Stuart Anderson MP has welcomed further government support for families with the cost of living. The Chancellor has unveiled a further package of support, worth £15 billion, that provides significant targeted support to millions of the most vulnerable people, including pensioners, disabled people, and almost all of the eight million most vulnerable households who will receive support of at least £1,200 this year. The significant set of interventions brings the total package of support available to £38 million.
In Parliament, Stuart had called on the Government to support households with the cost of living. He is pleased that the Chancellor has now introduced further targeted support to help families. It includes universal support for all households, with the discount on energy bills in October doubled to £400 and turned into a grant. The Chancellor has also announced a direct one-off cost of living payment of £650 for more than eight million households on means-tested benefits, worth £5.4 billion. Every pensioner in receipt of the Winter Fuel Payment will receive a £300 pensioner cost of living payment, worth £2.5 billion paid alongside the Winter Fuel Payment, and a £150 disability cost of living payment for nearly 6 million individuals in receipt of extra cost disability benefits, paid by September. The Household Support Fund, delivered via Local Authorities, is also being increased, bringing it to £1.5 billion overall.
Stuart has commended the £15 billion package of measures, which builds on £22 billion of support that the Government has already announced. It includes increasing reducing the Universal Credit taper rate and the National Living Wage as well as cutting fuel duty. In July, the Government will also increase the National Insurance threshold to £12,500 – resulting in a £6 billion tax cut for 30 million working people, worth over £330 a year. In light of the extraordinary profits that have been made by oil and gas companies, Stuart also welcomed plans to introduce a new, temporary Energy Profits Levy which will raise around £5 billion over the next year to help families with the cost of living – with a new investment allowance to encourage firms to invest more in oil and gas extraction in the UK. Stuart has compiled a comprehensive range of support that is available at www.stuartanderson.org.uk/support-individuals.
Stuart Anderson MP said: “The last few years have been unprecedented – from a global pandemic to Putin’s invasion of Ukraine. I recognise the pressure that these events have put on household budgets across Wolverhampton. That is why I welcome the Chancellor’s £15 billion package of support, which brings overall assistance with the cost of living to £37 billion. With more than three-quarters of support going to the most vulnerable, including pensioners, these interventions build on our existing £22 billion package of support and will help to ease global cost of living pressures on millions of households across the country. The plans will also encourage oil and gas companies to reinvest their extraordinary profits in helping support families through this difficult time, while encouraging investment and growth as we secure our long-term recovery from COVID-19 and combat the UK’s current high levels of inflation.”