Formal meeting (oral evidence session): The cost of living

Treasury Committee looks into cost of living squeeze

MPs are likely to use the session with experts to establish the drivers of the current squeeze, how long it is likely to last, and which groups have been hardest hit by its effects.

The Committee could also seek experts’ views on the likelihood of inflation remaining at elevated levels, as well as whether April’s 1.25% increase in National Insurance contributions and VAT on electricity and gas bills cut.

Other potential topics include the impact of increasing housing costs, the potential for the benefit system to tackle the problem, whether the reversion to a 20% VAT rate for hospitality should be delayed, and the implications for the economic recovery from the coronavirus crisis.