Cost of Living

Treasury written question – answered on 19th January 2022.

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Photo of Stuart Anderson Stuart Anderson Conservative, Wolverhampton South West

To ask the Chancellor of the Exchequer, what steps he is taking to support households with the cost of living.

Photo of Simon Clarke Simon Clarke The Chief Secretary to the Treasury

We are taking targeted action to help families with the cost of living, including through freezing fuel and alcohol duties, the energy price cap, the Warm Home Discount and the £500m Household Support Fund to help the most vulnerable families this winter.

In the longer term the best approach to managing the cost of living is to get people into work and help them progress – which we are doing through our Plan for Jobs.

We are also making work pay. We are doing this by reducing the Universal Credit taper rate from 63% to 55% and increasing work allowances by £500 per year, which means that 1.9m households will on average keep around an extra £1,000 on an annual basis, as well as increasing the National Living Wage to £9.50 per hour for workers aged 23 and over, which is expected to benefit over 2 million workers.

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