Sat. Oct 1st, 2022
Around 8 million retirees would get £300 payments, while energy expenses for every home in the UK will be subsidised by £400, replacing a prior proposal for £200 loans. Sunak stated that the package is worth £15 billion in total, increasing total aid introduced to £37 billion. "We recognise that homes are suffering right now," Sunak remarked. "Fiscal assistance should be targeted, quick, and brief."

Boris Johnson’s administration will levy a windfall tax on oil and gas earnings, caving in to rising pressure to help Britons experiencing a historic squeeze on living standards.

The 25% energy levy would earn around £5 billion ($6.3 billion) to fund one-time awards of £650 to more than 8 million of the UK’s poorest households, Chancellor of the Exchequer Rishi Sunak said in the House of Commons on Thursday. Sunak would not exclude out levying a similar fee on electricity generators, but said additional research was needed.

Around 8 million retirees would get £300 payments, while energy expenses for every home in the UK will be subsidised by £400, replacing a prior proposal for £200 loans. Sunak stated that the package is worth £15 billion in total, increasing total aid introduced to £37 billion.

“We recognise that homes are suffering right now,” Sunak remarked. “Fiscal assistance should be targeted, quick, and brief.”

By adele rose

Adele Rose is the senior editor and employee of WGBS Pvt Ltd Digital wing.

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