Household Finances 2023-11-14
2023-11-14
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
▸
Context
The financial stability of UK households is under scrutiny, with concerns about the impact of various economic factors on household finances in the winter months.
What assessment has been made of the financial position of households during winter 2023-24?
The Government continue to stand by households with one of Europe's largest support packages, amounting to some £3,300 a household on average across 18 months.
▸
Assessment & feedback
Did not specify the specific assessment or data for winter 2023-24
Vague Reference To Support Packages Without Specifics
Response accuracy
Q2
Partial Answer
▸
Context
Concerns have been raised about the rising cost of fuel in rural areas, with supermarkets reportedly enjoying higher margins during October. This has prompted worries that households may be disproportionately affected.
The Minister will be aware that a big concern for rural constituencies is the cost of fuel. The RAC found that the margin enjoyed by the big supermarkets on fuel sales in October was double the figure for the year to date at 14p per litre. That reflects concerns raised by the Competition and Markets Authority that although wholesale fuel prices fell in September and October, retail prices did not. What is the Treasury's assessment of the impact that these higher margins will have on households in the coming winter?
Fuel duty is a major cost for households and businesses. We recognise that. That is why in the spring Budget 2023, the Chancellor extended the 5p temporary duty cut. That was a £5 billion saving for motorists, worth £100 for the average motorist, but we always keep these things under review.
▸
Assessment & feedback
Did not address the specific impact of higher fuel margins on rural households in winter
Acknowledged Duty Reduction Without Addressing Margin Concerns
Response accuracy