£200 will be deducted from bills this winter and then added back over five years, providing relief to households during a time of rising costs of living.
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ONE £200 energy loan designed to bail out households at a time of crisis could double if the cost of living continues to escalate.
The Prime Minister has asked the Ministry of Business to consider more support for disadvantaged families, who face a double price increase when war in Ukraine pile on materials.
Business Secretary Kwasi Kwarteng have also proposed increasing the discount on energy bills from £200 to £400 or delaying the repayment period.
However, it is understood that the Treasury does not want to double the £200 loan, given the £9 billion cost and the tax relief the council already has.
Rishi Sunakwho are under intense pressure to provide more emergency assistance first increase national insurance tax“very unlikely” to reveal any new support measures in its Spring Statement, The Times reported today.
The energy price limit expected to rise to more than £3,000 by October. The source said it was then more likely that the government would intervene.
Under the bailout terms, Britons will receive Take £200 off their winter energy bills this yearthen they will refund within 5 years.
Other support options include doubling the £200 cash back loan to £400, delaying the repayment schedule or even exempting poorer households from paying all the cash back.
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Last night, the Prime Minister acknowledged the British would have to take the pain of trying to beat Putin, saying: “I think that’s absolutely true there.”
“We will continue to give people the support they need during this difficult time as we did during the pandemic,” he said.
“We continue to monitor the situation – we acknowledge the impact of rising gas and petrol prices and the impact that will have on families.”
A Treasury source told The Sun: “We don’t know where energy prices will be when the next decision on the limit is made and it would be irresponsible to decide on a policy response before that. we have more certainty.”
“Russia and Belarus are some of the biggest suppliers of mineral fertilizers,” he said.
“If they continue to create financial and logistical problems for our freight, then prices will increase and this will affect the end product, the food products.”
It comes as experts at the prestigious Institute for Fiscal Studies suggest that Britain could be permanently poorer in the long run due to the new “economic crisis” facing the world.
A combination of Sky-high inflation, frozen tax bracket, hit national insurance and rising prices which means everyone will end up with less in their pocket this year.
IFS director Paul Johnson warned: “We can’t all be protected forever, when things like this happen we get poorer.”
A spokesman for Boris Johnson said: “We will continue to give people the support they need during this difficult time as we have done during the pandemic.
“We continue to monitor the situation – we acknowledge the impact of rising gas and gasoline prices and the impact that will have on families.”
https://www.mirror.co.uk/money/pm-talks-double-200-energy-26442033 PM is in talks to double his £200 energy bill loan to £400 as cost of living crisis escalates