Fiscal Policy: Cost of Living

(asked on 11th May 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect of his fiscal policies on the cost of living.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 17th May 2022

The government understands how the rising cost of living is making life harder for people. These are global challenges however, as set out in the Spring Statement, the government is providing support worth over £22 billion in 2022-23 to help families with these pressures.

For example, a typical family with 2 children where one adult is on the average employee salary and the other works 16 hours at the NLW will be around than £3,000 a year better off as a result of recent government action, notably the NICs primary threshold change, UC taper rate and work allowance changes, and increase in the National Living Wage, even taking account the introduction of the Health and Social Care Levy.

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