Cost of Living

Part of Treasury – in the House of Commons at on 7 May 2024.

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Photo of Laura Trott Laura Trott The Chief Secretary to the Treasury

It is important to note that inflation has more than halved since the Prime Minister took office, and is now at 3.2%. That will have a material impact on the cost of living pressures on households. In addition, support this year includes cutting national insurance rates across the UK and raising the local housing allowance. Benefits are up by 6.7%, the national living wage is up by 9.8%, and pensions are up by 8.5%. We are on the side of the British people.