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Sunak U-turns with £400 grants and windfall tax

Sunak U-turns with £400 grants and windfall tax
Chancellor says levy will raise £5bn over next year, as energy price cap to increase by further £830

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Sunday Times Rich List: Rishi Sunak and wife join elite with £730m fortune

Millions of households will receive a £400 discount on their energy bills, and a £5bn tax will be levied on oil and gas giants as Rishi Sunak moved to counter the soaring cost of living.

The chancellor was forced to unveil emergency measures as part of a £15bn package to tackle the impact of soaring inflation, which has reached a 40-year high.

Measures include a £650 payment for 8 million of the worst-off households, a one-off £300 payment to 8 million pensioner households and £150 each to 6 million disabled people.

The plans will be funded by around £10bn of extra borrowing, but Mr Sunak insisted he had a “responsible fiscal policy”.

Mr Sunak also scrapped his £200 energy bills loan, replacing it instead with a £400 grant, available to all households. He said that tax breaks for innovation would ensure the windfall tax did not reduce investment in green power.

Shadow chancellor Rachel Reeves said Mr Sunak’s announcement showed the Labour Party was “winning the battle of ideas”, 添加: “This government’s dither and delay is costing the country dearly.”

As he began his statement to MPs, Mr Sunak was heckled with shouts of “what took you so long” and “about time”.

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早上好, we’ll be using this liveblog to bring you the latest updates today on the cost of living crisis, with Rishi Sunak expected to announce a new package of support in the Commons at 11:30.

Andy Gregory26 可能 2022 07:37
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Arguments for windfall tax ‘tested rigorously’, Tory source says

Rishi Sunak is reportedly expected to scrap his £200 energy bills loan and replace it with a grant worth up to £400.

In order to fund this he is expected to announce a windfall tax – despite weeks of strong opposition to the idea from himself, Boris Johnson and many within Cabinet due to its impact on investment.

My colleague Joe Middleton reports that a Tory source said yesterday that the arguments had been “tested rigorously” within both the Treasury and wider government.

“There’s a high threshold that any package that we bring forward delivers more gain than pain, that the gain is worth the pain, that it does not jeopardise the investment,“ 他说. “You don’t introduce random taxes that make the economic environment unpredictable.”

You can read more details here:

Energy bills to be cut ‘by up to £400’ under Sunak support plan

Chancellor to announce measures to ease cost of living crisis on Thursday

Andy Gregory26 可能 2022 07:43
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What did Boris Johnson say yesterday about cost of living?

The subject of the cost of living crisis was raised at yesterday at the Downing Street press conference called by Boris Johnson following the publication of Sue Gray’s report into the Partygate scandal.

The prime minister 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.

Warning that the hundreds of billions poured in to dealing with the Covid pandemic had left a “very difficult fiscal position”, 他说: “We will continue to respond, just as we responded throughout the pandemic.

“It won’t be easy, we won’t be able to fix everything. But what I would also say is we will get through it and we will get through it well.”

Andy Gregory26 可能 2022 07:53
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独家的: Majority of UK public supports windfall tax, 民意调查显示

The majority of voters support a windfall tax on energy firms that would be used to help those struggling with the cost of living crisis, according to new polling shared with 独立.

Almost two thirds – 63 per cent – of the UK public support the idea of a one-off levy on energy giants, which reported bumper profits this month thanks to surging oil and gas prices, according to a new poll commissioned by environmental think tank Green Alliance.

Sixty-six per cent of those who voted for the Conservative Party in the 2019 election said they were in favour of a windfall tax, the same proportion of those who voted for the Labour Party, according to the poll conducted by Public First.

Only seven per cent of those polled opposed the tax, 尽管 30 per cent said they neither opposed nor supported the tax or didn’t know. The poll, carried out between 13 和 18 可能, 问 2005 people weighted by age, 性别, region and social status to nationally representative proportions.

You can read the full report, from our climate correspondent Saphora Smith, 这里:

Majority of Tory voters support windfall tax, 民意调查显示

独家的: New polling shared with The Independent finds that more than 60 per cent of the public support one-off levy

Andy Gregory26 可能 2022 08:07
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How much could a windfall tax raise?

The Labour Party has estimated that a windfall tax on oil and gas firms’ profits could raise some £1.2bn for the Treasury, however this figure is only a fraction of the extra costs people in the UK face this year.

While Rishi Sunak had previously been averse to a windfall tax, 时代 reports that the chancellor is now looking to bring in a much broader tax on energy generators, including wind farm operators, who have benefited from high prices.

While it would reportedly target £10bn of “excess profits”, it remains unclear how much this would raise for the Treasury. But overall, the government is thought to be mulling a spending package of as much as £10bn.

然而, according to the Resolution Foundation think tank, Mr Sunak needs to spend £15bn to help people on lower incomes through the cost of living crisis.

Our business reporter Ben Chapman has more details on what to potentially expect in the chancellor’s support package in this comprehensive report:

Cost of living crisis: What time will Rishi Sunak unveil his windfall tax plan?

The chancellor is preparing to unveil billions of pounds of support for people facing soaring billsbut what’s being considered?

Andy Gregory26 可能 2022 08:21
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UK needs long-term investment to tackle soaring energy costs, Lisa Nandy says

Labour’s Lisa Nandy has criticised Rishi Sunak for failing to back a plan to retrofit homes, which she said would have cut saved households hundreds of pounds each year, and urged the chancellor to go further than a windfall tax, including by uprating benefits.

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. This week the chancellor had the opportunity to back that, that would have cut £400 off people’s energy bills every year, that would help people this year, 明年, the year after that, that is the long-term plan that this country needs.

“We’ve been urging the government to come forward and make those investments and make those commitments. They had an opportunity to do it this week. They ducked it again, it’s about time that we had a government that backed its people and started investing in the people in this country.”

She suggested a number of further proposals beyond a windfall tax, saying that Labour’s plan would “knock up to £600 off energy bills for those who most need it”.

Ms Nandy added: “He could also do other things that we’ve been calling for, like bringing forward benefits uprating, not waiting till the autumn to catch up with soaring inflation rates and get help to people now.

“Every pound that goes back into people’s pockets will make a huge difference. So we hope that what we’re going to finally see is less dither and delay, more real action, money back into people’s pockets, and help for people who are struggling right now.”

Andy Gregory26 可能 2022 08:46
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Boris Johnson ‘focused’ on cost of living crisis, 不 10 chief of staff insists

Downing Street’s chief of staff has insisted that Boris Johnson is “focused” on dealing with the cost of living crisis.

Asked on Sky News this morning in light of the Partygate scandal whether the prime minister tells lies, chancellor of the Duchy of Lancaster Steve Barclay said: “No he doesn’t.”

他加了: “I work very closely with him. He is focused on our response to Ukraine. He is focused on the huge challenge economically for families, for your viewers, in terms of the cost of energy, the cost of food, he is getting on with the job.”

Andy Gregory26 可能 2022 08:53
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Cost of living announcement not intended as distraction from Partygate, 部长说

Boris Johnson’s chief of staff has insisted that Rishi Sunak’s announcement on the cost of living today is not intended as a distraction from the Partygate scandal, and was instead prompted by a warning that the energy price cap will rise by a further £830 in October.

“In terms of the timing, firstly we don’t control the timing of the Sue Gray report. The timing of that is shaped by the Met Police investigation,” Steve Barclay told Sky News.

“What we’ve always said is, in terms of the fiscal response, we wanted to see from the Ofgem guidance what the full impact would be in the autumn on families so that we can get the design of that package right.

“We’ve had that guidance this week from Ofgem. That is why the chancellor is coming forward today. It’s also in terms of parliament and the parliamentary timetable.”

But Labour’s shadow levelling up secretary Lisa Nandy suggested that the government’s sudden decision to act matched a previous pattern of behaviour.

“I strongly suspect there will be action today – it’s been breached into the papers – but also because, several times over the last few months, the prime minister has taken action when he’s been in real trouble in order to distract from the troubles in government,” Ms Nandy told the broadcaster.

Andy Gregory26 可能 2022 09:15
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Minister avoids confirming whether Sunak will announce windfall tax

A minister has avoided confirming whether Rishi Sunak will announce a windfall tax on energy giants’ profits later this morning, saying he would not discuss details of the statement ahead of its announcement to the House of Commons.

Steve Barclay, the chancellor of the Duchy of Lancaster, 告诉 BBC Breakfast that the Tories disagreed with the Labour Party’s proposal of a windfall tax because of “the risk to inward investment”.

But Mr Barclay added: “What I can tell you is we have said we recognise there’s a significant challenge coming this autumn. We need to take targeted action to address that.

他加了: “What the chancellor will set out is how we do that through looking at the balanceand how you do that in a way that also recognises we do need a long-term monetary strategy, and one that attracts inward investment.”

Andy Gregory26 可能 2022 09:31
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Sunak urged to provide ‘real action’ on cost of living

Lisa Nandy has said she hopes to see “real action” in chancellor Rishi Sunak’s announcement on the cost of living crisis this morning.

“We’ve been told for months by the chancellor and the prime minister that it’s not possible to bring in a windfall tax, but the numbers don’t add up. But it turns out that they do,” the shadow levelling up, housing and communities secretary told Times Radio.

“And I hope that what we’re going to see from the chancellor today is real action to knock money off people’s energy bills by imposing a windfall tax, a one-off levy on the big profits of the big oil and gas producers that doesn’t just help everybody.

“We want to see money targeted at those who most need it, up to £600 of everybody’s energy bills, and a cut to VAT on energy, which would also help to exert a downward pressure on the soaring inflation rates that are crippling families and businesses around the country.”

Andy Gregory26 可能 2022 09:52