Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Allan Dorans Excerpts
Tuesday 7th May 2024

(1 month, 1 week ago)

Commons Chamber
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The Chancellor of the Exchequer was asked—
Allan Dorans Portrait Allan Dorans (Ayr, Carrick and Cumnock) (SNP)
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1. What assessment he has made of the potential impact of increases in the cost of living on households in 2024.

Marion Fellows Portrait Marion Fellows (Motherwell and Wishaw) (SNP)
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19. What assessment he has made of the potential impact of increases in the cost of living on households in 2024.

Laura Trott Portrait The Chief Secretary to the Treasury (Laura Trott)
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The Office for Budget Responsibility expects UK living standards to grow in all years of the forecast period.

Allan Dorans Portrait Allan Dorans
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The Building Societies Association described the housing market as “broken”, with first-time homebuyers facing the toughest housing market conditions in 70 years. With the International Monetary Fund projecting interest rates to be around 5% for the remainder of the year and the Government rejecting the Scottish National party’s calls to reinstate mortgage interest relief, does the Chancellor anticipate any relief for first-time buyers in the near future?

Laura Trott Portrait Laura Trott
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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.