Inflation

Baroness Lister of Burtersett Excerpts

Monday 23rd May 2022 Lords Chamber

[Baroness Penn (Con)]

My noble friend makes a good point. Of course, the Government have published their energy security strategy, which looks at the number of those issues. The point about international co-operation can also be very well applied to food security and food exports; I know that the Prime Minister and the Foreign Secretary have had conversations with their counterparts in recent weeks to look at what more we can do to ensure food exports, for example from Ukraine.

[Baroness Lister of Burtersett (Lab)]

My Lords, with regard to the differential impact of inflation, the Resolution Foundation and the Institute for Fiscal Studies calculate a 10% inflation rate for the bottom 10th of the population, many of whom, in and out of work, rely on social security, which has gone up by only 3.1%. The discretionary household support fund is no answer. Does not the differential impact of inflation strengthen the case made by noble Lords across the House and across the political spectrum for a further increase in benefits as soon as possible?

[Baroness Penn (Con)]

My Lords, I acknowledge the point about the differential impact of inflation. That has not always been the case, but according to the IFS’s report it was driven largely by the increase to the energy price cap and rising energy prices. That is where we have focused our support, through the warm homes discount and the £150 council tax rebate that is coming through to people now. In addition, as I said, there is forthcoming support, with a further £200 off people’s energy bills in October.