Cost of Living

(asked on 24th May 2022) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the effect of the conflict in Ukraine on the cost of living in the UK.


Answered by
Baroness Penn Portrait
Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
This question was answered on 9th June 2022

The conflict in Ukraine has affected the global economy. The government is closely monitoring developments and the channels through which they may affect the UK economy, and we remain committed to supporting businesses, people, and jobs.

The high inflation seen recently has largely been caused by the Covid-19 pandemic, as global supply chain disruption has pushed up goods prices, and higher global energy prices. Russia's invasion of Ukraine has added to inflationary pressures and the cost of living- it has already pushed up the prices consumers pay for fuel, some goods and is contributing to higher expected energy prices in the autumn.

We know that millions of households across the UK are struggling to make their incomes stretch to cover the cost of living. That is why the government is providing over £15bn of additional support, as announced by the Chancellor on 26 May 2022. This is in addition to the £22bn announced previously, with government support for the cost of living now totalling over £37bn this year.

More information on government support for the cost of living can be found on the Gov.uk website.

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