Vat Household

• New Prime Minister Andy Burnham announced the removal of VAT on household electricity bills prior to his first Cabinet meeting today. • The policy change is projected to reduce the yearly Ofgem price cap by approximately £45 for consumers. • This move serves as an immediate effort to lower energy costs for households during a period of economic pressure.

Rolling coverage of the latest economic and financial newsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.New prime minister Andy Burnham has announced this morning that VAT will be cut from household electricity bills, as part of his plan to help with the cost of living.Westminster has not been working for people for too long, with families struggling with the cost of living.That needs to change. I said I wanted to give people breathing space, and that’s what I’m announcing on my second day as prime minister.Fiscal control is the first duty of any chancellor. It is mine. And fiscal credibility is the bedrock for economic stability and for national security, and you heard the prime minister this afternoon say, in this more dangerous world, we will meet our commitments on defence to our international allies…7am BST: ONS Labour market figures and public financesToday: New PM Andy Burnham to announce cost of living measures Continue reading...