‘No golden bullet’ to solve Cost of living crisis minister warns as PM urges to find solutions to ease pressure on household finances | UK News

There is “no golden bullet” to solving the cost-of-living crisis, a minister has warned, as Boris Johnson prepares to ask his cabinet ministers to help him find solutions to ease the pressure on household finances.

Armed Forces Secretary James Heappey told Sky News there was “no doubt” any government intervention would be “expensive” but added that “cumulatively” a range of measures “could begin to make a difference.” do”.

It comes as prime minister is preparing to meet with his top peers to discuss “innovative” ways to tackle the cost-of-living crisis that don’t rely solely on higher government spending.

Policy hub: PM urged to come up with new ideas to ease cost-of-living crisis

Many people in the UK are faced with rising energy bills, council tax and the impact of a national insurance tax hike and inflation It hit a 30-year high of 7% earlier this month.

“There is no doubt that these interventions are expensive – £22 billion of government intervention to help families with their problems cost of living it’s huge,” he said.

“There will be other levers that the government can pull and none of them will be a golden bullet.

“But cumulatively, if you can offer people lots of small savings on their living expenses, then cumulatively it makes a difference.

“So I wouldn’t snoop on removing a tariff on a specific type of food because if that goes with a cut in the fuel tax at the pumps, which has happened, it comes with a rise in the personal allowance, a raise from the national living wage , cumulatively you can start seeing and supporting people with their energy bills.

“You can see how that takes the pressure off families who are struggling the most.”

work has reiterated its call for an “emergency budget” to deal with the rising costs facing households and warns that “rising” prices are putting working families under pressure.

They say this emergency budget should include a windfall tax for oil and gas companies so energy bills can be reduced.

Number 10 said the government was renewing its efforts to raise awareness of the “powerful package” of financial aid already on offer, warning that “private companies must do their part” to help bring down costs.

Addressing Cabinet, Mr Johnson said: “With household bills and the cost of living rising in the face of global challenges, easing the burden on the British people and growing our economy must be a team effort across Cabinet.

“We have a strong package of financial support worth £22billion on offer and it is up to all of us to ensure aid reaches the hardest hit and hardest working families across the country.

“We will continue to do everything we can to support people without increasing government spending and debt, while helping Brits find good jobs and earn more, no matter where they live.”

But the Lib Dems have accused the government of being “completely unimaginative”.

“What the British people need now is proper leadership – that means an emergency budget, a cut in VAT and a windfall tax on the oil and gas companies’ super-profits,” said party leader Sir Ed Davey.

Mr Johnson is believed to have asked his cabinet to attend Tuesday morning’s meeting with their proposals to ease the pressure on budgetary pressures.

Mr Heappey told Sky News he could not say whether an action plan to cut the cost of living had been agreed, but stressed the government was taking the matter “seriously”.

“The cost of living is now reaching such a point that even people with good wages are struggling to make ends meet and they look to the government to help them with solutions,” he told Sky News.

“Well what they are going to decide in Cabinet this morning is for them and it is certainly not my job to try but for this year alone the Government has allocated £22billion in targeted funding to support those who are struggle most with the cost of living.

“And the fact that the Cabinet is meeting today to discuss more shows you how seriously this is being taken by the Prime Minister, the Chancellor and the rest, their colleagues in the Cabinet.”

According to new figures released this week by the Office for National Statistics, Almost nine out of ten adults say they have experienced an increase in their cost of living – compared to 62% in November last year.

Yesterday, supermarket groups Asda and Morrisons announced efforts to help struggling shoppers during the cost of living crisis.

AsdaBritain’s third largest supermarket after tesco and Sainsbury’ssaid it will invest more than £73m to keep prices of more than 100 essential items down through the end of the year.

Items include fresh fruit, vegetables, fresh meat and frozen foods.

Morrisonsthe country’s fourth-largest supermarket, said it has cut prices on more than 500 products, including cereals, cooking sauces, chicken and sausages, as well as flour, bread and ham.

Asda said prices for affected items would fall by an average of 12%, while Morrisons said reductions would average 13%.

‘No golden bullet’ to solve Cost of living crisis minister warns as PM urges to find solutions to ease pressure on household finances | UK News

Source link ‘No golden bullet’ to solve Cost of living crisis minister warns as PM urges to find solutions to ease pressure on household finances | UK News

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