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Inflation

Question for Treasury

UIN HL4056, tabled on 23 April 2024

To ask His Majesty's Government, following recent remarks from the deputy governor of the Bank of England, Dave Ramsden, that inflation could remain around the two per cent target for the next three years, what steps they are taking to ensure sustainable economic growth in this environment.

Answered on

1 May 2024

The government is continuing to pursue an ambitious policy agenda to increase sustainable economic growth and productivity across the economy. This includes making full expensing permanent, announcing measures to boost labour supply, backing the UK’s priority growth sectors, and addressing long-term barriers to investment through planning and grid connection reforms.

The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2029 period and the OBR expects that policies announced in the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.

Answered by

Treasury