Inflation - Question

Part of the debate – in the House of Lords at 3:08 pm on 23rd May 2022.

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Photo of Lord Bilimoria Lord Bilimoria Crossbench 3:08 pm, 23rd May 2022

My Lords, in my role as president of the CBI, I remember asking the Chancellor in February 2021 whether he was worried about inflation. Since then, we have had galloping inflation, and businesses and consumers are suffering hugely as the noble Lord, Lord Howarth, said. Are the Government concerned that we are now entering stagflation, and should not they be doing all they can to incentivise investment for growth, for example, by reducing the highest tax burden in 71 years, by bringing back a temporary cut in VAT of 12.5% and by having a permanent 100% tax reduction on capital investment by business?