Fuels: Prices
The question
To ask the Chancellor of the Exchequer, what discussions she has had with the Governor of the Bank of England on the inflationary effects of higher fuel prices.
Answered by Torsten Bell
The Chancellor of the Exchequer and the Governor of the Bank of England meet regularly to discuss economic developments including inflation. There are also regular discussions between the Bank of England and the Treasury on the drivers of inflation, including fuel prices, at official level.
The Monetary Policy Committee at the Bank of England has the responsibility of controlling inflation, and the Government fully supports the action it is taking to sustainably return inflation to the 2 per cent target.
In addition, the Government has taken action to support households and businesses affected by the recent increase in the cost of fuel, caused by the Middle East conflict. This includes extending the temporary 5p per litre fuel duty cut until the end of the year, and implementing Fuel Finder to help households pay lower prices.
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