Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to help reduce the potential impact of increased inflation and interest rates.

The Bank of England has the responsibility for controlling inflation through monetary policy. The Government fully supports them as they take action to return inflation sustainably to 2%. Maintaining stable public finances and reducing borrowing over time will help to ease pressure on prices

The Government is also taking decisions to give families breathing space in the here and now, including the £150 removed from bills at the last Budget. In March, the Government announced a £50 million support package for families struggling with high heating oil costs as a result of the conflict – with £17 million dedicated to consumers in Northern Ireland specifically.

To help motorists, earlier this year the Government extended the temporary 5p cut on fuel duty until the end of the year.