will make sure the majority of people who are concerned about fuel bills get support.”
Millions of Brits are facing a perfect storm of spiralling bills, rising inflation, and tax hikes.
BLACK THURSDAY
Consumer expert Martyn James said: “It’s going to be Black Thursday.
“Millions of households across the UK are waking up to the reality of huge energy price rise hits, while inflation inches ever up and all the main bills we pay look set to rise.
“Whatever you do, don’t panic – there is help out there. But the Government need to know that it’s nowhere near enough for millions of hard-up people.”
Households face a planned rise on National Insurance, council tax hikes and higher energy bills from April 1.
Soaring inflation is adding £180 a year to grocery bills and soaring crude oil prices are pushing up prices at the pumps.
Energy watchdog Ofgem was forced to bring forward its planned price cap rise on gas and electric bills to today, as the government scrambles to help Brits with the cost of living crisis.
Suppliers will be allowed to hike the basic tariff for 22 million households, meaning families are set for huge increases in bills.
Experts last night predicted capped energy tariffs will shoot up by around 50 per cent to £1,915 for the typical customer as a result of today’s announcement.
Another rise is expected in autumn when the price cap is likely to go up yet again.
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