Commons Sense

House of Commons · Ministers' Questions

Cost of Living

Tuesday 7 May 2024 · 9 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 2 Not answered 0

Key points

  • The Office for Budget Responsibility expects UK living standards to grow in all years of the forecast period.
  • The Chancellor expects inflation rates to fall to near target in the very near future according to the OBR.
  • The Chancellor abolished the surcharge on energy prices in one of his first Budgets.

Topics (select to filter)

Questions & Answers

Q1 Patricia Gibson SNP
Economy
Context

The UK faces significant cost-of-living pressures, with inflation and economic growth concerns.

Question

What assessment has been made on the potential impact of increased costs on households in 2024?

Answer from Laura Trott

The Office for Budget Responsibility expects UK living standards to grow in all years of the forecast period.

Partly answered

Not addressed: Did not provide specific assessment or figures on cost impacts on households.

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Q2 Allan Dorans
Economy Housing
Context

The Building Societies Association described the housing market as broken, with first-time buyers facing unprecedented challenges.

Question

Given IMF projections and current policies, does the Chancellor anticipate any near-term relief for first-time homebuyers?

Answer from Laura Trott

The hon. Gentleman will know that the Bank of England is independent. The good news is that the OBR expects inflation rates to fall to near target in the very near future.

Not addressed: Did not address the question about relief for first-time homebuyers.

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Q3 Marion Fellows SNP
Energy
Context

Households face additional costs to help energy companies cover bad debts, raising concerns about passing on these costs to indebted customers.

Question

What assurance can the Minister give that the extra charge will be passed on to indebted customers to alleviate their debt burden?

Answer from Laura Trott

It is good news that energy prices are set to fall. The hon. Lady will know that the Chancellor abolished the surcharge in one of his first Budgets.

Not addressed: Did not address the question about passing on charges to indebted customers.

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Q4 Patricia Gibson SNP
Economy
Context

The UK faces the highest level of G7 inflation and lowest rate of economic growth in the OECD, with GDP per capita declining.

Question

With these conditions, who does the Minister think believes that this plan is working to ease the cost-of-living crisis?

Answer from Laura Trott

It is important to note that inflation has more than halved since the Prime Minister took office, and is now at 3.2%. That will have a material impact on cost of living pressures on households. In addition, support this year includes cutting national insurance rates across the UK and raising the local housing allowance.

Partly answered

Not addressed: Did not address the effectiveness or public perception of current policies.

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Q5 Caroline Dinenage Con Gosport
Taxation
Context

Small music venues are closing at an alarming rate, and a VAT cut is being proposed to support these businesses.

Question

What thought has the Minister given to providing a VAT cut for grassroots music venues?

Answer from Laura Trott

I know my hon. Friend cares deeply about this matter. I know she has a report coming out in a few weeks, and I look forward to reading it.

Not addressed: Did not address thoughts or plans for VAT cuts.

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Q6 Theresa Villiers Con
Economy
Context

Inflation needs to be brought down to create a climate for interest rate reductions and tax cuts.

Question

Does the Minister agree that reducing inflation is key to tackling cost-of-living pressures?

Answer from Laura Trott

As ever, my right hon. Friend is absolutely right.

Not addressed: Did not provide specific measures or plans.

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Q7 Greg Smith Con Mid Buckinghamshire
Local Government
Context

Buckinghamshire Council supported over 4,000 people through the household support fund and continues to offer help via a Helping Hand scheme.

Question

Does my right hon. Friend agree that households struggling with cost-of-living issues should seek assistance from local government programmes?

Answer from Laura Trott

My hon. Friend is completely correct. The household support fund has done so much to help people struggling with the cost of living. I commend the way that Buckinghamshire Council has handed out the money, and indeed will continue to do so throughout the year.

Answered

Not addressed: null

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Q8 Drew Hendry SNP
Scotland Benefits & Welfare
Context

Car insurance costs are significantly higher for young drivers in Scotland compared to other parts of the UK and EU.

Question

Why is the Minister not addressing the issue of inflated car insurance rates for young drivers in Scotland?

Answer from Laura Trott

I cannot comment on the specifics of car insurance companies, but what I can say is that for people struggling with the cost of living, whatever form that struggle takes, working-age benefits are going up by 6.7% this year.

Not addressed: Did not address high car insurance rates in Scotland.

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Q9 Drew Hendry SNP
Economy Brexit
Context

Car insurance costs have increased significantly more in the UK than in other EU countries, raising questions about policy effectiveness.

Question

Given the significant rise in car insurance rates, what reasons does the Minister give for the UK Government's lack of action?

Answer from Laura Trott

I think that we have heard enough from the Brexit zombies on the other side of the Chamber.

Not addressed: null

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