Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of when living standards will return to 2008 levels in real terms.

The government understands that people across the UK are worried about the rising cost of living and are seeing their disposable incomes decrease as they spend more on the essentials. The government is taking immediate action to help people and businesses deal with rising energy prices, in addition to the significant support for households announced earlier this year targeted at those who need it the most. Growth is the only sustainable means to increasing living standards for everyone. Strong growth and sustainable public finances go hand in hand, so the government will set out a medium-term fiscal plan in due course.