Futher action to help households deal with the cost of living crisis

I was pleased to see that today the Chancellor unveiled a  Plan for a Stronger Economy, including more concrete action to help individuals and families deal with the cost of living crisis. £400 to every household - and unlike the previous plan, it will not have to be paid back. An additional £650 million paid directly into the bank accounts of 8 million of the worst-off households. (I presume there will be special arrangements for those who do not have bank accounts.) 

Overall this takes to  £37 billion the package of support to help people with the cost of living as we grow our economy. 

And yes, we have changed our mind on a windfall tax on energy. I don't apologise either for having concerns about the principle of windfall taxes in general, or for the fact that as the "perfect storm" of energy prices, impact of the pandemic, and of the war Ukraine has worsened at the same time that even some in the oil and gas industry, such as the chair of BP, have said they could cope with a temporary tax rise and still keep up investment, the government has decided to be flexible in these special circumstances. Only a fool never changes his mind.

  • A series of global forces mean families and businesses are being hit with everyday price rises and it is our priority to help the millions of families struggling with the cost of living. 
  • That is why the chancellor has announced an extra £15 billion of support which will support the most vulnerable households with up to £1,200 – bringing our total package of support to £37 billion to help families tackle cost of living pressures – part of our Plan for a Stronger Economy.
  • While it is impossible for any government to solve every problem, our priority is to help the millions of families who are struggling now as we secure long-term economic growth with our Plan for a Stronger Economy. 



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