British Chancellor of the Exchequer Rishi Sunak on Thursday announced new plans to offer targeted aid to the UK’s most vulnerable households, Reuters reported. Sunak has pledged to send one-off payments of £650 to around 8 million of the country’s lowest-income households, giving around £5 billion in aid.
The payment will be made in two lump sums, Sunak continued, the first in July and the second in the fall. Payments will be made directly into bank accounts. Recipients of disability benefits (some 6 million) will receive an additional lump sum payment of £150. Taken together, the latest British government aid package will help around a third of British households, Sunak said.
In addition, a previous energy bill reimbursement scheme that would have resulted in the consumer paying a government loan for years to come has been converted into a subsidy and therefore will no longer need to be repaid. Thus, the total of the measures announced on Thursday amounts to an additional 15,000 million pounds in aid to households, Sunak said, which brings the total aid since the start of the cost of living crisis to about 37,000 million. pounds.
Source: Fx Street
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