Rishi Sunak planning council tax cuts and state-backed loans for energy firms to ease bills crisis
2 years, 10 months ago

Rishi Sunak planning council tax cuts and state-backed loans for energy firms to ease bills crisis

The Telegraph  

The Bank of England is also expected to announce an increase in interest rates on Thursday, potentially from 0.25 per cent to 0.5 per cent - further squeezing families with mortgages. For weeks, MPs have been calling on Mr Sunak to cut the 12 per cent of energy bills that goes towards funding green energy programmes, known as “green levies”. That’s not capitalism, that is a form of crony corporatism which I’ve always opposed.” Sir John Redwood, the former Welsh secretary, said: “Taxing us more through National Insurance to lend more money to power companies is not the way to ease the cost of living squeeze. Tax cuts and lasting cuts to fuel costs by producing more is what we need.” Another former minister said: “After the bounce-back debacle, you would have thought the Government would have learnt that lending out people’s money with no guarantee it will be paid back is a bad idea. “The Conservative Party surely would be better off cutting taxes like green levies and VAT.” A string of interventions have been considered by Number 10 and Number 11 Downing Street over recent weeks to ease the cost of living crisis that looms this spring.

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