Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of the increase in national insurance contributions in 2022 on inflation.

In its October Economic and Fiscal Outlook (EFO), the independent Office for Budget Responsibility (OBR) set out its assessment of the economic impact of government policies announced at the Budget and Spending Review. This includes the increase in National Insurance contributions, which the OBR notes has a small impact on inflation and results in prices being 0.1 per cent higher from 2023-24 onwards.