As expected, Rishi has fired up the money printer once again to combat inflation. The Treasury claims it’ll cost £15 billion, with £5 billion a year supposedly coming from the newly-announced windfall tax “energy profits levy“. Here’s what to expect:

• Windfall tax on oil and gas companies. Projected to raise £5 billion a year.
• One-off ‘cost of living payment’ of £650 to approximately 8 million means-tested households. Two lump sum payments directly to bank accounts.
• Households already receiving winter fuel allowance will also get a one-off payment of £300.
• Those on disability payments will also get of £150. Many of those in receipt of this payment will also be eligible for the £650 sum, bringing their total support to £800.
• Universal grant of £400 to all households. Doubling the £200 energy bill loan, and turning it into a full grant.

Rishi boasted when making the announcement that his plan is more generous than that propsed by Labour’s Rachel Reeves. The levy will raise £5 billion a year, and this will cost £15 billion. The difference will have to be financed by borrowing repaid by taxpayers…