IMF Economic Outlook - Commons Urgent Question

Part of the debate – in the House of Lords at 4:10 pm on 31 January 2023.

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Photo of Baroness Penn Baroness Penn The Parliamentary Secretary, HM Treasury 4:10, 31 January 2023

I made it clear that the number one problem facing the UK is our high level of inflation, and that is why the Government have put it at the heart of our economic plans. We are determined to get inflation down. That is why we remain steadfast in our support for the independent MPC of the Bank of England, why we have made difficult but responsible decisions on tax and spending so that we are not adding fuel to the fire, and why we are tackling high energy prices by holding down energy bills for households and businesses this year and next and investing in long-term energy security. I fully acknowledge the challenges the UK is facing, and that is why we have a plan to deal with them.