The Chancellor's response to ONS consumer price inflation
statistics for November 2021 is below.
Chancellor of the Exchequer, said:
“We know how challenging rising inflation can be for
families and households which is why we're spending £4.2bn to
support living standards and provide targeted measures for the
most vulnerable over the winter months.
“With a resurgence of the virus, the most important thing we can
do to safeguard the economic recovery is for everyone to get
boosted now.”
Background information:
- As the global economy recovers, many economies are
experiencing high inflation, in part due to pressures from rising
energy prices and disruptions to global supply chains. These
global pressures are the main driver of higher inflation in the
UK.
- The Bank of England is responsible for controlling inflation,
and they have a good track record of meeting their 2% target.
- Freezes to alcohol and fuel duty and the reduction of the
universal credit taper and increase in work allowances alone
provide over £4.2bn of support per year. This is on top of other
support for living standards including:
-
- the Household Support Fund which will support millions of
households in England with essentials over the coming months
- the Warm Home Discount which provides a £140 rebate on
energy bills each winter to over 2.2 million low-income
households
- Saving 15 million households £100 a year on average since
2019 through the Energy Price Cap
- Increasing the National Living Wage
