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This Research Paper series summarises the main economic indicators currently available for the UK, along with comparisons with other major OECD countries. This weeks articles are 'Who’s looking for work? Differences between ILO unemployment and the claimant count' and 'Interesting times: inflation and monetary policy responses'
This Research Paper series summarises the main economic indicators currently available for the UK, along with comparisons with other major OECD countries. This weeks articles are 'Who’s looking for work? Differences between ILO unemployment and the claimant count' and 'Interesting times: inflation and monetary policy responses'
To ask the Chancellor of the Exchequer what assessment he has made of the reasons for the difference in the rate of inflation between the UK and other EU countries.
To ask the Chancellor of the Exchequer what assessment he has made of the reasons for the difference in the rate of inflation between the UK and other EU countries.
In the UK, annual consumer prices index inflation was 2.2% in October 2013, well below the peak of 5.2% in September 2011. In the November Inflation Report, the Monetary Policy Committee judge that:
“inflation is set to fall back to around the 2% target over the next year or so.”
To ask the Chancellor of the Exchequer what estimate he has made of the (a) retail prices index and (b) consumer price index of inflation over the next three financial years.
To ask the Chancellor of the Exchequer what estimate he has made of the (a) retail prices index and (b) consumer price index of inflation over the next three financial years.
The independent Office for Budgetary Responsibility produces the official inflation forecasts for the UK economy. Forecasts for consumer prices
index and retail prices index inflation were published in the OBR's March 2013 “Economic and Fiscal Outlook” and are shown in the following table.
| OBR
March 2013 forecast for annual CPI and RPI
inflation | ||
| Calendar
year: | CPI
annual
inflation | RPI
annual
inflation |
| 2014 | 2.4 | 2.8 |
| 2015 | 2.1 | 3.2 |
| 2016 | 2.0 | 3.6 |
To ask Her Majesty’s Government what assessment they have made of the reasons for the differences in the rate of inflation between the United Kingdom and the Eurozone and United States.[HL3138]
To ask Her Majesty’s Government what assessment they have made of the reasons for the differences in the rate of inflation between the United Kingdom and the Eurozone and United States.[HL3138]
Annual CPI inflation in the UK was 2.2 per cent in October 2013, compared to 0.7 per cent in the euro area. It was 1.2 per cent in the United States in September. In the UK food inflation is higher than in both the euro area and the US and ongoing price rises in energy contrast with falling prices in the euro area and the US.
This paper contains labour market figures for parliamentary constituencies, as well as a summary of the latest national and regional statistics
This paper contains labour market figures for parliamentary constituencies, as well as a summary of the latest national and regional statistics
This Research Paper series summarises the main economic indicators currently available for the UK, along with comparisons with other major OECD countries. This month's article are Wants, needs and desires: What can households no longer afford? and A typical apprenticeship
This Research Paper series summarises the main economic indicators currently available for the UK, along with comparisons with other major OECD countries. This month's article are Wants, needs and desires: What can households no longer afford? and A typical apprenticeship
What recent assessment he has made of the rate of increase in (a) average earnings and (b) consumer price inflation.
What recent assessment he has made of the rate of increase in (a) average earnings and (b) consumer price inflation.
Disposable income increased last year at the fastest pace since 2009. In March, the Office for Budget Responsibility forecast that real household disposable income growth would accelerate each year from 2014 to 2017, reaching 2.3% in 2017. The best way to raise living standards is to stick to the Government’s economic plan and deliver a recovery that works for all. Britain is back on the path to prosperity, the economy is growing, the deficit is falling and jobs are being created.
Disposable income increased last year at the fastest pace since 2009. In March, the Office for Budget Responsibility forecast that real household disposable income growth would accelerate each year from 2014 to 2017, reaching 2.3% in 2017. The best way to raise living standards is to stick to the Government’s economic plan and deliver a recovery that works for all. Britain is back on the path to prosperity, the economy is growing, the deficit is falling and jobs are being created.
Disposable income increased last year at the fastest pace since 2009. In March, the Office for Budget Responsibility forecast that real household disposable income growth would accelerate each year from 2014 to 2017, reaching 2.3% in 2017. The best way to raise living standards is to stick to the Government’s economic plan and deliver a recovery that works for all. Britain is back on the path to prosperity, the economy is growing, the deficit is falling and jobs are being created.
What recent assessment he has made of the rate of increase in (a) average earnings and (b) consumer price inflation.
I do not understand how the Minister and the Chancellor can think that their economic policies are a success. After three wasted and damaging years of flatlining, working people are on average £1,500 a year worse off. Is it not clear that his plan has failed hard-working families?
I do not understand how the Minister and the Chancellor can think that their economic policies are a success. After three wasted and damaging years of flatlining, working people are on average £1,500 a year worse off. Is it not clear that his plan has failed hard-working families?
It has not failed the people of Bolton West, where unemployment has fallen by 1,800 in the past year.
It has not failed the people of Bolton West, where unemployment has fallen by 1,800 in the past year.
It has not failed the people of Bolton West, where unemployment has fallen by 1,800 in the past year.
I do not understand how the Minister and the Chancellor can think that their economic policies are a success. After three wasted and damaging years of flatlining, working people are on average £1,500 a year worse off. Is it not clear that his plan has failed hard-working families?
On the subject of the cost of living, does my hon. Friend think it astonishing that Opposition Members do not understand that this Government have done so much to keep council taxes down? If we were still subject to their policies, the average council tax cost would be £210 a year higher.
On the subject of the cost of living, does my hon. Friend think it astonishing that Opposition Members do not understand that this Government have done so much to keep council taxes down? If we were still subject to their policies, the average council tax cost would be £210 a year higher.
My hon. Friend is absolutely right. It was not this Government who doubled the rate of council tax, it was not this Government who doubled the rate of income tax for the lowest earners and it was not this Government who increased fuel duty 12 times.
My hon. Friend is absolutely right. It was not this Government who doubled the rate of council tax, it was not this Government who doubled the rate of income tax for the lowest earners and it was not this Government who increased fuel duty 12 times.
My hon. Friend is absolutely right. It was not this Government who doubled the rate of council tax, it was not this Government who doubled the rate of income tax for the lowest earners and it was not this Government who increased fuel duty 12 times.
On the subject of the cost of living, does my hon. Friend think it astonishing that Opposition Members do not understand that this Government have done so much to keep council taxes down? If we were still subject to their policies, the average council tax cost would be £210 a year higher.
Why does the Minister think that April 2013 was the only month on this Chancellor’s watch in which pay rose faster than prices? Does he agree with the ONS that it is because people deferred their bonus payments to make the best use of the Chancellor’s millionaires’ tax cut?
Why does the Minister think that April 2013 was the only month on this Chancellor’s watch in which pay rose faster than prices? Does he agree with the ONS that it is because people deferred their bonus payments to make the best use of the Chancellor’s millionaires’ tax cut?
Of course, under the previous Labour Government bonuses were four times the rate they were this year. I would also ask the hon. Gentleman whether Labour believes in reversing the 45p rate of income tax, because I am not sure what the answer is.
Of course, under the previous Labour Government bonuses were four times the rate they were this year. I would also ask the hon. Gentleman whether Labour believes in reversing the 45p rate of income tax, because I am not sure what the answer is.
Of course, under the previous Labour Government bonuses were four times the rate they were this year. I would also ask the hon. Gentleman whether Labour believes in reversing the 45p rate of income tax, because I am not sure what the answer is.
Why does the Minister think that April 2013 was the only month on this Chancellor’s watch in which pay rose faster than prices? Does he agree with the ONS that it is because people deferred their bonus payments to make the best use of the Chancellor’s millionaires’ tax cut?
Does my hon. Friend agree that one way of tackling rising prices is to leave people with more of their own money in their pocket? Will he confirm that the 50% tax cut we have given to those on the minimum wage has done exactly that and shows that we are on the side of hard-working people?
Does my hon. Friend agree that one way of tackling rising prices is to leave people with more of their own money in their pocket? Will he confirm that the 50% tax cut we have given to those on the minimum wage has done exactly that and shows that we are on the side of hard-working people?
My hon. Friend is absolutely right. If we want to help living standards, we want to be able to cut taxes in a sustainable way. That is what we are managing to do.
My hon. Friend is absolutely right. If we want to help living standards, we want to be able to cut taxes in a sustainable way. That is what we are managing to do.
My hon. Friend is absolutely right. If we want to help living standards, we want to be able to cut taxes in a sustainable way. That is what we are managing to do.
Does my hon. Friend agree that one way of tackling rising prices is to leave people with more of their own money in their pocket? Will he confirm that the 50% tax cut we have given to those on the minimum wage has done exactly that and shows that we are on the side of hard-working people?
To ask the Secretary of State for Transport what the rate of energy price inflation used for the business case for High Speed 2 is.
To ask the Secretary of State for Transport what the rate of energy price inflation used for the business case for High Speed 2 is.
The HS2 economic case makes use of real energy price forecasts produced by the Department for Energy and Climate Change. The average rate of real energy price inflation between now and 2036 is 1.8% per annum; after this point energy costs are assumed constant in real terms.
It is a pleasure to serve under your chairmanship, Mr Hood.
Growth may be making an overdue return to the UK economy, but the continuing slump in real wages is forecast by the Office for Budget Responsibility to extend into 2014, and the UK currently has the highest inflation rate in...
It is a pleasure to serve under your chairmanship, Mr Hood.
Growth may be making an overdue return to the UK economy, but the continuing slump in real wages is forecast by the Office for Budget Responsibility to extend into 2014, and the UK currently has the highest inflation rate in...