Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the letter from the Chancellor of the Exchequer to the Governor of the Bank of England of 22 June 2023, what steps he is taking to help ensure that decreases in input costs are passed on to consumers.

On 22 June 2023, the Chancellor of the Exchequer wrote to the Governor of the Bank of England recognising that high inflation is the greatest immediate economic challenge to address. The Chancellor of the Exchequer met with regulator Chief Executive Officers on 28 June 2023 to discuss what action they are taking to mitigate the impacts of high inflation and support the most vulnerable. He asked regulators to take immediate action in areas where their sectors can do more to help consumers.