Question to the HM Treasury:

To ask Her Majesty's Government what fiscal steps they plan to take to help reduce the impact on households of the rise in the cost of living.

The Government recognises the challenge that many are facing with the cost of living and is monitoring the situation closely. It is providing support worth over £20 billion across this financial year and next that will help families with the cost of living.

This includes cutting the Universal Credit taper rate and increasing work allowances to make sure work pays, freezing alcohol and fuel duties to keep costs down, and the £9.1 billion package announced in February 2022 to help households with rising energy bills.

The Government’s Plan for Jobs is also helping people into work and giving them the skills they need to progress. We are building on the success of the Plan for Jobs, investing more than £6 billion on labour market support over three years. In addition to this, we are increasing the National Living Wage (NLW) by 6.6% to £9.50 in April 2022 for those aged 23 and over, which will mean a full-time worker on the NLW will see an increase in their earnings of over £1,000 a year.