02-09-2022, 07:47 PM
The Liberal Party has watched with concern at this week’s expansion of the national cost of living crisis with increases to the energy price cap and the unwelcome increase in inflation towards a potential peak of 7% this spring.
Whilst we welcome the announcements of government assistance for hard pressed consumers by way of a rebates on energy bill and the council tax, these neither cover the expected rise in energy prices, approaching £700 a year, nor the impact on household budgets by increases in taxation and NI.
We believe that the £20 pound a week reduction in Universal Credit should be reversed as it targets the most vulnerable families most effectively as does removing VAT on energy bills as this disproportionally affects low-income families.
We support the creation of the Council Tax Covid-19 hardship fund for councils but believe that utility industry regulators should be working to ensure that prices to households are fair and that reduction in costs are passed onto the consumer as readily as price increases.
We remain committed to a policy to lift tax thresholds on the low paid, which includes pensioners, which helps with real earnings but also increases incentives for people to enter the workforce thus increasing the supply of labour another source of inflationary pressure.
Whilst we welcome the announcements of government assistance for hard pressed consumers by way of a rebates on energy bill and the council tax, these neither cover the expected rise in energy prices, approaching £700 a year, nor the impact on household budgets by increases in taxation and NI.
We believe that the £20 pound a week reduction in Universal Credit should be reversed as it targets the most vulnerable families most effectively as does removing VAT on energy bills as this disproportionally affects low-income families.
We support the creation of the Council Tax Covid-19 hardship fund for councils but believe that utility industry regulators should be working to ensure that prices to households are fair and that reduction in costs are passed onto the consumer as readily as price increases.
We remain committed to a policy to lift tax thresholds on the low paid, which includes pensioners, which helps with real earnings but also increases incentives for people to enter the workforce thus increasing the supply of labour another source of inflationary pressure.