Incomes and Prices

Lord Howell of Guildford Excerpts

Monday 31st October 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

I most certainly will do that. It is certainly a fact, but there is a lot more that we are doing, of course, to help people pay their bills. There are many who are really struggling at the moment, so this is not the only answer. We have to create that balance between recognising the vital importance of public sector workers, while delivering value for the taxpayer and being careful not to drive prices even higher in the future by contributing to the wage-price spiral.

[Lord Howell of Guildford (Con)]

Has my noble friend noticed that global wholesale gas prices are now falling and that global oil prices, despite the efforts of OPEC in the other direction, are also falling? This implies that the main source of our inflation problem, energy prices, will ease considerably—with luck—before the first half of next year. Would it not be wise to delay as long as possible, if we can do so without breaking any established laws and customs, the fixing of the estimates for full inflation for next year while ensuring that those demanding that wages are not cut too much in real terms also wait to see what actually happens?