Healey’s £4.4bn cost living support package ‘badly targeted,’ says Resolution Foundation – business live
Source: The Guardian ·
Even families receiving help face higher energy bills than during the last energy price shock, analysis findsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The £4.4bn cost of living support package delivered by John Healey’s budget on Wednesday is “badly targeted,” which means that even families receiving help face higher energy bills…
From the source
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The £4.4bn cost of living support package delivered by John Healey’s budget on Wednesday is “badly targeted,” which means that even families receiving help face higher energy bills than during the last energy price shock, according to the Resolution Foundation. The poorest half of households will gain £158, on average, from support measures this year and next – just £14 more than the £144 received by the richest half – highlighting a “complete failure to target help at those who need it most,” the think tank said. Typical energy bills net of support are forecast to be £1,750 this year (2026-27) – higher in real terms than during the last energy price shock (2022-23) when net bills were £1,685. The chancellor raised taxes on banks and landlords to fund a £100 winter handout for 20 million families as official forecasts made clear there is no end in sight for the cost of living…