While my job as Economic Secretary to the Treasury often involves focusing on granular areas of financial services policy, I also know that it's more important than ever that we continue to get the basics right. Alongside my duties as EST, I've been working closely with my ministerial colleagues to deliver cost of living support across the country, helping households in need to make ends meet.
We know that global economic shifts have put pressure on households, driving up the cost of living by increasing the price of essential goods. The long-term disruption of Covid-19 on global supply chains, and the impact that Putin's war in Ukraine has had on global energy prices, means that it costs companies more to get essential products onto the shelves. It also costs supermarkets more to keep those products refrigerated and stored, adding yet another layer of cost. We've been working to reduce the impact of factors which drive up the price of those goods, while also working to deliver support for those who are struggling to get by.
Last week, eight million families received their third Cost of Living Payment, bringing total support per household to £900, and representing an overall support package of £2 billion. By sticking to our economic plan, we have more than halved inflation and cut taxes for 27 million working people - but, as we continue along the road to delivering the economy of the future, we must continue to support the most vulnerable. This support will deliver extra targeted support for eight million low-income households.
This Government's plan rightly recognises that we do not need to choose between supporting the most vulnerable, and delivering a dynamic, growing economy which secures long-term growth and prosperity. That idea is at the core of my political philosophy, and it's why I'm proud to be part of a Government which is delivering this cost of living support, while also setting in motion an ambitious plan to grow our economy and get Britain working again. By working closely with my ministerial colleagues, I will ensure that this long-term vision meets the needs of the people of Hitchin & Harpenden.
