Lord Woodley
Main Page: Lord Woodley (Labour - Life peer)
Baroness Penn (Con)
My Lords, there are several prongs to that, one of which we discussed during the passage of the skills Bill, which the Parliament has just enacted, including increases in investment in skills and working with employers to ensure that the qualifications meet their needs. As part of that work, the Department for Education is also working with employers to look forward to what future skills the country will need.
Lord Woodley (Lab)
My Lords, we all agree that soaring inflation is a great threat to the economy and is, without a shadow of doubt, fuelling the cost of living crisis, but new research from my union, Unite, shows that it is being driven by corporate profiteering and some greed, with profit margins of the FTSE 350 firms now 73% higher than pre-pandemic. What is stopping the Government bringing in a windfall tax on all companies found to be profiteering or price gouging, not just the oil and gas companies, as currently proposed?
Baroness Penn (Con)
The Bank of England’s independent Monetary Policy Committee said in its recent report that the vast majority of the increase in inflation over the past year reflects the impact of sharp increases in global energy and tradeable goods prices. On increases in energy prices, we have introduced the energy profits levy, and more than the amount that will be raised through that levy is being returned to households through our cost of living support.