Mr Kwarteng began his remarks by telling the Commons that energy costs were taking a big toll: “People need to know that help is coming”.
• Household bills to be cut by an expected £1,400 this year with aid from energy price guarantee and £400 grant.
Millions of the most vulnerable households will receive additional payments, taking their total savings this year to £2,200.
• Total cost of energy package, including business support, over next six months estimated at £60bn. It is “entirely appropriate for the government to use our borrowing powers to fund temporary measures to support families and businesses”.
• Bank of England independence is “sacrosanct”.
• Government to set out its fiscal approach more fully in future and the Office for Budget Responsibility will publish an economic and fiscal forecast before the end of the year.
• Will legislate to require trade unions to put pay offers to a member vote so strikes can only be called once negotiations have fully broken down.
• To cut taxes for businesses in designated tax sites for 10 years to support investment, jobs and growth.
• The cap on bankers’ bonuses is to be lifted as part of efforts to “reaffirm” the UK’s status as a financial services hub.
Source:skynews.com