Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of predicted changes in the rate of inflation on consumer spending power over the next 12 months; and if he will make a statement.

The Office for Budget Responsibility (OBR) is responsible for producing independent economic and fiscal forecasts. The OBR forecast “lower consumption growth, as higher inflation (largely caused by the sterling depreciation) weighs on household real incomes” in 2017.

The Government is taking action to support households, including raising the National Living Wage, increasing the personal allowance, freezing fuel duty, and banning letting agents’ fees to tenants.