Inflation

Lord Bishop of Oxford Excerpts

Monday 23rd May 2022 Lords Chamber

[Baroness Penn (Con)]

My Lords, the Government recognise that inflation can have a differential impact. The ONS suspended its publication of inflation by income level during the pandemic due to trouble accessing the data. That has now been reinstated. The Government also recognise that differential impact in the support they provide to people; for example, extending the warm homes discount, increasing the work allowance on universal credit, and, as I said before, having the household support fund in place.

[The Lord Bishop of Oxford]

My Lords, I have seen at first hand from touring every part of the three counties in the Diocese of Oxford the rise in the take-up of food banks in recent weeks. I pay tribute to all those who work and volunteer in them. I have heard heartbreaking stories of those who need to use them. The Government’s response to the Covid pandemic was remarkable in its creativity and urgency, helping the poorest. Will we see now a windfall tax? Will we see more targeted support for the poorest in the communities as an urgent matter?

[Baroness Penn (Con)]

My Lords, we do not believe that windfall taxes are simple or easy, but we are also pragmatic, and we want to see energy companies which have made extraordinary profits at a time of elevated prices investing those profits back into British jobs and growth. If that does not happen, no option is off the table. When it comes to further help for families across the country that are facing real difficulty, the Government are looking very carefully and stand ready to do more.