for energy companies making profits from the current high global energy prices to pay more tax. in may, the one off tax imposed on energy company profits known as the windfall tax was raised to 25%, but today, the chancellor said it would go up again to 35% from next january and it would be expanded to include other electricity generators, and last until 2028. jeremy hunt said together he expected the measures to raise £14 billion next year alone. but companies and business groups say it could deter vital investment in renewables. there will be some concerns that the new levy on electricity generation - might mean we see less investment in renewable energy, whereas i think- what businesses and people generally want to see is an increase in our- investment in renewable energy. that is the only way out of the energy. crisis we face over the long term. one thing that was missing was any detail on how much support business will get with their energy bills from april next year more
been making big profits. he is also cutting the threshold above which you cutting the threshold above which y°u pay cutting the threshold above which you pay higher rate tax, a5p from 150,000 to 125000 and he is committed to raising pensions and working age benefits by 10.1%, these are spending measures from next april. they will also be more help with bills for benefit benefit recipients and pensioners and the energy price guarantee will be extended by 12 months but he has cut it back, so the average bill could rise to £3000 per year. there is not much about spending cuts there. and arguably the focus for economic growth is economic optimistic but jeremy hunt is hoping it will restore the fiscal credibility of the government. the office for budget responsibility has been reacting to the chancellor s autumn statement. you may remember it was the lack of
but the cap will rise from £2,500 a year now to just over £3,000. the £400 payment we are all getting this winter under the energy bill support scheme, will not be extended. so, around a 20% rise in energy costs for the average household, but not as bad as it could be without the cap. not mentioned by the chancellor in his statement was this, a 23% rise in fuel duty, that s an extra 12p a litre from march next year, raising £5.7 billion. that is going to hurt small businesses. those who switched to electric will start paying road tax from april 25 to make it fairer there will be an increase in the windfall tax on oil and gas giants from 25 to 35% and a 45% levy on the electricity generators to raise £14 billion next year. for the most vulnerable , the government will introduce an additional cost of living payment, £900 for those on benefits, £300 for pensioners, £150 for those on a disability benefit. any increase in social housing rents, will be capped at 7% next year, savi
and gas companies may well be extended in terms of the amount of tax, some of the companies must pay but also the duration as well. we also think it might be extended to electricity generators. lots of tax rises are under consideration. 0ne rises are under consideration. one of the things causing concern particularly among some conservative mps is what public spending cuts may come. rishi sunakfacing pressure from backbench mps about education spending with some conservative mps seeking reassurance that education and schools will not face spending cuts. at the moment the government is not confirming or denying any kind of speculation about this, so everybody, mps and journalists and the public will have to wait until thursday for clarity but i think that will be a big test when he is backin that will be a big test when he is back in the uk. that will be a big test when he is back in the uk. ., ,, i. , . back in the uk. thank you very much indeed. the latest figures show a rise in unem
so there is a lack of generation, and also that britain has been relying on cheap imports from the continent for a number of years. and right now there are problems in france, which means that france needs our power, whereas previously in the winter we ve relied on power from france to help balance our network. now, the national grid will launch a scheme from the 1st november which incentivises businesses and households to reduce their electricity use at peak times. homes with smart meters could be offered discounts for changing when the oven or washing machine is on, for example. and businesses will be paid for reducing demand on the system perhaps by switching production times or using battery generators. and with these schemes in place along with a plan to keep coal fired electricity generators on standby just in case, the national grid thinks we could avoid power cuts this winter. but let s look now at the longer term this morning the government announced a fresh round of lic