Inflation

Treasury written question – answered at on 18 September 2023.

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Photo of Matt Vickers Matt Vickers Conservative, Stockton South

To ask the Chancellor of the Exchequer, what steps his Department is taking to tackle core inflation.

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury

High inflation is the greatest immediate economic challenge that we must address. That is why the Government has made it a priority to halve inflation this year, on the path back to the target of 2% CPI inflation.

While recent data shows halving inflation will not be easy the government is doing three key things to deliver on this plan. First, remaining steadfast in our support for the independent MPC at the Bank of England, as they take action to return inflation to target of 2%. Second, making difficult but responsible decisions on tax and spending so we are not adding fuel to the fire. Third, tackling some of the causes of high inflation, including by introducing the labour market package at the Spring 2023 Budget, as the relative resilience of the economy and the tightness in the labour market are reflected in current domestic inflationary pressures.

In May, the IMF confirmed that we have taken “decisive and responsible” action to bear down on inflation, and achieved the right balance of fiscal and monetary response, while also focusing on growing the economy.

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