Matty Jackman explains how Conservatives are Supporting families with the Cost of Living

As economies worldwide grapple with the impact of conflicts in Ukraine and the Middle East, the rising tide of inflation has presented significant challenges for families and businesses.

Despite these challenges, our ultimate goal is to enhance the financial well-being of every citizen while providing targeted support for those facing the greatest challenges.

Let me show you how we are taking action to protect families!

Conservatives are committed to helping families cope with the high cost of living and have taken the following actions:

We have delivered on our promise to halve inflation by the end of 2023, which has eased the financial burden on households throughout the country.

Conservatives will continue to support households with our cost of living package worth £104 billion, which averages to £3,700 per household.

We are providing new cost-of-living support to help vulnerable households deal with increased costs during the winter months.

• Eight million households will benefit from £900 worth of support in 2023-24.

• Winter Fuel Payments have been increased by £300, nearly three million people will receive a £150 rebate on their winter electricity bills through the Warm Home Discount, Local Housing Allowance is being uprated, and the £25 Cold Weather Payment has come into effect for the winter.

And yes, we are protecting the Triple Lock on the State Pension and uprating benefits in line with inflation to safeguard the most vulnerable households.

• To protect the most vulnerable, working-age benefits will increase by 6.7 per cent this year, and housing benefits will increase.

• The State Pension will increase by 8.5 per cent in line with earnings.

• The average uplift for households on Universal Credit will be around £470!

We are extending our Household Support Fund to over £2 billion to ensure that local authorities can support the most vulnerable families in their communities.

• We have provided the Household Support Fund with an additional £842 million to establish schemes that support vulnerable families.

• This brings the Fund to over £2 billion in value, and it has delivered more than 26 million awards since its creation.

We are increasing the National Living Wage by 9.8 per cent and reducing the age threshold, which will increase wages by £1,800 for 2.7 million low-paid workers.

• On 1 April 2024, the National Living Wage will increase by 9.8 per cent to £11.44 an hour for workers aged 21 and over. 

• This represents an increase of over £1,800 in the annual earnings of a full-time worker on the NLW.

The government's comprehensive approach to addressing the cost of living demonstrates a commitment to economic stability and supporting families facing financial challenges.

• Through a combination of inflation management, targeted financial assistance, and wage increases, the government aims to create a positive impact on households across the nation.

And finally, Labour and the Lib Dems? They have no plan!