PM offers £50 for households hit by doubled oil price
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The prime minister offered minimal subsidy for poorer heating-oil users at a news conference this morning. He announced that £53m would be provided for "vulnerable" customers, but with no definition of who would be eligible except that they would be "those households that are most exposed". The Financial Times reported that it would cover about 1m of the 1.5m households that rely on heating oil, and which are therefore not covered by the energy price cap that applies to households using gas. In which case that would be about £50 per household – at a time when the typical bill might have gone up by three times that much in one month. For the moment, the government is hoping to pay out as little as possible while railing against unproven profiteering, knowing that if the war in Iran goes on, the pressure for more support, and for gas customers too, will grow.
Martin McCluskey, the junior energy minister, is explaining more in the Commons as this newsletter goes out. |
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After Robert Walpole (21 years), who was the second longest serving prime minister? | Answer at the bottom of today's email |
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What else you need to know today |
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Will the Iran war affect mortgages and house prices for much longer? |
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Interest rates were heading down, but now look set to remain unchanged next week, as banks and building societies react to global financial uncertainty. Sean O'Grady wonders how long it will last... Read more |
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