Jeff Prestridge  

Govt must take urgent and decisive action on cost of living crisis

Jeff Prestridge

Jeff Prestridge

I am not keen on this, because the windfall receipts would go into the deep pockets of the Treasury, not ours. Would all of the proceeds then be distributed among the most financially challenged in society? I am not convinced. 

People need money in their pockets now. That means decisive and urgent action from the government in the form of universal credit uplifts. It also means reductions in energy bills through the suspension of some of the green levies.

Of course, we all want a greener, more environmentally friendly world, but desperate times require desperate measures. 

What would be even more useful is a reversal of the ill-timed national insurance hike that took place in April. Even better, a move then accompanied by a 1 per cent reduction in the basic rate of income tax.

Decisiveness, not prevaricating and stuttering, should be the order of the day. The nation awaits. 

Jeff Prestridge is personal finance and wealth editor of the Mail on Sunday