Addressing the Commons this afternoon, Chancellor Rishi Sunak acknowledged that the cost-of-living crisis had deteriorated since he introduced the idea of an energy bills loan of £200 in February this year.
Mr Sunak faced heckling from MPs as he stood to deliver his statement, noting he was aware of the "acute distress" many are facing in relation to the global challenge of inflation.
Doubling the £200 loan on energy bills for all households, which was set to take effect in October, Mr Sunak announced "this support is now unambiguously a grant," meaning it no longer needs to be paid back.
Mr Sunak announced the grant in a statement to the Commons this morning. GB News
Millions of households will now receive a £400 grant to contribute towards their energy bills, reducing the crippling misery of soaring inflation affecting 27 million homes.
In a £15billion cost-of-living bailout, the Chancellor insinuated how the Ukraine crisis could see energy cost sky-rocket by around 40 percent this Autumn.
The statement highlighted the Government's attempt at a U-turn on imposing a 25 percent windfall tax on the rising profits of gas and oil firms.
Around eight million of Britains lowest income households are set to receive a one-off £650 payment. Delivered in two handouts, in July and in the autumn, the Treasury will be dishing out around £5billion in total.
With inflation rates peaking at a 40-year high, Mr Sunak reassured members of the public stating how he would not allow people to be "set so far back they might never recover," emphasising the cost-of-living support now totals at £37billion this year.