Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the recent rise in consumer price index on household savings.

Household financial positions are stronger than before the financial crisis: net financial wealth as a share of income is close to record highs; debt to income is below pre-crisis levels; and debt interest payments to income are at a record low.

The Government is continuing to take action to support household incomes. This includes increasing the National Living Wage, raising the personal allowance and freezing fuel duty. Additionally, the Government created the new Lifetime ISA in April 2017 that enables people to save up to £4,000 a year tax free, with a 25% government bonus.