So today I am providing a £63 million fund to keep our public leisure centres and pools afloat. When times are tough, such facilities matter even more. Next I have listened to representations from the hon members for East Devon, North Cornwall, Colne Valley and Central Suffolk and North Ipswich about the risk to community facilities, especially swimming pools, caused by high costs. The energy premium paid by our poorest households is coming to an end. Ofgem has already agreed with suppliers a temporary suspension to forced installations of prepayment meters.īut today I go further, and confirm we will bring their charges in line with comparable direct debit charges. They are often the poorest households, but they currently pay more than comparable customers on direct debit.

The second measure concerns over four million households on prepayment meters. This measure will save the average family a further £160 on top of the energy support measures already announced. This means the £2,500 cap for the typical household will remain in place when energy prices remain high, ahead of an expected fall in prices from July. So after listening to representations from Martin Lewis and other experts, I today confirm that the Energy Price Guarantee will remain at £2,500 for the next three months. Some people remain in real distress and we should always stand ready to help where we can. Part of the fall in inflation predicted by the OBR happens because of additional measures I take today.įirstly, I recognise that even though wholesale energy prices have been falling, there is still enormous pressure on family finances. We will continue to work hard to settle these disputes but only in a way that does not fuel inflation. High inflation is the root cause of the strikes we have seen in recent months. This government remains steadfast in its support for the independent Monetary Policy Committee at the Bank of England as it takes action to return inflation to the 2% target.ĭespite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023. Inflation destroys the value of hard-earned pay, deters investment and foments industrial strife. The first of those is to halve inflation. They have looked in detail at the Prime Minister’s economic priorities. I start with the forecasts produced by Richard Hughes and his team at the independent Office for Budget Responsibility whom I thank for their diligent work. …and by harnessing British ingenuity to make us a science and technology superpower. …by breaking down barriers that stop people working …by tackling labour shortages that stop them recruiting …by removing obstacles that stop businesses investing That’s why growth is one of the Prime Minister’s five priorities for our country. Not just the growth that comes when you emerge from a downturn.īut long term, sustainable, healthy growth that pays for our NHS and schools, finds jobs for young people, and provides a safety net for older people all whilst making our country one of the most prosperous in the world.

Today, we deliver the next part of our plan. That averages over £3,300 of cost-of-living help for every household in the country. Taken together, these measures are worth £94 billion over this year and next – one of the largest support packages in Europe. In the face of a cost-of-living crisis we have demonstrated our values by protecting struggling families with a £2,500 Energy Price Guarantee, one-off support and the uprating of benefits with inflation.

We are following the plan and the plan is working. They forecast we will meet the Prime Minister’s priorities to halve inflation, reduce debt and get the economy growing. Today the Office for Budget Responsibility forecast that because of changing international factors and the measures I take, the UK will not now enter a technical recession this year. The International Monetary Fund says our approach means the UK economy is on the right track.īut we remain vigilant, and will not hesitate to take whatever steps are necessary for economic stability. Since mid-October, 10-year gilt rates have fallen, debt servicing costs are down, mortgage rates are lower and inflation has peaked. In the autumn we took difficult decisions to deliver stability and sound money. Madam Deputy Speaker, in the face of enormous challenges I report today on a British economy which is proving the doubters wrong.

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