Rishi Sunak budget announcement: Three-point plan to help Brits through energy and fuel crisis
23 March 2022, 13:40 | Updated: 23 March 2022, 16:46
Chancellor of the Exchequer Rishi Sunak has delivered his Spring Statement in the House of Commons, revealing a £9billion plan to support households.
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Rishi Sunak has announced in the House of Commons today the Government's three-point plan to support British households through the rising costs of energy and fuel.
The Chancellor of the Exchequer said during his Spring Statement that the Government "will support the British people as they deal with the rising cost of energy".
Mr Sunak's announcement comes amid a fuel price crisis and just days before the energy cap rises 54 per cent on April 1.
The Government have now revealed a three-point plan to help the British people with the rising cost of living.
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Rishi Sunak unveils plans to help motorists in Spring Statement
Firstly, for only the second time in 20 years, the Government will be cutting fuel duty.
Fuel duty will be cut by 5p per litre, the highest cut to ever be put in place.
This will stay in place until March 2023 and will begin this evening (March 23) at 6pm.
Secondly, the Government will be cutting the five per cent VAT costs for homeowners installing materials to make their homes more green.
For five years, households will pay no VAT on the cost of installing materials such as solar panels and heat pumps.
Third and finally, the Government will be giving "targeted support" to the most vulnerable households across Britain.
They will be doubling The Household Support Fund by £1billion.
There will be £500million of new funding accessed, and will be available for the most needy in April.