3 ways Rishi Sunak or Liz Truss can help YOU save cash after ‘catastrophic’ £3.5k energy bill cap hike | The Sun
STRUGGLING families are crying out for more support after today's terrifying bombshell that bills will rise to £3,549.
Liz Truss and Rishi Sunak have both promised different packages to help households if they win the keys to No10.
While the Foreign Secretary is prioritising tax cuts, the former Chancellor wants to deliver cash handouts for the poorest.
However as the cost of energy becomes unbearable each is also considering pulling more levers to cushion the onslaught.
TAX CUTS
Frontrunner Ms Truss has put tax cuts at the heart of her campaign to be Britain's next PM.
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If elected she will "immediately take action" by reversing the 1.25 percentage point rise in National Insurance.
Critics claim it would only save someone on the National Living Wage around £60 a year.
She will also wipe green levies off energy bills, which typically whack an extra £150 on heating costs each year.
Although new IFS analysis claims that will save just £11 over the next three months.
Mr Sunak is also promising help with heating costs by shaving VAT off energy bills.
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If elected he will also cut income tax by 1p in 2024, and by 4p by 2029.
CASH BOOSTS
Mr Sunak's flagship policy to tackle the cost of living crisis is to give targeted support to those most in need.
He has singled out pensioners and low-income households as those in line to get more cash support.
As Chancellor he announced £650 for the poorest families and £350 for pensioners, as well as a blanket £400 bung for every household.
He has not spelled out exactly how much extra he would give if he wins the Conservative leadership race.
Ms Truss is also drawing up a package of targeted support to help people stomach rocketing bills.
Despite previously railing against "handouts" she has now softened her stance and is looking at what can be done.
She too is being tight-lipped on what she would do, with a source insisting "it would not be right for Liz to announce her plans before she has even been elected Prime Minister or seen all the facts."
MORE ENERGY
Ms Truss says in the long term Britain should get fracking so we are not reliant on eye-wateringly expensive oil and gas imports.
Last night she said: "We need to become more energy independent as a country.
"And if people think that this problem is going to be over in six months, they're not right. This is a long term problem."
Mr Sunak also supports exploring fracking – which extracts shale gas – where communities support it.
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