Craig Whittaker – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Craig Whittaker on 2016-03-07.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the falling price of oil on consumer spending in all sectors of the economy.

Damian Hinds

Cheaper oil and low inflation will support living standards across the country for hardworking families and reduce business costs. The OBR noted in their November 2015 Economic and Fiscal Outlook document, that they expected the fall in oil prices in the second half of 2014 to have supported real income and consumption during 2015.