Rishi Sunak urged to give families £500 'cost of living bonus'

Rishi Sunak should give families a one-off ‘cost of living bonusof up to £500 to help them deal with rising energy bills and soaring inflation, says think tank as it warns the Chancellor to avoid ‘over-complicatinghis response to the crisis

  • Social Market Foundation urged Rishi Sunak to give people ‘cost of living bonus
  • The think tank suggested households should receive payments of up to £500
  • It said Chancellor should not ‘over-complicateresponse to cost of living crisis
  • 리시 수낙 has been urged to give families a ‘cost of living bonusworth up to £500 to help them deal with rising energy bills and soaring inflation.

    The Social Market Foundation think tank argued a one-off cash payment would be the best response to the cost of living crisis because households could spend the money however they need to.

    Its chief economist, Dr Aveek Bhattacharya, said the Government ‘should avoid the temptation to over-complicate its responseamid growing calls for the Chancellor to do more to address the crisis.

    Rishi Sunak has been urged to give families a 'cost of living bonus' worth up to £500 to help them deal with rising energy bills and soaring inflation

    Rishi Sunak has been urged to give families a ‘cost of living bonusworth up to £500 to help them deal with rising energy bills and soaring inflation

    The Social Market Foundation think tank argued a one-off cash payment would be the best response to the cost of living crisis because households could spend the money however they need to

    The Social Market Foundation think tank argued a one-off cash payment would be the best response to the cost of living crisis because households could spend the money however they need to

    The think tank recommended that households where no one is a higher-rate taxpayer should get a cheque for £300.

    그 동안에, families who are on Universal Credit or legacy benefits would receive an additional £200.

    The Government is looking at a range of potential solutions to the cost of living crisis, including granting loans to energy companies and cutting VAT on fuel bills.

    But Dr Bhattacharya argued such measures are flawed and a one-off payment would be more useful.

    He suggested the payment system could be based on the US stimulus cheque system which was rolled out during the coronavirus pandemic.

    He said it could be spun by the Government as ‘Boris’s Bill Busteror ‘Rishi’s COLA (Cost of Living Assistance)’.

    Dr Bhattacharya said: ‘The coming cost of living crisis leaves millions of households facing severe hardship, and many millions more feeling significant pressure on their finances.

    ‘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.

    ‘대신, it should make direct cash payments to households and leave them to figure out how best to address their needs.

    논란의 여지가 있는 게시물은 “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.

    Households will face a number of pressures on their finances in the coming months.

    The energy price cap is due to be reviewed in April and experts expect it to rise by more than 50 퍼센트

    The energy price cap is due to be reviewed in April and experts expect it to rise by more than 50 퍼센트

    The wholesale price of gas spiked at the end of 2021 because of high demand around the world and experts believe fuel bills could increase by more than 50 per cent in April when a review of the energy price cap is conducted.

    그 동안에, Britain’s rate of inflation has now hit its highest level in nearly 30 연령.

    Consumer Prices Index (음식과 같은 일상 용품의 가격을 조사하는) inflation jumped from 5.1 per cent in November to 5.4 per cent in December – the highest since March 1992, when it stood at 7.1 퍼센트.

    A National Insurance hike to raise extra cash for the NHS and social care is also scheduled to go ahead in April.