Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what fiscal steps she is taking to help (a) reduce inflation and (b) increase average annual earnings in the West Midlands.

The government have been clear that inflation has been too slow to come down, and the priority it is placing on tackling the cost of living, as part of its mission to grow living standards.

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. Economic growth will help to increase earnings across the UK, including in the West Midlands.

The government’s fiscal strategy is to put the public finances on a sustainable path while prioritising investment to support long-term growth and meeting the fiscal rules.

The Chancellor has also asked departments to look at what action on inflation can be taken when developing policies for the Autumn Budget, while ensuring decisions support stability and long-term growth.

The Government has committed to £160m of funding over 10 years for the West Midlands Investment Zone, which local partners expect to generate £3.5bn in private sector investment, deliver 30,000 jobs and support higher earnings in the area.