Cost of living

That this House expresses its deepest concerns about the explosion in the cost of living and its impact on millions of working people across the country, with Ofgem announcing that the energy price cap will rise by £693 to £1,971 per year on 1 April 2022, a 54 per cent rise; further notes a rise of up to 13 per cent in the lowest paid workers’ National Insurance contributions from April 2022, together with increases in council tax and the highest levels of inflation for nearly 30 years; sadly notes wage growth has been stagnant for 15 years and looks set to stay that way, with the average person losing £1,000 in real terms in 2022 alone; particularly notes Resolution Foundation’s report showing people are facing the worst fall in living standards since the 1970s; highlights that food prices have increased, since 2010, by 27 per cent and childcare costs by 50 per cent, placing strain on millions of families; shares concerns that despite the decline in quality of privatised transport, bus and rail fares are up 50 per cent on average; also acknowledges the struggle faced by private renters, with average annual rents up £2,000 since 2010; notes with regret that this cost of living crisis will be compounded by the war in Ukraine and many families will be pushed deeper below the poverty line; and urges the Government to act immediately to tackle the cost of living crisis by ensuring that those with the broadest shoulders contribute more.