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”.