Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking with Cabinet colleagues to help lower the rate of inflation.

As the global economy recovers from COVID-19, many economies are experiencing high inflation, in part due to pressures from rising energy prices and disruptions to global supply chains. The economic impact from the Russian invasion of Ukraine is uncertain but is adding to inflationary pressure. The Government is working with international partners to tackle global supply chain disruption and is providing support worth over £20 billion across this financial year and next that will help families with the cost of living. This includes a £9.1 billion package announced in February 2022 to help households with rising energy bills.

Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England, which has the primary objective of maintaining price stability. Since the MPC has become responsible for controlling inflation it has averaged close to the 2% target. The Government’s commitment to price stability remains absolute.