Cost of Living Wales 2026-01-21
2026-01-21
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Questions & Answers
Q1
Direct Answer
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Context
The latest interest rate cut is beneficial for mortgage holders, reducing annual costs by £1,400.
The latest interest rate cut—the sixth since Labour formed this Government—is great news for mortgage holders in Wales, North Warwickshire and Bedworth and across the UK, bringing down the cost of family mortgages by almost £1,400 a year. Will the Secretary of State update the House on how this Government’s policies are helping to strengthen our economy and improve the cost of living as a result?
My hon. Friend is absolutely right; this Government are supporting people across Wales and the UK with the cost of living. In comparison with when we came into government, households that take out a new mortgage are saving around £1,400 a year on their mortgage repayments. We have also increased the state pension by 4.8%, which will take effect in April, benefiting 700,000 pensioners across Wales. We have also uprated the universal credit standard allowance by over 6%—the first ever permanent real-terms increase—benefiting 320,000 households in Wales.
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Q2
Direct Answer
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Context
There is a concern about the eligibility and process for receiving £150 to help with domestic energy bills.
The cost of living is still a major concern for my constituents in Llanelli, so I very much welcome the decision by this Labour Government to give households £150 to help with their domestic energy bills, but can the Secretary of State explain exactly who is eligible and when and how they will receive the money?
Energy bills are a significant issue for people across the country. That is why, thanks to this Labour Government, from April this year all households will see an average £150 reduction in costs on their energy bills. Energy suppliers will pass on the savings automatically to households.
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