| answer text |
<p>The government understands the pressures that families across the UK are facing
with the cost of living. This is why the government is providing £37bn of funding
this year, targeted at those most in need. Following the Chancellor’s announcement
in May, millions of the most vulnerable households will get at least £1,200 of one-off
support in total this year to help with the cost of living.</p><p> </p><p>The government
has published distributional analysis of the impact of the Cost of Living package
on households, which is available on gov.uk: <a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fpublications%2Fcost-of-living-support&data=05%7C01%7CPatrick.Williamson%40hmtreasury.gov.uk%7C250a3b7af1d84bbaadfb08da4ed32605%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C637908966018882817%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=Fm8Z9igRePd1zKSjb%2B8VipLUO9tBEEvXdbVJ1aDTBKY%3D&reserved=0"
target="_blank">https://www.gov.uk/government/publications/cost-of-living-support</a>.
This analysis showed that households on the lowest income deciles would benefit the
most from the support announced. As set out in my answer of 30 May to you, the adjusted
net income threshold of £50,000 for HICBC only affects a minority of earners with
comparatively high incomes. The Government considers that the current threshold for
HICBC remains the best option appropriate. As with all tax policy, the threshold is
kept under review as part of the Government’s annual Budget process.</p>
|
|
