A Plan for a Stronger Economy

I welcome the Chancellor's announced of the Government's Plan for a Stronger Economy, outlining a £37 billion package of support to help families with the cost of living here in Norwich and to help grow our economy.

The last few years have been unprecedented as we bounce back from a pandemic that has severely damaged the global economy to a cost-of-living challenge now being felt and greatly exacerbated by Putin's barbaric invasion of Ukraine.

Today the Government has announced a £15 billion package which will support the most vulnerable one-third of households with £1,200 each. This has been funded by raising extra revenues through a new targeted and temporary Energy Profits Levy on the profits of oil and gas companies at a rate of 25 per cent. This will be temporary and as the oil and gas price returns to historically normal levels, the Levy will be automatically phased out. 

Over 8 million of the most vulnerable households will be directly sent a one-off cash payment of £650, with the first in July and the second in the Autumn. All those resident in north Norwich and in receipt of Universal Credit, Jobseekers Allowance, Employment and Support Allowance, Income Support, Working Tax Credit, Child Tax Credit and Pension Credit are eligible.

As well as supporting those on the lowest incomes, the Government has rightly announced support for ordinary hard working Norwich families. The Chancellor announced the doubling of the October £200 rebate to £400 and turned this into a non-repayable cash-grant for every household in north Norwich. This will be continue to be delivered by energy suppliers from October, with payments spread over six months.

Each pensioner household in receipt of the Winter Fuel Payment will also receive £300 as a pensioner cost of living payment to be paid out automatically towards the end of the year. A further £150 disability cost of living payment will be made for those in receipt of disability benefits and be paid out by the DWP in September.

I know that these plans will help the lowest-income households, support hard-working Norwich families and will raise extra revenue without deterring investment. These measures form part of our Plan for a Stronger Economy and will create jobs, cut taxes on working people, reduce borrowing and debt and help grow our economy. You can see more on the help announced by the Chancellor here: https://www.gov.uk/government/speeches/cost-of-living-support