Standard of Living
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the war in the Middle East on projected living standards in each of the next 5 years.
Answered by Torsten Bell
The Government keeps the economic outlook, including living standards, under close review. The economic impact of the situation in the Middle East will depend on its severity, duration and the extent of disruption to energy supplies. Official forecasts, including for living standards, are published by the independent Office for Budget Responsibility.
Living standards are rising, with real household disposable income per capita having risen by £700 in the last 12 months compared to the final year of the last Parliament.
The Government is acting to improve living standards by growing the economy, tackling inflation and supporting households, including measures at the Budget to cut energy bills, expand targeted support for lower‑income households, and freeze rail fares and NHS prescription charges.
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