Oral Answers to Questions

Chris Stephens Excerpts

Tuesday 19th March 2024 Commons Chamber

[Bim Afolami]

I share the hon. Member’s anger at how Safe Hands customers have been treated. The business is under criminal investigation by the Serious Fraud Office and its administrators are bringing legal action against the former owner of the Safe Hands business. In the Treasury, we do not believe it is right to use taxpayer money to compensate consumers who lose out due to the conduct of unregulated firms; Safe Hands was not within the regulatory perimeter at that time. However, we have worked with the sector so that the two largest providers of funeral plans have agreed to provide significantly discounted replacement plans for the customers who have found themselves so badly treated.

[Chris Stephens (Glasgow South West) (SNP)]

10. What assessment he has made of the potential impact of increases in the cost of living on households in 2024.

[The Chief Secretary to the Treasury (Laura Trott)]

The rise in inflation caused by Putin’s illegal war in Ukraine and the subsequent energy price shock has put enormous pressure on households. Thanks to work by the Bank of England and the Government, the rate of inflation is going down, with the Office for Budget Responsibility expecting it to be back to target next autumn.

[Chris Stephens]

Since the disastrous Tory mini-Budget of 2022, households are continuing to feel the squeeze at the supermarket, with food prices continuing to rise and real wages falling for the longest unbroken run since records began. Food prices have risen by 26% over the last two years. When will the Government listen to those who wish to follow the lead of Canada and France by introducing a price cap on staple food items at the supermarket?

[Laura Trott]

Real wages are now, happily, starting to rise and, as I have said, the OBR has said that inflation will be back to target next quarter. What would not help the cost of living is putting people’s taxes up, as the Scottish Government are doing.