Rishi Sunak urged to give families one off payment of £500 ‘cost of living bonus’

Rishi Sunak has been urged to give families a ‘cost of living bonus’ worth up to £500 to help them deal with rising energy bills and soaring inflation. 

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The Social Market Foundation think tank argued a one-off cash payment would be the best response to the rising cost of living.

Its chief economist said the Government ‘should avoid the temptation to over-complicate its response’ amid growing calls for the Chancellor to do more to address the rising cost of living.

The think tank recommended that households where no one is a higher-rate taxpayer should get a cheque for £300. 

Meanwhile, families who are on Universal Credit or legacy benefits would receive an additional £200.

The Government is looking at a range of potential solutions to the cost of living, including granting loans to energy companies and cutting VAT on fuel bills.

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