Rishi Sunak announced measures the afternoon (Thursday 26th May) to ease the rapidly increasing cost of living crisis which has hit so many people in the last months. This £15billion cost-of-living bailout will see every household receiving hundreds of pounds off their sky-rocketing bills. These measures include:
- A permanent grant of £400 to take the edge off the misery of the spike in energy costs. This replaces the previously announced £200 per household state loan for energy bills – which was due to be paid back over the next four years
- Eight million households on benefits will get a £650 handout, paid in two stages in July and Autumn – which will cost the Treasury £5billion.
- Pensioners who get winter fuel allowance will get £300 extra. Disabled people will get £150. In addition, the triple lock will be applied to the state pension this year.
These measures will be partially paid for by a 25 per cent windfall tax is being imposed on the surging profits of oil and gas firms, to raise £5billion this year.