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Rishi Sunak announcement: Full list of documents for Brits | Personal finance | Finance

Millions of UK households will benefit from reductions on their energy bills and subsidies to help them through the worst cost of living crisis for a generation. The UK is struggling with skyrocketing inflation and energy bills that have risen by hundreds of pounds. Rishi Sunak announced new measures on Thursday to help tackle the crisis in a statement to the House of Commons.

The Chancellor acknowledged that high inflation was causing “acute distress” to people across the country, telling MPs: “I know they are worried, I know people are struggling.”

He said the government “will not sit idly by while there is a risk that some in our country will be pushed back so far that they may never recover.”

Chancellor Rishi Sunak said the government would also provide “universal” support to all households, not just those with the lowest incomes or benefits.

He said: “We accept our responsibility to provide as much help as possible to people on the lowest incomes. I think that’s right and I’m sure the House will agree.

“But there are many other families who don’t need state support in normal times, they also face difficult times. Is it right to leave them without support? Surely the answer must be nope.

“While it’s impossible for the government to solve all the problems, we can and will ease the burden by helping the whole crisis through the worst of this crisis.”

READ MORE: Rishi Sunak’s energy bill help: How much money YOU could save

The subsidies will be funded by a one-off tax on energy companies, which have seen vastly increased profits since the start of the energy crisis.

Chancellor Rishi Sunak said: “Our strategy is to fight and reduce inflation over time through independent monetary policy, fiscal responsibility and supply-side activism.

“We are raising emergency funds to help millions of the most vulnerable families currently struggling.

“And all households will get universal support with £400 energy bills, with not a penny to pay back.

“In total, the measures I announced today provide support worth £15billion. Combined with the plans we have already announced, this means we are supporting families with the cost of life with £37 billion, or 1.5% of GDP.

“It’s higher or similar to countries like France, Germany, Japan and Italy.

“And I’m proud to say that around three-quarters of that total aid will go to vulnerable households.”