Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to support households using a wellbeing economy approach given the increased cost of living.

The government understands that people are worried about the cost of living challenges ahead. That’s why decisive action has been taken to support households across the UK through cost of living challenges ahead, whilst remaining fiscally responsible.

On 17th November, the Government has announced further support for next year designed to target the most vulnerable households. This cost of living support is worth £26 billion in 2023-24, in addition to benefits uprating, which is worth £11 billion to working age households and people with disabilities. This support for 2023-24 is in addition to the generous support already in place to support households this winter.

A 'wellbeing economy' starts from the idea that public interests should determine economics. The government is continuing to invest in the UK’s human and environmental capital to support individual wellbeing and societal strength. To help key public services continue to deliver, the government is prioritising further funding in the next two years to support the healthcare system and schools. The government has also recommitted to tackling climate change and delivering our net zero emissions targets by 2050.