3 things we can expect in Rishi Sunak's big announcement today

RISHI Sunak will today lay out his plan to shield millions of squeezed Brits from a cost of living catastrophe – by letting them keep more cash.

The Chancellor is preparing to reveal a package of support for struggling households braced for the aftershock of Black Thursday.

Energy bills are set to soar by £600 when the price cap is raised this morning, while mortgage repayments will also rocket higher increased interest rates.

The announcements by both Ofgem and the Bank of England today will strike a double-whammy gut punch into family finances just as taxes rise in April.

Confronted with a "heating or eating" disaster, Mr Sunak will today step in by reaching further into the Treasury coffers for support funds.

In the Commons this morning and press conference tonight he is expected to reveal:

1) COUNCIL TAX CUTS

Mr Sunak is expected to slash council tax bills for struggling Brits to help offset soaring bills.

Those in council tax bands A to D will likely receive rebates on their payments, funded with government grants.

The Chancellor – who will fork out about £9billion for the move – is expected to lay out plans for more than 15 million of the poorest households to receive the rebate.

It is expected around £150 will be knocked off people's council tax, with Mr Sunak due to flesh out plans to Parliament at 11am.

2) ENERGY BILL REBATE

Mr Sunak is also expected to reveal plans to dish out £200 rebates on their energy bills.

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It is effectively a discount on energy bills, which are set to soar by £600 as the price is cap is raised from £1,200 to near £2,000.

Ministers will underwrite the loans, which will be paid to customers buy providers and then recouped over time.

The "rebate and clawback" scheme will ease the pressure on bill-payers in the short term – but customers will have to pay back the cash eventually.

3) NO VAT CUT

Despite enormous pressure from senior Tories, Labour and The Sun, Mr Sunak is not expected to shave VAT on energy bills.

The 5 per cent levy is expected to stay after Boris Johnson branded it a "blunt instrument" and said he preferred more targeted measures.

During the Brexit referendum Mr Johnson said one of the benefits of Leaving would be the ability to slash VAT on heating costs.

But he has since backtracked and Mr Sunak is expected to confirm the tax cut is not happening.


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