Economic Situation

(asked on 24th January 2022) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what recent assessment they have made of the strength of the UK economy.


Answered by
Baroness Penn Portrait
Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
This question was answered on 7th February 2022

Last year we saw a faster-than-previously-expected economic recovery, with output in November above pre-crisis levels for the first time, and, in their latest forecast, the IMF expect the UK to be the fastest growing G7 economy this year. Our Plan for Jobs is working.

However, global supply chain disruptions and higher energy prices represent challenges that are driving higher inflation. These are global problems which we are working with our international partners on, and we are supporting households with the cost of living, providing support worth around £12bn this financial year and next alongside an announced £9.1bn package to help households with rising energy bills in 2022-23.

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