Commons Sense

House of Commons · Ministers' Questions

Inflation

Tuesday 20 June 2023 · 2 questions

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

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • Government met with supermarket representatives recently to discuss inflation.
  • Chancellor and Treasury officials will have further discussions on the issue.
  • Actions include supporting the Bank of England's Monetary Policy Committee.

Topics (select to filter)

Questions & Answers

Q1 Richard Burgon Lab Leeds East
Economy
Context

The question follows recent concerns about rising inflation rates that are impacting workers' real wages negatively. Economists have pointed to corporate profiteering as a significant factor in price rises.

Question

What recent steps has the government taken to reduce inflation? The rich and powerful repeatedly blame workers for high inflation despite falling real wages, while leading economists now suggest corporate profiteering is driving prices up. France and Spain are taking action on food prices and rent controls respectively. When will similar measures be introduced in response to corporate profiteering?

Answer from John Glen

We continue constructive dialogue with industry sectors, including meeting supermarket representatives recently. The Chancellor and Treasury officials will have further discussions. Most people recognise common global challenges affecting economies differently.

Partly answered

Not addressed: The specific ask about targeting corporate profiteering was not directly addressed.

How: Constructive Dialogue, Different Ways

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Q2 Richard Burgon Lab Leeds East
Economy
Context

The question arises from concerns about rising inflation that is impacting workers' real wages negatively. Leading economists argue that corporate profiteering rather than wage growth is driving price increases.

Question

What steps have been taken to reduce inflation? The wealthy and influential often blame workers for high inflation even though real wages are declining. Economists now claim corporate profiteering is a major driver of prices going up. France has acted on food prices, Spain on rent controls. When will similar measures be implemented here?

Answer from John Glen

We take action through support for Bank of England's Monetary Policy Committee, responsible decisions on tax and spending to avoid adding to inflation pressure, and tackling high energy prices with measures like holding down energy bills while investing in long-term security.

Partly answered

Not addressed: The specific ask about targeting corporate profiteering was not directly addressed.

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