Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Prime Minister's speech on building a better future on 4 January 2023, whether it is still his Department's policy to halve inflation in 2023.

This question was answered on 20th June 2023
Halving inflation by the end of this year is one of the Government’s key priorities, as a stepping stone towards returning inflation to the 2% target, which the Government remains committed to. The independent Monetary Policy Committee of the Bank of England, whose responsibility it is to set monetary policy to reach the 2% target, is taking action to drive inflation down and they have our whole-hearted support.

To avoid making the Bank’s job more difficult, we are making responsible decisions not to add fuel to the fire on inflation, but support those who most need it, including through the Energy Price Guarantee, which has held maximum consumer prices constant from October 2022 until the end of June. The Government has also sustained the 5p cut to fuel duty, bringing cost of living support to £3,300 per household over this year and last.