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Cost-of-living crisis: Industry leaders and unions give evidence on how business and workers are reacting

2 September 2022

With people counting the cost of climbing energy bills, inflation, interest rates, food and material costs, the Business, Energy and Industrial Strategy (BEIS) Committee hears from business representatives, unions and consumer groups on the impact these trends are having, and how they expect the crisis to develop.

Purpose of the session

The session will put into context the various economic challenges that the new prime minister faces.

Last week, millions woke to the news that their household energy bills will rise to £3,457 after Ofgem announced the new price cap when people are already feeling the strain from 40-year high inflation is eroding real wages.

Meanwhile, unprotected by the price cap, small businesses are exposed to up to a four-fold increase in their energy bills and much higher borrowing costs, adding further to a debt pile assumed during the coronavirus pandemic.

MPs on the Committee will examine the different options open to the new Prime Minister to tackle the crisis and how the trade-offs of each option can be managed.

Witnesses

Tuesday 6 September 2022

At 10.30:

  • Torsten Bell, Chief Executive, Resolution Foundation;
  • Tom Waters, Senior Research Economist, Institute for Fiscal Studies;
  • Dame Clare Moriarty, Chief Executive, Citizens Advice;
  • Joanne Cairns, Head of Research & Policy, USDAW.

At 11.30:

  • Dave Dalton, Chair, Energy Intensive Users Group; CEO, British Glass Manufacturers’ Confederation and Glass Technology Services;
  • Dhara Vyas, Director of Advocacy and Programmes, Energy UK;
  • Karen Betts, Chief Executive, Food and Drink Federation.

Further information

Image: Pixabay