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 Howell of Guildford Lord Howell of Guildford Conservative 3:08 pm, 23rd May 2022

My Lords, is it not time to go to the roots of this terrible energy price and inflation problem? Those roots are largely international; at this moment, there is ample gas around the world and ample oil capacity to offset Russian exports and bring prices very sharply down. Should we not make it a diplomatic and foreign policy priority to bring pressure on those who could increase capacity quickly to do so, and to do so in the interest of the consumer, prices and indeed the entire European situation—and the Ukraine situation as well?