Chancellor Rishi Sunak has announced a revised package of support for people struggling with high fuel bills and the increased cost of living.
Oil and gas companies will be subject to a new temporary Energy Profits Levy that aims to help with the cost of living by raising around £5 billion over the next 12 months. Also, a new investment allowance will be introduced in the UK to encourage firms to invest in oil and gas extraction. The Levy will not apply to the electricity generation sector which has seen similar price increases as a result of the rising cost of gas.
Most of the measures announced by the chancellor will apply throughout the UK, the exception being the Household Support Fund which applies only in England. Instead, the Devolved Governments of Scotland, Wales and Northern Ireland will receive Barnett funding.
The Energy Bill Support Scheme applies in Great Britain only, but the Chancellor will ensure equivalent support is available in Northern Ireland. The Government will make cost of living payments directly to households across the UK.
To read the full report from the UK Treasury, click here.