Chancellor announces measures to tackle cost of living
John Healey delivered his first Budget on Wednesday, 28 October, in the House of Commons, including measures to help tackle the soaring cost of living, reports BritPanorama.
The chancellor announced that standing charges on gas bills will be scrapped from 2027, with fixed costs to be paid on the unit rate instead. The Treasury stated that this move could save 60 per cent of households an average of £45 on their annual bills.
In his first autumn statement as chancellor, Healey unveiled a £100 payment for millions of households to assist with energy bills this winter. Approximately 20 million households in council tax bands A to D will receive the payments directly into their bank accounts, costing £2.6 billion.
The payment coincides with an extension of the cut to VAT on electricity until July, which will reduce the annual price cap by £50. Additionally, Healey announced a 2p increase in the price of a pint after revealing reductions in the cost of supermarket staples including baked beans, gherkins, and chocolate.
He also highlighted the removal of import tariffs on over 100 products, aligning with Mayor Andy Burnham’s pledge to deliver “breathing space” for families and businesses in this first Budget under his leadership.
As the UK navigates ongoing economic pressures, these measures illustrate a significant effort to provide immediate relief for households amid rising living costs.
