Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has plans to mitigate the impact of a potential rise in inflation to 11 per cent, as forecast by the Bank of England.

The Government recognises the impact that high inflation has on households and has taken significant action to support all families. The Government is providing over £15bn of additional support, building on the over £22bn announced previously, with government support for the cost of living now totalling over £37bn this year.

The Government has the tools and resolve to reduce inflation through three tools – independent monetary policy, fiscal responsibility and supply side reform. Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England. Historically, the MPC have met the inflation target and inflation has averaged exactly 2% since independence. The Government retains full confidence in the Bank of England to take the necessary action to get inflation back on target and ensure inflation expectations remain anchored.