The Latest Breaking News from IFS

One-off levy to fund support package amid cost of living crisis which could include increase in benefits

Rishi Sunak will make a cost-of-living statement to the Commons where he could announce £10bn of new spending - funded by a windfall tax - with Tory sources claiming the brought-forward announcement would mostly help poorer families

IFS and Resolution Foundation warn of disproportionate impact of energy prices on low-income households

Poorer families will be disproportionately affected, according to the Institute for Fiscal Studies

Poorer households may face an eye watering inflation rate of 14 per cent, the influential Institute for Fiscal Studies has said, after the boss of energy regulator Ofgem warned bills will soar even higher this autumn.

In comparison, benefits for the poorest families were uprated by 3% in spring

Two former Tory ministers called for the government to take immediate action in a bid to curb rises

A report has highlighted the 'significant pressure' parents are facing

Parents with younger children are hardest-hit by a lack of Government support, says the IFS.

Rishi Sunak is still refusing to help ease the cost of living crisis by resisting demands for a windfall tax on energy giants. Meanwhile, households are facing high costs

While inflation was confirmed to have hit a 40-year high of 9% this morning, the poorest in society are facing a real-terms hit of 11%