A raft of new measures, coming into force today (1 April), will see wages go up, bills come down, and more support for those who need it most across Wales.
In an uncertain and volatile world, the Prime Minister is continuing to work with allies to push for de-escalation in the Middle East, which is the surest and quickest way to bring down pressures on prices.
On Monday, he hosted a roundtable with energy, insurance, and shipping companies and on Tuesday he chaired a COBR(M) meeting to assess the situation with Cabinet colleagues.
Measures coming into force today include:
- Increasing the National Living wage to £12.71 – a £900 boost for workers
- Increasing the National Minimum Wage to £10.85 – a £1,500 boost for young workers
- The wage increases will together benefit up to 170,000 workers in Wales.
- Cutting energy bills by an average £117 a year for millions across the UK – locked in until end of June
This follows an update to the public on 16th March where the Prime Minister set out five steps that were already in place on the cost of living. These were:
- Cutting the energy price cap until the end of June – thanks to last year’s Budget
- The Chancellor’s decision to extend the cut in fuel duty until this September
- £53 million for households that are most exposed to heating oil rises
- Building Britain’s energy security and independence
- Ongoing work towards a swift resolution of the situation in the Middle East
The cut to the energy price cap comes on top of the £150 Warm Home Discount that around 6 million families will have received this winter, following its expansion last year – and eligible billpayers will continue to receive this support every winter for the rest of the decade.
Prime Minister Keir Starmer said:
“In an uncertain and volatile world, it is my government’s duty to protect the British people at home and abroad.
“I know the public are concerned about the conflict in Iran and what it means for them and their families.
“I want to reassure them that they have a government on their side, working with allies on de-escalation and bearing down on the cost of living.
“Today, millions of people up and down the country will see energy bills go down by £117, wages go up for the lowest paid, and more support will be available for people who need it most – because of the decisions this government has taken.
“But we must go further to bear down on costs, and that means pushing for de-escalation in the Middle East and a re-opening of the Strait of Hormuz. That is the best way we can bring down the cost of living for families and that is my focus.”
Secretary of State for Wales Jo Stevens said:
“Hundreds of thousands of people across Wales will very soon start to feel the benefit of some of the measures we are taking to help with the cost of living.
“Reducing energy bills as well as boosting wages mean that we are delivering on this government’s key priority of putting more money back in people’s pockets.”
