Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to mitigate the impact of high inflation on consumers.

The government has delivered on the Prime Minister’s pledge to halve inflation, which is has fallen from 11.1% to 4.0%. The Bank of England’s latest forecast expects inflation to return to target in Q2 2024.

Over the last two years, the Government has provided one of the largest support packages in Europe. Taken together, total support over 2022-25 to help households with the high cost of living will be £104 billion – an average of £3,700 per UK household. This has helped to protect households, and the economy, from the impact of high inflation.

High inflation holds back growth, which is why alongside remaining steadfast in support for the independent Monetary Policy Committee of the Bank of England, as it acts to return inflation sustainably to the 2% target, the government has taken tough decisions to keep borrowing under control and introduced ambitious supply-side measures to support non-inflationary growth, including delivering full expensing and boosting the labour supply