Home energy bills were frozen by £2,500 and businesses were given a lifeline of subsidies
Home energy bills were frozen by £2,500 and businesses were given a lifeline of subsidies

Home energy bills were frozen by £2,500 and businesses were given a lifeline of subsidies

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Chancellor Kwasi Kwarteng has confirmed that household energy bills will be frozen by £2,500 this winter.

Millions of families are at risk in normal months amid skyrocketing costs.

Mr Kwarteng told the Commons: ‘People will see the horror of Putin’s illegal invasion of Ukraine.

“They will hear reports that expensive energy bills could reach up to £6,500 next year. Mr Chairman, we will never allow this to happen.

“People need to know that help is coming. And help is coming.

Existing plans to give each household extra cash to cope with rising energy bills will also remain in place.

Mr Kwarteng added: ‘In the next two years, the average household bill will be £2,500. For a typical family, that’s a saving of at least £1,000 a year, based on current prices.

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“We are continuing our plans to pay all households £400 off their bills this winter.

Quasi Quarteng

Kwasi Kwarteng unveils his House of Commons budget (Photo: James Veysey/Shutterstock)

“Combined, we’re cutting everyone’s energy bills by £1,400 this year.”

But charities and campaign groups have already joined opposition parties in calls for more support.

The Child Poverty Action Group said the small budget focused on ‘bank bonuses’ rather than helping hungry children’, adding that the government is now ‘at risk of conflict with reality’.

Imran Hussain, director of policy and campaigns at Action for Children, said Liz Truss and her cabinet needed to ‘think again’.

GLASTONBURY, UNITED KINGDOM - MAY 15: The sun shines on the roofs of houses in the neighborhood, May 15, 2022 in Glastonbury, England.  The UK is currently facing a cost of living slump, with inflation at a 30-year high, the war in Ukraine putting pressure on food prices and rising energy bills reducing household incomes.  To add to the misery, many UK households are facing further increases in home energy costs as energy prices are raised.  (Photo by Matt Cardy/Getty Images)

The government is cutting household energy bills by an expected £1,400 this year (Image: Matt Cardy/Getty Images)

He said: ‘If the new Prime Minister has the money to pay for tax cuts for the very well-off, then he has the money to throw away the lives of low-income families, who are desperately struggling with the cost of the crisis. livelihood. . Many are now facing a bad Christmas.

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“Although the energy price guarantee will help to reduce the rise in the foreseeable future, it does not address the increasing pressure that households face from food, fuel, housing and other rising costs.”

In the House of Commons this morning, the Chancellor’s pledge was described as a ‘priceless menu’ by Rachel Reeves in the Labor shadow.

‘What has the Chancellor got to hide?’, she demanded.

The SNP’s Alison Thewliss then described Liz Truss’ team as a ‘Thatcher-play cosplay shambles of a government’.

In this morning’s speech, Mr Kwarteng also announced a cap on bonuses in the financial industry.

The cap, introduced by the European Union in the wake of the 2008 financial crash, limits bank payments to twice their annual salary.

The end of the measure was confirmed as part of Mr Kwarteng’s so-called micro-budget which aimed to recover from the cost-of-living crisis through ‘growth-focused’ policies.

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According to new government proposals, many parts of England could be concentrated in the economic crisis of ‘low tax areas’.

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Discussions will be held with dozens of local authorities to establish designated areas.

Potential investment areas include Blackpool, Cornwall, Hull, Leicestershire and Stoke-on-Trent.

The government has announced a reduction in stamp duty, raising the possibility that house prices will rise in the short term.

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Source : metro.co.uk