- The Conservative Government have confirmed the amount of cost of living support in place between 2022-24 has reached £94 billion – an average of £3,300 per household.
- The Conservative Government is extending the Energy Price Guarantee at £2,500 for a further three months, saving households an additional £160 and bringing the total government support for energy bills to £1,500 for a typical household since October 2022.
- Today’s announcement builds on the extensive support in place for vulnerable households – such as £900 Cost of Living Payments for eight million families on means tested benefits.
Tom Randall MP welcomes the Conservative Government’s £94 billion cost of living package and extension of the Energy Price Guarantee at £2,500, supporting families across Gedling.
The Conservative Government has announced the Energy Price Guarantee (EPG) will remain at £2,500 for another three months, saving the typical family £160 on their energy bill. This extension means the typical household will have saved £1,500 on their energy bills since 2022 thanks to the Conservative Government.
This announcement brings the total support over 2022-23 and 2023-24 to £94 billion – an average of £3,300 per UK household.
The Chancellor also announced the end to the premium paid by over four million households using prepayment meters across the UK. This will be achieved through adjusting the EPG from the 1 July to bring prepayment metered customers in line with the EPG until it ends in April 2024.
The EPG extension builds on the generous cost of living support confirmed at the Autumn Statement 2022. This includes up to £1,350 of support for households in 2023-24: £900 for households on means-tested benefits; £300 for pensioner households and £150 for disability benefit claimants. The Autumn Statement 2022 also confirmed a boost to the Household Support Fund, bringing the fund to over £2.5 billion.
The Chancellor also announced fuel duty will be frozen for a thirteenth consecutive year, saving the average driver around £200 since the 5 pence cut was introduced.
These measures will help families deal with household costs as the Conservative Government delivers on its promises to halve inflation, grow the economy and reduce debt – improving living standards for everyone across the UK.
Commenting, Tom Randall MP said: “Rising energy prices, caused by the aftermath of Covid and Putin’s war in Ukraine are understandably worrying people across Gedling.
“Since the beginning of the energy crisis, the Conservatives have put in place £94 billion of support and yesterday’s announcement on the Energy Price Guarantee extension will be a great relief for households across Gedling.
“By helping families with immediate costs, the Conservative Government can press on with halving inflation, growing the economy and reducing debt to improving living standards for everyone.”
Commenting, Chancellor of the Exchequer Jeremy Hunt said: “A recovering economy will mean reduced inflation and lower mortgage rates, more affordable food and energy, and support for the NHS so people get the care they need more quickly.
“As we deliver on our promises to halve inflation, grow the economy and reduce debt we are helping families with the cost of living immediately.
“And with a stronger economy, we will be able to strengthen communities and level up left behind areas, seize the opportunities of Brexit, protect Britain’s long-term interests and restore pride in our country.”