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Written question asked by Lord Taylor of Warwick (Non-affiliated) on Monday, 7 November 2022, in the House of Lords. It was due for an answer on Monday, 21 November 2022. It was answered by Baroness Penn (Conservative) on Monday, 21 November 2022 on behalf of the Treasury.

National Income: Cost of Living

Question

To ask His Majesty's Government what steps they are taking to return GDP to the level it was at prior to the increased cost of living.

Answer

The Government appreciates that many businesses are exposed to increased energy costs, driven by global factors. While GDP remains (in real terms) above its level a year ago, GDP fell in Q3 and underlying growth has slowed.

The Government has taken swift action to tackle the rising cost of energy caused by – in the most part – Putin’s illegal war in Ukraine.

The Autumn Statement, delivered by the Chancellor, has demonstrated the Government’s commitment to raising productivity and delivering sustainable growth. This will be underpinned by economic stability and sound public finances.

While there are no quick fixes; our long-term approach will provide the stable environment that businesses need to plan, invest, and grow and ensure that our public services have the resources they need to support the most vulnerable in our society.

Secondary information

Type
Written question
Reference
HL3265
Session
2022-23
Subjects
National income Cost of living
Link
View this Written question on www.parliament.uk