Treasury written question – answered on 14th September 2022.

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Photo of Jim Shannon Jim Shannon Shadow DUP Spokesperson (Human Rights), Shadow DUP Spokesperson (Health)

To ask the Chancellor of the Exchequer, what steps he is taking to help people manage their household budgets in the context of rising inflation.

Photo of Andrew Griffith Andrew Griffith The Financial Secretary to the Treasury

The government understands that people across the UK are worried about the rising cost of living and are seeing their disposable incomes decrease as they spend more on the essentials.

On 8 September, government announced that the energy price cap will be superseded with a new Energy Price Guarantee, which means that a typical UK household will pay no more than £2500 a year on their energy bill over the next 2 years from 1 October. The Government will also introduce a six-month scheme to support businesses, charities and public sector organisations.

These measures will save the average household around £1000 a year on current energy prices from October, and protect businesses from soaring energy costs, providing them with the certainty they need to plan their business through the acute crisis this winter.

This announcement comes in addition to the £37 billion of support previously announced, which will see eight million of the most vulnerable households receive £1200 support, with additional support for pensioners and those claiming disability benefits.

As a matter of priority, the Chancellor will set out a package of measures to deliver on the Prime Minister’s commitment to cut taxes and boost growth, laying the groundwork for the change we need in the long term to make our economy stronger.

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