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Andy Burnham Announces VAT Cut on Energy Bills 'From This Thursday' in Keynote Speech
- Prime Minister Andy Burnham announced that VAT on domestic electricity bills will fall from 5% to 0% starting this Thursday, October 1, providing financial relief as winter approaches and energy costs rise.
- This tax cut coincides with Ofgem raising the energy price cap to £1,723, with further price increases anticipated due to the ongoing US-Iran conflict pressuring global energy markets.
- Officials estimate the £850 million measure will save the average household around £45 a year, funded by the Government's cancellation of the digital ID programme and departmental budget reprioritization.
- Chancellor John Healey said the cut will give families "breathing room on bills and provide reassurance this winter," while the Government expects energy suppliers to pass savings directly to customers.
- Ministers are reportedly considering expanding VAT relief to gas bills, which could reduce annual household energy costs by a further £40 alongside other tax rule changes taking effect October 1.
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The IndependentReposted by 
The Independent (US)
The Independent (US)VAT to be slashed from energy bills this week – how much you could save
·London, United Kingdom
Read Full ArticleBritish Prime Minister Andy Burnham has outlined his government's plan to reduce energy costs and lower the cost of living in his first speech at the Labour Party's annual conference. He announced that VAT on household electricity would be abolished from Thursday, October 1, and that the government aims to bring energy costs in the UK in line with its European neighbours within 10 years. Burnham's government has also set a cap on single-trip bus…
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Total News Sources30
Leaning Left2Leaning Right0Center26Last UpdatedBias Distribution93% Center
Bias Distribution
- 93% of the sources are Center
93% Center
C 93%
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