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Tynwald approves cost of living support package

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Tynwald yesterday voted unanimously to approve the cost of living support package presented by Treasury Minister Dr Alex Allinson MHK.

The package will ensure that all residents benefit from some help from increasing cost pressures this winter, while additional support will target those at a higher risk of food and fuel poverty.

The measures include:

  • Capping electricity prices at their current level for all customers including businesses until 31 March 2023, funded by a £26 million loan to Manx Utilities

  • A third round of support payments in December for those in receipt of child benefit and those on low incomes

  • Capping bus fares at a maximum of £2 per journey from 1 November 2022 for a three-month trial

  • Accelerating £8 million programme to improve energy efficiency in homes

  • The establishment of a Community Support Fund

Minister Allinson said:

‘The range of measures now in place is designed to support our community during what is expected to be a challenging period over the winter months. The agreed strategy will help reduce the costs of energy prices, support those on lower incomes, increase energy efficiency within households and empower communities to come together in these difficult times.’