Commons Sense

House of Commons · Ministers' Questions

Cost of Living

Tuesday 20 June 2023 · 7 questions

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

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 4 Not answered 0

Key points

  • The government has announced a support package worth around 3,300 per household this year and last to help with cost of living pressures.
  • The Chancellor does not believe that capping essential food prices is a viable long-term solution to address poverty, but is providing payments for households based on their circumstances.
  • The Chancellor asserts that the UK economy is growing faster than France or Italy since leaving the single market, according to the IMF.

Topics (select to filter)

Questions & Answers

Q1 Richard Thomson
Economy
Context

Households are experiencing cost of living pressures due to inflation.

Question

What recent assessment has been made regarding the potential effects of policies on inflation and the cost of living?

Answer from Jeremy Hunt

We know the pain households are going through due to cost of living pressures, and have announced a support package worth around £3,300 per household this year and last.

Partly answered

Not addressed: Specific assessment details not provided

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Q2 Ian Byrne Lab Liverpool West Derby
Economy Benefits & Welfare
Context

Which? report highlights food price increases by 26.6% and security measures on baby formula milk.

Question

Given the UN's sustainable development goal to eradicate poverty by 2030, will the Chancellor cap essential food prices and address excessive profits in the food industry?

Answer from Jeremy Hunt

I do not believe that capping prices is the right long-term solution. However, we are providing payments of £900 per household for people on means-tested benefits, £150 for households with someone disabled living in them and £300 for households with pensioners.

Partly answered

Not addressed: No commitment to cap prices or address profiteering

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Q3 Patricia Gibson SNP
Economy Brexit
Context

Mark Carney warned of weaker pound, higher inflation, and weaker growth due to Brexit.

Question

Does the Chancellor believe it is fair for households to bear the consequences of ignoring the Bank of England's warnings on Brexit?

Answer from Jeremy Hunt

I do not buy this Brexit narrative from the SNP. Food price inflation has been around 20% elsewhere too.

Not addressed: Addressing fairness and warnings

How: Changed Subject

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Q4 Richard Thomson
Economy Brexit
Context

US Treasury chief described UK's economic policy as flawed.

Question

Will the Chancellor admit that leaving the single market has had a significant impact on inflation and household finances?

Answer from Jeremy Hunt

The UK economy is growing faster than France or Italy since we left the single market, according to the IMF.

Not addressed: Impact on inflation and finances

How: Changed Subject

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Q5 Jake Berry Con
Economy Housing
Context

Mortgage costs are rising, leading to concerns about home loss.

Question

Is now the time for the Chancellor to reintroduce mortgage interest relief at source?

Answer from Jeremy Hunt

While sympathetic to difficulties, injecting large amounts of cash into the economy would be inflationary.

Partly answered

Not addressed: Specific commitment to reintroduction

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Q6 Stewart Hosie SNP
Economy Energy
Context

Mortgage rates have increased from 2.57% to 6%, causing concern.

Question

In the absence of changing the Bank of England inflation target, what do the Government plan to do about mortgage pain?

Answer from Jeremy Hunt

We will look at doing everything we can to help people under pressure but avoid actions that would prolong inflation.

Partly answered

Not addressed: Specific plans for mortgage relief

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Q7 Stewart Hosie SNP
Economy
Context

OBR forecast inflation to peak at 2.9% but it reached 5%, now 8.7%. Food inflation is 16.5%

Question

Given the current high inflation, will the Chancellor guarantee halving inflation as promised by the Prime Minister?

Answer from Jeremy Hunt

The IMF, OBR and Bank of England predict hitting our target to halve inflation. We will stick to this plan.

Answered
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