Food Price Inflation Debate
Full Debate: Read Full DebateDepartment: Department for Environment, Food and Rural Affairs
Nick Smith
Main Page: Nick Smith (Labour - Blaenau Gwent and Rhymney)Department Debates - View all Nick Smith's debates with the Department for Environment, Food and Rural Affairs
(2 years, 7 months ago)
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George Eustice
My hon. Friend raises a fair point, but I point out that the farm-gate price of milk has risen by close to 30% so far this year, the price of lamb is at record levels, having just gone above £6 a kilo at the farm gate, and the same is true for beef. The price of cereals has doubled. The price of pork is also rising, partly because poultry and pork contracts tend to be linked to the cost of production. So farm-gate prices are also rising, but we recognise that farmers also have higher input costs.
Nick Smith (Blaenau Gwent) (Lab)
The Government are at sixes and sevens on how to respond to the cost of living crisis. No. 10 is saying that Labour’s windfall tax idea is ideologically unconservative, although, of course, Margaret Thatcher had one. Will the Secretary of State go back to the Chancellor and demand a windfall tax to support families across our country?
George Eustice
The Chancellor is very familiar with all the arguments around the policy that the hon. Member mentions. I would simply say this: the Treasury is rightly concerned that, in an inflationary environment when prices are rising, we must be careful about borrowing and throwing more money at that or even increasing public spending in a way that could exacerbate the problem, so it is a difficult line to tread. That is what the Chancellor is considering as he looks at this issue.