Rishi Sunak

Rishi Sunak is expected to announce plans to ease the cost of living crisis today.

Sunak had previously said that he is not “naturally attracted” to a windfall tax but would be “pragmatic about it.” The next few months will be tough. I cannot pretend this will be easy.

Chancellor expected to unveil at least £10bn of support less than 24 hours after damning verdict on No 10 lockdown breaches published.

I try to monitor the comments below the line (BTL) but it is impossible to read them all. Sunak has been promising further support measures for a week, but no one at Westminster believes that its timing, less than 24 hours after Boris Johnson made his statement to MPs about the Sue Gray report, is a coincidence. Some of the measures announced today will be targeted at the poorest households, but the overnight briefing suggests there will also be a strong universal element too it as well, with every household in the getting extra support. But this is the third fiscal event on this scale already this year - after the £9bn energy support package announced in February, and the spring statement, which included further giveaways worth around £10bn - and we have not even had the 2022 budget. Whether it’s needed for all households, I think, is more of a difficult point. He is not calling it the “emergency budget” that Labour has been demanding, but the size of the giveaway - at least £10bn, according to overnight briefing - makes it more significant than many of the budget we’ve had over the last decade or so. For me the most serious charge against the prime minister is that of knowingly misleading parliament. Parliament is the beating heart of our nation. A bedrock principle of our constitution is that we can trust the responses receive in parliament to be truthful and accurate. Once 54 letters are in (15% of the parliamentary party), a ballot will take place. But it is thought that more than 40 MPs have privately submitted letters to Brady demanding a no confidence vote. That means there are now three Tory MPs who have, for the first time, joined those saying Johnson should go follow the publication of yesterday’s report.

Chancellor Rishi Sunak will address the UK today to announce new packages of support to help the cost of living crisis.

The measures will cost around £10bn - and Mr Sunak is expected to announce a U-turn and levy a windfall tax on energy companies which have announced multi-billion-pound profits. He will set out more details tomorrow." You don't introduce random taxes that make the economic environment unpredictable."

Chancellor appears set to U-turn on windfall tax, as energy price cap set to increase by further £830.

“You don’t introduce random taxes that make the economic environment unpredictable.” “It won’t be easy, we won’t be able to fix everything. The shadow levelling up secretary told BBC Breakfast: “The long-term plan that this country desperately needs has got to involve investing in things like retrofitting homes. The poll, carried out between 13 and 18 May, asked 2005 people weighted by age, gender, region and social status to nationally representative proportions. Mr Sunak is expected to ditch the previously announced £200 loan on energy bills and replace it with a grant of up to £400 which will not have to be paid back. It's also in terms of parliament and the parliamentary timetable.” The timing of that is shaped by the Met Police investigation,” Steve Barclay told Sky News. “Every pound that goes back into people's pockets will make a huge difference. They had an opportunity to do it this week. But Mr Barclay added: “What I can tell you is we have said we recognise there's a significant challenge coming this autumn. But it turns out that they do,” the shadow levelling up, housing and communities secretary told Times Radio. He added: “I work very closely with him.

Treasury sources did not deny reports he would use his announcement on Thursday to scrap the requirement to repay the £200 discount on energy bills, and could ...

But Labour leader Sir Keir Starmer has argued a U-turn is "inevitable" as the tax on North Sea firms would "raise billions of pounds, cutting energy bills across the country". The Chancellor will need to be careful that any extra help he puts in to the economy does not add further to inflation, which is running at a 40-year high. But what I would also say is we will get through it and we will get through it well." But on Wednesday a Tory source said the arguments had been "tested rigorously" within both the Treasury and wider government. Mr Sunak will detail his plan in the Commons as the Government seeks to draw a line under the partygate row and focus on the squeeze in living standards caused by soaring inflation. The need for extra help was illustrated by Ofgem chief executive Jonathan Brearley's indication that the energy price cap will increase by a further £830 to £2,800 in October.

The Chancellor will detail his plan in the House of Commons as the Government seeks to draw a line under the Partygate scandal.

It is designed to tax firms that have profited off something that they did not achieve themselves. The Prime Minister has previously said a windfall tax would “deter investment”, would be “totally ridiculous” and would “raise prices for consumers”. At a Downing Street press conference, he acknowledged households “are going to see pressures for a while to come” as a result of the spike in global energy prices and supply chain problems following the pandemic. Mr Sunak is expected to announce a windfall tax on energy companies to fund the support measures. Measures could include scrapping the requirement to repay the energy bill discount that is planned for October and introducing a controversial windfall tax on oil and gas companies – here is everything you need to know. The Chancellor will detail his plan in the House of Commons as the Government seeks to draw a line under the Partygate scandal and focus on the squeeze in living standards caused by soaring inflation.

The Chancellor will be taking some action to help households deal with a further increase later this year in energy bills.

The timing of that is shaped by the Met Police investigation. What time is Rishi Sunak's announcement today? What time is the Rishi Sunak announcement today?

There could also be hundreds of extra pounds to support every pensioner after energy bills soar in October - distributed through winter fuel payments, and ...

Another said the payments would be "substantial". I've heard that the payments for those on disability benefits could be hundreds of pounds meaning people who qualify for both UC and disability benefits could be in line for a particularly large payment. The payments could be over £600 and paid in two instalments - one in July and another in the autumn.

Chancellor Rishi Sunak prepares to unveil huge cost-of-living bailout that will help every UK household; Mr Sunak is set to prioritise the most vulnerable ...

New analysis has also shown that four million 'squeezed middle' households are currently missing out on the same level of Government assistance handed to others in the face of soaring bills. 'But I think he does need to think quite hard about that balance and the risks associated with inflation. The value could also be doubled in a bid to take the edge off the misery of spiking inflation for 27million homes. 'There’s a very strong case for giveaways to help those who are struggling most. But today the Ofgem chief executive Jonathan Brearley predicted it will reach £2,800 when it is revised again in October. 'There's no question we have pressure now on household finances… That is currently worth £150 to three million low-income households, but could be broadened and hiked to £600. Before April it was just £1,277. But, in a highly unusual move, the energy regulator's boss this week revealed he was writing to the Chancellor immediately to say the cap is likely to rise to £2,800. Mr Sunak had planned to wait until July to unveil the package, when Ofgem will be able to give a more precise estimate of the likely rise in the price cap in October. Before April, the cap was set at £1,277. Ofgem's expectation for the energy cap in October is £2,800 for a typical family - compared to £1,972 at the moment.

Mr Sunak is expected to hand households a £400 grant to help with the rising cost of energy bills. The money will be given to energy companies and then ...

The levy would then be used to help fund the new support measures. However, plans for VAT cuts on energy and fuel are off the cards for now. He argued that Universal Credit should be uplifted as it “links benefits to works” and would help those most in need. But experts disagreed as the money had to be repaid. Labour criticised the plan as a “shoddily designed buy now, pay later loan scheme”. A Treasury spokesman said: “We understand that people are struggling with rising prices, which is why we’ve provided £22bn of support to date.

The Chancellor said the government would provide 'significant support for the British people' as he set out a £15bn package of support.

I’m not here to talk about myself as an individual so it wouldn’t be appropriate for me to comment.” Given the scale of rule-breaking in No 10, I can not accept that the prime minister was unaware.” He said the Government is “creating more jobs” and seizing the opportunity of Brexit. In response, the Chancellor said the levy has a “very generous allowance” and is now the “blunt instrument the Labour party asked for”. Continuing her speech, Ms Reeves said Labour would have solved the issues of the economy and said the Government has not created a “real plan” to solve the cost of living crisis. Paul Johnson, the director of the Institute for Fiscal Studies (IFS), said the 25% energy profits levy “is an increase in the tax on North Sea profits”. Paul Johnson, the director of the Institute for Fiscal Studies (IFS), said the 25% energy profits levy “is an increase in the tax on North Sea profits”. He said: “The prime minister has said and I have said on a number of occasions that there were failings, both in terms of what happened and in terms of how it was handled. “The prime minister has apologised for that, and obviously I’m happy to apologise for that as well.” He went on to add that the prime minister has been supported due to his ability as a campaigner, and “won us the general election”. Tobias Ellwood has said he feels “very sorry for any minister" who is on duty for the daily news rounds and has to "defend all this". John Baron, Tory MP for Basildon and Billericay said on Thursday morning he could no longer give the the prime minister “the benefit of the doubt”.

'Temporary, targeted' levy part of £15bn package intended to soften impact of cost of living crisis.

He said the public would understand that ministers could not offset all of the increase in prices. Previously, they had been expected to repay the discount over the coming five years. Today he has announced that policy but he can’t dare say the words. “Today it feels like the chancellor has finally realised the problems that the country is facing. In addition to the targeted support, all households would receive an extra £200 discount on their fuel bills in October, in addition to the £200 already promised. He therefore announced what he called a “temporary, targeted energy profits levy” of 25% but with a 90% tax relief for firms that invest in oil and gas extraction in the UK.

A new package of measures to help support households through the current cost of living crisis has been revealed by the Chancellor Rishi Sunak today (26 ...

Chancellor announces new policies to tackle energy costs and inflation – here are the main points, with political analysis.

The payment will be doubled to £400 for everyone They will know this government is standing by them” This means the government’s support must be temporary and targeted. “This government will not sit idly by,” he adds. Russia’s war in Ukraine and Covid lockdowns in China are having the biggest impact. Sunak says “we can get inflation under control”, although he admits it may take time.

15bn package will deliver support worth £1200 to the 8m poorest households, says chancellor.

The temporary levy will cease at the end of 2025, but could be phased out earlier “if oil and gas prices return to historically more normal levels”, said the Treasury. It came just a week after Boris Johnson ordered Conservative MPs to vote down Labour proposals for a windfall tax on the grounds it would hit investment. Start your Independent Premium subscription today. Mr Sunak said the windfall tax was justified by the “extraordinary profits” raked in by oil and gas companies as a result of the spike in commodity prices caused by post-Covid disruption to supply chains and the war in Ukraine. The hike will increase the headline rate of tax payable on profits from 40 to 65 per cent. And he said that he will double the assistance with energy bills on offer to all households this autumn from £200 to £400 and convert the payment from a loan to a grant. Mr Sunak said that almost all of the 8m of the worst-off households in the UK will benefit to the tune of £1,200, made up of support measures including a £650 cost-of-living payment for the poorest, a one-off £300 payment to 8m pensioner households and £150 each to 6m disabled people.

The chancellor confirmed that every household in Britain would receive a £400 discount on their energy bills this October. He also announced that eight million ...

The chancellor will fund the move in part with a 25 per cent windfall tax on the profits of oil and gas companies that would raise £5 billion this year. This, on top of last month’s increase, will mean that average bills have risen by 119 per cent in a year. Things to quibble with, but this is big and very welcome indeed.” Households will still face huge rises in their bills even with the additional support. This clawback has now been scrapped and the payment doubled. The answer must surely be No.”

New support package will be partly funded by a temporary windfall tax on oil and gas companies.

The existing£200 repayable loanthe government was set to give households in October will now be turned into a grant and doubled, with every UK household now receiving a £400 discount on their energy bills. - There is also targeted financial support for the poorest households. Rishi Sunak has set out a £15bn emergency package of measures to help support households struggling with the rising cost of living – funded by a temporary windfall tax.

Tory MPs have warned Rishi Sunak that his windfall tax on oil and gas giants could stifle economic growth as the Chancellor was accused of “throwing red ...

Accordingly, it is time for him to step down so that new leadership can take forward the important work of the Government in ensuring that our people and country prosper.” Whether or not the Prime Minister is an asset to the party or the country is of less importance. She said: "We need to make sure that we are backing those people in the brave fight for their country. Mr Sunak said: "Now is the time to act because we have more certainty over what the price cap in the autumn will be. David Davis, the former Cabinet minister told Rishi Sunak: "On the windfall tax, it will raise a small amount of money. This will be sent in two lump sums in July and then in the autumn. It sends the wrong signal to the whole sector at the wrong time against a backdrop of rising business taxation elsewhere." Centre for Policy Studies: "This is a significant package of support targeted at those on the lowest incomes, and it will bring welcome relief to many families facing eye-watering increases in their bills. “To most drivers that would have meant ‘why is he in my way’, but not to Her Majesty. As she explained, she knew the deer should be on a different part of the hillside, she couldn’t understand why he had come down so low. Spending months arguing against it both practically and ideologically and then caving to pressure from the left leaves much to be desired for a ‘fiscally conservative’ Chancellor." He said: "Since 9 December I have been critical of the Prime Minister’s behaviour and the culture that existed in Number 10. However, he said the "flat rate nature of payments to benefit recipients does mean...

Eight million low-income households will a get one-off payment of £650.

He said the payment is “now unambiguously a grant” and will no longer need to be repaid. “Its quite amusing to hear the chancellor talk about this being timely,” she said. “I want to reassure everyone – we will get through this. The Tory MP welcomed the announcement and described it as “a very significant intervention” and likened it to the measures introduced during the pandemic. She also branded Mr Sunak the “Klarna chancellor” – in a nod to the buy now, pay later online shopping scheme. Mr Sunak said oil and tax giants will be taxed at a rate of 25 per cent, but reiterated this will be “temporary” and when energy prices return to “historically more normal levels” the levy will be “phased out”.

Martin Lewis grilled Chancellor Rishi Sunak over the cost of living package he outlined on Thursday. What did he ask?

I hope the questions I selected in the limited time were a decent representation of people's consumer finance concerns." Thanks to the chancellor for his time. Following the interview, Martin thanks the Chancellor via his Twitter account for his appearance on the Q&A, writing: "Thanks to the chancellor for his time. The Chancellor "categorically" denied that there was any relation between the timing of the Sue Gray report and the support, giving his "absolute assurance and his word." The Money Saving Expert then asked the Chancellor for those who just miss out on Universal Credit - "the just about managing category" and therefore, also miss out on any further cost of living support. Martin Lewis has grilled Chancellor Rishi Sunak over the cost of living package he outlined on Thursday.

The Chancellor has outlined government plans to help struggling UK families cope with the ongoing cost-of-living crisis.

This winter, over 8 million pensioner households will receive a one-off £300 Pensioner Cost of Living Payment to support them through the coldest months.— HM Treasury (@hmtreasury) pic.twitter.com/s3Lt60AZTL May 26, 2022 Mr Sunak said the one-off cost-of-living payment for around eight million most vulnerable households on means-tested benefits will be sent direct to their bank accounts. It replaces the £200 loan announced by the Chancellor earlier this year and will not need to be repaid. Direct debit and credit users will have the money credited to their account, while those with pre-payment meters will have the money applied to their meter or paid via a voucher. This is a one off payment to help with rising costs, and will now not need to be paid back. With energy bills set to soar in October, households in England, Scotland and Wales will receive a £400 payment to help with rising costs.

The idea of a windfall tax had faced resistance in government, with Mr Sunak himself appearing to oppose it. But the Chancellor said his plan for a 25 per cent ...

“Rishi Sunak should have gone so much further.” Money from shares contributes directly to keep our paper thriving. “It’s way past time for the government to stop ignoring unpaid carers on Carer’s Allowance, and instead make them a priority group for the extra financial support they so desperately need and deserve.” “It’s a quick fix instead of a proper plan to prevent the spread of despair and poverty,” she said. “This package does not help people put food on the table, a one-off payment does not deal with a cost-of-living crisis, inflation at record highs and the huge increase in food costs,” the Jarrow MP said. RISHI SUNAK was accused of offering little more than knee-jerk “quick fixes” today after he was shamed into pledging financial support for households suffering in the cost-of-living crisis and U-turning on a windfall tax of energy firms.

Rishi Sunak confirmed a temporary windfall tax on oil and gas giants but said it would include a “new investment allowance” to incentivise the reinvestment of ...

"We are going to provide significant targetted support to millions of the most vulnerable in society, pensioners and disabled people," said Sunak. Rishi Sunak confirmed a temporary windfall tax on oil and gas giants but said it would include a “new investment allowance” to incentivise the reinvestment of profits. "We will make sure the most vulnerable and least well off get the support they need."

The timing of the announcement has led to claims ministers were seeking to avoid further damaging headlines about Boris Johnson's No 10 operation. The ...

"We are going to provide significant targetted support to millions of the most vulnerable in society, pensioners and disabled people," said Sunak. Rishi Sunak confirmed a temporary windfall tax on oil and gas giants but said it would include a “new investment allowance” to incentivise the reinvestment of profits. "We will make sure the most vulnerable and least well off get the support they need."

Martin Lewis grilled Chancellor Rishi Sunak over the cost of living package he outlined on Thursday. What did he ask?

I hope the questions I selected in the limited time were a decent representation of people's consumer finance concerns." Thanks to the chancellor for his time. Following the interview, Martin thanks the Chancellor via his Twitter account for his appearance on the Q&A, writing: "Thanks to the chancellor for his time. The Chancellor "categorically" denied that there was any relation between the timing of the Sue Gray report and the support, giving his "absolute assurance and his word." The Money Saving Expert then asked the Chancellor for those who just miss out on Universal Credit - "the just about managing category" and therefore, also miss out on any further cost of living support. Martin Lewis has grilled Chancellor Rishi Sunak over the cost of living package he outlined on Thursday.

Chancellor of the Exchequer Rishi Sunak caved in to pressure and applied a windfall tax on energy companies' soaring profits.

“It won’t be easy, we won’t be able to fix everything. The timing of that is shaped by the Met police investigation. “You don’t introduce random taxes that make the economic environment unpredictable.” A "temporary targeted energy profits levy" of 25% on profits will be applied and will raise £5 billion, but companies will be able to claim back 90p in tax relief for every £1 spent investing in the UK. The Chancellor made the announcement as he made a U-turn on a windfall tax on the soaring profits of oil and gas giants. Mr Sunak said these measures combined mean the vast majority of households will get £550, pensioners will get £850 and the eight million most vulnerable will get £1,200, a figure he said was equal to the year-on-year rise in energy bills.

Martin Lewis grilled Chancellor Rishi Sunak over the cost of living package he outlined on Thursday. What did he ask?

I hope the questions I selected in the limited time were a decent representation of people's consumer finance concerns." Thanks to the chancellor for his time. Following the interview, Martin thanks the Chancellor via his Twitter account for his appearance on the Q&A, writing: "Thanks to the chancellor for his time. The Chancellor "categorically" denied that there was any relation between the timing of the Sue Gray report and the support, giving his "absolute assurance and his word." The Money Saving Expert then asked the Chancellor for those who just miss out on Universal Credit - "the just about managing category" and therefore, also miss out on any further cost of living support. Martin Lewis has grilled Chancellor Rishi Sunak over the cost of living package he outlined on Thursday.

Rishi Sunak has outlined new measures to help people cope with the cost of living crisis in the Commons today.

- A one-off disability cost of living payment of £150. He explained: “I can announce today that from the autumn we will send over eight million pensioner households who receive the winter fuel payment an extra one-off pensioner cost of living payment of £300. The chancellor has also announced a one-off disability cost of living payment of £150, alongside a payment of £300 for pensioners.

Economists fear the Chancellor may have to dish out billions more next spring, risking pushing inflation higher.

"Now we have a plan to do the same thing. "So other countries in Europe like France, Italy, Spain, Portugal, Greece, have all taken steps to reform that market, to correct that. But poorer households could be facing inflation of 14 per cent because they spend more of their incomes on food and energy, prices for which have soared.

“This measure will not only make absolutely no difference to families' soaring energy bills, [but] any new fossil fuel production acts as a wrecking ball to our ...

“The chancellor’s proposed tax relief on investments in Britain’s energy future is a critical principle in the new levy,” they said. “It is also completely contradictory when it comes to both heading off the climate crisis and tackling the cost of living crisis,” she said. Start your Independent Premium subscription today. So why aren’t they doing that?” “If you were serious about getting to net zero, if you were serious about protecting us from climate change, if you were serious about making sure our country was independent of Russia and other people, you would go far more into renewables. A Treasury source said the relief on taxation of oil and gas profits was by design on oil and gas, and pointed to the government’s energy security strategy which says the country needs to expand North Sea oil and gas production to ensure security of supply.

The chancellor promises to "respond to the situation on the ground" as households face soaring bills.

You can also get in touch in the following ways: "I do want people to be reassured and confident that we will get through this. Bills had already risen by £700 on average in April. I don't think that is a good use of taxpayers' money." importing less oil and gas... But Mr Sunak said he continued to be "prepared to respond to the situation on the ground".

Rishi Sunak confirmed a temporary windfall tax on oil and gas giants but said it would include a “new investment allowance” to incentivise the reinvestment of ...

"We are going to provide significant targetted support to millions of the most vulnerable in society, pensioners and disabled people," said Sunak. Rishi Sunak confirmed a temporary windfall tax on oil and gas giants but said it would include a “new investment allowance” to incentivise the reinvestment of profits. "We will make sure the most vulnerable and least well off get the support they need."

Sunak has said those not facing financial difficulty from the rise in energy bills could give their money away.

But there are lots of cases of people who will say ‘Hang on, I happen to live in this expensive-looking house or in a high council tax band house, but I need help too’. “How else would you get the support to those on middle incomes who are working hard, who do feel they need support - and I hear a lot from them every week. The reality is when you’re talking about that number of people, there really aren’t many ways to do it.”

Sunak has opted to finance this using a £5bn windfall tax (in Sunak's terms, a new “energy profits levy”) on oil and gas producers. The levy will remain in ...

Sunak has said those not facing financial difficulty from the rise in energy bills could give their money away.

But there are lots of cases of people who will say ‘Hang on, I happen to live in this expensive-looking house or in a high council tax band house, but I need help too’. “How else would you get the support to those on middle incomes who are working hard, who do feel they need support - and I hear a lot from them every week. The reality is when you’re talking about that number of people, there really aren’t many ways to do it.”