Commons Sense

House of Commons · Ministers' Questions

Inflation

Tuesday 9 May 2023 · 6 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 2 Partly answered 3 Not answered 0

Key points

  • Government's three economic priorities for the year are to halve inflation, grow the economy, and reduce debt.
  • Office for Budget Responsibility expects food, tobacco, and alcohol inflation to fall significantly over the next 12 months.
  • Government and the independent Monetary Policy Committee continue to work closely to coordinate monetary and fiscal policies.

Topics (select to filter)

Questions & Answers

Q1 Mark Menzies Con
Economy
Context

Inflation rates are high and impacting the economy. The questioner seeks an update on progress made by the government.

Question

What progress has been made on reducing the rate of inflation?

Answer from Andrew Griffith

The Government's three economic priorities this year are to halve inflation, grow the economy, and get debt falling. This will require patience and discipline. Countries around the world are facing rising prices and we will not be able to make that go away overnight, but by sticking to our plan, we will halve inflation this year and help to ease the pressures that people are facing.

Partly answered

How: Under Review, Requires Patience

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Q2 Philip Hollobone Con
Economy Benefits & Welfare
Context

Food prices are rising faster than the overall average and affecting low-income households. The questioner seeks information on government measures to address this.

Question

Is there any good news at all from His Majesty's Treasury about the prospects for food price inflation over the next 12 months?

Answer from Andrew Griffith

My hon. Friend is a doughty champion for his constituents. The Office for Budget Responsibility this year does expect food, tobacco and alcohol inflation to fall significantly, and that is not all. The Government recognise the challenges facing households due to the elevated cost of living in general, including food, so we took action at the spring statement to support struggling families. Taken together with previous action, support to households to help with bills is worth an average of £3,300 a year across this year and next.

Answered
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Q3 Louie French Con Old Bexley and Sidcup
Economy
Context

The questioner inquires about the Treasury's assessment of the long-term effects of monetary policies post-GFC.

Question

What assessment has been made by the Treasury of the impact of more than a decade of abnormal monetary policy following the global financial crisis?

Answer from Andrew Griffith

As my hon. Friend knows, monetary policy is the responsibility of the independent Monetary Policy Committee and the Bank of England. We will continue to work closely with them to ensure that monetary and fiscal policy are well co-ordinated. The Chancellor reconfirmed the inflation target of 2% at the autumn statement and confirmed that this Government will not change the target.

Partly answered

Not addressed: specific assessments or studies by the Treasury

How: Monetary Policy Responsibility Lies Elsewhere

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Q4 Mark Menzies Con
Benefits & Welfare
Context

Older people are facing financial pressures due to inflation, prompting the questioner to seek assurance on government support.

Question

What steps is my hon. Friend taking and what conversations has he had with the Department for Work and Pensions to ensure that Fylde's retired residents are well protected?

Answer from Andrew Griffith

I and my hon. Friend work closely with colleagues in the DWP, as my hon. Friend knows, on behalf of pensioners in Fylde. More than 8 million pensioner households will receive a cost of living payment of £300 this winter, but more than 12 million pensioners have benefited from a 10.1% increase to their state pension. That is the biggest percentage rise in the state pension for more than 30 years and its biggest-ever cash increase.

Answered
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Q5 Alison McGovern Lab Birkenhead
Economy
Context

The questioner challenges the government on economic instability due to their policies, prompting a response about recent actions.

Question

What policies of the past couple of years does the Minister believe have got us into this position with inflation, and how are the Government going to make sure that we have better economic stability?

Answer from Andrew Griffith

The hon. Lady omits to mention both the headwinds from the global pandemic and Russia's aggression in Ukraine. Any financially literate conversation on this subject has to acknowledge that we see very similar rates of increase in inflation and rising interest rates across the developed world. In that context, this Government are focusing on stability, ensuring that we continue to pay down debt over the cycle and do not do as the previous Labour Government did and leave a note behind for their successors saying that there is no money left.

Not addressed: current government policies

How: Global Pandemic, Russia'S Aggression

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Q6 Alison Thewliss SNP
Benefits & Welfare
Context

Food price inflation is high, and some individuals are struggling due to lack of support. The questioner seeks help for those facing severe financial difficulties.

Question

What will the Minister do to help those people, who are struggling and heading for the food banks because they cannot afford to make ends meet?

Answer from Andrew Griffith

In the interest of time, I will not repeat for the hon. Lady the support for households, which averages £3,500 across the United Kingdom. If she has constituents with particular needs, the Government have recently extended the £1 billion household support fund and I suggests she works with her local authority to try to meet their needs through that.

Partly answered

How: Constituents Should Work With Local Authorities

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