Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he plans to take to help tackle inflation; and what recent assessment he has made of the factors that may hinder achievement of the Government's goals in this area of fiscal policy.

Monetary policy is the responsibility of the independent MPC and the Bank of England. The MPC has the primary objective of returning inflation to the target of 2%, and we have been clear that this government will not change this aim.

The government took decisive action to restore economic stability in the autumn, and the public finances have now proved to be more resilient than previously expected.

At Spring Budget 2023 the government put forward a plan to deliver on three of the PM’s key priorities: to get debt falling, halve inflation, and grow the economy.

There are three key things the government is doing to deliver on the plan to halve inflation. Firstly, remaining steadfast in our support for the independent MPC at the Bank of England, as they take action to return inflation to target. Secondly, making difficult but responsible decisions on tax and spending so we are not adding fuel to the fire. Third, tackling high energy prices by holding down energy bills for households and businesses this year and next, alongside investing in long-term energy security.