Cost of Living Increase: Impact on Households

Part of Treasury – in the House of Commons on 15th March 2022.

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Photo of Rishi Sunak Rishi Sunak The Chancellor of the Exchequer

The Government, of course, recognise that inflation is rising and are closely monitoring the situation together with the Bank of England. We are also putting in place policies to help families meet the rising cost of living, such as freezing duties, cutting the tax rate in universal credit and increasing the national living wage. Last month I announced to this House a £9 billion package of support to help households with rising energy bills.