"I know that the last few years have been tough for people, but the measures that I took, all fully costed and fully funded in the budget, should start to ease those cost of living pressures that people have been living with for too long."
"I think this will be the year that people start to feel the change in their pockets. The 7% cut to electricity bills is real and substantial (though it's worth noting that energy bills remain stuck in a higher band than before the Russia Ukraine energy crisis four years ago)."
The Chancellor visited Octopus Energy to highlight a significant 7% cut to electricity bills announced under the Ofgem price cap, positioning this as a sign of economic improvement. The government has pursued a deliberate strategy to lower inflation through policy and tax measures aimed at easing cost-of-living pressures. Energy bills remain elevated compared to pre-Ukraine crisis levels, but the reduction is substantial and real. The Chancellor stated people would begin feeling economic change in their pockets this year. Energy companies are expected to pass on the full £150 cut to all customers, including those with fixed bills. This announcement coincides with other government initiatives like the Big Rail Fare Freeze, reflecting a coordinated approach to reducing household expenses.
Read at www.bbc.com
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