Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect of inflation on living standards of residents in Newport West.

Economies are experiencing high inflation, in part due to pressures from rising energy prices and disruptions to global supply chains. These global pressures are the main driver of higher inflation in the UK.

The Government’s commitment to price stability remains absolute. The Bank of England is responsible for controlling inflation – since the Bank became responsible for controlling inflation it has averaged close to the 2% target.

We understand that inflation, if higher than income growth, can reduce households’ real incomes, and that higher prices can increase the cost of living for people and households.

That is why we have taken targeted action to help families with the cost of living, including through freezing fuel and alcohol duties, the energy price cap, the Warm Home Discount and the £500m Household Support Fund to help the most vulnerable families this winter. We are also making work pay by reducing the Universal Credit taper rate from 63% to 55%, increasing work allowances by £500 per year and increasing the National Living Wage to £9.50 per hour.