Households across Redditch will benefit from a new £15 billion package of targeted Government support to help with the rising cost of living.
The package of support announced by Chancellor Rishi Sunak today (May 26th), will see the most vulnerable households in Redditch receive support of at least £1,200 this year, including a new one-off £650 cost of living payment.
The Chancellor also announced that the energy bills discount due to come in from October is being doubled from £200 to £400, while the requirement to pay it back will be scrapped. This means all households in Redditch will receive a £400 discount on their energy bills from October.
To ensure there is support for everyone who needs it, a £500 million increase for the Household Support Fund was also announced. Delivered by local councils, the fund has been extended from October until March 2023. This brings the total Household Support Fund to £1.5 billion.
And to help pay for the extra support – which takes the total direct Government cost of living support to £37 billion – the Chancellor said a new temporary 25% Energy Profits Levy would be introduced for oil and gas companies, reflecting their extraordinary profits.
At the same time, in order to increase the incentive to invest the new levy will include a generous new 80% investment allowance. This balanced approach allows the Government to deliver support to families, while encouraging investment and growth.
“The cost of living has been at the forefront of my mind as I know times are tough for many of my constituents right now. Further support is needed and today the Chancellor has stepped in and provided further support to help with rising energy bills.
“The significant support provided rightly targets the most vulnerable people in our town, but it also ensures that all families in Redditch will receive help with rising bills.
“I will continue to do all I can to help my constituents at this difficult time and to ensure they receive all the support they are entitled to.”