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Black Thursday For Brits.
Black Thursday for Brits: UK faces biggest fall in living standards EVER recorded as energy bills soar £693 and Bank of England hikes rates to 0.5% in bid to stop spiral - as Rishi unveils 'puny' £350 help for families (and £200 needs to be paid back)
Rishi Sunak announced new help in the Commons minutes after it was revealed the energy price cap is going up 54 per cent for millions of people in April, meaning typical costs will rise £693 to £1,971. And as he spoke, the Bank of England pushed interest rates to 0.5 per cent to control rampant inflation, which it now believes will reach 7.25 per cent in April and act like a lead weight on the economy, as well as pushing up unemployment. It cautioned that disposable incomes are on track to fall by around 2 per cent - the worst impact since comparable records began in 1990. Mr Sunak said A-D band homes in England will get £150 council tax rebates, while £200 government-backed discounts will help temporarily keep electricity bills lower for everyone - but must be repaid over five years. There will also be a £150million 'discretionary fund' for local authorities to distribute to worse-off families. But Mr Sunak conceded it would be 'wrong and dishonest' to claim that he can take away all the pain, pointing to soaring global gas costs. He said the 'vast majority' of households would see a £350 benefit - but that is barely half the average energy cap increase. The policy has been delayed by weeks of internal wrangling with Boris Johnson and the Cabinet, after many ministers pushed for the £12billion national insurance raid to be delayed or axed. Labour accused Mr Sunak of a 'puny' response and a 'buy now pay later' approach, arguing he is merely delaying the pain.
https://www.dailymail.co.uk/news/article-10471957/Black-Thursday-energy-bills-soaring-50-rates-going-up.html
Rishi Sunak announced new help in the Commons minutes after it was revealed the energy price cap is going up 54 per cent for millions of people in April, meaning typical costs will rise £693 to £1,971. And as he spoke, the Bank of England pushed interest rates to 0.5 per cent to control rampant inflation, which it now believes will reach 7.25 per cent in April and act like a lead weight on the economy, as well as pushing up unemployment. It cautioned that disposable incomes are on track to fall by around 2 per cent - the worst impact since comparable records began in 1990. Mr Sunak said A-D band homes in England will get £150 council tax rebates, while £200 government-backed discounts will help temporarily keep electricity bills lower for everyone - but must be repaid over five years. There will also be a £150million 'discretionary fund' for local authorities to distribute to worse-off families. But Mr Sunak conceded it would be 'wrong and dishonest' to claim that he can take away all the pain, pointing to soaring global gas costs. He said the 'vast majority' of households would see a £350 benefit - but that is barely half the average energy cap increase. The policy has been delayed by weeks of internal wrangling with Boris Johnson and the Cabinet, after many ministers pushed for the £12billion national insurance raid to be delayed or axed. Labour accused Mr Sunak of a 'puny' response and a 'buy now pay later' approach, arguing he is merely delaying the pain.
https://www.dailymail.co.uk/news/article-10471957/Black-Thursday-energy-bills-soaring-50-rates-going-up.html
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