Cost of Living

Delivered £94 billion cost of living package to help families. Inflation successfully halved from 11.1 per cent after Covid to 2 per cent in 2024 which eased pressures on households. The £94 billion cost of living package included nearly £40 billion to protect households and businesses from spiralling energy bills, following Putin’s invasion of Ukraine, worth £3,300 on average per household.

Doubled the personal allowance and took three million people out of paying income tax altogether, making work pay. Doubled the personal allowance since 2010, up from £6,475 to £12,570 in 2024, meaning people could earn more a month without being taxed for it. This meant people were able to keep more of their hard earned money.

Protected over 14 million jobs throughout the pandemic with £98.1 billion of support. The Coronavirus Job Retention Scheme protected 11.7 million jobs, with claims totalling £70 billion. The Self Employed Income Support Scheme supported 2.9 billion jobs to a value of £28.1 billion.