Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he has taken to make consumer markets operate more fairly to reduce the costs of essential household items.

Competitive markets are the best way of delivering value and choice for consumers. Autumn Budget 2017 announced more resources for the Competition and Markets Authority to enable them to take more cases against companies who are not competing fairly. The government is also taking specific action to ensure that financial services markets work for consumers. For example, to improve access to affordable sources of credit, the government is increasing the number of potential members that a credit union serving a local area can have from 2 to 3 million.

The forthcoming Consumer Green Paper will set out the government’s broader approach to ensuring that markets are working well for consumers and businesses.

Where it can, the government is also taking direct action to help families with the cost of essential items. For example, the government has extended the fuel duty freeze for the eighth year. This freeze has saved the average car driver £850 over the last eight years compared to what they would have been paying under the pre-2010 escalator plans.