Stuart Anderson MP has welcomed a new package of support to help local families with the cost of energy bills. Over 100,000 households in Wolverhampton will benefit from the measures introduced in light of global inflationary pressures as economies around the world rebound and re-adjust to returned demand. The intervention, worth £9.1 billion, will help to minimise the impact of the re-adjustment.
Last month in Parliament, Stuart called on the Chancellor to take extra action to protect local families from the globally rising cost of living. He has welcomed the extended range of support, which will see 106,240 households in Wolverhampton receive a £150 non-repayable cash rebate on their Council Tax in April. This intervention will assist around 80 per cent of households across the United Kingdom.
From October, there will be a £200 ‘smoothing’ rebate on energy bills for all households, to be paid back over the next five years at £40 per year – starting from April 2023, when global wholesale gas prices are expected to come down. This will help families adjust to energy prices and spread payments over a longer term. In addition to this, the Government is equipping local authorities with £144 million discretionary funding to help those not eligible for the council tax rebate, including properties in bands A-D exempt from council tax as well as households on lower incomes that are in higher bands.
The three-part plan announced by the Chancellor is the latest in a series of measures introduced to help people with rising costs caused by the world economy coming swiftly back to life after a sustained period of restrictions due to COVID-19. The Government has already introduced a £500 million Household Support Fund and is extending the Warm Homes Discount by one-third to 3 million vulnerable households, worth £150. In April, the Government is increasing the National Living Wage by 6.6 per cent to £9.50, meaning an extra £1,000 a year for 2 million of the UK’s low paid workers.
The UK’s reliance before 2010 on cheap foreign natural gas saw its energy sector exposed to volatile gas prices. The Government has worked hard to turn this around, which is why it is investing more in renewables and nuclear. Renewable capacity in the UK has quadrupled since 2010. The country now has the largest installed onshore wind capacity in the world. Protecting consumers remains a top main priority of the Government’s. The Government has published information about support that is available for consumers online at www.gov.uk/government/news/rising-gas-prices-protections-for-consumers.
Stuart Anderson MP said: “As economies reopen around the world, they are now experiencing high inflation – mostly due to pressures from rising energy prices, a resurgent demand for goods, and disruptions to global supply chains. In Parliament, I recently called on the Chancellor of the Exchequer to take extra action to help shield people against the rising cost of living. I am pleased that he has now put forward this expanded package of support, which will help hundreds of thousands of households across Wolverhampton at this crucial time in our recovery from COVID-19."