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1419914

registered interest
date	04/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pay
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the statement of the Governor of the Bank of England of 3 February 2022 on the need to see moderation of wage rises.
tabling member constituency	Cynon Valley
tabling member printed	Beth Winter
uin	118644
answer	answer is ministerial correction date of answer 09/02/2022 answer text <p>On 3 February, the Bank of England published their Monetary Policy Report, which updated their forecasts for a range of economic indicators. The government continually monitors such forecasts and economic developments, including changes to wages, to consider the impact on firms and households.</p><p> </p><p>The government is taking action to support a high-productivity, growing economy. This includes through a £3.8bn investment in skills at the Budget and Spending Review last year.</p><p> </p><p>As the global economy recovers from Covid, many economies are experiencing high inflation, in part due to pressures from rising energy prices and disruptions to global supply chains. However, the government understands people’s concerns around increasing prices.</p><p> </p><p>We are taking targeted action worth around £12 billion this financial year and next to help families with the cost of living. We are cutting the Universal Credit taper to make sure work pays, freezing alcohol and fuel duties to keep costs down, and providing support to help households with the costs of essentials. Alongside this, the government has announced a package of support to help households with rising energy bills, worth £9.1 billion in 2022-23.</p><p> </p><p>The separation of fiscal and monetary decisions is a key feature of the UK’s economic framework, and essential for the effective delivery of policy. The government therefore does not comment on the conduct or effectiveness of monetary policy.</p><p> </p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke grouped question UIN 118647 question first answered 09/02/2022 08:20:52 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4809 label Biography information for Beth Winter

1419915

registered interest
date	04/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pay
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the findings of the Bank of England Monetary Policy Report of 3 February 2022, that pay has risen by less than prices, such that households real incomes are being squeezed.
tabling member constituency	Cynon Valley
tabling member printed	Beth Winter
uin	118645
answer	answer is ministerial correction date of answer 09/02/2022 answer text <p>We understand that inflation, if higher than income growth, can reduce households’ real income, and that higher prices can increase the cost of living for people and households.</p><p> </p><p>The government is providing support worth around £12 billion this financial year and next to help families with the cost of living. Much of the support in place that will help ease these pressures is UK-wide, for example the increase to the National Living Wage, the change to the Universal Credit taper rate and increase to the Work Allowance, as well as freezes to alcohol duty and fuel duty.</p><p> </p><p>In addition, the government has announced a package of support to help households with rising energy bills, worth £9.1 billion in 2022-23.</p><p> </p><p>The government’s Plan for Jobs is also helping people into work and giving them the skills they need to progress – the best approach to managing the cost of living in the long term.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 118646 118648 118650 question first answered 09/02/2022 08:14:01 answering member 4051 label Biography information for John Glen
tabling member	4809 label Biography information for Beth Winter

1419917

registered interest
date	04/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pay
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Bank of England Monetary Policy Report of 3 February 2022, what steps he is taking with regard to firms passing through increases in wage costs to prices.
tabling member constituency	Cynon Valley
tabling member printed	Beth Winter
uin	118647
answer	answer is ministerial correction date of answer 09/02/2022 answer text <p>On 3 February, the Bank of England published their Monetary Policy Report, which updated their forecasts for a range of economic indicators. The government continually monitors such forecasts and economic developments, including changes to wages, to consider the impact on firms and households.</p><p> </p><p>The government is taking action to support a high-productivity, growing economy. This includes through a £3.8bn investment in skills at the Budget and Spending Review last year.</p><p> </p><p>As the global economy recovers from Covid, many economies are experiencing high inflation, in part due to pressures from rising energy prices and disruptions to global supply chains. However, the government understands people’s concerns around increasing prices.</p><p> </p><p>We are taking targeted action worth around £12 billion this financial year and next to help families with the cost of living. We are cutting the Universal Credit taper to make sure work pays, freezing alcohol and fuel duties to keep costs down, and providing support to help households with the costs of essentials. Alongside this, the government has announced a package of support to help households with rising energy bills, worth £9.1 billion in 2022-23.</p><p> </p><p>The separation of fiscal and monetary decisions is a key feature of the UK’s economic framework, and essential for the effective delivery of policy. The government therefore does not comment on the conduct or effectiveness of monetary policy.</p><p> </p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke grouped question UIN 118644 question first answered 09/02/2022 08:20:52 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4809 label Biography information for Beth Winter