Rishi Sunak plans to reduce energy costs,

Rishi Sunak plans to reduce energy costs by £400 by levying a windfall tax on oil and gas companies in the midst of a cost-of-living crisis.

To help with the cost of living crisis, RISHI Sunak is planning to offer every home in Britain hundreds of pounds off their energy bill.

The Chancellor is due to propose the ideas in the House of Commons today, and a windfall tax on oil and gas businesses may slash costs by £400.

According to source, he will abandon plans for a “rebate and clawback scheme,” which would have given people a £200 discount on their bills beginning in October.

Mr Sunak will instead convert the effective loans, which would have been repaid in higher bills later, into subsidies to energy companies.

According to source, the value of the discount might be increased to as much as £400, with no obligation to repay the money.

The plans, which could cost the government £10 billion, will be part of a “mix and match” package of measures to help the neediest cope with rising energy costs and inflation.

Ministers are considering lowering council tax payments in addition to the £150 refund previously promised for bands A to D.

They are likely to distribute another council tax rebate as a quick and efficient way to put money in people’s pockets.

Universal Credit payments may be increased as part of a rescue plan to assist the most vulnerable households.