Cost of Living

Treasury written question – answered on 7th June 2022.

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Photo of Baroness Ritchie of Downpatrick Baroness Ritchie of Downpatrick Non-affiliated

To ask Her Majesty's Government what assessment they have made of the statement from the Head of the International Monetary Fund who said on the 21 May that governments need to subsidise the cost of energy and food for the poorest members of society.

Photo of Baroness Penn Baroness Penn Baroness in Waiting (HM Household) (Whip)

The government is providing over £37 billion of support in 2022-23 to help people with the cost of living, including an additional £15 billion of new support targeting those with the greatest need. Around three-quarters of the total support will go to vulnerable households.

Millions of the most vulnerable households will receive at least £1,200 of one-off support in total this year to help with the cost of living, including for energy and food.

In the long term, the best approach to managing the cost of living is to help people into work, supporting them to increase their incomes and helping them keep more of what they earn – announcements at the Spring Statement support this.

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