Chancellor going to give £300 for soaring energy bills

Chancellor going to give £300 for soaring energy bills: A think tank has today urged the Chancellor to offer £300 cash payments to help households deal with the stress of rising energy bills.

According to Dr Aveek Bhattacharya, Chief Economist of the Social Market Foundation, consumers should receive these grants, plus an extra £200 for those on Universal Credit or legacy benefits.

Dr. Bhattacharya has also warned that other proposals, such as lowering VAT on bills, expanding the Warm Home Discount, and bailing out energy companies, are “flawed.”

He claimed that these measures would reduce energy costs and increase consumption.

Instead, these cash payments may assist the government in responding to “future shocks.”

He added: “It is clear that some action is needed, but the government should avoid the temptation to over-complicate its response and muddle its environmental objectives by subsidising energy.” He added.

“Instead, it should make direct cash payments to households and leave them to figure out how best to address their needs. A ‘cost of living bonus’, with a higher payment for those on low incomes, would do a lot to help struggling families and clearly demonstrate that the government is on their side.”

Chancellor going to give £300 for soaring energy bills