Cost of Living: Coventry

Treasury written question – answered on 25th May 2022.

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Photo of Colleen Fletcher Colleen Fletcher Opposition Whip (Commons)

To ask the Chancellor of the Exchequer, what fiscal steps his Department is taking to reduce the impact of the rise in the cost of living on households in (a) Coventry North East constituency and (b) Coventry.

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 in the form of UK-wide measures worth over £22 billion in 2022-23 to help families with these pressures.

This includes providing millions of households in the UK with up to £350 to help with rising energy bills and helping people keep more of what they earn. The government has also cut the Universal Credit taper rate, frozen alcohol duty and has further increased the National Living Wage to £9.50 an hour. The Spring Statement went further, with the government announcing an increase to the annual National Insurance Primary Threshold and Lower Profits Limit to £12,570 from July 2022, a cut to fuel duty, and an additional £500m for the Household Support Fund to help with the cost of essentials.

The government will continue to keep the situation under review, including monitoring the ongoing impact of Russia’s invasion of Ukraine on our economy, and will be ready to take further steps if needed to support households.

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