BILLS and prices are soaring so fast that the Government’s cost of living aid package is being wiped out, MPs have warned.
A Commons inquiry said Rishi Sunak’s £37billion of support is being “eclipsed” by rampant inflation.
The Government’s £37billion cost of living aid package is being wiped out by soaring bills and prices
The Business Committee is demanding the Government immediately bolsters its help to save poorer families from a gruelling winter.
One of Mr Sunak’s last acts in the Treasury before resigning as Chancellor was unveiling a package of support to cushion households from the cost of living hell.
It included a £400 discount on energy bills, a £650 one-off lump sum to poorer families, £150 for disability benefit claimants, and £300 for OAPs.
But billpayers are facing another energy price cap increase in October to between £2,800 and £3,244.
Inflation is also running at 9.4 per cent and experts warn it could hit 15 per cent.
Committee chair Darren Jones said: “Once again, the energy crisis is racing ahead of the Government.
“To prevent millions from dropping into unmanageable debt, it is imperative the support package is updated and implemented before October when the squeeze will become a full-on throttling of household finances and further tip the economy towards recession.”
Mr Sunak and leadership rival Liz Truss are likely to face questions on the cost of living from Sun readers in a TV debate at 6pm tonight. They will be on Trending In The News Showdown: Fight for No10, which is hosted by TalkTV.
