Standard of Living

Treasury written question – answered on 23rd September 2021.

Alert me about debates like this

Photo of Owen Thompson Owen Thompson SNP Chief Whip

To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the increase in inflation to 3.2 per cent on living standards.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

CPI inflation in August was 3.2% having risen from low levels last year. The Bank of England expects the increase in inflation to be temporary, with inflation returning to its 2% target level through 2022 and 2023.

Since the operationally independent Bank of England took on responsibility for inflation, it has averaged around the 2% target. The Government remains committed to price stability.

We understand that higher prices increase the costs of living, and that is why this Government has taken direct action to help people manage the cost of living by increasing the National Living Wage, taken action on the cost of fuel and energy bills and increasing the Local Housing Allowance.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.