When you will get paid Rishi Sunak’s energy bills rebate – Do I have to apply?
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Chancellor Rishi Sunak revealed the financial relief as the cost of living crisis threatened to spiral out of control. He said his help “will make sure the most vulnerable and least well off get the support they need at this time of difficulty”. One of the key points of his support package is a £400 discount on energy bills for all.
When will I get paid the energy bills rebate?
The Chancellor previously said that from this October, every resident in the UK will automatically receive a £200 loan from the Government, to help cover rising energy bills.
He pledged the support as part of an Energy Bill Discount Scheme, where the money will be paid to energy suppliers and then get passed on to each electricity customer.
But his announcement, on Thursday, meant that Britons will now secure an increased payment of £400.
Mr Sunak also scrapped the requirement to repay it over five years, meaning consumers will not have to pay a penny back.
Regardless of the changes the Government said the payment will still start to be sent from this October.
You also won’t need to apply or fill out any type of application form for the rebate, as it should automatically apply to your energy bills later this Autumn.
The Chancellor’s announcement comes after it was revealed UK inflation had reached its highest point for 40 years.
Households are also bracing themselves for a further £800 rise to the energy price cap later this year.
Mr Sunak told MPs in the House of Commons: “We will get through this, we have the tools and the determination we need to combat and reduce inflation.
“We know that households are being hit hard right now. We will provide significant support to the British people.”
When the Chancellor first announced his support package the total expenditure was quoted as £15bn.
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But it later transpired that the Treasury had failed to include the £200 loan, which was revealed last February.
Mr Sunak’s decisions to hike the payment to £400 and scrap the loan element meant that the final figure being spent was £21bn.
Other measures that were announced as part of the package included a one-off payment of £650 for eight million of the lowest-income households.
A winter fuel payment, worth £300, to be paid to eight million pensioners, and a £150 extra payment for people on disability benefits were also pledged.
Mr Sunak also performed a U-turn and announced that the Government would be imposing a 25 percent windfall tax on profits of oil and gas firms.
The tax has taken effect immediately and will be phased out once prices for both return to normal levels.
A windfall tax is made on large profits that are considered to have been unfairly or undeservedly made.
The Chancellor added: “The oil and gas sector is making extraordinary profits, not as the result of recent changes to risk-taking or innovation or efficiency, but as the result of surging global commodity prices driven in part by Russia’s war.
“For that reason I am sympathetic to the argument to tax those profits fairly.”
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