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 Baroness Penn Baroness Penn Baroness in Waiting (HM Household) (Whip) 3:08 pm, 23rd May 2022

My Lords, with regard to a windfall tax, my comments only echoed those of the Chancellor and those of the Prime Minister. On the additional revenue that has come in through VAT receipts and other areas, the noble Lord is right, and we have used additional finance to provide extra support to people that is worth over £22 billion. That includes new help that will flow through to people’s pockets—not yet, but in the future. For example, once the uprating in the thresholds for national insurance is in place in July, people will have more money in their pay packets as a result.