Cost of Living

Part of Opposition Day — [15th Allotted Day] – in the House of Commons at 4:17 pm on 24th June 2008.

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Photo of Yvette Cooper Yvette Cooper The Chief Secretary to the Treasury 4:17 pm, 24th June 2008

I beg to move, To leave out from "House" to the end of the Question, and to add instead thereof:

"notes the significant increases in world prices, with the oil price rising 80 per cent. and food prices up 60 per cent. in the year to May 2008;
notes that the Governor of the Bank of England's letter to the Chancellor dated 16th June 2008 said that 1.1 per cent. of the 1.2 per cent. increase in inflation over recent months was due to world food and energy prices, and that the Government was right to tackle the rises with action on an international level, including urgently looking for a successful conclusion to the Doha round of negotiations in the World Trade Organisation and examining the impact of biofuels on food production;
supports the Government's global leadership on these issues;
recognises the pressure that these increases in world prices put on family budgets;
further notes the measures that the Government will continue to take to support families and individuals, including pensioners and businesses, throughout the UK, including through extra tax credits, increased tax allowances, winter fuel payments and increases in child benefit;
further notes that the most important support for working families is a strong and stable economy;
and supports the Government's actions that have delivered unemployment, inflation and interest rates all at historically low levels, helping millions of families into stable home-ownership and sustainable employment."

This is an important debate at a time when families across the country face pressure from rising world food and fuel prices. Those prices are going up across the world, not just here in Britain. Oil prices have nearly doubled in a year. Whereas a barrel of oil cost $10 a decade ago, a few weeks ago the price rose by that much in one day alone. That puts up the cost of petrol at the pump, as well as the cost of gas and electricity bills, which have themselves risen by 15 per cent. and more than 12 per cent. respectively in the last 12 months.

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