The UK government has announced a £15bn (€18bn) support package for households facing surging energy bills and record inflation rates, including £400 (around €470) for each household as of October 2022 and £650 (€765) for 8 million of lowest-income households to be paid in two lump sums in July 2022 and October 2022. This new measure will offset a previous plan to grant £200 off bills from October in England, Scotland and Wales. The existing cap on electricity and gas bills is expected to rise by 40% in October 2022 due to the global energy price surge.
Part of the £15bn support package will be financed by a new 25% windfall tax on oil and gas companies' profits, which have soared in recent months. This "Energy Profits Levy" is expected to raise £5bn (€5.9bn) over the next 12 months and should be phased out when oil and gas prices return to normal.
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