In May 2022, we announced over £15 billion of additional cost of living support, targeted at those with the greatest need. This package builds on over £22 billion previously announced, meaning government support for the cost of living now totals over £37 billion this year, equivalent to 1.5% of GDP. As a result, millions of vulnerable households will receive at least £1,200 of support this financial year, with the vast majority of households receiving at least £550.
We have always been clear that the government cannot seek to offset the entire impact of the increased cost of living for all groups. The government is committed to managing the public finances in a responsible way by targeting support where it is most needed, and we continue to monitor a range of factors, including the Ofgem price cap.
The government is monitoring a range of pressures on households, including the cost of energy, and as we move into winter we will continue to listen to people’s concerns and will seek to help households through challenging times ahead.