Fiscal Policy: Cost of Living

Treasury written question – answered on 17th May 2022.

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Photo of Kirsten Oswald Kirsten Oswald SNP Deputy Leader, Shadow SNP Spokesperson (Women), Shadow SNP Spokesperson (Equalities)

To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect of his fiscal policies on the cost of living.

Photo of Afzal Khan Afzal Khan Shadow Minister (Justice)

To ask the Chancellor of the Exchequer, what steps he is taking to tackle increases in the cost of living.

Photo of Gerald Jones Gerald Jones Shadow Minister (Wales)

To ask the Chancellor of the Exchequer, what fiscal steps he is taking to help reduce the impact of the rise in the cost of living on households.

Photo of Gavin Newlands Gavin Newlands Shadow SNP Spokesperson (Transport)

To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect of his fiscal policies on the cost of living.

Photo of Alison McGovern Alison McGovern Shadow Minister (Work and Pensions)

To ask the Chancellor of the Exchequer, what fiscal steps he is taking to reduce the impact on households of the rise in the cost of living.

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

The government understands how the rising cost of living is making life harder for people. These are global challenges however, as set out in the Spring Statement, the government is providing support worth over £22 billion in 2022-23 to help families with these pressures.

For example, a typical family with 2 children where one adult is on the average employee salary and the other works 16 hours at the NLW will be around than £3,000 a year better off as a result of recent government action, notably the NICs primary threshold change, UC taper rate and work allowance changes, and increase in the National Living Wage, even taking account the introduction of the Health and Social Care Levy.

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