Cost of living crisis: how Labour, Rishi Sunak, and Liz Truss propose to assist those whose energy costs are skyrocketing

Here are the policies that the Labour Party and the candidates for the Tory leadership have proposed to assist households dealing with ballooning energy costs and rising living expenses. Millions of individuals in the UK are presently feeling the effects of the rising cost of living, with many households already finding it difficult to pay for basic necessities.
Politicians in the nation are under pressure to support needy families and to lay out their strategies for containing the issue in the future due to grim predictions that energy costs will reach record highs in the upcoming months. Rishi Sunak and Liz Truss have regularly disagreed over their plans to assist the populace with exorbitant costs as they compete for the Tory leadership.                                                                                                                                             Sir Keir Starmer, the leader of the Labour Party, has criticised the current Government’s level of support and offered a number of different remedies in the meanwhile.
But what specifically has each politician promised to do to assist? Here are some of the policies that might be put into place during the coming few months, ranging from tax reductions to a freeze on energy prices.

 

Regarding the rising cost of living, what has Liz Truss promised?

The Foreign Secretary has made clear that she prefers tax cuts over more financial aid in many of the most recent Conservative Party hustings events.
She has warned against “taking money off individuals in taxes and giving it back in benefits,” contending that doing so would stop economic progress and plunge the nation into “penury.”
The South West Norfolk MP has turned down requests to provide immediate aid to people struggling with skyrocketing energy costs, and if elected prime minister, she plans to reverse the national insurance hike and the anticipated increase in corporation tax, both of which were introduced by Mr. Sunak when he served as Chancellor.

The tax cuts proposed by Ms. Truss, which will cost £30 billion, are said to be “affordable within our current budget,” in contrast to the tax increases proposed by her opponent, which she claims will “certainly lead to a recession.” The front-runner for the Tory leadership position has also stated her aim to hold individuals in oligopoly accountable while also planning to temporarily suspend green taxes on energy bills and address the issue of energy firms making money off the crisis.
She continued, calling it a “Labour [Party]” notion, saying she would “definitely” not support a windfall tax that would impose a one-time fee on energy companies that benefit from increasing prices.  Ms. Truss has mostly refrained from making any clear assurances regarding increased assistance for vulnerable groups, despite the insistence of her allies that financial aid is still on the table.
“Of course, I will look at what more can be done,” she said to the Financial Times, “but the way I would go about things is in a Conservative [Party] style of lessening the tax burden, not throwing out gifts.”

What has Rishi Sunak said regarding the growing cost of energy?

Many of the Foreign Secretary’s cost-of-living proposals have come under fire from Mr. Sunak, who claims it is “simply wrong to rule out further direct support” and even claims that Ms. Truss’ proposals put vulnerable individuals at danger of “actual destitution.”
The former Chancellor has pledged to provide homes with greater financial aid in his own proposals, but he has never been more explicit than to suggest that he will increase support payments by “a few hundred pounds.”
If the Richmond MP becomes Prime Minister, he has also promised to eliminate VAT off all home energy bills for the upcoming year, a move that would reportedly save the typical household £160.

In a statement, he said: “There is no question in my mind that extra support will be needed. This winter is going to be extremely harsh for families across the country.” More than anyone anticipated, bills are increasing, and the next administration will need to take action.
Some have been surprised by Mr. Sunak’s intentions because during the early rounds of the leadership race, he established himself as one of the more financially conservative contenders, branding Ms. Truss’ claims of unfunded tax cuts as “comforting fairy tales.” However, he has since acknowledged that households require more assistance than he initially believed, and he has warned Conservative party supporters that the nation will “never forgive us” if they do not offer more direct assistance to “pensioners and others on low incomes.”

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