Food Price Inflation

Duncan Baker Excerpts
Thursday 19th May 2022

(1 year, 10 months ago)

Commons Chamber
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George Eustice Portrait George Eustice
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The Chancellor is very familiar with all the arguments around the policy that the hon. Member mentions. I would simply say this: the Treasury is rightly concerned that, in an inflationary environment when prices are rising, we must be careful about borrowing and throwing more money at that or even increasing public spending in a way that could exacerbate the problem, so it is a difficult line to tread. That is what the Chancellor is considering as he looks at this issue.

Duncan Baker Portrait Duncan Baker (North Norfolk) (Con)
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Food prices going up around the country has a particular impact in my constituency, which has the oldest demographic in the country. Pensioners are worried not only about rising food prices but about the value of their pensions. Between March 2021 and March 2022, food prices went up by 6%. What conversations has the Secretary of State had with the Chancellor, so that there is an absolute cast-iron guarantee that the triple lock will return next year to help my pensioners who are struggling with food costs and the cost of living?

George Eustice Portrait George Eustice
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Mr Speaker, given the nature of these questions, I almost feel that this urgent question should have been taken by the Chancellor. I am sure that my right hon. Friend the Chancellor is well aware of the arguments that my hon. Friend makes. A decision was taken to change the triple lock temporarily, for reasons we all understand, with very rapidly rising incomes. That is a matter for the Chancellor to deal with in a future statement in this House.