Energy: Prices

Treasury written question – answered on 21 March 2023.

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Photo of Alison Thewliss Alison Thewliss Shadow SNP Spokesperson (Home Affairs)

To ask the Chancellor of the Exchequer, what assessment he has made with Cabinet colleagues of the potential impact of changes in the Government’s energy support schemes on the economy.

Photo of James Cartlidge James Cartlidge The Exchequer Secretary

At Spring Budget 2023, the OBR forecast that taken together, the freezing of fuel duty, changes to alcohol duty and the extension of the Energy Price Guarantee (EPG) for three months lower CPI inflation by 0.7 percentage points in 2023-24.

The OBR forecast that overall the EPG, including the prior announcement at Autumn Statement, will take 2 percentage points off CPI inflation in the year 2023.The subsequent increases to fuel and alcohol duties and the EPG measure then add 0.4 percentage points to CPI inflation in 2024-25.

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