Cost of living: Starmer vows to extend wind tax to freeze family fuel bills as he reveals Labour’s ’emergency’ plan to tackle crisis | Political news

news7g08/15/2022

4 4 minutes read

Labour leader Keir Starmer giving a speech at the Sage Gateshead culture centre, where he set out setting out how his Labour government will move Britain forward. Picture date: Monday July 11, 2022.

Sir Keir Starmer has pledged that people won’t “pay a dime more” on their winter energy bills as he prepares to reveal Labour’s plans to ease the cost of living crisis.

Before the full disclosure on Monday, the Labor leader said his party’s £29 billion energy plan will instantly save the typical family £1,000, control future energy costs and help tackle inflation.

The party says that this will be achieved by preventing the energy limit from increasing this winter, which will be paid in an additional tax from the oil giants.

The price cap, which is the maximum that companies in England, Wales and Scotland can charge an average customer for energy costs, should remain at £1,971.

Political center: Truss still leading in race for 10th place – live update

Energy analysts have predicted that typical energy bills could rise to around £3,500 by October and more than £4,200 in January.

And a new report suggests that energy bills will cost two months more than average wages next year unless the government intervenes.

Plans in Labour’s “emergency package” include:

• Fixed price cap, which the party says will reduce inflation by 4%

• Support for customers not covered by a price cap

• Price balance for prepaid meter users and monthly bill payers

• Close the loophole in the government’s taxing of energy profits

• Promises to use £14 billion of non-targeted capital pledged to prevent bills from rising

• 19 million insulation to arrive nationwide over the next decade to reduce energy needs and lower bills

Labor said its energy plans were fully costed and would be paid for by removing the “big tax loophole” in the wind tax announced by then prime minister Rishi Sunak earlier this year.

The Party says the new investment support in the policy means for every £1 invested, 91.25p will be returned to companies in additional tax breaks – although oil and gas producers announced bumper profits.

Labor said scrapping these new investment supports and moving the start date to the party calling for the January tax would increase by £8 billion, which could reduce the cost of living for workers. family.

The party has also detailed plans for sustainability and energy security, including doubling the UK’s offshore wind capacity, investing in solar, tidal and hydrogen, and bringing in new nuclear capacity.

Mr. Keir said Labour’s plan “will fix the problems immediately and for the future”, while he warned Britain’s cost of living crisis “is getting worse”.

“We’ve had 12 years the Tory government was unprepared and refused to invest, leaving the bills higher and our country less safe,” he added.

“This is a national emergency. It needs strong leadership and urgent action.”

Shy Starmer has a cost-of-living crisis

Liz Bates

Political reporter

@wizbates

It is a reflection of the power vacuum at the top of UK politics that it is the Labor leader who is under the most pressure to deliver a plan to raise energy prices – not the Prime Minister, who is likely to go on vacation for the second time in years every week.

After criticism for being too timid in finding ways to deal with the cost of living crisis, Keir Starmer went big.

He is proposing a seismic intervention that could freeze the cap on energy prices, protecting customers by shifting the financial burden back to the energy giants.

It will certainly work well for those who are braced for a huge increase in energy costs in the coming months.

And for many charities, it has been warned that the most vulnerable will not be able to cope this winter.

Even so, it will likely be less well received by Liz Truss and Rishi Sunak.

Conservative leadership hopefuls have been pressured to say how they will help those in need and will now be expected to explain why a freeze on energy prices does not. must be an option.

In the coming days, this could shape the campaign – and be the moment when the Labor leader finally makes the impact his critics have called for.

Earlier this week, the Liberal Democrats called for the complete elimination of energy caps.

The government has announced households will receive £400 to help pay their fuel bills this autumn, but Boris Johnson on Friday admitted that current plans don’t go far enough.

The Prime Minister also reiterated his insistence that his successor must “make important financial decisions” after negotiations with energy bosses conclude with no new measures to ease the cost of living crisis.

Mr Johnson’s successor will not be announced until September 5.

Subscribe to the daily podcast onApple Podcasts,  Google Podcasts,  Spotify, Speaker

Tory leadership full of hope Mr. Sunak revealed his plan to cut rising energy bills for 16 million vulnerable peoplewhich he hopes will take him to 10 Downing Street.

The former prime minister also said he would legislate to make the UK “energy independent” by 2045, and provide immediate support to households – especially the most vulnerable. – face rising energy bills.

Rival Liz Truss says tax cuts are the best way to help keep the cost of living down during the winter.

However, the Secretary of State rejected calls for a wind tax on the profits of oil and gas companies.

Source link

news7g08/15/2022

4 4 minutes read