Oral Answers to Questions

Steve McCabe Excerpts

Tuesday 15th March 2022 Commons Chamber

[Ms Marie Rimmer (St Helens South and Whiston) (Lab)]

16. What fiscal steps he plans to take to help reduce the impact on households of the rise in the cost of living.

[Steve McCabe (Birmingham, Selly Oak) (Lab)]

18. What fiscal steps he plans to take to help reduce the impact on households of the rise in the cost of living.

[The Chancellor of the Exchequer (Rishi Sunak)]

The Government, of course, recognise that inflation is rising and are closely monitoring the situation together with the Bank of England. We are also putting in place policies to help families meet the rising cost of living, such as freezing duties, cutting the tax rate in universal credit and increasing the national living wage. Last month I announced to this House a £9 billion package of support to help households with rising energy bills.

--- Later in debate ---

[Rishi Sunak]

With regard to the Russian invasion of Ukraine, the Treasury has been hard at work with our international partners to put in place the most comprehensive set of economic sanctions that this country has ever had and that Russia has ever experienced. I am very proud of the job we have done.

[Steve McCabe]

If the Chancellor had appreciated last autumn the extent to which energy costs and other household bills would rise, would he still have advocated a national insurance rise?

[Rishi Sunak]

We have reacted to rising energy bills by putting in place £9 billion of support, which will get to households far faster than the proposals put forward by the Opposition, with the £150 reaching four out of five households just this April when the price cap goes up. It is also worth bearing it in mind that, because of the price cap, households will be protected from further increases all the way through to the autumn.