NEWS… BUT NOT AS YOU KNOW IT
The chancellor’s autumn statement will leave more than seven million households facing fuel poverty this winter, according to campaigners.
Jeremy Hunt’s fiscal plan did not deliver the relief that a coalition believes is necessary to significantly alleviate pressures on struggling households.
Mr Hunt announced a temporary 45% levy on the ‘excess returns’ of electricity generation companies in a move to alleviate the cost of living crisis. He also raised the existing windfall tax on major North Sea oil and gas operators from 25% to 35% and extended it by two years until 2028.
The two measures combined are expected to generate £14 billion next year, Mr Hunt told the House of Commons today.