Keighley and Ilkley MP Robbie Moore has welcomed an extra £15 billion package of support to help his constituents with rising costs and their energy bills, ramping up direct Government support to a £37 billion package.
Due to a series of global forces, families and businesses are being hit with everyday price rises, to tackle these price rises the Government have outlined their priority to help the millions of families struggling with the cost of living.
The £37 billion package of support includes doubling the October £200 rebate to £400 and turning this tranche of support to a non-repayable grant, supporting 8 million vulnerable households with a £650 cost of living payment, helping 8 million pensioner households with a £300 cost of living payment and supporting 6 million people on disability benefits with a £150 cost of living payment.
Last week’s announcement builds on a £22 billion package of support already in place to help families combat global cost of living pressures including global economies reopening following the pandemic, Putin’s war in Ukraine, and a fresh wave of lockdowns in China.
Robbie Moore MP said: “I know families across Keighley and Ilkley are struggling with rising costs driven by global pressures and rising energy prices.
That is why I welcome the Chancellor’s Plan, setting out a further £15 billion of support, bringing the total cost of living package to £37 billion, supporting the most vulnerable in Keighley and Ilkley with up to £1,200 per household and directly boosting support for pensioners.
This timely and targeted support will help those most in need whilst the boosted cash grant of £400 will support families across the board who need support with their bills.”
Chancellor of the Exchequer, Rishi Sunak said: “We know that people are facing challenges with the cost of living and that is why today I’m stepping in with further support to help with rising energy bills.
We have a collective responsibility to help those who are paying the highest price for the high inflation we face. That is why I’m targeting this significant support to millions of the most vulnerable people in our society. I said we would stand by people and that is what this support does today.
It is also right that those companies making extraordinary profits on the back of record global oil and gas prices contribute towards this. That is why I’m introducing a temporary Energy Profits Levy to help pay for this unprecedented package, which includes the new Investment Allowance to incentivise companies to reinvest their profits.”