Oral Question·Foreign, Commonwealth and Development Office
“If he will make a statement on his departmental responsibilities.”
Tabled: 7 October 2020Answered: 13 October 2020
Answering Minister
the Secretary of State for Foreign, Commonwealth and Development Affairs
Answer from Hansard
The Chancellor of the Exchequer (Rachel Reeves)
While the Bank of England has overall responsibility for returning inflation to target, this Government are taking the action that we can: £150 off energy bills from April this year, freezing prescription charges for the second year in a row, and freezing rail fares for the first time in 30 years. As a result, the Office for Budget Responsibility forecast that inflation will be 0.4 percentage points lower in 2026-27 than it otherwise would have been.