Lower cost of living

By Kevin Peachey Published 1 hour ago Share close Share page Copy link About sharing Support to help people deal with soaring energy bills this winter has been outlined by the chancellor, Rishi Sunak. The measures are a mix of broad help and specific payments to those on lower incomes. All UK households to get an energy bill discount All UK households will get a grant which will reduce energy bills by £400 from October. Previously, the chancellor had said £200 would be knocked off everyone's energy bills, but would have to be paid back in instalments over five years. Now, the discount has been doubled to £400 and he has cancelled the requirement to repay. In other words, from October, everyone's energy bill will be reduced by £400. In technical terms. it will apply directly for households in England, Scotland, and Wales. The equivalent funds should be given to … [Read more...] about Cost of living: What Rishi Sunak’s help means for you

The squeeze on households’ finances has tightened in recent months, leaving some with little or no room for manoeuvre. According to figures released by Nationwide Building Society this week, households made fewer spending transactions in April – but the overall amount they spent did not drop – in what the society described as a “clear sign” of the impact of rising prices. Last week, the Independent Food Aid Network (Ifan) said people unable to afford essentials are increasingly asking for food they do not need to cook or refrigerate because of rising energy prices. Office for National Statistics figures have shown inflation soaring to a 40-year high, reaching 9% in the year to April – a figure which is expected to hit double digits in the coming months. Rising living costs do not affect everyone equally, with those on lower incomes often spending a higher proportion of their budgets on essentials. People on fixed incomes, such as pensioners, may be at particular … [Read more...] about Cost-of-living crisis: How the squeeze has tightened its grip on households

Let's begin with perhaps the most important question: will this make a difference? The short answer is yes. The stimulus the chancellor announced today is big - very big. It will affect all households and some - especially those on lower incomes, benefits and many pensioners - will get outsized one-off cash payments. For the "average" household, such as it is, the fact that the energy bill rebate has been doubled will mean bills are no longer in totally unprecedented territory; instead they are only likely to hit the highest level since the early 1980s. In short, this package will not prevent the coming year from feeling painful; however, it will certainly mean it is less painful in the short run than it would otherwise have been. And the fact that a lot of this money is dedicated to lower income households who are hardest hit by the cost of living crisis is especially important. For one of the iniquities of inflation is that it is a very regressive economic … [Read more...] about Cost of living: Chancellor’s aid will help you and make things worse at the same time

SIR – My wife and I have a friend who is a widow in her 80s. Recently we found her in a distressed state. She said that her gas bill, normally about £30 per month, had gone up to £170. She does not bank online and her bank has recently closed its branch in the nearest town four miles away. She tried phoning her supplier, British Gas, only to be told by an automated voice on each attempt that the wait time was “more than an hour”. So distressed has she become that she has had to visit her GP, who suggested that she was suffering from anxiety brought on by the situation with her gas supply. She is now taking anti-anxiety medicine and has managed to get her bill altered. I can only say that this is a disgraceful way to deal with any customer. David J Hartshorn SIR – Gillian Courage (Letters, May 5) writes of her energy supplier’s grab for more money. The same applies to our long-term supplier, Ovo Energy. On Wednesday we received two emails, one complaining about a lack of … [Read more...] about Letters: An automated voice is no comfort to a widow faced with soaring gas bills

Russian oil ban not enough to stop them funding war says expert Sign up for our news briefing, including a daily special Russia-Ukraine edition SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info It means there will be no respite for drivers struggling with record fuel prices along with the ongoing cost of living crisis. It comes as US refineries have increased production to levels not seen since before the start of the coronavirus pandemic. Related articles BP pledges to pump £18bn into UK's homegrown energy Hungary wields the knife on EU Russian oil ban The increase in production is a response to a dip in supplies. Last week US crude stockpiles fell by one million barrels. Flagship Brent Crude prices … [Read more...] about Oil price surge: Devastating blow for UK motorists as barrel prices hit £90

The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter. Last quarter's drop in the U.S. gross domestic product — the broadest gauge of economic output — does not likely signal the start of a recession. The contraction was caused, in part, by a wider trade gap: The nation spent more on imports than other countries did on U.S. exports. Also contributing to the weakness was a slower restocking of goods in stores and warehouses, which had built up their inventories in the previous quarter for the 2021 holiday shopping season. Analysts say the economy has likely resumed growing in the current April-June quarter. The Commerce Department estimated that the economy contracted at a 1.5% annual pace from January through March, a slight downward revision from its first estimate of 1.4%, which it … [Read more...] about US economy shrank by 1.5% in Q1 but consumers kept spending

Families will still face enormous challenges in making ends meet, despite the support package unveiled to combat the cost-of-living crisis, according to money experts. Charities also said Chancellor Rishi Sunak is “kidding himself” if he believes the problem is temporary, as calls were made for longer term changes to the social security system. The Chancellor’s package of targeted Government support unveiled on Thursday includes a £650 payment to more than eight million low-income households on Universal Credit, Tax Credits, Pension Credit and legacy benefits, with separate one-off payments of £300 to pensioner households and £150 to people receiving disability benefits. These groups are among the most vulnerable to rising prices. Households will also receive a £400 discount on their energy bills from October. Recommended What Rishi Sunak announced to tackle the cost of living crisis More Tory MPs withdraw support from PM over ‘shameful’ … [Read more...] about Families ‘will still face enormous challenges in making ends meet’

Russian MP warns nuclear strike would destroy UK in two minutes Sign up for our news briefing, including a daily special Russia-Ukraine edition SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The world is holding its breath as Putin continues to unveil the horror weapons in Russia’s arsenal. And amid the Ukraine war, the Kremlin has threatened to use them. Putin has put his nuclear forces on “combat alert” and his Deputy Chairman of the Security Council, Dmitry Medvedev has warned that NATO’s support of Ukraine risks a “full-scale nuclear war”. Related articles The NATO weapon that Putin ‘really fears’ Putin's horror nuke plot exposed: 'Justify using his own!' Russia has a huge arsenal to draw from, … [Read more...] about Putin’s killers: Six deadly ‘superweapons’ Russia could unleash to break Ukraine deadlock

Rishi Sunak, a devotee of Nigel Lawson, believes in a smaller state, curbing borrowing, lower taxes and combating inflation. Yet again, he delivered a major fiscal announcement where he did the opposite. Today's £15bn spending splurge expanded the role of the state with the advent of one-off financial transfers, could stoke inflation, add to borrowing, and contains a multibillion-pound tax rise. One day he will be able to give the budget he wants; though maybe not while Boris Johnson is prime minister. Today's targeted, progressive package left the opposition Labour Party and think tanks that worry about the low paid cheering. Advertisement Almost inevitably, it divided Tory MPs. Most were happy it delivered palliative care for voters facing unprecedented squeeze - Mr Sunak did get gratitude for reaching into his pocketbook once more. But some immediately worried it amounts to "socialism" while others fear Mr Sunak is at risk of permanently higher … [Read more...] about Why Rishi Sunak’s dream budget may be forever out of sight so long as Boris Johnson’s PM

By Daniel Thomas Published 3 hours ago comments Comments Share close Share page Copy link About sharing Every household in the UK is to get an energy bill discount of £400 this October as part of a package of new measures to tackle soaring prices. The poorest households will also get a payment of £650 to help with the cost of living, Chancellor Rishi Sunak said. It follows warnings that millions could be left struggling if energy prices rise again in October as expected. Mr Sunak said he had offered "significant support" for households who were facing "acute distress". The package of new measures, worth £15bn in total, will also offer more targeted help to pensioners and the disabled. The cost will be partly offset by 25% windfall tax on oil and gas firms' profits, which have soared in recent months. It comes a day after Sue Gray's critical report into … [Read more...] about Every household to get energy bill discounts of £400 this autumn