Incomes and Prices

Lord Tunnicliffe Excerpts

Monday 31st October 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

Well, the figures vary, but if we look at the lowest-paid staff, particularly in the NHS, they are seeing a pay rise of 9.3%. It does vary enormously.

[Lord Tunnicliffe (Lab)]

My Lords, the energy price guarantee will reduce some inflationary pressures over the winter period. However, does the Minister acknowledge that the scaling back of support from April 2023 could have a detrimental impact on inflation from that point? The Bank does not expect to meet the 2% target for some two years. Where does that leave working people, whose incomes will have to continue to be stretched further and further?

[Viscount Younger of Leckie (Con)]

The noble Lord makes a good point because, as the House knows, we announced significant support worth over £37 billion for households this year, targeted at those who need it the most. However, we continue to keep the situation under review. The Chancellor has made it clear that, looking into next year, the Government will prioritise the needs of the most vulnerable and support those in need, while ensuring that we act in a fiscally responsible way.